Bio-Techne Corp (TECH)

Pretax margin

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	98,462	162,982	185,792	176,303	185,690	232,345	251,457	284,499	338,657	329,394	317,970	337,720	301,387	229,447	206,029	176,218	148,174	202,588	204,055	298,013
Revenue (ttm)	US$ in thousands	1,219,634	1,208,768	1,196,015	1,171,582	1,159,059	1,154,281	1,144,999	1,143,982	1,136,702	1,123,611	1,119,841	1,117,536	1,105,600	1,076,399	1,029,575	984,552	931,032	847,838	798,966	759,647
Pretax margin		8.07%	13.48%	15.53%	15.05%	16.02%	20.13%	21.96%	24.87%	29.79%	29.32%	28.39%	30.22%	27.26%	21.32%	20.01%	17.90%	15.92%	23.89%	25.54%	39.23%

June 30, 2025 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $98,462K ÷ $1,219,634K
= 8.07%

The pretax margin of Bio-Techne Corp has exhibited notable fluctuations over the designated period, reflecting shifts in profitability before tax expenses. Starting from a high of 39.23% as of September 30, 2020, the margin experienced a substantial decline over the subsequent quarters, reaching a low point of approximately 15.92% by June 30, 2021.

Following this decline, the pretax margin showed signs of recovery, rising to levels exceeding 30% by September 30, 2022, specifically reaching 30.22%. During this period, the margin remained relatively stable, maintaining above 20% into early 2023. In recent quarters, the margin has demonstrated a downward trend, decreasing to approximately 21.96% as of December 31, 2023, and further declining to 15.53% by the end of March 2024. The most recent data indicates a continued decline, with the pretax margin falling to around 8.07% as of June 30, 2025.

Overall, the pretax margin has shown periods of both decline and recovery, with significant variability indicating changing operational efficiencies, cost structures, or pricing strategies over time. The recent downward trajectory suggests increasing operational challenges or cost pressures impacting the company's pre-tax profitability.