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1. Company Snapshot

1.a. Company Description

Bruker Corporation develops, manufactures, and distributes scientific instruments, and analytical and diagnostic solutions in the United States and internationally.The company operates through three segments: Bruker Scientific Instruments (BSI) Life Science, BSI NANO, and Bruker Energy & Supercon Technologies.It offers life science tools, and single and multiple modality systems; life science mass spectrometry; MALDI Biotyper rapid pathogen identification platform and related test kits, DNA test strips, and fluorescence-based polymerase chain reaction technology; genotype and fluorotype molecular diagnostics kits; research, analytical, and process analysis instruments and solutions; SARS-CoV 2 testing for the diagnosis of COVID-19 infection; and Fluorotyper-SARS-CoV 2 plus kits.


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; products and services to support the multi-omics needs of researchers in translational research, drug, and biomarker discovery; superconducting materials, such as metallic low temperature superconductors; devices and complex tools based on metallic low temperature superconductors; and non-superconducting high technology tools, such as synchrotron and beamline instrumentation.Bruker Corporation has a collaboration with Newomics Inc.


on a LC-MS platform for drug discovery.The company was incorporated in 1991 and is headquartered in Billerica, Massachusetts.

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1.b. Last Insights on BRKR

Bruker Corporation's recent performance was negatively impacted by its Q4 earnings miss, with EPS of $0.59 per share falling short of the Zacks Consensus Estimate of $0.65 per share. Margins contracted, and the company's 2026 outlook targets a modest 4%-5% sales growth. Analysts cut their forecasts following the Q4 results, citing a difficult year in 2025 with headwinds from academic funding, tariffs, and currencies. The company's revenue beat expectations, but this was overshadowed by the earnings miss. (Source: Zacks Consensus Estimate)

1.c. Company Highlights

2. Bruker Corporation's Q4 2025 Earnings: A Resilient Performance Amidst Headwinds

Bruker Corporation reported a revenue of $977.2 million in Q4 2025, a decrease of 0.2% compared to the same period last year. The company's non-GAAP operating margin was 15.7%, down 240 basis points year over year, primarily due to lower revenue volume, additional tariff costs, and currency headwinds. The non-GAAP EPS for the quarter was $0.59, missing estimates of $0.65.

Publication Date: Feb -17

📋 Highlights
  • Q4 Revenue Outperformance:: Delivered $977.2M in Q4, exceeding expectations despite academic funding tariffs and currency headwinds.
  • Strong Free Cash Flow:: Generated $207.3M in Q4, a $54M increase YoY, driven by $100M improvement in working capital.
  • 2026 Guidance:: Targeting 4–5% revenue growth ($3.57B–$3.60B) and 15–17% non-GAAP EPS growth ($2.10–$2.15), with 200–250 bps margin expansion.
  • BSI Backlog Strength:: Maintained backlog exceeding one year’s revenue (~$1.4B) and a 1.0x+ book-to-bill ratio, signaling demand recovery.
  • Margin Challenges & Recovery:: 2025 non-GAAP operating margin fell 280 bps to 12.6%, but expects 250–300 bps improvement in 2026 via cost efficiencies.

Segment Performance and Revenue Mix

The company's BSI segment backlog stood at over a year's worth of revenue, with a book-to-bill ratio of over 1.0x, indicating a gradual improvement in demand. The aftermarket component revenue increased to 38% of BSI revenues, up from 35% in 2024. Frank Laukien mentioned that the company expects continued gradual improvement in book-to-bill and backlog, aided by easier comps.

Guidance and Outlook

Bruker guided fiscal year 2026 revenue to $3.57 billion to $3.60 billion, representing a 4% to 5% increase from 2025. The company expects non-GAAP EPS to grow by 15% to 17% in fiscal year 2026. The expected operating margin expansion is 250 to 300 basis points, driven by cost initiatives. Analysts estimate next year's revenue growth at 4.2%.

Valuation Metrics

Bruker's current valuation metrics indicate a P/E Ratio of -645.29, P/B Ratio of 2.24, and P/S Ratio of 1.61. The EV/EBITDA ratio stands at 22.52. Given the company's expected growth in 2026, the valuation multiples suggest that the market has priced in some level of recovery. However, the negative P/E Ratio and ROIC of -1.48% indicate that the company's profitability is still a concern.

Growth Opportunities

Bruker is focused on expanding its portfolio through Project Accelerate 3.0, with a focus on post-genomic disease research and drug discovery tools, primarily proteomics and multi-omics, and spatial biology. The company expects to receive FDA approval for its rapid AST gram-negative positive blood culture claim in microbiology in 2026. The Genius platform is expected to roll out in late 2026 and 2027.

3. NewsRoom

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Don't Overlook Bruker (BRKR) International Revenue Trends While Assessing the Stock

Feb -18

Source: zacks.com

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Bruker's Q4 Earnings Lag Estimates, Margins Contract, Stock Down

Feb -16

Source: zacks.com

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These Analysts Cut Their Forecasts On Bruker Following Q4 Results

Feb -13

Source: benzinga.com

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Bruker Corporation (BRKR) Q4 2025 Earnings Call Transcript

Feb -12

Source: seekingalpha.com

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Bruker (BRKR) Reports Q4 Earnings: What Key Metrics Have to Say

Feb -12

Source: zacks.com

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Bruker (BRKR) Q4 Earnings Miss Estimates

Feb -12

Source: zacks.com

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Bruker Reports Fourth Quarter and Full Year 2025 Financial Results

Feb -12

Source: businesswire.com

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PRIMECAP Management's Strategic Moves: A Closer Look at Eli Lilly and Co

Feb -11

Source: gurufocus.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.42%)

6. Segments

Bruker Scientific Instruments Chemicals, Applied Markets, Life Science, In-Vitro Diagnostics, Detection

Expected Growth: 7.8%

Bruker Scientific Instruments' 7.8% growth driven by increasing demand for chemical analysis in applied markets, advancements in life science research, and growing adoption of in-vitro diagnostics. Strong detection capabilities and innovative products also contribute to growth, as customers seek accurate and efficient solutions for complex analytical challenges.

Bruker Scientific Instruments NANO

Expected Growth: 8.15%

Bruker Scientific Instruments NANO's 8.15% growth is driven by increasing demand for nanotechnology and materials science research, expansion in biopharmaceutical and semiconductor industries, and strategic acquisitions enhancing its product portfolio and geographic presence.

Bruker Scientific Instruments BioSpin

Expected Growth: 8.5%

Bruker Scientific Instruments BioSpin's 8.5% growth is driven by increasing demand for advanced magnetic resonance and preclinical imaging solutions in pharmaceutical and biotechnology industries, coupled with expanding research in neurology, oncology, and infectious diseases. Additionally, strategic acquisitions and partnerships have enhanced the company's product portfolio and geographic reach.

Bruker Energy & Supercon Technologies

Expected Growth: 11.47%

Bruker Energy & Supercon Technologies' 11.47% growth is driven by increasing demand for advanced materials and equipment in the energy storage and superconducting industries. Strong research and development investments, strategic partnerships, and expanding applications in electric vehicles, renewable energy, and healthcare are key growth catalysts.

Eliminations

Expected Growth: 4.83%

Bruker Corporation's 4.83% growth is driven by increasing demand for its scientific instruments and analytical solutions, particularly in the biopharma and applied markets. Additionally, strategic acquisitions, expansion into emerging markets, and a strong product portfolio have contributed to the company's growth momentum.

7. Detailed Products

NMR Spectrometers

Nuclear Magnetic Resonance (NMR) spectrometers for molecular structure determination and analysis

Mass Spectrometers

Mass spectrometers for protein identification, quantitation, and structural analysis

MicroCT Scanners

Micro-computed tomography (MicroCT) scanners for non-invasive, high-resolution imaging of small animals and biological samples

X-Ray Fluorescence (XRF) Spectrometers

XRF spectrometers for elemental analysis and material characterization

FT-IR Spectrometers

Fourier Transform Infrared (FT-IR) spectrometers for molecular analysis and identification

MALDI-TOF Mass Spectrometers

Matrix-Assisted Laser Desorption/Ionization-Time of Flight (MALDI-TOF) mass spectrometers for protein analysis and identification

EPR Spectrometers

Electron Paramagnetic Resonance (EPR) spectrometers for the study of free radicals and molecular interactions

8. Bruker Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bruker Corporation's products are highly specialized and customized, making it difficult for substitutes to emerge. However, the company still faces some threat from alternative technologies and products.

Bargaining Power Of Customers

Bruker Corporation's customers are largely research institutions and pharmaceutical companies, which have limited bargaining power due to the specialized nature of the company's products.

Bargaining Power Of Suppliers

Bruker Corporation relies on a few key suppliers for critical components, giving them some bargaining power. However, the company's strong relationships with suppliers and its diversified supply chain mitigate this risk.

Threat Of New Entrants

The high barriers to entry in the scientific instrument industry, including significant R&D investments and regulatory hurdles, make it difficult for new entrants to challenge Bruker Corporation's market position.

Intensity Of Rivalry

The scientific instrument industry is highly competitive, with several established players competing for market share. Bruker Corporation faces intense rivalry from companies like Thermo Fisher Scientific and Agilent Technologies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.35%
Debt Cost 3.95%
Equity Weight 51.65%
Equity Cost 10.04%
WACC 7.10%
Leverage 93.60%

11. Quality Control: Bruker Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 6.7

Yield: 0.0

Momentum: 9.5

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Bruker

A-Score: 3.5/10

Value: 5.9

Growth: 5.2

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Growth: 3.6

Quality: 3.6

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.28$

Current Price

38.28$

Potential

-0.00%

Expected Cash-Flows