Bio-Techne management check
TECH · Health Care · Life Sciences Tools & Services · CEO Kim Kelderman
Filings as of
3 good · 2 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $79, against $104 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.79 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
11.1% of net income$8.2m of reported pay in fiscal 2025, against $73.4m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.8 years of payThe CEO holds 93,583 shares, directly or through trusts (unvested awards not counted): about 0.8 years of pay. Light activity: no buys, $320k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.7% a year over the last three fiscal years. Stock-based pay was 3.3% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Kummeth, Mr. Kelderman. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 21 | 26 | |
| Pay for performance | 90 | 85 | |
| CEO cost | 0 | 44 | |
| Skin in the game | 31 | 46 | |
| Dilution | 58 | 68 | |
| Stable leadership | 50 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Life Sciences Tools & Services, by management score. Bio-Techne is 52nd of 60 in its sector.
- 104WATWaters Corporation76
- 173IQVIQVIA71
- 218MTDMettler Toledo67
- 297DHRDanaher Corporation62
- 301TMOThermo Fisher Scientific61
- 374CRLCharles River Laboratories56
- 397AAgilent Technologies53
- 422TECHBio-Techne50
- 444ILMNIllumina, Inc.47
Pay versus performance
From the proxy statement filed September 19, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Kelderman | $8.2m | $2.5m | $3.7m | $79 | $104 | $73.4m |
| 2024 | Mr. Kelderman, Mr. Kummeth | $6.8m | $4.8m | $3.3m | $110 | $131 | $168.1m |
| 2023 | Mr. Kummeth | $30.6m | $4.7m | $2.3m | $125 | $127 | $285.4m |
| 2022 | Mr. Kummeth | $15.4m | $0 | $3.2m | $132 | $130 | $263.1m |
| 2021 | Mr. Kummeth | $15.9m | $105.7m | $5.0m | $171 | $148 | $139.6m |
The board says pay is tied most to organic revenue. Its other key measures: Organic Revenue, Adjusted Net Income.
Insiders and the CEO's stake
Kim Kelderman (Chief Executive Officer) held 93,583 shares directly after their latest Form 4 on Aug 15, 2026, roughly $6.8m at that filing's price.
Light activity: no buys, $320k sold in six months.
- SoldAmy E. HerrDirector$320kMay 8, 2026
Leadership and governance on file
- Jun 26, 2026Leadership change8-K 5.02
- Feb 11, 2026Leadership change8-K 5.02
- Mar 4, 2025Leadership change8-K 5.02
- Feb 5, 2025Leadership change8-K 5.02
- Nov 5, 2024Leadership change8-K 5.02
- Apr 30, 2024Leadership change8-K 5.02
- Jan 8, 2024Leadership change8-K 5.02
- Oct 19, 2023Leadership change8-K 5.02
- Jan 31, 2023Leadership change8-K 5.02
- Aug 5, 2022Leadership change8-K 5.02
- Dec 22, 2021Leadership change8-K 5.02
Latest shareholder vote results: Sep 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $830.4m returned to owners in buybacks and dividends, 88% of net income, and $209.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $931.0m | $1.1bn | $1.1bn | $1.2bn | $1.2bn |
| Net income | $140.4m | $272.1m | $285.3m | $168.1m | $73.4m |
| Stock-based pay | $49.0m | $42.2m | $39.2m | $38.0m | $40.8m |
| Buybacks | $43.2m | $160.9m | $19.6m | $80.0m | $275.7m |
| Dividends | $49.6m | $50.2m | $50.3m | $50.4m | $50.4m |
| Diluted shares | 162m | 164m | 162m | 161m | 160m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.