olivLaw · US equity research
Bruker Corporation BRKR
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Bruker Corporation develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions used in life and materials science research. Revenue reached about 3.4 billion USD in fiscal 2025, and in the first half of 2026 the company returned to organic growth, which makes the trend in academic and industrial demand relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bruker Corporation (BRKR) stock was 63.79 USD (+12.90% on the day), with market capitalisation 9.7 bn USD, dividend yield 0.31%, beta 1.28, 52-week range 32.76–64.75 USD. Latest reported quarter (Q2 2026): revenue of 838.5 m USD (+5.2% YoY), net income of -52.0 m USD (−784.2% YoY), diluted EPS -0.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 52.99 – 62.76
- above the upper band · %B 1.11 · band width 16.9%
- SMA 50 / 200
- 58.95 / 50.36
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.1% | −1.1% | +1.0 pp | — |
| 3 months | +21.6% | −0.5% | +22.0 pp | — |
| 6 months | +50.8% | +4.4% | +46.4 pp | — |
| Year to date | +35.4% | +12.3% | +23.1 pp | — |
| 1 year | +58.0% | +13.5% | +44.4 pp | +14.4% |
| 3 years | +8.4% | +76.4% | −68.0 pp | −4.8% |
| 5 years | −21.9% | +63.7% | −85.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 864.4 m | 979.6 m | 801.4 m | 797.4 m | 860.5 m | 977.2 m | 823.4 m | 838.5 m |
| Cost of revenue | 445.6 m | 486.3 m | 410.2 m | 439.5 m | 481.1 m | 528.0 m | 443.6 m | 422.5 m |
| Gross profit | 418.8 m | 493.3 m | 391.2 m | 357.9 m | 379.4 m | 449.2 m | 379.8 m | 416.0 m |
| Research & development | 98.1 m | 104.4 m | 97.1 m | 100.2 m | 98.3 m | 99.6 m | 101.3 m | 94.3 m |
| SG&A | 229.9 m | 247.3 m | 225.4 m | 231.4 m | 242.5 m | 247.2 m | 242.1 m | 238.9 m |
| Operating income | 68.1 m | 72.1 m | 31.8 m | 11.9 m | -51.8 m | 76.3 m | 10.2 m | -65.3 m |
| Depreciation & amortisation | 51.0 m | 52.9 m | 50.4 m | 56.1 m | 55.7 m | 58.1 m | 58.3 m | 58.0 m |
| Interest expense | 11.6 m | 15.6 m | 13.1 m | 15.7 m | 20.3 m | 11.2 m | 12.2 m | 17.8 m |
| Pre-tax income | 55.3 m | 56.1 m | 25.1 m | 500.0 k | -71.8 m | 68.2 m | 21.9 m | -40.7 m |
| Income tax | 14.8 m | 40.7 m | 8.7 m | -3.1 m | -14.1 m | 37.8 m | 2.5 m | 14.2 m |
| Net income | 40.9 m | 13.7 m | 17.4 m | 7.6 m | -59.6 m | 26.0 m | 14.4 m | -52.0 m |
| Diluted EPS | 0.27 | 0.09 ≈ | 0.11 | 0.05 | -0.41 | 0.17 ≈ | 0.02 | -0.41 |
| Operating cash flow | 38.4 m ≈ | 190.0 m | 65.0 m | -127.5 m ≈ | -33.2 m ≈ | 229.8 m | 71.2 m | -77.4 m ≈ |
| Capex | 32.6 m ≈ | 36.7 m | 26.0 m | 21.3 m ≈ | 20.9 m ≈ | 22.6 m | 24.2 m | 28.8 m ≈ |
| Dividends paid | 7.6 m ≈ | 7.6 m | 7.7 m | 7.6 m ≈ | 0 ≈ | 7.5 m | 7.6 m | 7.5 m ≈ |
| Share repurchases | 0 ≈ | 0 | 10.0 m | 0 ≈ | 0 ≈ | 0 | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.0 bn | 2.4 bn | 2.5 bn | 3.0 bn | 3.4 bn | 3.4 bn |
| Revenue YoY | +7.3% | +9.3% | −4.1% | +21.7% | +4.7% | +17.1% | +13.6% | +2.1% |
| Net income | 179.7 m | 197.2 m | 157.8 m | 277.1 m | 296.6 m | 427.2 m | 113.1 m | -8.6 m |
| Net income YoY | +128.6% | +9.7% | −20.0% | +75.6% | +7.0% | +44.0% | −73.5% | −107.6% |
| Diluted EPS | 1.14 | 1.26 | 1.02 | 1.81 | 1.99 | 2.90 | 0.76 | -0.15 |
| Diluted EPS YoY | +132.7% | +10.5% | −19.0% | +77.5% | +9.9% | +45.7% | −73.8% | −119.7% |
| net % | 9.5% | 9.5% | 7.9% | 11.5% | 11.7% | 14.4% | 3.4% | -0.3% |
| Free cash flow | 190.5 m | 140.4 m | 235.0 m | 190.4 m | 145.2 m | 243.2 m | 136.0 m | 43.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 298.8 m USD
- Financial debt
- 1.9 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 2.5 bn USD
- Total assets
- 6.2 bn USD
- Debt / equity
- 0.76x
- Current ratio
- 1.73x
- ROE
- -0.4%
- ROA
- -0.1%
- FCF margin
- 1.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.4 bn | 2.5 bn | 3.0 bn | 3.4 bn | 3.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 1.0 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 939.8 m | 1.2 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 198.0 m | 220.8 m | 235.9 m | 294.8 m | 376.5 m | 395.2 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 468.6 m | 561.2 m | 607.4 m | 729.4 m | 893.8 m | 946.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 248.3 m | 413.3 m | 432.7 m | 436.9 m | 253.1 m | 68.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 80.4 m | 89.1 m | 88.8 m | 114.9 m | 183.8 m | 220.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 328.7 m ≈ | 502.4 m ≈ | 521.5 m ≈ | 551.8 m ≈ | 436.9 m ≈ | 288.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 14.4 m | 14.3 m | 16.1 m | 16.4 m | 47.9 m | 60.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 225.8 m | 393.6 m | 413.9 m | 544.2 m | 206.9 m | 22.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 64.4 m | 113.0 m | 116.4 m | 117.7 m | 91.4 m | 29.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 157.8 m | 277.1 m | 296.6 m | 427.2 m | 113.1 m | -8.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.02 | 1.81 | 1.99 | 2.90 | 0.76 | -0.15 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 155 | 153 | 149 | 147.2 m | 149.5 m | 151.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.16 | 0.16 | 0.16 | 0.20 | 0.20 | — | SEC (XBRL)· 03 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 681.8 m | 1.1 bn | 645.5 m | 488.3 m | 183.4 m | 298.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 335.3 m | 416.9 m | 472.7 m | 492.0 m | 565.5 m | 544.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 692.3 m | 710.1 m | 800.1 m | 968.3 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 1.9 bn | 2.5 bn | 2.1 bn | 2.2 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 395.5 m | 406.1 m | 487.0 m | 599.7 m | 669.3 m | 744.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 320.4 m | 339.5 m | 457.6 m | 582.6 m | 1.5 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 229.1 m | 211.8 m | 270.9 m | 330.5 m | 912.5 m | 899.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.0 bn | 3.7 bn | 3.6 bn | 4.2 bn | 5.8 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 134.6 m | 147.4 m | 178.4 m | 202.7 m | 234.1 m | 215.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 2.2 m | 112.4 m | 18.7 m | 121.2 m | 32.5 m | 16.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 842.3 m | 1.2 bn | 1.2 bn | 1.2 bn | 2.1 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 791.9 m | 938.5 m | 914.3 m | 1.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | — | — | 2.5 bn | 2.8 bn | 4.0 bn | 3.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 974.3 m | 1.1 bn | 1.1 bn | 1.4 bn | 1.8 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 332.2 m | 282.4 m | 274.4 m | 350.1 m | 251.3 m | 134.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 97.2 m | 92.0 m | 129.2 m | 106.9 m | 115.3 m | 90.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 235.0 m ≈ | 190.4 m ≈ | 145.2 m ≈ | 243.2 m ≈ | 136.0 m ≈ | 43.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -192.7 m | -192.4 m | -251.6 m | -326.0 m | -1.8 bn | -196.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -161.6 m | 318.7 m | -415.3 m | -193.4 m | 1.2 bn | 135.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 24.6 m | 24.2 m | 29.8 m | 29.4 m | 30.2 m | 22.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 123.2 m | 153.3 m | 263.1 m | 152.3 m | 0 | 10.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet17
- Valuation5
- Quality42
- Growth89
- Returns42
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 24.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.93 – 14.39 (Mid 8.51)WACC 8.6% · starting FCFF 145.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA16.25 – 24.17 (Mid 23.25)3 companies used · median multiple 25.9x · quartiles 20.6x – 26.6xA, AVTR, RVTY
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.6% | 29 (vs peers) | 14% |
| Net margin · Quality | -2.0% | 63 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.7% | 89 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.2x | 0 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | -0.5x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 56.7x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | 1.0% | 12 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 24.1% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 3/3 factors with a value
- Growth· partial89/100 · 1/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation5/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BRUKER CORPORATION (BRKR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.4 bn USD in 2025; YoY growth 2.1%; net margin -2.0%; ROE -3.4%; net debt/EBITDA 8.2x.
The estimated value range is 4.93–14.39 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 8.51 USD, the price of 63.79 USD leaves a potential of -86.7% (value / price − 1) and a margin of safety of -649.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.7%
- Current ratio: 1.8x
- Payout ratio (FCF): 24.1%
What contradicts it
- ROIC: -0.6%
- Net debt / EBITDA: 8.2x
- Interest coverage: -0.5x
- EV/EBITDA: 56.7x
- FCF yield: 1.0%
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +58% / +8% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for BRKR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Bruker Corporation develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions used in life and materials science research. Revenue reached about 3.4 billion USD in fiscal 2025, and in the first half of 2026 the company returned to organic growth, which makes the trend in academic and industrial demand relevant.
SWOT
Strengths
- A broad portfolio of high-performance analytical technologies, with strong positions in magnetic resonance and mass spectrometry.
- Recurring revenue from service, support and software that helps stabilise the business when demand is weak.
- Global presence with manufacturing and research centers in Europe, Asia and North America.
Weaknesses
- Operating margins fell in 2025 and GAAP results were weak because of impairments.
- Dependence on academic and government budgets makes revenue sensitive to funding decisions.
- Free cash flow declined substantially in 2025 and in the first half of 2026.
Opportunities
- Growing demand from semiconductor, energy and biopharma customers could offset weakness in U.S. academia.
- The segment reorganisation and cost reduction could improve margins and decision-making.
- Recent acquisitions in clinical diagnostics and mass spectrometry could open new markets.
Threats
- Tariffs and trade policy uncertainty could further reduce margins.
- Geopolitical tensions and supply chain risks could disrupt production and raise costs.
- Intense competition and rapid technological change could make some products less competitive.
Risks
- Tariffs and trade policyhigh
U.S. tariffs have affected bookings, revenue and margins, and further changes could increase the impact.
- U.S. academic fundinghigh
Reduced and delayed federal grants have hit U.S. academic customers, and this weakness could persist.
- Goodwill impairmentmedium
The company recorded goodwill impairments in 2025 and in the second quarter of 2026, which produced GAAP losses.
- Supply chainmedium
Component shortages and rising raw material costs could affect production and margins.
- Currency exposurelow
International revenue and exchange rate movements could influence reported results and competitiveness.
Investment thesis
What would need to be true (bull case)
- If the organic recovery seen in the second quarter of 2026 holds and orders from semiconductor and biopharma customers keep growing, the company could beat margin and earnings-per-share expectations.
- Recurring service and software revenue could stabilise results even when academic budgets are low.
- Cost reduction programmes and the segment reorganisation could lead to margin expansion in 2027.
What would break the thesis
- If tariffs and trade uncertainty persist, margins could stay under pressure and profitability could stagnate.
- If U.S. academic funding does not recover, demand in the company's largest customer group could remain weak.
- Repeated goodwill impairments could point to problems with recent acquisitions and could weigh on investor confidence.
What to watch
- Quarterly results, including bookings and segment margin trends in BSIQ3 2026
- Updated 2026 guidance on revenue and non-GAAP earnings per shareQ3 2026
- First results after the segment reorganisation, with recast prior-period figuresQ3 2026
- Development of NIH, NSF and DOE funding and its impact on U.S. academic customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Bruker designs, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions that let customers explore life and materials at microscopic, molecular and cellular levels. Core technology platforms include magnetic resonance, mass spectrometry, chromatography, X-ray, microscopy, metrology and molecular spectroscopy. Its headquarters are in Billerica, Massachusetts, with major technical and manufacturing centers in Europe and North America.
Segments
BSI BioSpin
The BSI BioSpin segment covers nuclear and electron magnetic resonance, preclinical imaging, lab automation and data management software. Most customers are academic and government research facilities, and a meaningful part of revenue comes from service and support for installed systems.
BSI CALID
The BSI CALID segment combines life science and applied mass spectrometry, microbiology and molecular diagnostics, and infrared and Raman spectroscopy. Customers include pharmaceutical companies, clinical laboratories, forensic laboratories and government agencies.
Market context
The company operates in life science research, biopharma, in-vitro diagnostics and materials science, where demand depends on academic and government budgets. Europe accounts for about 36% of revenue and Asia Pacific about 30%, while the U.S. accounts for about 26%.
Trends
- Tariffsheadwind
U.S. tariffs introduced in 2025 reduced bookings and revenue and compressed margins, and uncertainty over trade policy could persist. The effect on profitability depends on how tariffs evolve.
- U.S. research fundingmixed
Reduced and delayed funding from the NIH, NSF and DOE has hit U.S. academic customers. A recovery in these budgets could support demand.
- Industrial and semiconductor recoverytailwind
Orders from semiconductor, energy and biopharma customers grew strongly in the second quarter of 2026. If this trend holds, it could support revenue in 2027.
- Component and raw material costsheadwind
Chip shortages and higher copper and other raw material prices could compress gross margins. The company has tried to offset this through higher prices and cost-saving measures.
Competitive position
The company operates in a sector where technology changes quickly and competition is intense. One risk is that a technology underlying its products could become obsolete, and competitors could gain share if Bruker does not respond effectively.
Competitors include broad analytical instrument makers as well as firms specialised in areas such as mass spectrometry or molecular diagnostics. The ability to offer integrated solutions and lifecycle service is a differentiator.
- Thermo Fisher ScientificTMO
Broad supplier of analytical instruments and laboratory solutions, present in many of the markets Bruker serves.
- Agilent TechnologiesA
Maker of analytical instruments, including chromatography and spectrometry systems, competing in adjacent segments.
- Waters CorporationWAT
Company specialised in chromatography and mass spectrometry, in direct competition in the analytical space.
- DanaherDHR
Group with scientific instrument and diagnostics divisions active in markets that partly overlap with the company's.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Bruker (BRKR) Wagers On Fusion Energy While Wall Street WaitsYahoo Finance — News · 06 Sept 2026 · EN
The latest news item in our archive is from 06 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Oct 2026Other events
- Current report14 Aug 2026Other events
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Other events
- Current report (amendment)29 May 2026Shareholder vote
- Current report21 May 2026Shareholder vote
- Current report15 May 2026Other events
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bruker Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bruker Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bruker Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.