Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin9.9%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-6.2%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt-35.1 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$794M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$1.0B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Price-to-Book3.94x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow-$106M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings$35M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-52,000
26,000
Reconciled Depreciation
58,000
58,100
Reconciled Cost Of Revenue
422,500
528,000
EBITDA
35,100
137,500
EBIT
-22,900
79,400
Net Interest Income
-2,500
-12,300
Interest Expense
17,800
11,200
Interest Income
15,300
Normalized Income
36,500
43,143
Net Income From Continuing And Discontinued Operation
-52,000
26,000
Total Expenses
755,700
865,400
Total Operating Income As Reported
-65,300
76,300
Diluted Average Shares
152,300
152,500
Basic Average Shares
152,300
152,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-62,900
14,900
Net Income Common Stockholders
-62,900
14,900
Preferred Stock Dividends
10,900
11,100
Net Income
-52,000
26,000
Minority Interests
-1,100
-3,200
Net Income Including Noncontrolling Interests
-50,900
29,200
Net Income Continuous Operations
-50,900
29,200
Earnings From Equity Interest Net Of Tax
4,000
-1,200
Tax Provision
14,200
37,800
Pretax Income
-40,700
68,200
Other Income Expense
-121,000
-31,300
Other Non Operating Income Expenses
-1,100
-9,600
Special Income Charges
-151,100
-25,100
Write Off
4,100
2,200
Impairment Of Capital Assets
137,600
2,000
Restructuring And Mergern Acquisition
9,400
-14,400
Earnings From Equity Interest
27,600
Gain On Sale Of Security
3,600
3,400
Net Non Operating Interest Income Expense
-2,500
-12,300
Total Other Finance Cost
5,700
Interest Expense Non Operating
17,800
11,200
Interest Income Non Operating
15,300
Operating Income
82,800
111,800
Operating Expense
333,200
337,400
Other Operating Expenses
Research And Development
94,300
99,600
Selling General And Administration
238,900
247,200
General And Administrative Expense
247,200
236,800
Other Gand A
247,200
236,800
Gross Profit
416,000
449,200
Cost Of Revenue
422,500
528,000
Total Revenue
838,500
977,200
Operating Revenue
838,500
977,200
Balance Sheet
2026
2025
2024
Treasury Shares Number
30,905
Ordinary Shares Number
152,353
152,143
Share Issued
152,353
152,143
Net Debt
1,639,900
1,570,300
Total Debt
1,824,800
2,042,900
Tangible Book Value
83,800
9,200
Invested Capital
4,206,200
4,325,600
Working Capital
1,020,300
933,300
Net Tangible Assets
83,800
9,200
Capital Lease Obligations
173,800
151,000
Common Stock Equity
2,381,400
2,456,500
Total Capitalization
4,196,100
4,309,000
Total Equity Gross Minority Interest
2,435,800
2,510,300
Minority Interest
54,400
53,800
Stockholders Equity
2,381,400
2,456,500
Gains Losses Not Affecting Retained Earnings
-96,800
-79,500
Other Equity Adjustments
-96,800
-79,500
Treasury Stock
1,242,200
1,242,200
Retained Earnings
2,287,600
2,361,800
Additional Paid In Capital
1,431,000
1,414,600
Capital Stock
1,800
1,800
Common Stock
1,800
1,800
Total Liabilities Net Minority Interest
3,617,100
3,731,100
Total Non Current Liabilities Net Minority Interest
2,412,400
2,451,900
Other Non Current Liabilities
597,700
239,200
Non Current Deferred Liabilities
221,600
218,500
Non Current Deferred Revenue
109,100
100,000
Non Current Deferred Taxes Liabilities
112,500
118,500
Long Term Debt And Capital Lease Obligation
1,814,700
1,991,100
Long Term Capital Lease Obligation
138,600
118,900
Long Term Debt
1,814,700
1,852,500
Current Liabilities
1,204,700
1,279,200
Other Current Liabilities
549,800
165,100
Current Deferred Liabilities
444,600
441,300
Current Deferred Revenue
444,600
441,300
Current Debt And Capital Lease Obligation
10,100
51,800
Current Capital Lease Obligation
35,200
32,100
Current Debt
10,100
16,600
Other Current Borrowings
16,600
32,500
Pensionand Other Post Retirement Benefit Plans Current
179,700
187,800
Payables And Accrued Expenses
200,200
441,300
Current Accrued Expenses
116,400
180,700
Interest Payable
7,100
10,000
Payables
200,200
324,900
Dividends Payable
11,500
0
Total Tax Payable
97,500
142,500
Income Tax Payable
76,200
119,600
Accounts Payable
200,200
215,900
Total Assets
6,052,900
6,241,400
Total Non Current Assets
3,827,900
4,028,900
Other Non Current Assets
816,200
249,300
Non Current Deferred Assets
421,700
286,200
Non Current Deferred Taxes Assets
421,700
286,200
Goodwill And Other Intangible Assets
2,297,600
2,447,300
Other Intangible Assets
867,800
899,600
Goodwill
1,429,800
1,547,700
Net PPE
714,100
910,600
Accumulated Depreciation
-692,000
-559,000
Gross PPE
1,602,600
1,373,800
Other Properties
165,800
145,500
Machinery Furniture Equipment
749,200
640,100
Buildings And Improvements
612,000
540,700
Land And Improvements
75,600
47,500
Current Assets
2,225,000
2,212,500
Other Current Assets
26,900
24,100
Hedging Assets Current
0
10,700
Prepaid Assets
78,900
59,000
Inventory
1,120,100
1,094,600
Other Inventories
116,100
115,900
Finished Goods
231,300
243,100
Work In Process
377,300
343,600
Raw Materials
395,400
392,000
Receivables
776,600
736,000
Other Receivables
116,000
116,900
Taxes Receivable
114,700
74,200
Accounts Receivable
545,900
544,900
Allowance For Doubtful Accounts Receivable
-6,500
Gross Accounts Receivable
572,000
Cash Cash Equivalents And Short Term Investments
222,500
298,800
Other Short Term Investments
37,600
Cash And Cash Equivalents
184,900
298,800
Cash Flow
2026
2025
2024
Free Cash Flow
-106,200
177,800
Repurchase Of Capital Stock
0
Repayment Of Debt
-27,300
-130,200
Issuance Of Debt
195,000
-14,400
Issuance Of Capital Stock
4,000
0
Capital Expenditure
-28,800
-52,000
Interest Paid Supplemental Data
21,400
20,800
Income Tax Paid Supplemental Data
46,300
36,300
End Cash Position
189,100
303,100
Beginning Cash Position
137,600
297,300
Effect Of Exchange Rate Changes
5,000
-900
Changes In Cash
46,500
6,700
Financing Cash Flow
149,200
-167,600
Cash Flow From Continuing Financing Activities
149,200
-167,600
Net Other Financing Charges
0
-9,400
Proceeds From Stock Option Exercised
3,200
Cash Dividends Paid
-18,500
-17,600
Preferred Stock Dividend Paid
-11,000
Common Stock Dividend Paid
-7,500
-7,500
Net Preferred Stock Issuance
200
Preferred Stock Issuance
200
Net Common Stock Issuance
3,800
Common Stock Payments
0
Common Stock Issuance
3,800
0
Net Issuance Payments Of Debt
167,700
-144,600
Net Short Term Debt Issuance
Short Term Debt Payments
Short Term Debt Issuance
Net Long Term Debt Issuance
-2,300
-144,600
Long Term Debt Payments
-2,300
-130,200
Long Term Debt Issuance
0
-14,400
Investing Cash Flow
-25,300
-55,500
Cash Flow From Continuing Investing Activities
-25,300
-55,500
Net Other Investing Changes
3,500
7,900
Net Investment Purchase And Sale
-1,200
Sale Of Investment
1,100
Purchase Of Investment
-2,300
Net Business Purchase And Sale
0
-4,200
Purchase Of Business
0
-4,200
Net PPE Purchase And Sale
-28,800
-22,600
Sale Of PPE
200
Purchase Of PPE
-28,800
-22,600
Operating Cash Flow
-77,400
229,800
Cash Flow From Continuing Operating Activities
-77,400
229,800
Change In Working Capital
-196,900
124,200
Change In Other Working Capital
-35,700
-7,300
Change In Payables And Accrued Expense
-137,500
65,200
Change In Payable
Change In Account Payable
55,400
-5,700
Change In Tax Payable
36,500
2,100
Change In Income Tax Payable
36,500
2,100
Change In Inventory
-23,700
35,300
Change In Receivables
-51,300
Changes In Account Receivables
-51,300
Other Non Cash Items
-4,500
12,600
Stock Based Compensation
6,800
Asset Impairment Charge
80,800
1,000
Deferred Tax
-39,300
-19,600
Deferred Income Tax
-39,300
-19,600
Depreciation Amortization Depletion
58,000
58,100
Depreciation And Amortization
58,000
58,100
Operating Gains Losses
2,100
Gain Loss On Sale Of PPE
2,100
Net Income From Continuing Operations
-50,900
29,200
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $797M▲ $838M+5.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 44.9%▲ 49.6%+4.7pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 10.4%▲ 9.9%-0.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 1.0%▼ -6.2%-7.2pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$838M/qtr (≈$3.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.85x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$106M
vs Positive
Operating Cash Flow
-$77M
Latest quarter · Buffett's cash reality check
ROIC
1.3%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
3.9x
Net Assets: $2.4B
⚠️Net margin compressed 7.2pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
"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
26.97%
High — management has strong skin in the game
Return on Equity (ROE)
-2.2%
Weak — poor returns on equity
Return on Assets (ROA)
-0.9%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$10M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+9.2% YoY
Debt is roughly stable
Leadership Team
Frank Laukien Ph.
Chairman, CEO & President
Age 65
Pay: $1,594,872
Gerald Herman CPA
Executive VP & CFO
Age 67
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 Biosystems Group & Bruker Daltonics Division
Age 70
Pay: $772,590
Wolfgang Pusch Ph.
President of Bruker Microbiology & Infection Diagnostics Group
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
13.28%
20,237,425
Orbis Allan Gray Ltd
11.77%
17,940,076
Blackrock Inc.
7.49%
11,407,332
Pallas Capital Advisors Llc
6.22%
9,483,978
Vanguard Portfolio Management LLC
3.21%
4,888,290
Vanguard Capital Management LLC
3.19%
4,859,252
Sculptor Capital LP
3.04%
4,625,000
State Street Corporation
2.64%
4,017,673
Risk Analysis
Beta (Market Risk)
1.26
Moderate volatility — moves slightly more than market
Short Interest
15.2% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
0.76x
Conservative balance sheet — low financial risk
Current Ratio
1.85x
Adequate liquidity
52-Week Price Range
Low: $30.09Current: $61.58High: $65.30
Currently at 89% of 52-week range
Bruker Corporation (BRKR) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 49.6%. Operating margin: 9.9%. Net margin: -6.2%. Market cap: $9.4B. Sector: Healthcare. Industry: Medical Devices. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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