Bio-Techne vs Waters
Waters reported revenue of $3.2 billion in fiscal 2025, 2.6 times Bio-Techne's $1.2 billion in fiscal 2026. Bio-Techne's revenue fell 0.4% in its latest year, and Waters' grew 7.0%. Bio-Techne had an operating margin of 20.7%, against 25.4% at Waters. Free cash flow was $263 million at Bio-Techne and $540 million at Waters. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| Bio-Techne | Waters | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $1.2B | $3.2B |
| Revenue growth | −0.4% | 7.0% |
| Revenue growth a year, last 5 years | 5.5% | 6.0% |
| Gross margin | 65.8% | 59.3% |
| Operating margin | 20.7% | 25.4% |
| Net margin | 15.0% | 20.3% |
| Free cash flow | $263M | $540M |
| Free cash flow margin | 21.7% | 17.1% |
| Return on capital | 9.2% | 21.0% |
| Net debt to EBITDA | −0.2x | 0.8x |
| Dividends and buybacks | $92M | $15M |
| Change in diluted share count | −1.7% | 0.3% |
| Last close | $72.69 | $455.98 |
| P/E at the last close | 62.7× | — |
| Insider trades, last 12 months | sold $437,187 | bought $451,070, sold $1.4 million |
| Piotroski F-score | 9 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Bio-TechneWaters
Operating margin
Percent of revenue
Bio-TechneWaters
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Bio-TechneWaters
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Bio-Techne and Waters pages.