The business behind the dividend
| Measure | TECH | Median | Formula |
|---|---|---|---|
| Return on equity | 3.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $152.30m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $256.55m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 8.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.18x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 12.02x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 3.46x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.80x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.92x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.6% | 3.8% | 8.1% | 14.5% | 16.0% | 9.0% | 16.6% | 8.2% | 11.7% | 8.0% | 8.6% |
| Return on capital employed | 10.9% | 4.5% | 8.7% | 12.9% | 15.2% | 12.5% | 9.1% | 8.8% | 9.6% | 9.3% | 9.3% |
| Operating margin | 20.7% | 8.4% | 17.8% | 26.3% | 26.8% | 25.5% | 21.3% | 20.5% | 21.2% | 21.4% | 21.2% |
| Net margin | 15.0% | 6.0% | 14.5% | 25.1% | 24.6% | 15.1% | 31.0% | 13.5% | 19.6% | 13.5% | 15.0% |
| Debt to equity | 0.09x | 0.18x | 0.15x | 0.18x | 0.15x | 0.22x | 0.26x | 0.43x | 0.31x | 0.36x | 0.18x |
| Current ratio | 4.55x | 3.46x | 3.87x | 4.84x | 3.44x | 3.35x | 4.88x | 4.05x | 5.01x | 2.57x | 3.87x |
| Cash conversion | 1.61x | 3.92x | 1.78x | 0.89x | 1.20x | 2.51x | 0.89x | 1.89x | 1.35x | 1.89x | 1.61x |
How it compares in health care
Among the 38 health care companies here measured on free cash flow, Bio-Techne pays out less than 30 of them. The median for that group is 39.3%, against this company’s 19.6%.
Closest on free cash flow
- Conmed (CNMD) 16.4%
- Organon (OGN) 16.4%
- Labcorp Holdings (LH) 20.0%
- Resmed (RMD) 21.2%
Same sector and same denominator, so the figures are comparable. All 44 in health care →