TakeoverPE & activists

TECHBIO-TECHNE Corp

Biological Products, (no Diagnostic Substances) · $11.3B market cap

0.9×

About as likely as average to be taken private

Top 21% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Buyout-sizedNo
    $11.3B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$437K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Aug 20, 2026DEFM14AMerck KGaA, Darmstadt, Germany$73.00—
Aug 10, 2026PREM14AMerck KGaA, Darmstadt, Germany$73.00—
Jun 26, 20268-KMerck KGaA, Darmstadt, Germany——

Key numbers

Revenue
$1.2BFY2022: $1.1BFY2023: $1.1BFY2024: $1.2BFY2025: $1.2BFY2026: $1.2B
0.4% YoY
Operating margin
20.7%FY2022: 26.8%FY2023: 26.3%FY2024: 17.8%FY2025: 8.4%FY2026: 20.7%
147% YoY
EBITDA
$349MFY2022: $398MFY2023: $406MFY2024: $318MFY2025: $212MFY2026: $349M
65% YoY
Net debt / EBITDA
-0.2×
−$65M net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$1.1B$1.1B$1.2B$1.2B$1.2B 0.4% FY2022: $1.1BFY2023: $1.1BFY2024: $1.2BFY2025: $1.2BFY2026: $1.2B
Operating income$297M$299M$207M$102M$252M 146% FY2022: $297MFY2023: $299MFY2024: $207MFY2025: $102MFY2026: $252M
Net income$272M$285M$168M$73M—FY2022: $272MFY2023: $285MFY2024: $168MFY2025: $73M
Operating cash flow$325M$254M$299M$288M$292M 1.6% FY2022: $325MFY2023: $254MFY2024: $299MFY2025: $288MFY2026: $292M
Capex$45M$38M$63M$31M$29M 7.0% FY2022: $45MFY2023: $38MFY2024: $63MFY2025: $31MFY2026: $29M
Stock-based comp$42M$39M$38M$41M$41M 1.3% FY2022: $42MFY2023: $39MFY2024: $38MFY2025: $41MFY2026: $41M
Buybacks$161M$20M$80M$276M$42M 85% FY2022: $161MFY2023: $20MFY2024: $80MFY2025: $276MFY2026: $42M
Dividends$50M$50M$50M$50M$50M 0.9% FY2022: $50MFY2023: $50MFY2024: $50MFY2025: $50MFY2026: $50M

13D filers

None on file.

Insider trading

−$437Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $437K · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.