Bio-Techne
TECH · Life Sciences Tools & Services
$72.55
0.1%Waters
WAT · Life Sciences Tools & Services
$453.67
0.4%The short version
- Waters is the larger business, with $3.2B of revenue in fiscal 2025 against $1.2B for Bio-Techne, about 2.6 times as much.
- Waters grew revenue faster (7.0%, against −0.4%).
- Waters kept more of each dollar of sales as operating profit (25.4% operating margin, against 20.7% operating margin).
- Bio-Techne turned more of its sales into free cash flow (21.7% FCF margin, against 17.1% FCF margin).
- Waters earned a higher return on the capital invested in it (21.0%, against 9.2%).
| Latest fiscal year | TECH · FY26 | WAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $44.6B |
| Revenue | $1.2B | $3.2B |
| Free cash flow | $263M | $540M |
| Net income | $182M | $643M |
| Growth | ||
| Revenue growth | −0.4% | 7.0% |
| 5-year growth | 5.5% | 6.0% |
| Share count change | −1.7% | 0.3% |
| Profitability | ||
| Gross margin | 65.8% | 59.3% |
| Operating margin | 20.7% | 25.4% |
| Net margin | 15.0% | 20.3% |
| FCF margin | 21.7% | 17.1% |
| Return on capital | 9.2% | 21.0% |
| Return on equity | 9.0% | 29.3% |
| Balance sheet | ||
| Net debt | −$64.7M | $822M |
| Net debt / EBITDA | −0.2x | 0.8x |
| Dividends and buybacks | $91.6M | $14.7M |
| Valuation & quality | ||
| P/E | 62.5x | — |
| Piotroski F-score | 9 | 6 |
FY17
TECH $563M
WAT $2.3B
FY18
TECH $643M
WAT $2.4B
FY19
TECH $714M
WAT $2.4B
FY20
TECH $739M
WAT $2.4B
FY21
TECH $931M
WAT $2.8B
FY22
TECH $1.1B
WAT $3.0B
FY23
TECH $1.1B
WAT $3.0B
FY24
TECH $1.2B
WAT $3.0B
FY25
TECH $1.2B
WAT $3.2B
FY26
TECH $1.2B
WAT —
TECH
WAT
FY17
TECH 21.4%
WAT 28.7%
FY18
TECH 21.2%
WAT 30.6%
FY19
TECH 20.6%
WAT 29.4%
FY20
TECH 21.3%
WAT 27.3%
FY21
TECH 25.5%
WAT 29.5%
FY22
TECH 26.8%
WAT 29.4%
FY23
TECH 26.3%
WAT 27.7%
FY24
TECH 17.8%
WAT 27.9%
FY25
TECH 8.4%
WAT 25.4%
FY26
TECH 20.7%
WAT —
TECH
WAT
FY17
TECH $129M
WAT $663M
FY18
TECH $149M
WAT $570M
FY19
TECH $156M
WAT $603M
FY20
TECH $153M
WAT $738M
FY21
TECH $308M
WAT $711M
FY22
TECH $280M
WAT $566M
FY23
TECH $216M
WAT $442M
FY24
TECH $236M
WAT $620M
FY25
TECH $257M
WAT $540M
FY26
TECH $263M
WAT —
TECH
WAT
FY17
TECH 7.8%
WAT 30.7%
FY18
TECH 10.9%
WAT 70.7%
FY19
TECH 8.8%
WAT 58.5%
FY20
TECH 8.3%
WAT 48.3%
FY21
TECH 13.7%
WAT 55.3%
FY22
TECH 15.3%
WAT 49.0%
FY23
TECH 13.2%
WAT 30.2%
FY24
TECH 8.6%
WAT 22.4%
FY25
TECH 3.5%
WAT 21.0%
FY26
TECH 9.2%
WAT —
TECH
WAT
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.