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Bio-Techne Corp

TECHAbove value

Held by 5 superinvestors.

Price$72.57
Holders5
Total value$420.8M

SEC 10-K · fundamentals

Business quality

As of 2026-06-30
Revenue growth
-0.4%
Net margin
15.0%
ROE
8.6%
FCF margin
21.7%
Revenue $931.0M → $1.22B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$15/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$73
cheaperpricier

Zero-growth floor

$15

Central IV

$15

Optimistic top

$19

Bio-Techne Corp (TECH): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $15–$19 / sh. Today’s price sits above both (price $73 as of 2026-10-16).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 10.8% · Zero-growth downside $15

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

Model cautions

  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $13.67 – $17.09 · Greenwald $19.38 – $19.38 (neutral $19.38) · zero-growth base $19.38 · reproduction $5.28

Moat Franchise (moat) · terminal value 36% of present value · owner-earnings yield 2% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$15.93 – $19.38 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 249% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$14.91 – $18.23 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 249% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $829.40M = $5.28 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ -94%, $0.00–$0.00 / sh (neutral $0.00). Conservative, not a forecast.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 24%.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 4.8% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

5 holders · $420.8M combined · this quarter +0 opened / -0 exited

This quarter1 added4 trimmed
Holders 2 → 5 · last 8 quarters

SEC 13F · notes

Written summary

Bio-Techne Corp (TECH) is held by 5 of the superinvestors tracked on Compounder, with a combined $420.8M in reported 13F value. The largest position belongs to Ruane, Cunniff (Sequoia), where it makes up 3.7% of the portfolio.

Other notable holders by value include Lee Ainslie (1.0% of its book), Wallace Weitz (2.7% of its book) and Henry Ellenbogen (0.3% of its book).

In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in TECH, 1 added to existing ones, 4 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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