TECHBIO-TECHNE Corp

Biological Products, (no Diagnostic Substances)

Revenue: $1.2B; 0.4% YoY
Operating margin: 20.7%; 147% YoY
EBITDA: $349M; 65% YoY
Market cap: $11.3B
Employees: —
Net debt / EBITDA: -0.2×; −$65M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
398% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$437K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.1B	$1.1B	$1.2B	$1.2B	$1.2B	0.4%
Operating income	$297M	$299M	$207M	$102M	$252M	146%
Net income	$272M	$285M	$168M	$73M	—
Operating cash flow	$325M	$254M	$299M	$288M	$292M	1.6%
Capex	$45M	$38M	$63M	$31M	$29M	7.0%
Stock-based comp	$42M	$39M	$38M	$41M	$41M	1.3%
Buybacks	$161M	$20M	$80M	$276M	$42M	85%
Dividends	$50M	$50M	$50M	$50M	$50M	0.9%

Deal filings

Filed	Form	Acquirer	Price	Premium
Aug 20, 2026	DEFM14A	Merck KGaA, Darmstadt, Germany	$73.00	—
Aug 10, 2026	PREM14A	Merck KGaA, Darmstadt, Germany	$73.00	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $437K · 2
Net: −$437K

Pay vs performance

No pay-versus-performance disclosure yet.