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Bruker Corp

BRKR

Laboratory Analytical Instruments

Mkt Cap

$10.34B

PE

32.41

Debt

$1.341B

Cash

$366.9M

EV

$11.32B

FCF

$206.1M

Market Cap

$10.34B

P/E Ratio

32.41

Debt

$1.341B

Cash

$366.9M

EV

$11.32B

FCF

$206.1M
Charts data: {"Earnings":[{"time":"2014-12-30","value":56700000},{"time":"2015-12-30","value":101600000},{"time":"2016-12-30","value":153600000},{"time":"2017-12-30","value":78600000},{"time":"2018-12-30","value":179700000},{"time":"2019-12-30","value":197200000},{"time":"2020-12-30","value":157800000},{"time":"2021-12-30","value":277100000},{"time":"2022-12-30","value":296600000}],"Sales":[{"time":"2014-12-30","value":1808900000},{"time":"2015-12-30","value":1623800000},{"time":"2016-12-30","value":1611300000},{"time":"2017-12-30","value":1765900000},{"time":"2018-12-30","value":1895600000},{"time":"2019-12-30","value":2072600000},{"time":"2020-12-30","value":1987500000},{"time":"2021-12-30","value":2417900000},{"time":"2022-12-30","value":2530700000}],"Net Margins":[{"time":"2014-12-30","value":0.031345016308253634},{"time":"2015-12-30","value":0.06256928193127233},{"time":"2016-12-30","value":0.0953267547942655},{"time":"2017-12-30","value":0.04450988164675236},{"time":"2018-12-30","value":0.09479848069212914},{"time":"2019-12-30","value":0.09514619318730097},{"time":"2020-12-30","value":0.07939622641509433},{"time":"2021-12-30","value":0.11460358162041441},{"time":"2022-12-30","value":0.11720077448927174}],"Assets":[{"time":"2014-12-30","value":1864800000},{"time":"2015-12-30","value":1730900000},{"time":"2016-12-30","value":1808400000},{"time":"2017-12-30","value":1948500000},{"time":"2018-12-30","value":2128600000},{"time":"2019-12-30","value":2771500000},{"time":"2020-12-30","value":3049000000},{"time":"2021-12-30","value":3650000000},{"time":"2022-12-30","value":3611800000}],"Stockholders Equity":[{"time":"2014-12-30","value":771700000},{"time":"2015-12-30","value":732900000},{"time":"2016-12-30","value":693100000},{"time":"2017-12-30","value":733500000},{"time":"2018-12-30","value":905100000},{"time":"2019-12-30","value":917100000},{"time":"2020-12-30","value":974300000},{"time":"2021-12-30","value":1084600000},{"time":"2022-12-30","value":1125700000}],"ROE":[{"time":"2014-12-30","value":0.07347414798496825},{"time":"2015-12-30","value":0.13862737071906125},{"time":"2016-12-30","value":0.22161304285095945},{"time":"2017-12-30","value":0.10715746421267894},{"time":"2018-12-30","value":0.19854159761352336},{"time":"2019-12-30","value":0.21502562425035437},{"time":"2020-12-30","value":0.1619624345684081},{"time":"2021-12-30","value":0.2554858934169279},{"time":"2022-12-30","value":0.26348050102158654}],"ROA":[{"time":"2014-12-30","value":0.061454311454311454},{"time":"2015-12-30","value":0.08417586226818419},{"time":"2016-12-30","value":0.0982083609820836},{"time":"2017-12-30","value":0.11018732358224276},{"time":"2018-12-30","value":0.12327351310720662},{"time":"2019-12-30","value":0.10856936676889771},{"time":"2020-12-30","value":0.081436536569367},{"time":"2021-12-30","value":0.11323287671232876},{"time":"2022-12-30","value":0.11980176089484468}]}

Bruker Corporation, together with its subsidiaries, develops, manufactures, and distributes scientific instruments, and analytical and diagnostic solutions in the United States and internationally. The company operates through four segments: Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI NANO, and Bruker Energy & Supercon Technologies. It offers life science tools, and single and multiple modality systems; life science mass spectrometry; MALDI Biotyper rapid pathogen identification platform and related test kits, DNA test strips, and fluorescence-based polymerase chain reaction technology; genotype and fluorotype molecular diagnostics kits; research, analytical, and process analysis instruments and solutions; SARS-CoV 2 testing for the diagnosis of COVID-19 infection; and Fluorotyper-SARS-CoV 2 plus kits. It also provides range of portable analytical and bioanalytical detection systems, and related products; X-ray instruments; analytical tools for electron microscopes, as well as handheld, portable, and mobile X-ray fluorescence spectrometry instruments; atomic force microscopy instrumentation; non-contact nanometer resolution solution topography; and automated X-ray metrology, automated AFM defect-detection, and photomask repair and cleaning equipment. In addition, the company offers advanced optical fluorescence microscopy instruments; products and services to support the multi-omics needs of researchers in translational research, drug, and biomarker discovery; superconducting materials, such as metallic low temperature superconductors; devices and complex tools based on metallic low temperature superconductors; and non-superconducting high technology tools, such as synchrotron and beamline instrumentation. The company was incorporated in 1991 and is headquartered in Billerica, Massachusetts.

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    A

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$206.1M$219.2M$232.8M$246.9M$261.4M$276.4M$291.9M$307.8M$324.2M$340.8M$357.9M$3.579B
DCF$190.6M$176M$162.3M$149.5M$137.4M$126.2M$115.7M$106M$96.89M$88.46M$884.6M
Value$2.234B

In the chart Earnings are multiplied by this value.

Earnings Growth 19%
Earnings Stability 77%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Net Margin3.1%6.3%9.5%4.5%9.5%9.5%7.9%11%12%11%
ROA6.1%8.4%9.8%11%12%11%8.1%11%12%12%
ROE7.3%14%22%11%20%22%16%26%26%26%

What is the average Net Margin?

The average Net Margin over the past 5 years is +9.09%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +1.16%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +10.94%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.03%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +20.03%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.57%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Debt FCF-1.374.613.751.895.803.607.608.536.50
Debt Equity0.460.360.620.570.400.890.871.331.101.09
MIN
Graham Stability---76%100%100%100%100%100%76%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 6.50.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 1.11.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.76.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201512-201712-201912-2021Trend
Revenue6.5%7.5%6.9%4.7%2.1%
Net Income17%30%15%7%-4.9%
Stockholders Equity6.3%8.9%7.1%3.8%1.5%
FCF-4.1%5.6%1.1%-24%-11%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +7.46%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +2.11%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +30.42%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -4.94%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +8.94%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.48%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +5.58%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -11.28%.