BRKRBRUKER CORP

Laboratory Analytical Instruments

Revenue: $3.4B; 2.1% YoY
Operating margin: 2.0%; 74% YoY
EBITDA: $289M; 34% YoY
Market cap: $8.7B
Employees: 11,085; $310K revenue each
Net debt / EBITDA: 0.5×; $147M net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$310K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.5B	$3.0B	$3.4B	$3.4B	2.1%
Operating income	$413M	$433M	$437M	$253M	$68M	73%
Net income	$281M	$299M	$429M	$114M	−$8M	107%
Operating cash flow	$282M	$274M	$350M	$251M	$134M	47%
Capex	$92M	$129M	$107M	$115M	$91M	21%
Stock-based comp	$17M	$28M	$31M	$25M	$20M	20%
Buybacks	$153M	$263M	$152M	$0	$10M
Dividends	$24M	$30M	$29M	$30M	$23M	25%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 16
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	88	68
FY2024	—	—	110	70
FY2023	—	—	137	75
FY2022	—	—	127	84
FY2021	—	—	155	126