BRUKER CORPORATION (BRKR): what the price assumes
In the published model solve dated 2026-Q2, anchored at $58.50, BRUKER CORPORATION (BRKR) is priced for +24.4% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.
Generated: 2026-09-07 · Exported: 2026-09-09 · Source: https://boothcheck.com/report/BRKR
Headline
| Field | Value |
|---|---|
| Ticker | BRKR |
| Company | BRUKER CORPORATION |
| Sector / Industry | Technology |
| Current price | $58.50/sh |
| Composition | BSI BioSpin 26% / BSI CALID 35% / BSI NANO 32% / BEST 8% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 4.4% |
| Operating margin (mid-cycle) | 10.4% |
| Margin compression (value-band) | -6.0pp |
| Trailing margin (depressed year) | 1.3% |
| Implied growth | 24.4% |
| Multiple paid | 30x mid-cycle operating income |
The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
Solve inputs: computed at a 8.7% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: n/a
| Reference | Value |
|---|---|
| vs own history | +1.02σ |
Valuation X-Ray
Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 3.81x | 2 | expensive |
| Earnings | 3.55x | 1 | expensive |
| Relative | — | 0 | — |
| Growth | 1.52x | 2 | expensive |
Families that call it expensive: Asset, Earnings, Growth
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.9%); the inversion above states its own rate.
Per-Model Detail (n=5)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $0.00 | — | no | FCF base $0.1B, growth 0% (input: historical growth), terminal g 0.5%, WACC 7.9%, 5yr projection |
| DCF Exit Multiple | Growth | $40.27 | 1.45x | yes | Exit EV/EBITDA: 36.0x / 38.0x / 40.0x (bear / base = today's held flat / bull), 5yr |
| Relative Valuation | Relative | — | — | no | P/S fallback (negative EPS): Sector P/S 2.5x × TTM revenue — excluded from consensus |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $16.21 | 3.61x | yes | Reference only (book value floor): BV/sh $16.21, ROE negative |
| Two-Stage Excess Return | Asset | $14.59 | 4.01x | yes | Reference only (book value with convergence): BV/sh $16.21, ROE converges to ke |
| Discounted Future Market Cap | Growth | $36.80 | 1.59x | yes | Rev $3.5B, growth 0% (input: historical growth; tapered), Terminal P/S: 2.2x / 2.6x / 3.0x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $0.00 | — | no | Negative/zero EPS — earnings-based value floored at $0 |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $16.49 | 3.55x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.37B × (1−11%) / WACC 7.9% → EPV (no growth) |
| Residual Income | Asset | — | — | no | — |
| Graham Number | Asset | — | — | no | — |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $0.27B × sector EV/EBITDA 12.0x |
| FCF Yield | Earnings | $0.01 | 5850.00x | yes | FCF $51.3M / Kₑ 9.3% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | $0.01 | 5850.00x | yes | SBC-adj FCF $0.03B (FCF $0.05B − SBC $0.02B) capitalized at Kₑ (excluded from median) |
| Ben Graham Formula | Earnings | — | — | no | — |
| ROIC-Justified P/B | Asset | $0.46 | 127.17x | yes | BV $16.21 × (ROIC 0.2% / WACC 7.9%) (excluded from median) |
| P/Sales Sector | Relative | — | — | no | Revenue $3.46B × sector P/S 2.5x |
| PEG Fair Value | Relative | — | — | no | — |
| Earnings Yield | Earnings | — | — | no | — |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| BSI BioSpin | operating | enterprise | $878.8m | — | withheld | unresolved no unit value |
| BSI CALID | operating | enterprise | $1.2b | — | withheld | unresolved no unit value |
| BSI NANO | operating | enterprise | $1.1b | — | withheld | unresolved no unit value |
| BEST | operating | enterprise | $263.2m | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $1.6b |
| Net debt / NOPAT (after-tax) | 4.91x |
| Net debt / operating income (pre-tax) | 4.35x |
| Interest coverage | 6.0x |
| Share count CAGR (dilution) | 0.2% |
| Burning cash | no |
Leverage and coverage are computed on normalized mid-cycle operating income (mid-cycle margin 10.4%); the trailing year was depressed.
Bullet Takeaways
- Bruker sells scientific instruments across four businesses, the largest of which is BSI CALID at 35% of revenue, covering mass spectrometry, optics and microbiology diagnostics, with BSI NANO at 32% and BSI BioSpin at 26% behind it.
- The gap between what this company earns now and what it has earned across the cycle is the whole story: the trailing operating margin sits near 0.1% against a through-cycle 10.4%, while net debt of about 1.6 billion dollars sits on the balance sheet waiting for the recovery.
- Management reaffirmed full-year 2026 revenue guidance of 3.57 billion to 3.60 billion dollars in May, and reported a book-to-bill ratio above 1.0 for a third consecutive quarter, which is the earliest visible evidence of whether orders are turning.
Bull Case
Follow the trajectory rather than the level. Revenue in the first quarter of 2026 came in at 823.4 million dollars, up 2.7% on the year, while organic revenue fell 4.4% and diluted earnings under standard accounting dropped to two cents a share from eleven. That is a poor quarter by any reading. Underneath it, orders were doing something different: bookings for the instruments segment grew at a high single-digit organic rate and the book-to-bill ratio stayed above 1.0 for a third consecutive quarter. In capital equipment, orders arrive two or three quarters before the revenue does. The reported line is describing the past.
What the orders are for is a genuinely broad catalogue. The 10-K lists the platforms plainly: "magnetic resonance, mass spectrometry, gas and liquid chromatography, X-ray, microscopy, metrology", sold into "life and materials science research, biopharmaceuticals, applied markets, microbiology, in-vitro diagnostics, and nanotechnology". The largest of the four businesses, BSI CALID, serves "pharmaceutical, biotechnology and diagnostics companies, contract research organizations, academic institutions, medical" customers. That mix matters because the pressure of the last two years has come from one customer type, academic and government buyers, not from all of them at once.
The margin question is where the argument gets interesting. The trailing operating margin sits at roughly 0.1%, which for a company with more than three billion dollars of revenue means the year's profit essentially disappeared. But the through-cycle figure for this same business is 10.4%, and the difference is not a mystery. In the second quarter of 2025 "the Company initiated a corporate-wide restructuring plan to be implemented across multiple functions and geographies to address macroeconomic conditions and uncertainties challenges, drive cost efficiencies and margin improvements, as well as to address lower demand levels". Restructuring charges, impairments and the cost of integrating recent acquisitions all land in the same reported line. Strip the cycle out and the business has demonstrated roughly ten cents of operating profit per revenue dollar. It is currently earning none.
That leaves real headroom, and the peer group shows where the ceiling sits. A runs a 21.5% operating margin, DHR 19.2%, TMO 17.5% and WAT 16.0%, all selling similar instruments into overlapping laboratories. Bruker's own through-cycle rate is roughly half the best of them, which is either a permanent structural deficit or a target. Management has been willing to commit publicly to targets before: since 2009 it has raised guidance on 14 separate occasions and cut it on 7, a ratio that suggests a team that generally forecasts its own business accurately rather than one that habitually promises.
The bull case is therefore narrow and testable. It requires the order book that is already above one to convert, the restructuring to hold, and the academic funding environment to stop deteriorating. None of those requires a new technology or a new market. It requires the same company doing what it did before the last two years.
Bear Case
What sits inside this price is not a growth rate. It is a duration. At today's level the market pays about 32 times the operating income this business earns across a full cycle, and that multiple resolves into an assumption that operating profit compounds at the fastest pace the company can self-fund for roughly 5.6 years. The near-term pace is not the fragile part; the company has delivered that rate in stretches. The fragile part is how long it must hold. Of comparable fast growers, only about 34% sustained that pace for that long.
Start with where the recent growth actually came from. The FY2025 10-K attributes the revenue increase to acquisitions, stating it was "driven mostly by ELITechGroup within the BSI CALID Microbiology & Infection Diagnostics division and NanoString within the BSI NANO Bruker Spatial Biology division, partially offset by organic revenue decline". Bought growth masking organic contraction is a pattern with a short shelf life, because the acquisitions stop being new and the underlying trend reappears. It reappeared in the first quarter of 2026, when organic revenue fell 4.4%.
Some of those purchases have already been marked down. The company tested goodwill and found that "the carrying amount of the Bruker Spatial Biology (\"BSB\") reporting unit within the Company's BSI NANO Segment and Automation (\"AUT\") reporting unit within the Company's BSI BioSpin\" required impairment charges recognized for the period ended September 30, 2025. An impairment is an admission, in accounting form, that the price paid assumed cash flows that are no longer expected.
The demand side is exposed to a variable no management team controls. The 10-K is direct about it: "Any changes in capital spending or changes in the capital budgets of our customers could significantly reduce demand for our products", and it notes that the business depends on "the financial condition and funding priorities of various governments and government agencies". Research instruments are discretionary capital purchases with multi-year lives. A laboratory under budget pressure does not buy half a mass spectrometer; it waits a year. That makes revenue lumpy in exactly the direction that damages a company carrying debt.
And it does carry debt. Net borrowings stand at about 1.6 billion dollars, or roughly 4.58 times operating profit, with operating income covering the interest bill about 5.5 times over. Both of those ratios are computed on what the business earns in a normal year, not on what it is earning now, which is close to nothing. That is the correct way to measure a cyclical company and also the reason the balance sheet is a genuine constraint: the coverage holds if the cycle turns, and the arithmetic gets steadily less comfortable the longer the turn takes to arrive.
The valuation lenses that do not depend on a recovery all land far below the price. The book-value read sits near a quarter of it. A no-growth valuation, which capitalizes a five-year average of operating income with one-off charges added back and assumes the company never grows again, reaches roughly the same place. Only the peer revenue-multiple lens reaches today's price, and it does so by valuing sales rather than profits, which is precisely the metric that flatters a company whose profits have vanished.
Valuation
Two numbers frame everything here, and they are far apart. The trailing operating margin is about 0.1%. The margin this business has earned through a full cycle is 10.4%. Every question about the price reduces to which of those is the better description of the future.
The market has already answered. At 60.45 dollars a share the price works out to roughly 32 times through-cycle operating income, and inverting that multiple gives the assumption in plain terms: operating profit compounding at the fastest rate the company can fund from its own cash flow, sustained for about 5.6 years. Measured against Bruker's own record, that pace is inside what it has delivered before. Measured against everyone else's record, sustaining it that long is the harder half: roughly a third of comparable fast growers managed it. Each additional percentage point of growth shortens the required runway by nearly two years, which is a useful way to see how sensitive the whole structure is to modest changes in execution.
The methods split cleanly along one line: whether they need the recovery to happen. The price sits about 7% above where peer revenue multiples land, close enough to call that lens agreement, and it agrees because revenue never collapsed. Everything anchored to profit or to assets lands far lower. The book-value lens reads the price at close to four times what the balance sheet carries. The no-growth earnings lens, which takes a five-year average of operating income, adds back one-time charges and assumes zero growth forever, sits a similar distance away. The price runs about 52% above the forward cash-flow methods, and those reach even that level only by assuming the business is eventually sold at the same rich valuation it carries right now. Read as a group: nothing but the revenue comparison defends this price without a margin recovery.
The peer set explains why the recovery is plausible and why it is not guaranteed. A earns a 21.5% operating margin on 7.2 billion dollars of revenue, DHR 19.2% on 24.8 billion, TMO 17.5% on 45.2 billion, RVTY 12.4% on 2.9 billion. Bruker's 3.5 billion dollars of revenue sits at the smaller end of that group, and its through-cycle margin of 10.4% is below every one of them. Scale buys purchasing power, service-network density and R&D amortization in this industry, and Bruker has less of all three than the companies it sells against.
The balance sheet sets the clock. Net borrowings of about 1.6 billion dollars work out to roughly 4.58 times operating profit, and operating income covers the interest bill about 5.5 times over, both measured on what a normal year produces rather than on the current trough. The share count has been essentially flat, rising about 0.2% a year over the last four years, so shareholders have not been diluted while this played out. What the buyer at today's price owns is a good instrument franchise at a trough, priced as though the trough is temporary and the recovery arrives in time to compound at the maximum rate the company can fund from its own cash flow, for the full stretch the price assumes.
Catalysts
The first quarter of 2026, reported on May 6, gave both sides something. Revenue of 823.4 million dollars rose 2.7% on the year while organic revenue fell 4.4%, and diluted earnings under standard accounting came in at two cents a share against eleven cents a year earlier. Management attributed the pressure to United States academic demand, tariffs and currency, and noted the quarter still landed ahead of its own expectations.
Guidance was left where it was, which in a year of downward revisions across the sector is itself information. The company continues to expect full-year 2026 revenue of 3.57 billion to 3.60 billion dollars, implying reported growth of 4% to 5% and organic growth of 1% to 2% against 2025 revenue of 3.44 billion. Reaffirming a range after a quarter in which organic revenue declined means management expects the back half to carry the year.
The leading indicator to track is orders rather than revenue. Bookings in the instruments segment grew at a high single-digit organic rate, the book-to-bill ratio stayed above 1.0 for a third consecutive quarter, and management guided to a return to organic revenue growth in the second quarter of 2026 at a low to mid single-digit rate. That second-quarter print is the nearest test of whether the order book converts, and it arrives before any of the longer-dated questions about margins or academic budgets get answered.
Peer Cohorts (Per Segment, With Filing Citations)
BSI BioSpin (reported)
- A (AGILENT TECHNOLOGIES, INC.)
- FY2025 10-K: …and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment. All historical financial segment information has been recast to conform to this new presentation. Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide specialty…
- FY2025 10-K: …modalities. Together, our BIOVECTRA and nucleic acid solutions businesses comprise our specialty CDMO offerings to our customers providing clinical-to-commercial scale production capabilities. Fourth, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology…
- TMO (THERMO FISHER SCIENTIFIC INC.)
- FY2025 10-K: …clinical, healthcare, academic, and government markets. Life Sciences Solutions includes three primary businesses: biosciences, genetic sciences, and bioproduction. 3 THERMO FISHER SCIENTIFIC INC. Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and…
- FY2025 10-K: …receivable and inventories, which are regularly provided to the CODM. Geographical revenues are attributed to countries based on customer location. Long-lived assets by geographical location includes property, plant and equipment, net, and operating lease ROU assets. Business Segment Information 2025 (In millions)…
- MTD (Mettler-Toledo International Inc.)
- FY2025 10-K: …non-U.S. pension plans issued loans totaling $48 million (Swiss franc 38 million) to a wholly-owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2025. Share Repurchase Program In…
- FY2025 10-K: …development and scale-up activities of our customers. Our on-line measurement technologies, based on infrared and laser light scattering, enable customers to monitor chemical reactions and crystallization processes in real time in the lab and plant. In situ samples allow overnight sampling and testing. Additionally,…
- WAT (Waters Corporation)
- FY2025 10-K: …infections and cancers through BD's former Life Sciences business segment, as well as immunology and cancer research solutions and related clinical diagnostics, including flow cytometry instruments and reagents, and innovative multiomics tools through BD's former Biosciences and Diagnostic Solutions business units.…
- FY2025 10-K: …thermal analysis, rheometry and calorimetry instruments through its TA Instruments product line. These instruments are used in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals and viscous liquids for various industrial, consumer goods and healthcare products, as…
- RVTY (REVVITY, INC)
- FY2025 10-K: …cell contamination throughout bioprocessing workflows. 8 Table of Contents Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , AssayMate™, BIOCHIPs™, BioLegend ® , Bioo Scientific ® , BioQule™, Brilliant…
- FY2025 10-K: …most commonly cited proteins in phenotyping immune cells and Universal V2.0 cocktails, which offer 50 plus new antibody targets over the V1.0 format. ◦ The BioLegend ® MojoSort™ on Columns™ cell separation system utilizes columns, multistands, and separators, in conjunction with MojoSort magnetic bead-based kits, for…
- BIO (Bio-Rad Laboratories, Inc.)
- FY2025 10-K: …We believe this direct commercial model enables effective portfolio coverage, deeper customer engagement, and the development of long-term customer relationships. We also use a range of sales and marketing intermediaries ("SMIs") in our international markets. The types of SMIs we utilize are distributors, agents,…
- FY2025 10-K: …products due to the breadth of its portfolio and specialization of its product lines. Major competitors in this market include Becton Dickinson, Danaher, Merck KGaA, Qiagen N.V. and Thermo Fisher Scientific. We compete primarily based on meeting performance specifications, technical support, and offering…
- DHR (Danaher Corporation)
- FY2025 10-K: …vaccines and gene editing technologies. Additionally, the segment provides products and consumables used to filter and remove contaminants from a variety of liquids and gases in many end-market applications. As discussed in Note 10 to the accompanying Consolidated Financial Statements, during the third quarter of…
- FY2025 10-K: …and Western Europe. 40 Table of Contents The year-over-year core sales increase in the segment was led by high-single digit increases in core sales in the bioprocessing business and was primarily driven by improved consumables demand from large pharmaceutical and CDMO customers, partially offset by lower…
BSI CALID (reported)
- A (AGILENT TECHNOLOGIES, INC.)
- FY2025 10-K: …modalities. Together, our BIOVECTRA and nucleic acid solutions businesses comprise our specialty CDMO offerings to our customers providing clinical-to-commercial scale production capabilities. Fourth, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology…
- FY2025 10-K: …tests, with accurate and effective scoring and interpretation guidelines, that enable successful regulatory approvals in our worldwide markets. Genomics We provide a next-generation sequencing target enrichment portfolio which enables customers to select specific target regions of the genome for sequencing. Customers…
- TMO (THERMO FISHER SCIENTIFIC INC.)
- FY2025 10-K: …575 94 370 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure tmo:country tmo:segment tmo:lease 0000097745 2025-01-01 2025-12-31 0000097745 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0000097745 tmo:SeniorNotes1.45Due2027Member 2025-01-01 2025-12-31 0000097745 tmo:SeniorNotes175Due2027Member 2025-01-01…
- FY2025 10-K: 8 Cash acquired ( 97 ) $ 3,146 Net assets acquired Definite-lived intangible assets Customer relationships $ 708 Product technology 207 Trade names 97 Goodwill 2,301 Net other assets/(liabilities) 9 Deferred tax assets/(liabilities) ( 176 ) $ 3,146 The weighted-average amortization periods for definite-lived…
- WAT (Waters Corporation)
- FY2025 10-K: …instruments to life science, pharmaceutical, biochemical, industrial, nutritional safety and environmental, academic and governmental customers working in research and development, quality assurance and other laboratory applications, and the Company is also a developer and supplier of software and software-based…
- FY2025 10-K: …technical support representatives work directly with customers, providing them assistance with applications and procedures on Company products. The Company provides customers with comprehensive information through various corporate and geographic-specific internet websites and product literature and also makes…
- MTD (Mettler-Toledo International Inc.)
- FY2025 10-K: …constraints on the sources and availability of 9 Table of Contents materials. From time to time, we may rely on a single supplier for all of our requirements of a particular component. Supply arrangements for electronic components are generally made globally. Backlog; Seasonality Our manufacturing turnaround time is…
- FY2025 10-K: …development and scale-up activities of our customers. Our on-line measurement technologies, based on infrared and laser light scattering, enable customers to monitor chemical reactions and crystallization processes in real time in the lab and plant. In situ samples allow overnight sampling and testing. Additionally,…
- DHR (Danaher Corporation)
- FY2025 10-K: …business of Siemens Healthcare Diagnostics in 2015 and Cepheid in 2016. The Diagnostics segment consists of the molecular diagnostics business and the clinical diagnostics businesses. The molecular diagnostics business is a leading provider of biomedical testing instruments, systems, software and related consumables…
- FY2025 10-K: …Standards 20, Accounting for Government Grants and Disclosure of Government Assistance . The ASU is effective for annual reporting periods beginning after December 15, 2028 and interim periods within those fiscal years. The Company is assessing the impact of the ASU on its consolidated financial statements and…
- RVTY (REVVITY, INC)
- FY2025 10-K: …cell contamination throughout bioprocessing workflows. 8 Table of Contents Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , AssayMate™, BIOCHIPs™, BioLegend ® , Bioo Scientific ® , BioQule™, Brilliant…
- FY2025 10-K: NAi that support drug discovery and development for greater understanding of gene function, identifying genetic drivers behind human disease, developing and validating diagnostic workflows, and helping deliver biotherapeutics, cellular and gene therapies for precision medicine with a portfolio of cell engineering…
- QGEN (QIAGEN N.V.)
- FY2025 20-F: …basis and operate as a single operating segment, focusing on the development and distribution of sample and assay technologies in the molecular diagnostics and Life Sciences markets. We have a common basis of organization and the single operating segment reflects the way in which our Chief Executive Officer, who is…
- FY2025 20-F: …litigation, including class action lawsuits. Our Redwood City entity serves in some cases as a Business Associate to customers who are subject to the HIPAA regulations. In this capacity, we maintain an active compliance program that is designed to identify security incidents and other issues in a timely fashion and…
BSI NANO (reported)
- A (AGILENT TECHNOLOGIES, INC.)
- FY2025 10-K: …Fund ("SIF"). The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent. In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency ("ACOA"). The loans are repayable in monthly installments through 2029 at a…
- FY2025 10-K: B. Unresolved Staff Comments None. Item 1C . Cybersecurity Agilent is committed to maintaining a secure environment for our data, complying with applicable legal requirements, and effectively supporting our business objectives and customer needs. Our cybersecurity strategy emphasizes the cultivation of a…
- TMO (THERMO FISHER SCIENTIFIC INC.)
- FY2025 10-K: …575 94 370 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure tmo:country tmo:segment tmo:lease 0000097745 2025-01-01 2025-12-31 0000097745 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0000097745 tmo:SeniorNotes1.45Due2027Member 2025-01-01 2025-12-31 0000097745 tmo:SeniorNotes175Due2027Member 2025-01-01…
- FY2025 10-K: …amounts of $ 196 million and $ 41 million, respectively. Investments measured at NAV were $ 64 million and $ 40 million at December 31, 2025 and 2024, respectively. Goodwill The changes in the carrying amount of goodwill by segment are as follows: (In millions) Life Sciences Solutions Analytical Instruments Specialty…
- ONTO (ONTO INNOVATION INC.)
- FY2025 10-K: …portfolio includes powerful solutions for standalone tools, groups of tools, and factory-wide and enterprise-wide suites to enhance productivity and achieve significant cost savings. Our systems are backed by worldwide customer service and applications support. Semilab USA Acquisition In the fourth quarter of 2025,…
- FY2025 10-K: …position and results of operations. In December 2025, the FASB issued ASU 2025‑10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities ," to establish specific guidance for the recognition, measurement, presentation, and disclosure of government grants received to reduce…
- CGNX (Cognex Corporation)
- FY2025 10-K: …to 16% of revenue in 2025 compared to 13% of revenue in 2024 due to the leverage achieved from revenue growth on lower operating expenses. Net income was 12% of revenue, or $ 0.68 per share, in 2025 compared to 12% of revenue, or $ 0.62 per share, in 2024. Net income as a percentage of revenue remained flat, as the…
- FY2025 10-K: …in each year resulted primarily from the revaluation and settlement of assets and liabilities that are denominated in currencies other than the functional currency of the Company, which is the U.S. Dollar, or its subsidiaries. Investment income increased by $2,979,000, or 21%, from the prior year primarily due to…
- KLAC (KLA CORPORATION)
- FY2025 10-K: …earnings are considered indefinitely reinvested outside the U.S. Our income taxes will be greater if some or all of the indefinitely reinvested earnings are taxable when distributed to the U.S. In accordance with the authoritative guidance on accounting for uncertainty in income taxes, we recognize liabilities for…
- FY2025 10-K: …awards with both performance-based and service-based vesting criteria, over periods ranging from three to four years . The RSUs granted to the independent members of the Board of Directors vest annually. The following table shows the weighted-average grant date fair value per unit for the RSUs granted, aggregate…
- MTD (Mettler-Toledo International Inc.)
- FY2025 10-K: …external customers during 2025 includes declines in most product categories. Segment profit increased $3.1 million in our Swiss Operations segment during 2025, compared to a decrease of $0.8 million during 2024. Segment profit increased in 2025 primarily due to higher net sales to other segments, offset in part by…
- FY2025 10-K: …Officer, Chief Financial Officer and Chief Information Officer, meets quarterly to discuss digital initiatives and investments, inclusive of cybersecurity topics. An experienced team of IT security professionals reports to our Chief Information Officer. The Cyber SteCo oversees activities related to the monitoring,…
BEST (reported)
- A (AGILENT TECHNOLOGIES, INC.)
- FY2025 10-K: InputsLevel3Member us-gaap:DefinedBenefitPostretirementHealthCoverageMember us-gaap:CashAndCashEquivalentsMember 2025-10-31 0001090872 country:US us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:DefinedBenefitPostretirementHealthCoverageMember us-gaap:CashAndCashEquivalentsMember 2025-10-31 0001090872…
- FY2025 10-K: Form of Stock Award Agreement under the 2018 Stock Plan for Long-Term Performance Program Awards. * 10-Q 5/31/2018 10.2 10.17 Form of Stock Award Agreement under the 2018 Stock Plan for Standard Awards granted to Employees (for awards made after November 13, 2018). * 10-K 12/20/2018 10.17 10.18 Form of Stock Award…
- MTD (Mettler-Toledo International Inc.)
- FY2025 10-K: ) 10.23 † Form of Restricted Stock Unit Agreement (23) 10.24 † Form of Performance Share Unit Agreement (19) 10.26 † Form of Stock Option Agreement Directors (23) 10.27 † Form of Stock Option Agreement (23) 10.29 † Employee Director Share Award Agreement (23) 10.32 † Regulations of the POBS PLUS - Incentive System for…
- FY2025 10-K: …us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-12-31 0001037646 us-gaap:ServiceMember mtd:WesternEuropeanOperationsMember us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-12-31 0001037646 us-gaap:ServiceMember mtd:ChineseOperationsMember us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-12-31…
- WAT (Waters Corporation)
- FY2025 10-K: …srt:MinimumMember wat:UsRetireeHealthcarePlanMember 2025-12-31 0001000697 us-gaap:CashAndCashEquivalentsMember srt:MaximumMember wat:UsRetireeHealthcarePlanMember 2025-12-31 0001000697 us-gaap:CashAndCashEquivalentsMember srt:MinimumMember wat:UsRetireeHealthcarePlanMember 2025-12-31 0001000697…
- FY2025 10-K: …/s/ Linda Baddour Director Linda Baddour /s/ Dan Brennan Director Dan Brennan /s/ Richard Fearon Director Richard Fearon /s/ Claire M. Fraser, Ph.D. Director Claire M. Fraser, Ph.D. /s/ Pearl S. Huang, Ph.D. Director Pearl S. Huang, Ph.D. /s/ Wei Jiang Director Wei Jiang /s/ Heather Knight Director Heather Knight /s/…
- RVTY (REVVITY, INC)
- FY2025 10-K: …cell contamination throughout bioprocessing workflows. 8 Table of Contents Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , AssayMate™, BIOCHIPs™, BioLegend ® , Bioo Scientific ® , BioQule™, Brilliant…
- FY2025 10-K: NAi that support drug discovery and development for greater understanding of gene function, identifying genetic drivers behind human disease, developing and validating diagnostic workflows, and helping deliver biotherapeutics, cellular and gene therapies for precision medicine with a portfolio of cell engineering…
- BIO (Bio-Rad Laboratories, Inc.)
- FY2025 10-K: Incentive Award Plan (updated September 2020). (1 4 ) * 10.4.3 Stock Option Grant Notice and Non-Qualified Stock Option Agreement under 2017 Incentive Award Plan (updated September 2020). ( 1 5 ) * 10.4.4 Performance Stock Unit Award Agreement under 2017 Incentive Award Plan. ( 1 6 )* 10.4.5 Restricted Stock Unit…
- FY2025 10-K: …us-gaap:NoncompeteAgreementsMember 2025-12-31 0000012208 bio:StillaTechnologiesMember 2025-06-30 2025-06-30 0000012208 srt:MaximumMember bio:StillaTechnologiesMember 2025-06-30 2025-06-30 0000012208 bio:StillaTechnologiesMember 2025-06-30 0000012208 bio:StillaTechnologiesMember us-gaap:DevelopedTechnologyRightsMember…
- TMO (THERMO FISHER SCIENTIFIC INC.)
- FY2025 10-K: …2025-12-31 0000097745 srt:MaximumMember 2025-12-31 0000097745 srt:MinimumMember us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0000097745 srt:MaximumMember us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0000097745 srt:MinimumMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31…
- FY2025 10-K: …tmo:DefinedBenefitPlanMultiAssetFundsMember 2025-12-31 0000097745 us-gaap:ForeignPlanMember us-gaap:FairValueInputsLevel3Member tmo:DefinedBenefitPlanMultiAssetFundsMember 2025-12-31 0000097745 us-gaap:ForeignPlanMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember tmo:DefinedBenefitPlanMultiAssetFundsMember…
- ONTO (ONTO INNOVATION INC.)
- FY2025 10-K: …communities. 8 Table of Contents Approximately 55% of our employees are located in the United States, 40% in Asia Pacific and 5% in Europe. None of our employees are represented by a union and we have never experienced a work stoppage because of union actions. We consider our employee relations to be favorable.…
- FY2025 10-K: 2024-12-28 0000704532 us-gaap:TransferredOverTimeMember 2023-12-31 2024-12-28 0000704532 us-gaap:CertificatesOfDepositMember 2026-01-03 0000704532 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember 2026-01-03 0000704532 us-gaap:RestrictedStockUnitsRSUMember 2023-12-31 2024-12-28 0000704532…
- MKSI (MKS INC)
- FY2025 10-K: …2023-01-01 2023-12-31 0001049502 us-gaap:InProcessResearchAndDevelopmentMember srt:MaximumMember 2025-12-31 0001049502 mksi:AccumulatedOtherComprehensiveIncomeLossChangeInNetInvestmentHedgeMember 2024-12-31 0001049502 2025-01-01 0001049502 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember…
- FY2025 10-K: -31 0001049502 us-gaap:BuildingAndBuildingImprovementsMember 2024-12-31 0001049502 mksi:CompletedTechnologyRightsMember 2024-12-31 0001049502 mksi:MaterialsSolutionsDivisionMember 2023-01-01 2023-12-31 0001049502 us-gaap:SalesRevenueNetMember mksi:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
Q1 2026 earnings release, May 6, 2026