Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent considerable time studying Bio-Techne's most recent 10-Q for the quarter ended March 31, 2026, the May 6 earnings release, the Wilson Wolf forward purchase agreement, and the competitive landscape in life-science tools. Our conclusion: this is an almost-wonderful business that has been steadily diluted by mediocre capital allocation, faces a self-imposed leveraged liability of roughly a billion dollars by December 31, 2027, and currently earns returns on invested capital below its own cost of capital. The price has come down — from $72 to under $50 — but a fairer price for an average business at a critical inflection point is not, by itself, an invitation to buy. We would let this one age in the cellar before drinking it. Bio-Techne sells the picks and shovels of biological research.
Recent filings analysed: 8-K (2026-06-25), 8-K (2026-05-06), 10-Q (2026-05-06), 10-Q (2026-02-04).
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