Bio-Techne vs Waters
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KIRA’s take AI analyst
I put Bio-Techne and Waters side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Bio-Techne turned more of its sales into free cash flow (21.7% FCF margin, against 17.1%).
- Waters earned a higher return on the capital invested in it (21.0%, against 9.2%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Bio-Techne
TECH
5/11
Gross marginFCF marginPiotroski F-scoreNet debt / EBITDAShare count change
Waters
WAT
6/11
Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | TECH FY26 | WAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $44.8B |
| 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 | — | — |
| Piotroski F-score | 9 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.