MeritValue

BIO-TECHNE Corp

TECHdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'

The thesis, from the filings

BIO-TECHNE Corp earns about 11% on invested capital, comfortably above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $11.84 and $24.59 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.11B1$1.14B2$1.16B3$1.22B3$1.22B3
Net income$272.1M4$285.3M5$168.1M5$73.4M5$181.9M6
Operating cash flow$325.3M7$254.4M8$299M9$287.6M9$292.1M9
Capital expenditure$44.9M10$38.2M11$62.9M12$31M12$28.9M12
Free cash flow (derived)$280.4M7$216.1M8$236.1M9$256.6M9$263.2M9
Total debt$12.5M13————
Cash & equivalents$172.6M14$180.6M15$151.8M16$162.2M17$264.7M17
Diluted shares164.1M161.9M160.8M159.7M157.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$134.27
your share of equity
Profit it earned you last year
$11.58
Free cash flow it threw off
$16.76
Debt you’d be carrying
—

10 shares is a claim on $134.27 of net worth that earned you $11.58 and generated $16.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY22 18%FY23 17%FY24 9%FY25 4%FY26 10%

It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $11.84 and $24.59 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$22.88
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$256.6M
DCF · Growth Exit 5Y
$24.59
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$256.6M
Earnings Power Value
$11.84
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$181.9M
  • growthAssumed0.0%
Graham Number
$18.78
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)9.06%
Terminal growth2.5%
At your growth, a share is worth $24.59
The three cases
Bear0.0%$24.59
Base0.0%$24.59
Bull5.0%$30.12

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001104659-26-100322 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (NetIncomeLoss)
  6. 10-K · period ending 2026-06-30 · accession 0001104659-26-100322 (ProfitLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001104659-26-100322 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001104659-26-100322 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001558370-23-015226 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001558370-23-015226 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0001558370-24-012430 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001558370-25-011716 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-06-30 · accession 0001104659-26-100322 (CashAndCashEquivalentsAtCarryingValue)