# Bruker (BRKR.US)

Canonical: https://gigainvestors.com/s/BRKR

Analysis as of: 2026-10-16T07:27:05.121Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $56.54 per share; close as of 2026-10-15.

Estimated value: low $29.43 per share, central $33.38 per share, high $38.65 per share. Buy at or below the central value $33.38 per share. Valuation as of 2026-10-16T07:27:05.121Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.12×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.12×

- FY2021: 0.17×

- FY2022: 0.17×

- FY2023: 0.15×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 25.3%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 47.8%

- Recent gross margin (lower of latest and 3-year median): 45.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 16.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.0%

- FY2017: 26.2%

- FY2018: 30.3%

- FY2019: 26.2%

- FY2020: 21.6%

- FY2021: 30.8%

- FY2022: 24.3%

- FY2023: 20.3%

- FY2024: 7.0%

- FY2025: 5.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: 4.0%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.2 pp

- Working capital / revenue, final three-year average: 46.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.97×

- FY2023: 1.02×

- FY2024: 1.61×

- FY2025: -10.64×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.3% vs 7.0%

- Per-share earnings: 0.60 to 0.76 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $3.8B

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.9%

- Per-share value change: $0.16

- Per-share value, starting three-year median: $0.60

- Per-share value, ending three-year median: $0.76

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 2.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.2B

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 30.3%

- ROIC, last three-year median: 7.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.95

- FY2017: $0.49

- FY2018: $1.14

- FY2019: $1.26

- FY2020: $1.02

- FY2021: $1.81

- FY2022: $1.99

- FY2023: $2.90

- FY2024: $0.76

- FY2025: -$0.06

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.1%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.3%

- FY2017: -3.9%

- FY2018: -2.8%

- FY2019: -0.6%

- FY2020: -5.8%

- FY2021: -0.1%

- FY2022: 1.0%

- FY2023: 1.8%

- FY2024: -2.4%

- FY2025: -2.3%

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 40% since Mar 2024 · "Bruker (BRKR) Is Down 20.0% After Goodwill Impairment-Fueled Q2 Loss Despite Higher Sales" (finance.yahoo.com, Aug 2026) · sales +2.1%

Story as of 2026-10-16T09:58:25.725Z; price observation 2026-10-15.

Price needs cash profits to grow 7.6% a year for ten years

- 2025-06-30: BRKR Stock Gains Following the Multi-System Advanced Packaging Order ([finance.yahoo.com](https://finance.yahoo.com/news/brkr-stock-gains-following-multi-130600848.html))

- 2025-08-13: BRKR Q2 Deep Dive: Funding and Tariff Headwinds Drive Guidance Cuts, Cost Actions Accelerate ([finance.yahoo.com](https://finance.yahoo.com/news/brkr-q2-deep-dive-funding-040315987.html))

- 2025-10-03: Bruker secures $10M in federally funded NMR orders from NYSBC, Delaware, and Northwestern ([seekingalpha.com](https://seekingalpha.com/news/4501645-bruker-secures-10m-in-federally-funded-nmr-orders-from-nysbc-delaware-and-northwestern?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: BRKR Q3 Deep Dive: Cost Actions and Order Rebound Shape Outlook Amid Flat Revenue ([finance.yahoo.com](https://finance.yahoo.com/news/brkr-q3-deep-dive-cost-053058449.html))

- 2026-02-16: Bruker's Q4 Earnings Lag Estimates, Margins Contract, Stock Down ([finance.yahoo.com](https://finance.yahoo.com/news/brukers-q4-earnings-lag-estimates-150500631.html))

- 2026-08-05: Bruker (BRKR) Is Down 20.0% After Goodwill Impairment-Fueled Q2 Loss Despite Higher Sales ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bruker-brkr-down-20-0-081108147.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm; observed 2026-02-27.

- FY2016: $1.6B 

- FY2017: $1.8B 

- FY2018: $1.9B 

- FY2019: $2.1B 

- FY2020: $2.0B 

- FY2021: $2.4B 

- FY2022: $2.5B 

- FY2023: $3.0B 

- FY2024: $3.4B 

- FY2025: $3.4B 

### Gross margin · FY2025

gross margin 45.9%; source https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm; observed 2026-02-27.

- FY2016: 46.1% 

- FY2017: 46.0% 

- FY2018: 47.5% 

- FY2019: 48.0% 

- FY2020: 47.3% 

- FY2021: 50.0% 

- FY2022: 51.6% 

- FY2023: 51.0% 

- FY2024: 49.0% 

- FY2025: 45.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 3.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm (filed 2026-02-27); FY2025: revenue 3436500000; grossProfit 1577700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRKR.US: Bruker Corporation, together with its subsidiaries, develops, manufactures, and distributes scientific instruments, and analytical and diagnostic solutions. It operates through four segments: Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI Nano, and Bruker Energy & Supercon Technologies. The company offers magnetic resonance spectroscop, preclinical imaging, biopharma and applied, services and lifecycle support, integrated data solution, and automation; life science tools; innovative nuclear magnetic resonance (NMR) and electron paramagnetic resonance (EPR) products; solutions for in-vivo processes and drug discovery; aftermarket solutions; solutions for lab automation and digitalization; mass spectrometry solution and test kits, DNA test strips, and fluorescence-based PCR technologies; genotype and fluorotype molecular diagnostics kits; and research, analytical, and process analysis instruments and solutions. It also provides range of portable analytical and bioanalytical detection systems, and related products; X-ray instruments; analytical tools for electron microscopes, as well as handheld, portable, and mobile X-ray fluorescence spectrometry instruments; atomic force microscopy instrumentation; non-contact nanometer resolution solution topography; and automated X-ray metrology, automated AFM defect-detection, and photomask repair and cleaning equipment. In addition, the company offers advanced optical fluorescence microscopy instruments; services for transcriptional profiling and multiomic analysis; superconducting materials, such as metallic low temperature superconductors; multifilament round and rectangular LTS wires in both monolithic and wire-in-channel formats; designs and manufactures Cuponal; metallic low temperature superconductors; and non-superconducting high technology tools, such as synchrotron and beamline instrumentation. Bruker Corporation was founded in 1960 and is headquartered in Billerica, Massachusetts.

### Why customers stay

Margins ranged from 45.9% to 51% during 2023–25; it earns 25.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 51%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 49%.

- Source: https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.3299486879859312],[2017,0.2623214285714286],[2018,0.30345897121540766],[2019,0.26238052473462564],[2020,0.21596838239462685],[2021,0.3079797827219414],[2022,0.24299915569890818],[2023,0.20330561084875481],[2024,0.07043197191540372],[2025,0.0578235138904595]]; median 0.2526602921351684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 52% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.5002688283220977],[2022,0.5159442051606274],[2023,0.5104739416427728]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 10 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 37100000; owner earnings 170800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 43700000; owner earnings 98800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 49200000; owner earnings 195400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 73000000; owner earnings 199800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 98200000; owner earnings 140100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 2900000; upkeep 89100000; owner earnings 277100000. Growth capex / owner earnings = 0.010465535907614579.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 21666509.275998205; upkeep 97333490.7240018; owner earnings 287966509.27599823. Growth capex / owner earnings = 0.07523968440105021.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 106900000; owner earnings 435200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 115300000; owner earnings 181600000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 120200000; owner earnings 91500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,25800000],[2017,25400000],[2018,25100000],[2019,25000000],[2020,24600000],[2021,24200000],[2022,29800000],[2023,29400000],[2024,30200000],[2025,22800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 10000000 USD.

### Are managers owners

Insiders own 27% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRKR.US SharesStats.PercentInsiders = 26.967999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.6% yearly over ten years; actual decline was 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.09649699083665475. Price 56.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.71377882909521 → FY2025 0.6027667984189723. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $20.49 per share

- 2016-11: $22.68 per share

- 2016-12: $21.18 per share

- 2017-01: $23.73 per share

- 2017-02: $24.15 per share

- 2017-03: $23.33 per share

- 2017-04: $24.39 per share

- 2017-05: $27.21 per share

- 2017-06: $28.84 per share

- 2017-07: $28.68 per share

- 2017-08: $29.09 per share

- 2017-09: $29.75 per share

- 2017-10: $31.40 per share

- 2017-11: $35.18 per share

- 2017-12: $34.32 per share

- 2018-01: $35.61 per share

- 2018-02: $30.65 per share

- 2018-03: $29.92 per share

- 2018-04: $29.53 per share

- 2018-05: $30.27 per share

- 2018-06: $29.04 per share

- 2018-07: $32.40 per share

- 2018-08: $35.58 per share

- 2018-09: $33.45 per share

- 2018-10: $31.33 per share

- 2018-11: $33.14 per share

- 2018-12: $29.77 per share

- 2019-01: $35.06 per share

- 2019-02: $38.21 per share

- 2019-03: $38.44 per share

- 2019-04: $38.60 per share

- 2019-05: $41.77 per share

- 2019-06: $49.95 per share

- 2019-07: $47.85 per share

- 2019-08: $43.17 per share

- 2019-09: $43.93 per share

- 2019-10: $44.50 per share

- 2019-11: $51.19 per share

- 2019-12: $50.97 per share

- 2020-01: $49.47 per share

- 2020-02: $43.56 per share

- 2020-03: $35.86 per share

- 2020-04: $39.32 per share

- 2020-05: $43.28 per share

- 2020-06: $40.68 per share

- 2020-07: $44.62 per share

- 2020-08: $42.02 per share

- 2020-09: $39.75 per share

- 2020-10: $42.54 per share

- 2020-11: $50.61 per share

- 2020-12: $54.13 per share

- 2021-01: $57.89 per share

- 2021-02: $60.98 per share

- 2021-03: $64.28 per share

- 2021-04: $68.52 per share

- 2021-05: $69.44 per share

- 2021-06: $75.98 per share

- 2021-07: $82.25 per share

- 2021-08: $88.31 per share

- 2021-09: $78.10 per share

- 2021-10: $80.30 per share

- 2021-11: $80.99 per share

- 2021-12: $83.91 per share

- 2022-01: $66.60 per share

- 2022-02: $70.37 per share

- 2022-03: $64.30 per share

- 2022-04: $57.49 per share

- 2022-05: $62.48 per share

- 2022-06: $62.76 per share

- 2022-07: $68.55 per share

- 2022-08: $56.00 per share

- 2022-09: $53.06 per share

- 2022-10: $61.84 per share

- 2022-11: $67.41 per share

- 2022-12: $68.35 per share

- 2023-01: $70.12 per share

- 2023-02: $68.92 per share

- 2023-03: $78.84 per share

- 2023-04: $79.13 per share

- 2023-05: $69.10 per share

- 2023-06: $73.92 per share

- 2023-07: $68.72 per share

- 2023-08: $65.60 per share

- 2023-09: $62.30 per share

- 2023-10: $57.00 per share

- 2023-11: $65.09 per share

- 2023-12: $73.48 per share

- 2024-01: $71.51 per share

- 2024-02: $86.54 per share

- 2024-03: $93.94 per share

- 2024-04: $78.01 per share

- 2024-05: $65.51 per share

- 2024-06: $63.81 per share

- 2024-07: $68.51 per share

- 2024-08: $67.19 per share

- 2024-09: $69.06 per share

- 2024-10: $56.61 per share

- 2024-11: $57.95 per share

- 2024-12: $58.62 per share

- 2025-01: $58.15 per share

- 2025-02: $47.22 per share

- 2025-03: $41.74 per share

- 2025-04: $40.06 per share

- 2025-05: $36.70 per share

- 2025-06: $41.20 per share

- 2025-07: $38.43 per share

- 2025-08: $33.98 per share

- 2025-09: $32.49 per share

- 2025-10: $38.94 per share

- 2025-11: $48.81 per share

- 2025-12: $47.11 per share

- 2026-01: $44.29 per share

- 2026-02: $40.11 per share

- 2026-03: $36.12 per share

- 2026-04: $36.71 per share

- 2026-05: $58.89 per share

- 2026-06: $60.18 per share

- 2026-07: $62.84 per share

- 2026-08: $58.01 per share

- 2026-09: $64.75 per share

- 2026-10: $56.54 per share

## Annual estimated value (USD per share)

- FY2016: low $8.26 per share, central $9.00 per share, high $9.99 per share

- FY2017: low $9.33 per share, central $10.26 per share, high $11.51 per share

- FY2018: low $12.66 per share, central $15.55 per share, high $17.86 per share

- FY2019: low $20.11 per share, central $25.14 per share, high $28.72 per share

- FY2020: low $19.59 per share, central $23.78 per share, high $27.03 per share

- FY2021: low $29.46 per share, central $39.62 per share, high $45.28 per share

- FY2022: low $29.34 per share, central $40.97 per share, high $47.46 per share

- FY2023: low $36.19 per share, central $51.46 per share, high $59.97 per share

- FY2024: low $37.98 per share, central $55.05 per share, high $64.57 per share

- FY2025: low $29.67 per share, central $33.55 per share, high $38.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1109354/000119312526082523/brkr-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.