Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Bio-Techne Corp
Physical assets are 18.5% of total assets, a light footprint. Capex is 0.30x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.9%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.06x. Compare it with other names in the same basket.
Physical asset ratio
18.5%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$299.17MpropertyPlantAndEquipmentNetInventory$195.74MinventoryTotal assets$2.68BtotalAssetsResult 18.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.06xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$299.17MpropertyPlantAndEquipmentNetResult 4.06x
Revenue per dollar of the physical asset base.
Capex / D&A
0.30xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$28.85McapitalExpendituresD&A$97.36MdepreciationAndAmortizationResult 0.30x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.28Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.68BtotalAssetsGoodwill$975.36MgoodWillIntangibles$303.47MintangibleAssetsLiabilities$570.77MtotalLiabTangible book$829.40MShares157,009,000commonStockSharesOutstandingResult $5.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
13.75xPrice / tangible bookPrice / tangible book per sharePrice$72.66Latest quoteTangible book / share$5.282026-06-30Result 13.75x
Price $72.66.
Fixed-charge coverage
15.47xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$343.44MebitdaCapex$28.85McapitalExpendituresInterest$5.41MinterestExpenseShort-term debt$14.94MshortTermDebtEBITDA − capex$314.59MPrincipal due is short-term debt.Result 15.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.3%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$263.22MfreeCashFlowMarket cap$11.42BMarketCapitalizationResult 2.3%
Latest free cash flow divided by current market cap ($11.42B).
ROIC
8.9%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$251.89MoperatingIncomeTax expense$58.82MincomeTaxExpensePretax income$240.68MincomeBeforeTaxTax rate24.4%Equity$2.11BtotalStockholderEquityDebt$289.09MshortLongTermDebtTotalCash$264.71McashInvested capital$2.13BResult 8.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 13.0%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$154.04MpropertyPlantEquipmentInventory$91.05MinventoryTotal assets$1.88BtotalAssetsResult 13.0% | 4.64xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$714.01MtotalRevenueNet PP&E$154.04MpropertyPlantEquipmentResult 4.64x | 0.33xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$25.41McapitalExpendituresD&A$78.17MdepreciationAndAmortizationResult 0.33x | -$0.94Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.88BtotalAssetsGoodwill$732.67MgoodWillIntangibles$579.43MintangibleAssetsLiabilities$718.82MtotalLiabTangible book-$146.51MShares155,568,000commonStockSharesOutstandingResult -$0.94 | 5.45xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$211.89MebitdaCapex$25.41McapitalExpendituresInterest$21.71MinterestExpenseShort-term debt$12.50MshortTermDebtEBITDA − capex$186.48MPrincipal due is short-term debt.Result 5.45x | $156.21MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$181.62MtotalCashFromOperatingActivitiesCapex$25.41McapitalExpendituresFree cash flow$156.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $156.21M | 7.2%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.58MoperatingIncomeTax expense$15.94MincomeTaxExpensePretax income$112.02MincomeBeforeTaxTax rate14.2%Equity$1.17BtotalStockholderEquityDebt$505.16MshortLongTermDebtTotalCash$166.03McashAndShortTermInvestmentsInvested capital$1.50BResult 7.2% | 0.82xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$125.58MoperatingIncomeNet PP&E$154.04MpropertyPlantEquipmentResult 0.82x |
| 2020 | 17.3%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$248.29MpropertyPlantEquipmentInventory$103.15MinventoryTotal assets$2.03BtotalAssetsResult 17.3% | 2.98xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$738.69MtotalRevenueNet PP&E$248.29MpropertyPlantEquipmentResult 2.98x | 0.63xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$51.74McapitalExpendituresD&A$82.74MdepreciationAndAmortizationResult 0.63x | $0.87Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.03BtotalAssetsGoodwill$728.31MgoodWillIntangibles$516.55MintangibleAssetsLiabilities$646.40MtotalLiabTangible book$136.34MShares157,604,000commonStockSharesOutstandingResult $0.87 | 10.31xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$378.41MebitdaCapex$51.74McapitalExpendituresInterest$19.20MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex$326.67MPrincipal due is the current portion of debt.Result 10.31x | $153.47MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$205.22MtotalCashFromOperatingActivitiesCapex$51.74McapitalExpendituresFree cash flow$153.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $153.47M | 8.5%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$157.42MoperatingIncomeTax expense$47.18MincomeTaxExpensePretax income$276.48MincomeBeforeTaxTax rate17.1%Equity$1.38BtotalStockholderEquityDebt$433.53MshortLongTermDebtTotalCash$270.89McashAndShortTermInvestmentsInvested capital$1.54BResult 8.5% | 0.63xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$157.42MoperatingIncomeNet PP&E$248.29MpropertyPlantEquipmentResult 0.63x |
| 2021 | 17.6%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$281.74MpropertyPlantEquipmentInventory$116.75MinventoryTotal assets$2.26BtotalAssetsResult 17.6% | 3.30xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$931.03MtotalRevenueNet PP&E$281.74MpropertyPlantEquipmentResult 3.30x | 0.50xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$44.30McapitalExpendituresD&A$87.75MdepreciationAndAmortizationResult 0.50x | $0.69Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.26BtotalAssetsGoodwill$843.07MgoodWillIntangibles$615.97MintangibleAssetsLiabilities$691.72MtotalLiabTangible book$112.20MShares161,932,000commonStockSharesOutstandingResult $0.69 | 7.77xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$249.87MebitdaCapex$44.30McapitalExpendituresInterest$13.95MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex$205.57MPrincipal due is the current portion of debt.Result 7.77x | $307.86MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$352.16MtotalCashFromOperatingActivitiesCapex$44.30McapitalExpendituresFree cash flow$307.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $307.86M | 12.8%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$237.30MoperatingIncomeTax expense$8.59MincomeTaxExpensePretax income$148.18MincomeBeforeTaxTax rate5.8%Equity$1.56BtotalStockholderEquityDebt$420.55MshortLongTermDebtTotalCash$231.55McashAndShortTermInvestmentsInvested capital$1.75BResult 12.8% | 0.84xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$237.30MoperatingIncomeNet PP&E$281.74MpropertyPlantEquipmentResult 0.84x |
| 2022 | 18.7%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$288.80MpropertyPlantEquipmentInventory$141.12MinventoryTotal assets$2.29BtotalAssetsResult 18.7% | 3.83xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$288.80MpropertyPlantEquipmentResult 3.83x | 0.44xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$44.91McapitalExpendituresD&A$101.07MdepreciationAndAmortizationResult 0.44x | $2.12Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.29BtotalAssetsGoodwill$822.10MgoodWillIntangibles$531.52MintangibleAssetsLiabilities$593.79MtotalLiabTangible book$347.39MShares164,116,000commonStockSharesOutstandingResult $2.12 | 15.49xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$413.76MebitdaCapex$44.91McapitalExpendituresInterest$11.31MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex$368.86MPrincipal due is the current portion of debt.Result 15.49x | $280.36MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$325.27MtotalCashFromOperatingActivitiesCapex$44.91McapitalExpendituresFree cash flow$280.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $280.36M | 14.5%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$296.59MoperatingIncomeTax expense$38.29MincomeTaxExpensePretax income$301.39MincomeBeforeTaxTax rate12.7%Equity$1.70BtotalStockholderEquityDebt$325.97MshortLongTermDebtTotalCash$247.03McashAndShortTermInvestmentsInvested capital$1.78BResult 14.5% | 1.03xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$296.59MoperatingIncomeNet PP&E$288.80MpropertyPlantEquipmentResult 1.03x |
| 2023 | 18.8%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$324.53MpropertyPlantAndEquipmentNetInventory$171.64MinventoryTotal assets$2.64BtotalAssetsResult 18.8% | 3.50xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$1.14BtotalRevenueNet PP&E$324.53MpropertyPlantAndEquipmentNetResult 3.50x | 0.36xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$38.24McapitalExpendituresD&A$107.24MdepreciationAndAmortizationResult 0.36x | $3.45Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.64BtotalAssetsGoodwill$872.74MgoodWillIntangibles$534.65MintangibleAssetsLiabilities$672.18MtotalLiabTangible book$559.13MShares161,855,000commonStockSharesOutstandingResult $3.45 | 18.69xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$457.11MebitdaCapex$38.24McapitalExpendituresInterest$11.22MinterestExpenseShort-term debt$11.20MshortTermDebtEBITDA − capex$418.87MPrincipal due is short-term debt.Result 18.69x | $216.15MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$254.39MtotalCashFromOperatingActivitiesCapex$38.24McapitalExpendituresFree cash flow$216.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $216.15M | 11.4%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$298.94MoperatingIncomeTax expense$53.22MincomeTaxExpensePretax income$338.66MincomeBeforeTaxTax rate15.7%Equity$1.97BtotalStockholderEquityDebt$454.97MshortLongTermDebtTotalCash$204.31McashAndShortTermInvestmentsInvested capital$2.22BResult 11.4% | 0.92xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$298.94MoperatingIncomeNet PP&E$324.53MpropertyPlantAndEquipmentNetResult 0.92x |
| 2024 | 19.3%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$342.44MpropertyPlantAndEquipmentNetInventory$179.73MinventoryTotal assets$2.70BtotalAssetsResult 19.3% | 3.38xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$1.16BtotalRevenueNet PP&E$342.44MpropertyPlantAndEquipmentNetResult 3.38x | 0.56xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$62.88McapitalExpendituresD&A$111.71MdepreciationAndAmortizationResult 0.56x | $3.66Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.70BtotalAssetsGoodwill$972.66MgoodWillIntangibles$507.08MintangibleAssetsLiabilities$635.02MtotalLiabTangible book$589.11MShares160,774,000commonStockSharesOutstandingResult $3.66 | 8.73xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$313.14MebitdaCapex$62.88McapitalExpendituresInterest$15.74MinterestExpenseShort-term debt$12.92MshortTermDebtEBITDA − capex$250.26MPrincipal due is short-term debt.Result 8.73x | $236.10MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$298.98MtotalCashFromOperatingActivitiesCapex$62.88McapitalExpendituresFree cash flow$236.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $236.10M | 8.0%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.69MoperatingIncomeTax expense$17.58MincomeTaxExpensePretax income$185.69MincomeBeforeTaxTax rate9.5%Equity$2.07BtotalStockholderEquityDebt$419.54MshortLongTermDebtTotalCash$152.86McashAndShortTermInvestmentsInvested capital$2.34BResult 8.0% | 0.60xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$206.69MoperatingIncomeNet PP&E$342.44MpropertyPlantAndEquipmentNetResult 0.60x |
| 2025 | 19.9%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$319.12MpropertyPlantAndEquipmentNetInventory$189.45MinventoryTotal assets$2.56BtotalAssetsResult 19.9% | 3.82xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$319.12MpropertyPlantAndEquipmentNetResult 3.82x | 0.28xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$31.01McapitalExpendituresD&A$109.90MdepreciationAndAmortizationResult 0.28x | $3.58Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.56BtotalAssetsGoodwill$980.94MgoodWillIntangibles$365.60MintangibleAssetsLiabilities$639.06MtotalLiabTangible book$572.27MShares159,717,000commonStockSharesOutstandingResult $3.58 | 8.22xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$216.88MebitdaCapex$31.01McapitalExpendituresInterest$8.51MinterestExpenseShort-term debt$14.10MshortTermDebtEBITDA − capex$185.87MPrincipal due is short-term debt.Result 8.22x | $256.55MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$287.56MtotalCashFromOperatingActivitiesCapex$31.01McapitalExpendituresFree cash flow$256.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $256.55M | 3.5%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$102.26MoperatingIncomeTax expense$25.06MincomeTaxExpensePretax income$98.46MincomeBeforeTaxTax rate25.5%Equity$1.92BtotalStockholderEquityDebt$444.06MshortLongTermDebtTotalCash$162.19McashInvested capital$2.20BResult 3.5% | 0.32xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$102.26MoperatingIncomeNet PP&E$319.12MpropertyPlantAndEquipmentNetResult 0.32x |
| 2026 | 18.5%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$299.17MpropertyPlantAndEquipmentNetInventory$195.74MinventoryTotal assets$2.68BtotalAssetsResult 18.5% | 4.06xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$299.17MpropertyPlantAndEquipmentNetResult 4.06x | 0.30xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$28.85McapitalExpendituresD&A$97.36MdepreciationAndAmortizationResult 0.30x | $5.28Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.68BtotalAssetsGoodwill$975.36MgoodWillIntangibles$303.47MintangibleAssetsLiabilities$570.77MtotalLiabTangible book$829.40MShares157,009,000commonStockSharesOutstandingResult $5.28 | 15.47xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$343.44MebitdaCapex$28.85McapitalExpendituresInterest$5.41MinterestExpenseShort-term debt$14.94MshortTermDebtEBITDA − capex$314.59MPrincipal due is short-term debt.Result 15.47x | $263.22MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$292.07MtotalCashFromOperatingActivitiesCapex$28.85McapitalExpendituresFree cash flow$263.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $263.22M | 8.9%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$251.89MoperatingIncomeTax expense$58.82MincomeTaxExpensePretax income$240.68MincomeBeforeTaxTax rate24.4%Equity$2.11BtotalStockholderEquityDebt$289.09MshortLongTermDebtTotalCash$264.71McashInvested capital$2.13BResult 8.9% | 0.84xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$251.89MoperatingIncomeNet PP&E$299.17MpropertyPlantAndEquipmentNetResult 0.84x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $299.17M
Inventory: $195.74M
Total assets: $2.68B
Goodwill: $975.36M
Intangibles: $303.47M
Liabilities: $570.77M
Tangible book: $829.40M
Shares: 157,009,000
Revenue: $1.22B
Capex: $28.85M
D&A: $97.36M
EBITDA: $343.44M
Interest: $5.41M
Short-term debt: $14.94M
Free cash flow: $263.22M
Operating income: $251.89M
Invested capital: $2.13B
Tax rate: 24.4%