Revenue growth has stalled with a 1.5% year-over-year decline in 2026Q3, though the company maintains pricing power evidenced by a 66.9% gross margin.
| Metric | TTM | 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 | Jun'96 |
|---|
| Sales/Revenue | 1.21B | 1.22B | 1.16B | 1.14B | 1.11B | 931.03M | 738.69M | 714.01M | 642.99M | 563M | 499.02M | 452.25M | 357.76M | 310.57M | 314.56M | 289.96M | 269.05M | 263.96M | 257.42M | 223.48M | 202.62M | 178.65M | 161.26M | 145.01M | 130.9M | 115.36M | 103.84M | 90.9M | 67.3M | 60.9M | 54.6M |
| Revenue Growth % | 0.17% | 5.23% | 1.97% | 2.81% | 18.75% | 26.04% | 3.46% | 11.04% | 14.21% | 12.82% | 10.34% | 26.41% | 15.19% | -1.27% | 8.48% | 7.77% | 1.93% | 2.54% | 15.19% | 10.3% | 13.41% | 10.79% | 11.2% | 10.78% | 13.47% | 11.09% | 14.23% | 35.07% | 10.51% | 11.54% | 14.47% |
| Cost of Goods Sold | 424.32M | 429.36M | 389.33M | 366.89M | 349.1M | 298.18M | 255.5M | 240.51M | 210.85M | 188.46M | 162.36M | 144.97M | 106.35M | 79.47M | 78.76M | 65.03M | 54.46M | 55.49M | 52.89M | 46.67M | 45.72M | 36.81M | 34.89M | 35.4M | 32.51M | 28.42M | 23.33M | 25M | 17.8M | 17M | 17.1M |
| COGS % of Revenue | - | 35.2% | 33.59% | 32.28% | 31.58% | 32.03% | 34.59% | 33.69% | 32.79% | 33.47% | 32.54% | 32.06% | 29.73% | 25.59% | 25.04% | 22.43% | 20.24% | 21.02% | 20.55% | 20.88% | 22.56% | 20.61% | 21.63% | 24.41% | 24.83% | 24.64% | 22.47% | 27.5% | 26.45% | 27.91% | 31.32% |
| Gross Profit | 786.49M | 790.27M | 769.73M | 769.82M | 756.5M | 632.85M | 483.19M | 473.49M | 432.14M | 374.54M | 336.66M | 307.28M | 251.41M | 231.11M | 235.8M | 224.94M | 214.58M | 208.47M | 204.53M | 176.81M | 156.9M | 141.84M | 126.37M | 109.61M | 98.39M | 86.93M | 80.51M | 65.9M | 49.5M | 43.9M | 37.5M |
| Gross Margin % | 64.96% | 64.8% | 66.41% | 67.72% | 68.42% | 67.97% | 65.41% | 66.31% | 67.21% | 66.53% | 67.46% | 67.94% | 70.27% | 74.41% | 74.96% | 77.57% | 79.76% | 78.98% | 79.45% | 79.12% | 77.44% | 79.39% | 78.37% | 75.59% | 75.17% | 75.36% | 77.53% | 72.5% | 73.55% | 72.09% | 68.68% |
| Gross Profit Growth % | - | 2.67% | -0.01% | 1.76% | 19.54% | 30.97% | 2.05% | 9.57% | 15.38% | 11.25% | 9.56% | 22.22% | 8.78% | -1.99% | 4.83% | 4.82% | 2.93% | 1.92% | 15.68% | 12.69% | 10.62% | 12.24% | 15.29% | 11.41% | 13.18% | 7.98% | 22.17% | 33.13% | 12.76% | 17.07% | 21.36% |
| Operating Expenses | 632.74M | 688.02M | 563.04M | 470.87M | 459.91M | 395.55M | 325.77M | 326.77M | 295.96M | 252.76M | 186.07M | 160.25M | 91.66M | 74.83M | 71.72M | 61.88M | 58.26M | 57.69M | 60.24M | 52.66M | 48.4M | 44.08M | 44.1M | 41.9M | 45.57M | 41.13M | 41.16M | 40.8M | 28.3M | 28.6M | 25.3M |
| OpEx % of Revenue | - | 56.41% | 48.58% | 41.42% | 41.6% | 42.49% | 44.1% | 45.77% | 46.03% | 44.89% | 37.29% | 35.44% | 25.62% | 24.09% | 22.8% | 21.34% | 21.65% | 21.86% | 23.4% | 23.56% | 23.89% | 24.67% | 27.35% | 28.89% | 34.82% | 35.65% | 39.64% | 44.88% | 42.05% | 46.96% | 46.34% |
| Selling, General & Admin | 362.46M | 415.1M | 393.32M | 352.44M | 339M | 289.92M | 240.88M | 264.36M | 240.64M | 199.24M | 140.88M | 119.4M | 60.72M | 43.38M | 41.68M | 35.9M | 32.17M | 33.16M | 36.72M | 30.96M | 27.6M | 24.48M | 21.73M | 19.38M | 19.55M | 17.71M | 17.32M | 16.9M | 15.4M | 14.6M | 13M |
| SG&A % of Revenue | - | 34.03% | 33.93% | 31.01% | 30.66% | 31.14% | 32.61% | 37.02% | 37.42% | 35.39% | 28.23% | 26.4% | 16.97% | 13.97% | 13.25% | 12.38% | 11.96% | 12.56% | 14.26% | 13.86% | 13.62% | 13.7% | 13.47% | 13.36% | 14.94% | 15.36% | 16.68% | 18.59% | 22.88% | 23.97% | 23.81% |
| Research & Development | 96.85M | 99.5M | 96.66M | 92.49M | 87.14M | 70.6M | 65.19M | 62.41M | 55.33M | 53.51M | 45.19M | 40.85M | 30.95M | 29.26M | 27.91M | 25.98M | 25.12M | 23.56M | 22.39M | 20.08M | 18.82M | 18.38M | 20.77M | 20.58M | 17.47M | 14.52M | 11.2M | 12M | 10.6M | 11.7M | 10.4M |
| R&D % of Revenue | - | 8.16% | 8.34% | 8.14% | 7.88% | 7.58% | 8.83% | 8.74% | 8.6% | 9.51% | 9.06% | 9.03% | 8.65% | 9.42% | 8.87% | 8.96% | 9.34% | 8.93% | 8.7% | 8.99% | 9.29% | 10.29% | 12.88% | 14.19% | 13.35% | 12.59% | 10.78% | 13.2% | 15.75% | 19.21% | 19.05% |
| Other Operating Expenses | 1000K | 173.42M | 73.06M | 25.94M | 33.77M | 35.03M | 19.7M | 0 | 0 | 0 | 0 | 0 | 0 | 830K | 693K | 0 | 960K | 960K | 1.14M | 1.61M | 1.97M | 1.22M | 1.6M | 1.94M | 8.55M | 8.89M | 12.65M | 11.9M | 2.3M | 2.3M | 1.9M |
| Operating Income | 153.75M | 102.25M | 206.69M | 298.94M | 296.59M | 237.3M | 157.42M | 125.58M | 136.18M | 121.78M | 150.59M | 147.02M | 159.75M | 158.47M | 166.21M | 163.06M | 156.33M | 150.78M | 144.29M | 124.15M | 108.5M | 97.76M | 82.27M | 67.72M | 52.82M | 45.81M | 39.34M | 25.1M | 21.2M | 15.3M | 12.2M |
| Operating Margin % | 12.7% | 8.38% | 17.83% | 26.3% | 26.83% | 25.49% | 21.31% | 17.59% | 21.18% | 21.63% | 30.18% | 32.51% | 44.65% | 51.02% | 52.84% | 56.23% | 58.1% | 57.12% | 56.05% | 55.55% | 53.55% | 54.72% | 51.02% | 46.7% | 40.35% | 39.71% | 37.89% | 27.61% | 31.5% | 25.12% | 22.34% |
| Operating Income Growth % | - | -50.53% | -30.86% | 0.79% | 24.99% | 50.74% | 25.35% | -7.78% | 11.82% | -19.13% | 2.43% | -7.97% | 0.81% | -4.66% | 1.93% | 4.3% | 3.68% | 4.5% | 16.22% | 14.42% | 10.99% | 18.83% | 21.49% | 28.21% | 15.31% | 16.42% | 56.75% | 18.4% | 38.56% | 25.41% | 29.79% |
| EBITDA | 254.08M | 212.16M | 318.4M | 406.18M | 397.66M | 325.04M | 240.16M | 203.75M | 200.64M | 181.82M | 193.36M | 184.25M | 178.93M | 170.79M | 178.68M | 171.75M | 157.29M | 158.55M | 151.55M | 131.15M | 115.46M | 103.87M | 88.31M | 74.07M | 65.51M | 58.54M | 52M | 37M | 23.5M | 17.6M | 14.1M |
| EBITDA Margin % | 20.98% | 17.4% | 27.47% | 35.73% | 35.97% | 34.91% | 32.51% | 28.54% | 31.2% | 32.29% | 38.75% | 40.74% | 50.01% | 54.99% | 56.8% | 59.23% | 58.46% | 60.07% | 58.87% | 58.68% | 56.98% | 58.14% | 54.77% | 51.08% | 50.04% | 50.75% | 50.07% | 40.7% | 34.92% | 28.9% | 25.82% |
| EBITDA Growth % | -10.15% | -33.37% | -21.61% | 2.14% | 22.34% | 35.35% | 17.87% | 1.55% | 10.35% | -5.97% | 4.94% | 2.98% | 4.76% | -4.41% | 4.03% | 9.2% | -0.79% | 4.62% | 15.55% | 13.59% | 11.16% | 17.62% | 19.23% | 13.07% | 11.89% | 12.59% | 40.53% | 57.45% | 33.52% | 24.82% | 27.03% |
| D&A (Non-Cash Add-back) | 100.33M | 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 | 960K | 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 | 1.9M |
| EBIT | 158.69M | 106.97M | 201.43M | 349.87M | 312.69M | 162.13M | 295.67M | 133.72M | 136.14M | 119.32M | 149.23M | 155.71M | 161.39M | 160.66M | 164.08M | 160.76M | 154.13M | 150.78M | 144.29M | 130.01M | 108.5M | 97.76M | 82.27M | 67.72M | 52.82M | 45.81M | 39.34M | 25.1M | 21.2M | 15.3M | 12.2M |
| Net Interest Income | -7.07M | -4.62M | -12.41M | -7.8M | -10.52M | -13.48M | -18.59M | -21.14M | -9.78M | -7.06M | -1.5M | -910K | 2.68M | 2.65M | 2.64M | 3.75M | 4.38M | 7.63M | 12.19M | 7.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.43M | 3.89M | 3.32M | 3.41M | 794K | 473K | 605K | 569K | 409K | 304K | 249K | 634K | 2.68M | 2.65M | 2.64M | 3.75M | 4.38M | 7.63M | 12.19M | 8.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.51M | 8.51M | 15.74M | 11.21M | 11.31M | 13.95M | 19.2M | 21.7M | 10.19M | 7.36M | 1.75M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.61M | -3.79M | -21M | 39.72M | 4.8M | -89.12M | 119.06M | -34.7M | -10.23M | -8.62M | -3.11M | 7.14M | 1.64M | 2.19M | -4.01M | 1.93M | 118K | 4.58M | 9.54M | 4.78M | 2.66M | 2.12M | 268K | 1.84M | -15.08M | 2M | 66.98K | 1M | 1.2M | 700K | 400K |
| Pretax Income | 147.14M | 98.46M | 185.69M | 338.66M | 301.39M | 148.18M | 276.48M | 112.02M | 125.95M | 113.16M | 147.48M | 154.16M | 161.39M | 160.66M | 162.19M | 164.98M | 156.45M | 155.36M | 153.83M | 128.93M | 111.16M | 99.89M | 82.54M | 69.56M | 37.74M | 47.81M | 39.41M | 26.1M | 22.4M | 16M | 12.6M |
| Pretax Margin % | 12.15% | 8.07% | 16.02% | 29.79% | 27.26% | 15.92% | 37.43% | 15.69% | 19.59% | 20.1% | 29.55% | 34.09% | 45.11% | 51.73% | 51.56% | 56.9% | 58.15% | 58.86% | 59.76% | 57.69% | 54.86% | 55.91% | 51.19% | 47.97% | 28.83% | 41.44% | 37.95% | 28.71% | 33.28% | 26.27% | 23.08% |
| Income Tax | 37.58M | 25.06M | 17.58M | 53.22M | 38.29M | 8.59M | 47.18M | 15.94M | -602K | 35.88M | 43.01M | 46.43M | 50.44M | 48.1M | 49.86M | 52.68M | 46.67M | 50.12M | 50.27M | 43.82M | 37.81M | 33.76M | 29.61M | 24.16M | 10.61M | 13.76M | 12.83M | 9.4M | 7.2M | 5.1M | 4M |
| Effective Tax Rate % | 25.54% | 25.45% | 9.47% | 15.71% | 12.7% | 5.8% | 17.07% | 14.23% | -0.48% | 31.7% | 29.16% | 30.12% | 31.26% | 29.94% | 30.74% | 31.93% | 29.83% | 32.26% | 32.68% | 33.99% | 34.01% | 33.79% | 35.88% | 34.73% | 28.11% | 28.79% | 32.55% | 36.02% | 32.14% | 31.87% | 31.75% |
| Net Income | 109.57M | 73.4M | 168.1M | 285.26M | 272.05M | 140.41M | 229.3M | 96.07M | 125.35M | 77.29M | 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 | 8.6M |
| Net Margin % | 9.05% | 6.02% | 14.5% | 25.1% | 24.61% | 15.08% | 31.04% | 13.46% | 19.49% | 13.73% | 20.94% | 23.82% | 31.01% | 36.24% | 35.71% | 38.73% | 40.8% | 39.87% | 40.23% | 38.08% | 36.2% | 37.02% | 32.82% | 31.31% | 20.73% | 29.51% | 25.6% | 18.37% | 22.59% | 17.9% | 15.75% |
| Net Income Growth % | -16.78% | -56.34% | -41.07% | 4.86% | 93.75% | -38.76% | 138.67% | -23.36% | 62.19% | -26.03% | -3.02% | -2.9% | -1.43% | 0.2% | 0.03% | 2.3% | 4.31% | 1.63% | 21.67% | 16.03% | 10.92% | 24.95% | 16.59% | 67.33% | -20.31% | 28.07% | 59.18% | 9.87% | 39.45% | 26.74% | 28.36% |
| Net Income (Continuing) | 109.56M | 73.4M | 168.1M | 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 | 8.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -759K | 8.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.70 | 0.46 | 1.05 | 1.76 | 1.66 | 0.87 | 1.45 | 0.62 | 0.82 | 0.52 | 0.70 | 0.72 | 0.75 | 0.76 | 0.76 | 0.76 | 0.73 | 0.69 | 0.66 | 0.54 | 0.46 | 0.40 | 0.32 | 0.27 | 0.16 | 0.20 | 0.16 | 0.10 | 0.10 | 0.07 | 0.06 |
| EPS Growth % | -15.85% | -56.19% | -40.34% | 6.02% | 90.8% | -40% | 133.87% | -24.39% | 57.69% | -25.71% | -2.78% | -4% | -1.32% | 0% | 0% | 4.11% | 5.8% | 4.55% | 22.22% | 17.39% | 15% | 25% | 18.52% | 68.75% | -20% | 25% | 60% | 3.2% | 38.43% | 26.58% | 26.54% |
| EPS (Basic) | - | 0.47 | 1.07 | 1.81 | 1.73 | 0.91 | 1.50 | 0.64 | 0.84 | 0.52 | 0.70 | 0.73 | 0.75 | 0.76 | 0.76 | 0.76 | 0.74 | 0.70 | 0.66 | 0.54 | 0.47 | 0.41 | 0.32 | 0.27 | 0.16 | 0.21 | 0.16 | 0.10 | 0.10 | 0.07 | 0.06 |
| Diluted Shares Outstanding | 156.94M | 159.72M | 160.77M | 161.85M | 164.12M | 161.93M | 157.6M | 155.57M | 152.22M | 150M | 149.3M | 148.92M | 148.02M | 147.6M | 148.02M | 148.69M | 149.39M | 151.6M | 156.99M | 158.05M | 158.38M | 163.68M | 166.79M | 168.12M | 170.09M | 170.67M | 168.82M | 165.49M | 156.86M | 155.71M | 155.54M |
| Basic Shares Outstanding | 155.89M | 157.52M | 157.71M | 157.18M | 156.88M | 154.99M | 152.8M | 151.12M | 149.9M | 149.25M | 148.78M | 148.38M | 147.56M | 147.34M | 147.76M | 148.39M | 149.02M | 151.21M | 156.56M | 157.62M | 156.2M | 161.44M | 164.18M | 165.48M | 166.03M | 165.75M | 162.5M | 160.94M | 151.62M | 150.34M | 155.54M |
| Dividend Payout Ratio | - | 68.65% | 29.99% | 17.63% | 18.45% | 35.34% | 21.33% | 50.34% | 38.27% | 61.23% | 45.57% | 43.72% | 40.91% | 38.61% | 36.52% | 35.34% | 34.97% | 26.79% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Biotech funding cycle sensitivity
According to the latest quarterly income statements, Bio-Techne's revenue growth has stalled, with the most recent period showing a 1.5% year-over-year decline, suggesting that the company is struggling to maintain momentum in a challenging macroeconomic environment for life science research and capital equipment procurement.
The recent revenue contraction highlights a potential saturation in core reagent markets and a cooling of demand for automated protein analysis platforms. Investors should monitor whether this trend reflects a temporary pause in academic spending or a more structural shift in the competitive landscape for high-end laboratory tools.
As reported in financial filings, Bio-Techne has maintained a robust gross margin profile, peaking at 67.9% in 2025Q3 and holding at 66.9% in 2026Q3, which underscores the company's significant pricing power and the premium nature of its proprietary recombinant protein and antibody product portfolios.
The ability to sustain margins above 64% despite revenue fluctuations suggests that the company's 'gold standard' reputation provides a meaningful buffer against commoditization. This pricing power remains a critical differentiator, though it may be tested if the product mix shifts further toward lower-margin diagnostic hardware.
Based on the provided income statement data, operating margins have fluctuated significantly, ranging from a low of -7.5% in 2025Q4 to a recent high of 24.2% in 2026Q3, indicating that the company's operating leverage is currently sensitive to non-recurring expenses and integration-related cost spikes.
The wide variance in operating income suggests that management's aggressive M&A strategy often obscures underlying operational efficiency. Analysts should look past these headline swings to determine if the core business can consistently scale SG&A expenses relative to gross profit growth in future periods.
Analysis of the income statement reveals that net income is frequently impacted by significant non-operating items, as evidenced by the sharp swing to a $17.7 million loss in 2025Q4, which appears to be driven by acquisition-related amortization and integration costs rather than core operational failure.
The volatility in EPS, which jumped to $0.32 in 2026Q3 from a loss in 2025Q4, warrants caution when evaluating the company's true earnings power. Investors should focus on adjusted metrics that strip out these transient charges to better understand the underlying cash generation of the business.
While Bio-Techne commands a premium valuation, the recent divergence between gross and operating margins suggests that the company's historical lean operating model may be under pressure, potentially signaling that the complexity of its current organization is beginning to outstrip its ability to drive incremental profitability.
Short-term investors may focus on the risk that the company's reliance on high-end academic research funding leaves it vulnerable to shifts in government grant cycles. If the transition to clinical-grade manufacturing does not offset potential declines in basic research demand, the current valuation multiple may face significant downward revision.
Quick answers to the most common questions about buying TECH stock.
For fiscal year 2025, Bio-Techne Corporation (TECH) reported total revenue of $1.22B. This represents a 2133.8% increase compared to $54.6M in 1996.
Bio-Techne Corporation (TECH) is profitable, generating $73.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
Bio-Techne Corporation (TECH) reported an operating income of $102.3M, resulting in an operating profit margin of 8.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bio-Techne Corporation (TECH) generated $790.3M in gross profit for the year, representing a gross profit margin of 64.8%. This demonstrates the company's core pricing power and production efficiency.