NASDAQ · Healthcare

Bruker Corporation

BRKR · Medical Devices

$36.34

▼ -0.45 (-1.22%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 45.9%

Operating Margin 6.9%

Net Income Margin -0.3%

Fin. Health D

Years to Pay Off Debt -237.5 yrs

Working Capital vs Long-Term Debt -$919M

Working Capital $933M

Valuation C

Price-to-Book 2.25x

Cash Flow A

Free Cash Flow $14M

Owner Earnings $332M

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $5.5B

Enterprise Value $7.4B

P/E (TTM) 15.06

Dividend Yield 0.54%

Exchange NASDAQ

Key Margins

Gross Profit 45.9%

Operating Margin 6.9%

Net Margin -0.3%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 11085

Country United States

Visit website

About Bruker Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	45.9% ▼	49.0%	51.0%	51.6%	N/A
Operating Margin %	6.9% ▼	11.3%	16.5%	18.3%	N/A
Net Income %	-0.3% ▼	3.4%	14.4%	11.7%	N/A
Diluted EPS	-0.15 ▼	0.76	2.90	1.99	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$6.2B	$5.8B	$4.2B	$3.6B	N/A
Total Debt	$2.0B ↓	$2.2B	$1.4B	$1.3B	N/A
Working Capital	$933M ▲	$772M	$962M	$1.2B	N/A
Years to Pay Debt	-237.55	19.85	3.23	4.28	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$14M ▼	$136M	$243M	$145M	N/A
Owner Earnings	$332M	$412M	$649M	$514M	N/A
CapEx % of Net Income	N/A	101.9%	25.0%	43.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-32,382	-26,040	15,401	-8,233
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	456,800	562,600	604,200	548,000
Total Unusual Items	-154,200	-124,000	71,300	-29,300
Net Income From Continuing Operation Net Minority Interest	-8,600	113,100	427,200	296,600
Reconciled Depreciation	220,300	183,800	114,900	88,700
Reconciled Cost Of Revenue	1,858,800	1,716,900	1,451,200	1,225,000
EBITDA	302,600	438,600	675,500	518,700
EBIT	82,300	254,800	560,600	430,000
Net Interest Income	-46,700	-38,600	-5,200	-12,000
Interest Expense	60,300	47,900	16,400	16,100
Interest Income	14,800	9,300	7,500	2,800
Normalized Income	113,218	211,060	371,301	317,667
Net Income From Continuing And Discontinued Operation	-8,600	113,100	427,200	296,600
Total Expenses	3,200,500	2,987,200	2,475,400	2,068,300
Total Operating Income As Reported	68,200	253,100	436,900	432,700
Diluted Average Shares	151,800	149,500	147,200	149,400
Basic Average Shares	151,800	149,000	146,400	148,600
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	-22,500	113,100	427,200	296,600
Net Income Common Stockholders	-22,500	113,100	427,200	296,600
Preferred Stock Dividends	13,900
Net Income	-8,600	113,100	427,200	296,600
Minority Interests	-300	-700	-1,300	-1,900
Net Income Including Noncontrolling Interests	-8,300	113,800	428,500	298,500
Net Income Continuous Operations	-8,300	113,800	428,500	298,500
Earnings From Equity Interest Net Of Tax	-1,000	-1,700	2,000	1,000
Tax Provision	29,300	91,400	117,700	116,400
Pretax Income	22,000	206,900	544,200	413,900
Other Income Expense	-167,300	-133,700	60,300	-36,500
Other Non Operating Income Expenses	-13,100	-9,700	-11,000	-7,200
Special Income Charges	-171,700	-147,700	84,600	-23,500
Other Special Charges	35,300	44,900
Write Off	20,000	24,600	18,200	0
Impairment Of Capital Assets	111,300	2,200	5,700	300
Restructuring And Mergern Acquisition	5,100	76,000	-108,500	23,200
Gain On Sale Of Security	17,500	23,700	-13,300	-5,800
Net Non Operating Interest Income Expense	-46,700	-38,600	-5,200	-12,000
Total Other Finance Cost	1,200		-3,700	-1,300
Interest Expense Non Operating	60,300	47,900	16,400	16,100
Interest Income Non Operating	14,800	9,300	7,500	2,800
Operating Income	236,000	379,200	489,100	462,400
Operating Expense	1,341,700	1,270,300	1,024,200	843,300
Other Operating Expenses			10,300	3,800	2,800
Research And Development	395,200	376,500	294,800	235,900
Selling General And Administration	946,500	893,800	729,400	607,400
General And Administrative Expense	946,500	893,800	729,400	607,400
Other Gand A	946,500	893,800	729,400	607,400
Salaries And Wages			100	1,000	2,200
Gross Profit	1,577,700	1,649,500	1,513,300	1,305,700
Cost Of Revenue	1,858,800	1,716,900	1,451,200	1,225,000
Total Revenue	3,436,500	3,366,400	2,964,500	2,530,700
Operating Revenue	3,436,500	3,366,400	2,964,500	2,530,700

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	30,905	30,779	30,779	28,366
Ordinary Shares Number	152,143	151,678	145,165	147,023
Share Issued	183,048	182,457	175,944	175,390
Net Debt	1,570,300	1,910,900	793,200	573,700
Total Debt	2,042,900	2,245,300	1,379,600	1,270,400
Tangible Book Value	9,200	-638,600	464,100	385,300
Invested Capital	4,325,600	3,875,500	2,658,700	2,333,000
Working Capital	933,300	771,900	962,100	1,198,900
Net Tangible Assets	9,200	-638,600	464,100	385,300
Capital Lease Obligations	173,800	151,000	98,100	51,200
Common Stock Equity	2,456,500	1,781,200	1,377,200	1,113,800
Total Capitalization	4,309,000	3,843,000	2,537,500	2,314,300
Total Equity Gross Minority Interest	2,510,300	1,815,200	1,413,300	1,131,800
Minority Interest	53,800	34,000	36,100	18,000
Gains Losses Not Affecting Retained Earnings	-79,500	-103,500	6,000	14,800
Other Equity Adjustments	-79,500	-103,500	6,000	14,800
Treasury Stock	1,242,200	1,237,200	1,237,200	1,085,000
Retained Earnings	2,361,800	2,406,700	2,323,800	1,926,000
Additional Paid In Capital	1,414,600	713,400	282,900	256,300
Capital Stock	1,800	1,800	1,700	1,700
Common Stock	1,800	1,800	1,700	1,700
Total Liabilities Net Minority Interest	3,731,100	3,991,500	2,836,600	2,480,000
Total Non Current Liabilities Net Minority Interest	2,451,900	2,710,200	1,634,500	1,565,700
Other Non Current Liabilities	239,200	311,000	240,200	120,800
Preferred Securities Outside Stock Equity				6,100	200
Employee Benefits			76,600	45,700	104,700
Non Current Pension And Other Postretirement Benefit Plans			76,600	45,700	104,700
Non Current Deferred Liabilities	221,600	218,500	159,200	163,900
Non Current Deferred Revenue	109,100	100,000	91,500	101,600
Non Current Deferred Taxes Liabilities	112,500	118,500	67,700	62,300
Long Term Debt And Capital Lease Obligation	1,991,100	2,180,700	1,235,100	1,235,300
Long Term Capital Lease Obligation	138,600	118,900	74,800	34,800
Long Term Debt	1,852,500	2,061,800	1,160,300	1,200,500
Current Liabilities	1,279,200	1,281,300	1,202,100	914,300
Other Current Liabilities	165,100	33,400	51,800	23,800
Current Deferred Liabilities	441,300	438,200	400,000	370,200
Current Deferred Revenue	441,300	438,200	400,000	370,200
Current Debt And Capital Lease Obligation	51,800	64,600	144,500	35,100
Current Capital Lease Obligation	35,200	32,100	23,300	16,400
Current Debt	16,600	32,500	121,200	18,700
Other Current Borrowings	16,600	32,500	121,200	18,700
Pensionand Other Post Retirement Benefit Plans Current	179,700	187,800	166,500	136,100
Payables And Accrued Expenses	441,300	557,300	439,300	349,100
Current Accrued Expenses	116,400	180,700	79,200	66,700
Interest Payable	7,100	10,000
Payables	324,900	376,600	360,100	282,400
Dividends Payable	11,500	0
Total Tax Payable	97,500	142,500	157,400	104,000
Income Tax Payable	76,200	119,600	138,700	85,500
Accounts Payable	215,900	234,100	202,700	178,400
Total Assets	6,241,400	5,806,700	4,249,900	3,611,800
Total Non Current Assets	4,028,900	3,753,500	2,085,700	1,498,600
Other Non Current Assets	249,300	232,700	184,000	155,100
Non Current Deferred Assets	421,700	286,200	297,200	76,800
Non Current Deferred Taxes Assets	421,700	286,200	297,200	76,800
Goodwill And Other Intangible Assets	2,447,300	2,419,800	913,100	728,500
Other Intangible Assets	899,600	912,500	330,500	270,900
Goodwill	1,547,700	1,507,300	582,600	457,600
Net PPE	910,600	814,800	691,400	538,200
Accumulated Depreciation	-692,000	-559,000	-524,200	-446,700
Gross PPE	1,602,600	1,373,800	1,215,600	984,900
Other Properties	165,800	145,500	91,700	51,200
Machinery Furniture Equipment	749,200	640,100	586,900	462,600
Buildings And Improvements	612,000	540,700	498,100	434,500
Land And Improvements	75,600	47,500	38,900	36,600
Current Assets	2,212,500	2,053,200	2,164,200	2,113,200
Other Current Assets	24,100	28,900	18,300	12,800
Hedging Assets Current	0	10,700	12,000	14,800
Assets Held For Sale Current			0	1,400	4,400
Prepaid Assets	59,000	61,200	55,500	43,300
Inventory	1,094,600	1,067,800	968,300	800,100
Other Inventories	115,900	101,700	98,300	92,300
Finished Goods	243,100	228,500	183,900	128,200
Work In Process	343,600	348,900	314,900	278,700
Raw Materials	392,000	388,700	371,200	300,900
Receivables	736,000	701,200	621,800	595,300
Other Receivables	116,900	101,200	83,900	60,800
Taxes Receivable	74,200	34,500	45,900	61,800
Accounts Receivable	544,900	565,500	492,000	472,700
Allowance For Doubtful Accounts Receivable		-6,500	-4,600	-5,300	-4,200
Gross Accounts Receivable		572,000	496,600	478,000	421,100
Cash Cash Equivalents And Short Term Investments	298,800	183,400	488,300	645,500
Other Short Term Investments				0	100,000
Cash And Cash Equivalents	298,800	183,400	488,300	645,500

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	13,900	136,000	243,200	145,200
Repurchase Of Capital Stock	-10,000	0	-152,300	-263,100
Repayment Of Debt	-1,245,300	-1,348,100	-23,500	-111,000
Issuance Of Debt	754,000	2,224,000	2,000	300
Issuance Of Capital Stock	677,600	409,000	9,500	0
Capital Expenditure	-120,200	-115,300	-106,900	-129,200
Interest Paid Supplemental Data	71,000	54,600	33,700	24,300
Income Tax Paid Supplemental Data	222,500	153,900	96,600	147,400
End Cash Position	303,100	186,700	491,600	648,700
Beginning Cash Position	186,700	491,600	648,700	1,071,700
Effect Of Exchange Rate Changes	43,700	-28,700	12,200	-30,500
Changes In Cash	72,700	-276,200	-169,300	-392,500
Financing Cash Flow	135,100	1,229,800	-193,400	-415,300
Cash Flow From Continuing Financing Activities	135,100	1,229,800	-193,400	-415,300
Net Other Financing Charges	-8,300	-24,900	300	-14,500
Proceeds From Stock Option Exercised		6,000	9,500	2,800
Cash Dividends Paid	-32,900	-30,200	-29,400	-29,800
Preferred Stock Dividend Paid	-10,100	0	0
Common Stock Dividend Paid	-22,800	-30,200	-29,400	-29,800
Net Preferred Stock Issuance	669,700	0	0
Preferred Stock Issuance	669,700	0	0
Net Common Stock Issuance	-2,100	409,000	-142,800	-263,100
Common Stock Payments	-10,000	0	-152,300	-263,100
Common Stock Issuance	7,900	409,000	9,500	0
Net Issuance Payments Of Debt	-491,300	875,900	-21,500	-110,700
Net Long Term Debt Issuance	-491,300	875,900	-21,500	-110,700
Long Term Debt Payments	-1,245,300	-1,348,100	-23,500	-111,000
Long Term Debt Issuance	754,000	2,224,000	2,000	300
Investing Cash Flow	-196,500	-1,757,300	-326,000	-251,600
Cash Flow From Continuing Investing Activities	-196,500	-1,757,300	-326,000	-251,600
Net Other Investing Changes	4,800	5,900	32,300
Net Investment Purchase And Sale	-7,200	-48,300	-24,800	46,000
Sale Of Investment		4,800	21,200	106,200	108,200
Purchase Of Investment	-7,200	-48,300	-24,800	-60,200
Net Business Purchase And Sale	-73,900	-1,599,600	-226,600	-182,300
Purchase Of Business	-73,900	-1,599,600	-226,600	-182,300
Net Intangibles Purchase And Sale	-29,400	0	0
Purchase Of Intangibles	-29,400	0	0
Net PPE Purchase And Sale	-90,800	-115,300	-106,900	-115,300
Sale Of PPE		1,100	11,100	13,900	4,900
Purchase Of PPE	-90,800	-115,300	-106,900	-129,200
Operating Cash Flow	134,100	251,300	350,100	274,400
Cash Flow From Continuing Operating Activities	134,100	251,300	350,100	274,300
Change In Working Capital	-144,800	-118,800	-87,800	-144,100
Change In Other Working Capital	-52,900	-29,300	-28,700	35,200
Change In Payables And Accrued Expense	-158,200	20,900	66,800	26,500
Change In Accrued Expense	-26,700	15,400	21,900
Change In Payable	-131,500	5,500	44,900	26,500
Change In Account Payable	-37,500	20,800	1,200	33,300
Change In Tax Payable	-94,000	-15,300	43,700	-6,800
Change In Income Tax Payable	-94,000	-15,300	43,700	-6,800
Change In Inventory	12,100	-69,800	-125,000	-137,900
Change In Receivables	54,200	-40,600	-900	-67,900
Changes In Account Receivables	54,200	-40,600	-900	-67,900
Other Non Cash Items	-21,100	50,400	-172,100	26,900
Stock Based Compensation	20,200	25,300	30,900	27,700
Asset Impairment Charge	228,300	88,700	41,600	1,600
Deferred Tax	-104,500	-63,800	-24,400	-14,800
Deferred Income Tax	-104,500	-63,800	-24,400	-14,800
Depreciation Amortization Depletion	220,300	183,800	114,900	88,700
Depreciation And Amortization	220,300	183,800	114,900	88,700
Amortization Cash Flow	121,200	99,100	47,100	37,100
Amortization Of Intangibles	121,200	99,100	47,100	37,100
Depreciation	99,100	84,700	67,800	51,600
Operating Gains Losses	-56,000	-28,100	18,500	-10,100
Gain Loss On Investment Securities			-6,800
Net Foreign Currency Exchange Gain Loss	-56,000	-28,100	18,500
Gain Loss On Sale Of PPE		4,600	-8,500	-10,100	-1,100
Net Income From Continuing Operations	-8,300	113,800	428,500	298,500

These metrics estimate what Bruker Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

1.72

P/B Ratio

2.25

Warren's Owner Earnings

$332M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$3.4B

vs > $1.5B revenue

❌ Strong Financial Condition

1.73x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.54%

vs Uninterrupted dividends

❌ Earnings Growth

-61.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.25x P/B (P/E×P/B: 33.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.98

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$17.23

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	101.9%	25.0%	43.6%	N/A
Repurchase of Capital Stock	-$10M	$0M	-$152M	-$263M	N/A
Free Cash Flow	$14M ▼	$136M ▼	$243M ▲	$145M •	N/A •
Warren's Owner Earnings	$332M	$412M	$649M	$514M	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BRKR	$36.34	$5.5B	15.06	45.9%	-0.3%	$3.4B
MDT Medtronic plc.	$78.55	$100.8B	21.9	65.2%	13.0%	$35.5B
ABT Abbott Laboratories	$87.41	$152.3B	24.5	56.5%	13.9%	$45.1B
SYK Stryker Corporation	$292.35	$112.0B	34.8	64.7%	13.2%	$25.3B
BSX Boston Scientific Corporation	$56.98	$84.7B	23.8	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$83.29	$48.0B	45.0	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

26.95%

High — management has strong skin in the game

Return on Equity (ROE)

-0.4%

Weak — poor returns on equity

Return on Assets (ROA)

-0.1%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$10M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-9.0% YoY

Debt is declining — management is deleveraging

Leadership Team

Frank Laukien Ph.

Chairman, CEO & President

Age 65

Pay: $1,594,872

Gerald Herman CPA

Executive VP & CFO

Age 66

Pay: $879,311

Mark Munch Ph.

Corporate Executive VP and President of Bruker Nano Group & Corporate

Age 63

Pay: $1,119,503

Juergen Srega

President of Bruker CALID Group & Bruker Daltonics Division

Age 70

Pay: $772,590

Falko Busse Ph.

President of Bruker BioSpin Group

Age 58

Pay: $822,109

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	10.00%	15,229,626
Orbis Allan Gray Ltd	9.79%	14,906,730
Blackrock Inc.	7.21%	10,971,985
Vanguard Group Inc	6.74%	10,259,824
Pallas Capital Advisors Llc	6.23%	9,481,821
State Street Corporation	2.52%	3,831,814
T. Rowe Price Investment Management, Inc.	2.09%	3,188,928
Sculptor Capital LP	1.97%	3,000,000

Risk Analysis

Beta (Market Risk)

1.12

Moderate volatility — moves slightly more than market

Short Interest

16.1% of float

Heavy short selling — market has significant bearish bets

Debt-to-Equity

0.81x

Conservative balance sheet — low financial risk

Current Ratio