Is the business good?
How good a business is TECH?
Bio-Techne earns 5.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.9%
Return on invested capital · cost of capital 9.0% · 3.1 points below what the capital costs: growth destroys value
- Operating margin
- 13%
Operating margin · Biotechnology median −72% · 12 months to Q3 2026
- Cash conversion
- 2.46×
Cash conversion · 1.68× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.97%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 21% |
| FY2021 | 25% |
| FY2022 | 27% |
| FY2023 | 26% |
| FY2024 | 18% |
| FY2025 | 8.4% |
Details›
- Gross margin12 months to Q3 2026
- 65%
- Operating margin12 months to Q3 2026
- 13%
- Net margin12 months to Q3 2026
- 9.0%
- Free cash flow margin
- 22%
- R&D as % of revenue
- 8.0%
- Revenue, trailing twelve months
- $1.21B
- Free cash flow, trailing twelve months
- $270M
- Net income, trailing twelve months
- $110M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.