BIO-TECHNE Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BIO-TECHNE Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	563	643	714	739	931	1,106	1,137	1,159	1,220	1,215
Cost of revenue	188	211	241	255	298	349	367	389	429	416
Gross profit	375	432	473	483	633	756	770	770	790	799
Research and development	53.5	55.3	62.4	65.2	70.6	87.1	92.5	96.7	99.5	94.8
Selling, general and administrative	200	241	264	261	325	373	378	466	589	452
Operating expenses	254	296	327	326	396	460	471	563	688	547
Operating income	121	136	147	157	237	297	299	207	102	252
Interest expense	7.36	10.2	21.7	19.2	14	11.3	11.2	15.7	8.51	9.63
Interest income							3.41	3.32	3.89	4.22
Other non-operating income	-8.62	-10.2	-34.7	119	-89.1	4.8	39.7	-21	-3.79	-11.2
Pre-tax income	112	126	112	276	148	301	339	186	98.5	241
Income tax	35.9	-0.2	15.9	47.2	8.59	38.3	53.2	17.6	25.1	58.8
Net income to minority interests			0	0	-0.83	-8.95	0.18
Net income	76.1	126	96.1	229	140	272	285	168	73.4	182
EBITDA	181	201	225	240	325	398	406	318	212	349
EPS, basic	0.51	0.84	0.64	1.50	0.91	1.73	1.81	1.07	0.47	1.17
EPS, diluted	0.51	0.83	0.62	1.46	0.87	1.66	1.76	1.05	0.46	1.16
Shares, basic (weighted)	149	149	151	152	155	157	157	158	158	156
Shares, diluted (weighted)	150	152	155	157	162	164	162	161	160	157
Dividend per share	0.32	0.32	0.32	0.32	0.32	0.32	0.32	0.32	0.32	0.32

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	91.6	122	101	147	199	173	181	152	162	265
Short-term investments					32.5	74.5	23.7	1.07
Receivables	117	120	137	123	145	195	218	241	207	217
Inventory	85.6	85.6	91.1	103	117	141	172	180	189	196
Other current assets	13.3	10.7	18.1	24.3	16.9	22.9	27.1	33.7	37.5	67.4
Total current assets	348	398	413	521	511	606	621	617	608	744
Property, plant and equipment	135	145	154	177	208	223	226	251	246	232
Lease right-of-use assets			0	71.5	73.8	65.6	98.3	91.3	73.4	67.3
Goodwill	579	598	733	728	843	822	873	973	981	975
Intangible assets	452	446	579	517	616	532	535	507	366	303
Other non-current assets	44	5.27	5.67	13.5	11.6	46.8	285	264	284	264
Total assets	1,558	1,593	1,884	2,028	2,263	2,295	2,639	2,704	2,558	2,587
Accounts payable	16.9	18.5	16.2	23.1	29.4	33.9	25.7	38	25.3	26.7
Accrued liabilities	18.5	20.4	26.4	9.09	15.3	17.9	14.9	24.9	25.7	20.5
Deferred revenue	5.97	8.11	9.08	13	19	23.4	23.1	27.9	32.6	36.1
Short-term debt			12.5	12.5	12.5	12.5
Total current liabilities	136	79.5	102	107	152	176	129	159	176	164
Long-term debt	344	339	493	344	329	243	350	319	346	200
Lease liabilities			0	67.2	67.6	58.1	93.8	87.6	84	74.2
Other non-current liabilities	5.4	9.34	25.2	26.9	24.5	12.2	10.9	13.2	27.1	21.3
Total liabilities	609	514	719	646	692	594	672	635	639	479
Total debt	344	339	12.5	12.5	12.5	12.5	350	319	346	200
Paid-in capital	199	247	317	421	534	652	722	820	911	1,033
Retained earnings	799	877	932	1,057	1,085	1,123	1,309	1,325	1,066	1,144
Other comprehensive income	-48.9	-44.8	-83.5	-97.2	-57.3	-75.2	-66.1	-78.3	-59.9	-70.6
Shareholders' equity	950	1,079	1,166	1,381	1,563	1,702	1,967	2,069	1,919	2,108
Minority interests				0	8.26	-0.76
Total equity	950	1,079	1,166	1,381	1,571	1,701	1,967	2,069	1,919	2,108
Total liabilities and equity	1,558	1,593	1,884	2,028	2,263	2,295	2,639	2,704	2,558	2,587
Shares outstanding	149	150	151	153	39	157	158	158	155	156

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	76.1	126	96.1	229	140	263	285	168	73.4	182
Depreciation and amortization	60	64.5	78.2	82.7	87.7	101	107	112	110	97.4
Stock-based compensation	14.6	28.2	32.3	32.4	49	42.2	39.2	38	40.8	41.4
Deferred income tax	-4.85	-45.9	-14	13.6	-28	7.06	-29.8	-40.2	-51.2	23.7
Change in inventory	-0.73	-13.3	-13.6	-14.9	-7.14	-32	-30.2	-14.2	-18.1	-8.23
Change in payables	5.7	5.03	6.1	10.3	19.1	12.7	-7.91	25.8	-14	3.18
Cash from operations	144	170	182	205	352	325	254	299	288	292
Capital expenditures	-15.2	-20.9	-25.4	-51.7	-44.3	-44.9	-38.2	-62.9	-31	-28.9
Acquisitions	-254	-67.9	-289	0	-225		-101	-170
Purchases of investments				-70.2	-39.7	-53	-20.5	-5.53
Sales and maturities of investments	6.08	36.4	21.6	147	66.4	26.1	35.2	28.1	1.09
Cash from investing	-306	-38.7	-337	27.1	-244	-96.9	-266	-203	-35.2	-18.2
Stock issued	5.26	19.2	38	71	65.1	77.2	29.8	60.9	51.7	80.6
Share buybacks		0	-15.4	-50.1	-43.2	-161	-19.6	-80	-276	-41.7
Dividends paid	-47.3	-48	-48.4	-48.9	-49.6	-50.2	-50.3	-50.4	-50.4	-49.9
Cash from financing	189	-99.2	134	-184	-62.6	-243	22.6	-122	-254	-169
Exchange rate effect	0.5	-2.09	-0.31
Net change in cash	27.4	30.4	-21.1	45.7	52.5	-26.5	8	-28.8	10.4	103
Free cash flow	129	149	156	153	308	280	216	236	257	263
Interest paid	7.45	9.84	21.5	18.6	13.6	11	8.37	14.5	19	14.4
Income taxes paid	42.9	35.1	36.8	42	21	30.3	88.4	65.3	74.4	64.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $72.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.8%	Gross profit / revenue.
Operating margin	20.7%	Operating income / revenue.
EBITDA margin	28.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.8%	Pre-tax income / revenue.
Net margin	15.0%	Net income / revenue.
FCF margin	21.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.0%	Cash from operations / revenue.
Effective tax rate	24.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.8%	Research and development expense / revenue.
SG&A / revenue	37.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	8.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	146.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	64.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	147.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	152.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-13.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.55x	Current assets / current liabilities.
Quick ratio	2.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.62x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.7%	Total debt / total assets.
Liabilities / assets	18.5%	Total liabilities / total assets.
Net debt	-$64.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	26.2x	Operating income / interest expense.
Working capital	$580.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$829.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	5.09x	Revenue / average property, plant and equipment.
Inventory turnover	2.16x	Cost of revenue / average inventory.
Days inventory	169 days	365 x average inventory / cost of revenue.
Receivables turnover	5.74x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	23 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	210 days	Days inventory + days sales outstanding - days payables.
FCF conversion	144.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.17	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.74	Revenue / diluted weighted shares.
FCF per share	$1.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.86	Cash from operations / diluted weighted shares.
Book value per share	$13.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.31	Tangible book value / shares outstanding.
Cash per share	$1.70	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.32	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	27.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	19.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	15.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.37B	Share price x shares outstanding.
Enterprise value	$11.30B	Market cap + total debt - cash - short-term investments.
P/E	62.5x	Market cap / net income. Only when net income is positive.
P/S	9.36x	Market cap / revenue.
P/B	5.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.7x	Market cap / tangible book value, when positive.
P/FCF	43.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.9x	Market cap / cash from operations, when positive.
EV/Sales	9.30x	Enterprise value / revenue.
EV/EBIT	44.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was BIO-TECHNE Corp's revenue in fiscal 2026?

BIO-TECHNE Corp reported revenue of $1.22B for fiscal 2026, 0.4% lower than the year before.

Was BIO-TECHNE Corp profitable in fiscal 2026?

Yes. Net income was $181.8M, a net margin of 15%.

How much free cash flow did BIO-TECHNE Corp generate in fiscal 2026?

Cash from operations of $292.1M minus capital expenditures of $28.9M left free cash flow of $263.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to BIO-TECHNE Corp