MeritValue

BIO-TECHNE Corp

TECHdata completeness 88%17 fiscal years on file
The thesis, from the filings

BIO-TECHNE Corp earns about 12% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $10.91 and $22.14 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$931M1$1.11B2$1.14B3$1.16B3$1.22B3
Net income$140.4M4$272.1M5$285.3M6$168.1M6$73.4M6
Operating cash flow$352.2M7$325.3M8$254.4M9$299M9$287.6M9
Capital expenditure$44.3M10$44.9M11$38.2M12$62.9M12$31M12
Free cash flow (derived)$307.9M7$280.4M8$216.1M9$236.1M9$256.6M9
Total debt$12.5M13$12.5M14———
Cash & equivalents$199.1M15$172.6M16$180.6M17$151.8M18$162.2M18
Diluted shares161.9M164.1M161.9M160.8M159.7M

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
$120.14
your share of equity
Profit it earned you last year
$4.6
Free cash flow it threw off
$16.06
Debt you’d be carrying
—

10 shares is a claim on $120.14 of net worth that earned you $4.6 and generated $16.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 11%FY22 18%FY23 17%FY24 9%FY25 4%

It earned about 12% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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 v0.1.0

The 3 estimate methods that apply put fair value between $10.91 and $22.14 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
$20.55
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$236.1M
DCF · Growth Exit 5Y
$22.14
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$236.1M
Earnings Power Value
$10.91
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$168.1M
  • growthAssumed0.0%
Graham Number
$11.15
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)8.93%
Terminal growth2.5%
At your growth, a share is worth $22.14
The three cases
Bear0.0%$22.14
Base0.0%$22.14
Bull5.0%$27.25

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 2021-06-30 · accession 0001558370-23-015226 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001558370-23-015226 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001558370-23-015226 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001558370-23-015226 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001558370-24-012430 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001558370-25-011716 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001558370-22-013935 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001558370-23-015226 (LongTermDebtCurrent)
  15. 10-K · period ending 2021-06-30 · accession 0001558370-22-013935 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-06-30 · accession 0001558370-23-015226 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001558370-24-012430 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001558370-25-011716 (CashAndCashEquivalentsAtCarryingValue)