Cash flow generation is robust with a 27.1% FCF margin and 1.75x OCF/NI conversion in 2026Q4, though this strength appears driven by volatile working capital swings rather than fundamental margin expansion.
Bio-Techne Corporation (TECH) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 337.6M | 292.07M | 287.56M | 298.98M | 254.39M | 325.27M | 352.16M | 205.22M | 181.62M | 170.37M | 143.45M | 143.87M | 139.36M | 136.76M | 123.56M | 126.75M | 127.19M | 111.26M | 111.32M | 115.32M | 90.5M | 85.59M | 74.43M | 65.55M | 54.09M | 27.67M | 46.37M | 38.74M | 28.4M | 20.3M | 12.5M |
| Operating CF Margin % | - | 24.04% | 23.58% | 25.8% | 22.38% | 29.42% | 37.83% | 27.78% | 25.44% | 26.5% | 25.48% | 28.83% | 30.81% | 38.23% | 39.78% | 40.29% | 43.87% | 41.35% | 42.17% | 44.8% | 40.5% | 42.24% | 41.66% | 40.65% | 37.3% | 21.14% | 40.2% | 37.31% | 31.24% | 30.16% | 20.53% |
| Operating CF Growth % | 270.67% | 1.57% | -3.82% | 17.53% | -21.79% | -7.64% | 71.61% | 12.99% | 6.6% | 18.77% | -0.29% | 3.24% | 1.9% | 10.68% | -2.51% | -0.35% | 14.32% | -0.05% | -3.47% | 27.42% | 5.74% | 14.99% | 13.55% | 21.19% | 95.5% | -40.34% | 19.7% | 36.41% | 39.9% | 62.4% | 27.55% |
| Net Income | 171.97M | 181.86M | 73.4M | 168.07M | 285.44M | 263.1M | 139.59M | 229.3M | 96.07M | 126.15M | 76.09M | 104.48M | 107.73M | 110.95M | 112.56M | 112.33M | 112.3M | 109.78M | 105.24M | 103.56M | 85.11M | 73.35M | 66.13M | 52.93M | 45.4M | 27.13M | 34.05M | 26.58M | 16.7M | 15.2M | 10.9M |
| Depreciation & Amortization | 96.75M | 97.36M | 109.9M | 111.71M | 107.24M | 101.07M | 87.75M | 82.74M | 78.17M | 64.46M | 60.04M | 42.76M | 37.23M | 19.18M | 12.32M | 12.47M | 8.7M | 8.13M | 7.77M | 7.26M | 6.99M | 6.96M | 6.11M | 6.04M | 6.35M | 12.69M | 12.74M | 12.65M | 11.9M | 2.3M | 2.3M |
| Stock-Based Compensation | 43.09M | 41.37M | 40.83M | 38.04M | 39.23M | 42.18M | 48.98M | 32.37M | 32.28M | 28.24M | 14.63M | 9.43M | 5.96M | 3.52M | 1.86M | 1.64M | 1.14M | 1.14M | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 10.37M | 13.2M | -51.11M | -39.45M | -29.57M | 6.82M | -27.43M | 13.13M | -13.58M | -46.72M | -3.43M | -2.62M | 1.3M | -2.85M | -2.53M | -7.36M | 3.19M | -1.55M | -730K | -661K | -797K | -937K | 672K | 317K | 232K | -6.29M | -508K | -1.16M | -1.9M | -400K | -700K |
| Other Non-Cash Items | -45.03M | -406K | 102.99M | 30.71M | -57.37M | -18.38M | 74.02M | -147.07M | 16.43M | -3.67M | 10.06M | 4.87M | -1.5M | 7.81M | 4.62M | 11.61M | 2.14M | 1.54M | 1.64M | 1.6M | 1.04M | -6.36M | 410K | 4.71M | 3.73M | 2.45M | 919.72K | -404.04K | -100K | -100K | 1M |
| Working Capital Changes | 60.46M | -41.3M | 11.54M | -10.11M | -90.58M | -69.52M | 29.26M | -5.25M | -27.75M | 1.9M | -13.93M | -15.04M | -11.37M | -1.84M | -5.27M | -3.94M | -279K | -7.77M | -4.08M | 2.21M | -2.98M | 12.03M | 1.11M | 1.56M | -1.62M | -8.3M | -822.84K | 1.07M | -1M | 2M | -1M |
| Change in Receivables | -45.43M | -10.79M | 42.6M | -31.13M | -23.36M | -57.6M | -15.55M | 6.56M | -2.7M | -308.66M | -19.69M | -217.08M | -11.75M | -443.34M | -2.33M | -2.1M | -3.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 27.43M | -8.23M | -18.14M | -14.21M | -30.17M | -32.01M | -7.14M | -14.86M | -13.65M | -13.33M | -732K | -6.63M | -4.71M | -2.9M | -2.22M | -1.58M | -1.02M | -2.37M | -2.12M | -1.06M | 205K | 1.11M | -325K | -1.02M | -173.14K | -560.52K | -846.9K | 986.12K | 3.8M | 300K | -400K |
| Change in Payables | 24.54M | 3.18M | -13.95M | 25.77M | -7.91M | 12.74M | 19.09M | 10.34M | 6.1M | 5.03M | 5.7M | 8.92M | 2.15M | 1.37M | 243K | 1.58M | -591K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -22.72M | -18.19M | -35.18M | -203.03M | -265.65M | -96.85M | -243.52M | 27.09M | -336.8M | -38.71M | -305.95M | -107.57M | -426.49M | 49.69M | -31.2M | -21.67M | -114.19M | -114.61M | 21.28M | -27.51M | -39.92M | -70.72M | 53.27M | -59.51M | -21.71M | -22.4M | -40.65M | -60.04M | -38.6M | -2.2M | -8.8M |
| Capital Expenditures | -29.4M | -28.85M | -31.01M | -62.88M | -38.24M | -44.91M | -44.3M | -51.74M | -25.41M | -20.93M | -15.18M | -16.9M | -19.91M | -13.82M | -22.45M | -6.02M | -3.63M | -4.64M | -6.56M | -16.36M | -8.08M | -4.6M | -11.41M | -3.71M | -15.19M | -22.28M | -6.81M | -30.37M | -30.6M | -3M | -4.2M |
| CapEx % of Revenue | 2.39% | 2.37% | 2.54% | 5.42% | 3.36% | 4.06% | 4.76% | 7% | 3.56% | 3.26% | 2.7% | 3.39% | 4.4% | 3.86% | 7.23% | 1.91% | 1.25% | 1.73% | 2.48% | 6.36% | 3.61% | 2.27% | 6.39% | 2.3% | 10.48% | 17.02% | 5.91% | 29.25% | 33.66% | 4.46% | 6.9% |
| Acquisitions | 0 | 4.62M | -15M | -169.71M | -83.36M | 0 | -225.91M | 1.91M | -289.49M | -46.28M | -293.79M | -91.42M | -420.1M | -119.18M | 1.09M | 463K | -131.77M | 0 | 0 | 0 | 0 | -19.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.68M | 0 | 15.26M | 7M | -232M | -53M | 0 | 0 | -21.9M | 680K | -36.99M | -25K | 48K | 25K | -743K | -829K | -943K | 50K | 1.34M | -808K | -125K | 0 | -461K | -8.46M | 0 | -5.26M | -500K | -3.55M | -7M | -200K | -200K |
| Cash from Financing | -108.53M | -169.11M | -253.91M | -122.4M | 22.62M | -242.85M | -62.55M | -183.8M | 134.38M | -99.19M | 189.39M | -23.08M | 31.28M | -36.81M | -44.68M | -64.63M | -36.29M | -50.51M | -119.44M | -56.59M | -11.38M | -7.92M | -97.16M | 2.86M | -21.03M | -1.3M | -1.17M | 26.23M | -2.8M | 600K | -2.6M |
| Debt Issued (Net) | -100M | -146M | 27M | -31M | 94M | -85.5M | -15.5M | -148.5M | 166.5M | -4.5M | 252M | 18.5M | 68.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.43M | -1.19M | -1.24M | -1.23M | -964K | -884.76K | -824.32K | 19.76M | 0 | 0 | 0 |
| Equity Issued (Net) | 15.47M | 38.94M | -275.73M | -80.04M | -19.56M | -160.95M | -43.18M | -50.11M | -15.4M | 0 | 0 | 0 | 0 | 0 | -2.39M | -24.5M | -2.23M | -12.32M | -91.36M | -57.12M | 1.52M | -14.72M | -95.92M | 4.09M | -21.22M | -413.44K | -348.88K | 6.47M | -2.8M | 600K | -2.6M |
| Dividends Paid | -50.03M | -49.92M | -50.39M | -50.42M | -50.28M | -50.19M | -49.62M | -48.9M | -48.36M | -47.97M | -47.33M | -47.61M | -47.11M | -45.39M | -43.46M | -41.02M | -39.69M | -38.39M | -28.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -41.65M | -41.67M | -275.73M | -80.04M | -19.56M | -160.95M | -43.18M | -50.11M | -15.4M | 0 | 0 | 0 | 0 | 0 | -2.39M | -24.5M | -2.23M | -15.58M | -92.31M | -60.19M | -1.22M | -27.27M | -103.93M | 0 | -23.66M | -745.62K | -1.16M | 0 | -3.9M | -300K | -3.2M |
| Other Financing | 26.03M | -12.14M | 45.22M | 39.06M | -1.54M | 53.78M | 45.75M | 63.71M | 31.65M | -46.72M | -15.56M | 6.02M | 10.35M | 8.59M | 1.18M | 898K | 5.64M | 196K | 107K | 524K | 534K | 7.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 205.07M | 102.53M | 10.39M | -28.78M | 8M | -26.52M | 52.47M | 45.74M | -21.1M | 30.38M | 27.38M | 9.71M | -264.04M | 154.78M | 47.11M | 39.06M | -16.53M | -66.8M | -6.05M | 31.51M | 45.85M | 9.29M | 29.14M | 11.83M | 12.98M | 5.12M | 3.91M | 4.59M | -13.3M | 18.8M | 1.3M |
| Free Cash Flow | 308.2M | 263.22M | 256.55M | 236.1M | 216.15M | 280.36M | 307.86M | 153.47M | 156.21M | 149.43M | 128.27M | 126.97M | 119.45M | 122.94M | 101.11M | 120.73M | 123.56M | 106.62M | 104.77M | 98.95M | 82.43M | 80.99M | 63.02M | 61.84M | 38.9M | 5.39M | 39.56M | 8.37M | -2.2M | 17.3M | 8.3M |
| FCF Margin % | 25.09% | 21.66% | 21.04% | 20.37% | 19.02% | 25.36% | 33.07% | 20.78% | 21.88% | 23.24% | 22.78% | 25.44% | 26.41% | 34.36% | 32.56% | 38.38% | 42.61% | 39.63% | 39.69% | 38.44% | 36.88% | 39.97% | 35.28% | 38.35% | 26.82% | 4.12% | 34.29% | 8.06% | -2.42% | 25.71% | 13.63% |
| FCF Growth % | 37.55% | 2.6% | 8.66% | 9.23% | -22.9% | -8.93% | 100.6% | -1.75% | 4.53% | 16.5% | 1.02% | 6.29% | -2.84% | 21.59% | -16.25% | -2.29% | 15.9% | 1.77% | 5.87% | 20.05% | 1.78% | 28.5% | 1.91% | 59% | 621.49% | -86.37% | 372.51% | 480.52% | -112.72% | 108.43% | 144.12% |
| FCF per Share | 1.95 | 1.68 | 1.61 | 1.47 | 1.34 | 1.71 | 1.90 | 0.97 | 1.00 | 0.98 | 0.86 | 0.85 | 0.80 | 0.83 | 0.69 | 0.82 | 0.83 | 0.71 | 0.69 | 0.63 | 0.52 | 0.51 | 0.39 | 0.37 | 0.23 | 0.03 | 0.23 | 0.05 | -0.01 | 0.11 | 0.05 |
| FCF Conversion (FCF/Net Income) | 1.79x | 1.61x | 3.92x | 1.78x | 0.89x | 1.20x | 2.51x | 0.89x | 1.89x | 1.36x | 1.86x | 1.38x | 1.29x | 1.23x | 1.10x | 1.13x | 1.13x | 1.01x | 1.06x | 1.11x | 1.06x | 1.17x | 1.13x | 1.24x | 1.19x | 1.02x | 1.36x | 1.46x | 1.70x | 1.34x | 1.15x |
| Interest Paid | 11.54M | 0 | 18.95M | 14.5M | 8.37M | 11.03M | 13.58M | 18.61M | 21.5M | 9.84M | 7.45M | 1.66M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 6.97M | 0 | 74.36M | 65.25M | 88.43M | 30.34M | 20.95M | 41.99M | 36.81M | 35.08M | 42.9M | 44.9M | 42.6M | 55.2M | 51.6M | 58.7M | 46.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TECH stock.
Bio-Techne Corporation (TECH) generated $292.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Bio-Techne Corporation (TECH) generated $263.2M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bio-Techne Corporation (TECH) spent $28.9M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Bio-Techne Corporation (TECH) returned $49.9M to shareholders via cash dividends and spent $41.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin compression from operating cost growth
Metrics are mathematically derived from official filings.
Strong Cash Conversion Amidst Earnings Volatility
Operating cash flow consistently exceeds net income, with the most recent quarter showing a 1.75x conversion ratio, suggesting high-quality earnings and effective cash collection despite reported net income fluctuations.
The persistent gap where operating cash flow significantly outpaces net income indicates strong underlying cash generation, likely driven by non-cash charges like depreciation and stock-based compensation. This pattern suggests the core business is more cash-generative than the bottom line implies, providing a buffer against earnings volatility. Investors should monitor whether this conversion strength holds as the company navigates a period of revenue deceleration.
FCF Trajectory Shows Recovery, Not Expansion
Free cash flow margin has rebounded to 27.1% in 2026Q4 from a low of 7.8% in 2026Q1, but this recovery appears driven by working capital benefits rather than fundamental revenue or margin expansion.
The sharp improvement in FCF margin is notable, but the trajectory is uneven and heavily influenced by large, volatile swings in working capital. The underlying FCF generation, when adjusted for these swings, appears more stable but not on a clear growth path. This suggests the company's cash flow strength is currently more about balance sheet management than top-line momentum, which aligns with the reported revenue deceleration.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes have been the primary driver of quarterly operating cash flow volatility, with a $42.8M benefit in 2026Q2 followed by a $42.8M drag in 2026Q1, indicating lumpy collections or inventory cycles.
The massive, offsetting swings in working capital suggest the company's cash flow is highly sensitive to the timing of receivables and inventory management. This volatility obscures the underlying operational cash generation and makes quarterly comparisons difficult. The pattern may reflect the lumpy nature of instrument sales and associated consumable pull-through, a characteristic of the business model that investors should factor into their analysis.
Disciplined Deployment to Shareholders and M&A
Capital deployment has been balanced between consistent shareholder returns via dividends and strategic M&A, with a notable $100.1M share repurchase in 2025Q3 and a $167.6M acquisition in 2024Q4.
The company maintains a steady dividend commitment while opportunistically deploying capital for share repurchases and tuck-in acquisitions. The large acquisition in 2024Q4 and subsequent share buybacks suggest management is confident in the long-term value of its platform, even as near-term growth slows. This disciplined approach to capital allocation appears sustainable given the strong cash conversion profile.
Cash Flow Strength Masks Underlying Cost Pressures
The robust operating cash flow generation may be obscuring the impact of rising operating expenses, as the wide gap between gross margin (65.8%) and operating margin (23.1%) suggests structural cost growth that could eventually pressure cash flow.
While the cash flow statement shows strong conversion, the income statement reveals that SG&A and other operating costs are consuming a growing share of revenue. This divergence suggests that the current cash flow strength is not yet reflecting the full impact of the company's cost structure evolution. If operating margins do not stabilize, the premium cash conversion multiple could compress, representing a key risk to the investment thesis.