Detailed financial statements for Bruker Corporation (BRKR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bruker Corporation stands as a prominent global developer, manufacturer, and distributor of cutting-edge scientific instruments, alongside comprehensive analytical and diagnostic solutions. Its operations are structured across three distinct segments: Bruker Scientific Instruments (BSI) Life Science, BSI NANO, and Bruker Energy & Supercon Technologies.
Analysis Summary
Bruker Corporation reported revenue of $3.44B in the most recent fiscal year, growing at a 5-year CAGR of 11.6%.
Trailing-twelve-month margins: gross margin 46.7%, operating margin 3.6%, net margin -2.0%. Free cash flow grew at -43.2% CAGR over 5 years.
At the current price of $63.86, BRKR has negative trailing earnings (P/E not meaningful) and an ROE of -2.92%. Market capitalisation stands at $9.7B.
Balance sheet quality for BRKR: current ratio of 1.7, net debt of $1.74B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.61B | $1.77B | $1.90B | $2.07B | $1.99B | $2.42B | $2.53B | $2.96B | $3.37B | $3.44B |
| Cost of Revenue | $868.8M | $952.9M | $995.6M | $1.08B | $1.05B | $1.21B | $1.23B | $1.45B | $1.72B | $1.86B |
| Gross Profit | $742.5M | $813.0M | $900.0M | $995.3M | $939.8M | $1.21B | $1.31B | $1.51B | $1.65B | $1.58B |
| Research & Development | $149.0M | $162.7M | $173.4M | $187.7M | $198.0M | $220.8M | $235.9M | $294.8M | $376.5M | $395.2M |
| Selling, General & Admin | $390.5M | $415.9M | $444.7M | $504.8M | $477.8M | $562.3M | $607.4M | $729.4M | $893.8M | $946.5M |
| Operating Expenses | $539.5M | $578.6M | $618.1M | $694.4M | $691.5M | $796.3M | $873.0M | $1.08B | $1.40B | $1.34B |
| Operating Income | $177.2M | $214.7M | $262.4M | $300.9M | $248.3M | $413.3M | $432.7M | $436.9M | $253.1M | $236.0M |
| EBITDA | $262.1M | $299.5M | $340.1M | $372.0M | $320.6M | $497.1M | $518.7M | $675.5M | $438.6M | $302.6M |
| Interest Expense | $13.2M | $15.4M | $12.6M | $16.0M | $14.4M | $14.3M | $16.1M | $16.4M | $47.9M | $60.3M |
| Pre-tax Income | $177.6M | $197.8M | $244.7M | $280.4M | $225.8M | $393.6M | $414.9M | $546.2M | $205.2M | $21.0M |
| Income Tax | $23.1M | $117.5M | $63.7M | $82.4M | $64.4M | $113.0M | $116.4M | $117.7M | $91.4M | $29.3M |
| Net Income | $153.6M | $78.6M | $179.7M | $197.2M | $157.8M | $277.1M | $296.6M | $427.2M | $113.1M | -$8.6M |
| EPS | $0.95 | $0.50 | $1.15 | $1.27 | $1.03 | $1.83 | $2.00 | $2.92 | $0.76 | $-0.15 |
| EPS (Diluted) | $0.95 | $0.49 | $1.14 | $1.26 | $1.02 | $1.81 | $1.99 | $2.90 | $0.76 | $-0.15 |
| Shares Outstanding (Diluted) | $162.2M | $159.1M | $157.2M | $156.6M | $154.6M | $152.9M | $149.4M | $147.2M | $149.5M | $151.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $860.5M | $977.2M | $823.4M | $838.5M |
| Gross Profit | $379.4M | $449.2M | $389.3M | $416.0M |
| Operating Income | $35.0M | $111.8M | $45.0M | -$65.3M |
| EBITDA | $4.2M | $137.5M | $88.7M | $17.3M |
| Net Income | -$59.6M | $26.0M | $14.4M | -$52.0M |
| EPS | $-0.41 | $0.10 | $0.02 | $-0.41 |
| EPS (Diluted) | $-0.41 | $0.10 | $0.02 | $-0.41 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $342.4M | $325.0M | $322.4M | $678.3M | $681.8M | $1.07B | $645.5M | $488.3M | $183.4M | $298.8M |
| Short-term Investments | $157.9M | $114.2M | 0 | $6.6M | $50.0M | $100.0M | 0 | 0 | 0 | 0 |
| Receivables | $243.9M | $319.3M | $357.2M | $362.2M | $335.3M | $416.9M | $595.3M | $621.8M | $701.2M | $736.0M |
| Inventory | $440.4M | $486.2M | $509.6M | $577.2M | $692.3M | $710.1M | $800.1M | $968.3M | $1.07B | $1.09B |
| Total Current Assets | $1.27B | $1.36B | $1.30B | $1.80B | $1.93B | $2.47B | $2.11B | $2.16B | $2.05B | $2.21B |
| Property, Plant & Equipment | $239.1M | $266.5M | $270.6M | $371.7M | $462.9M | $466.0M | $538.2M | $691.4M | $814.8M | $910.6M |
| Goodwill | $130.6M | $169.8M | $275.7M | $293.0M | $320.4M | $339.5M | $457.6M | $582.6M | $1.51B | $1.55B |
| Intangible Assets | $69.7M | $82.4M | $218.7M | $233.2M | $229.1M | $211.8M | $270.9M | $330.5M | $912.5M | $899.6M |
| Total Assets | $1.81B | $1.95B | $2.13B | $2.77B | $3.05B | $3.65B | $3.61B | $4.25B | $5.81B | $6.24B |
| Accounts Payable | $86.1M | $90.8M | $104.5M | $118.4M | $134.6M | $147.4M | $178.4M | $202.7M | $234.1M | $215.9M |
| Short-term Debt | $20.1M | 0 | $18.5M | $500,000 | $2.2M | $112.4M | $18.7M | $121.2M | $32.5M | $51.8M |
| Total Current Liabilities | $525.9M | $524.5M | $598.0M | $645.6M | $791.9M | $938.5M | $914.3M | $1.20B | $1.28B | $1.28B |
| Long-term Debt | $391.6M | $415.6M | $322.6M | $812.8M | $842.3M | $1.22B | $1.20B | $1.16B | $2.06B | $1.69B |
| Total Liabilities | $1.12B | $1.22B | $1.22B | $1.83B | $2.07B | $2.57B | $2.48B | $2.84B | $3.99B | $3.73B |
| Retained Earnings | $885.2M | $942.0M | $1.10B | $1.27B | $1.41B | $1.66B | $1.93B | $2.32B | $2.41B | $2.36B |
| Total Equity | $693.1M | $733.5M | $905.1M | $906.8M | $961.2M | $1.07B | $1.11B | $1.38B | $1.78B | $2.46B |
| Total Debt | $411.7M | $415.6M | $341.1M | $880.9M | $912.8M | $1.39B | $1.27B | $1.38B | $2.25B | $2.04B |
| Net Debt | -$88.6M | -$23.6M | $18.7M | $196.0M | $181.0M | $225.7M | $624.9M | $891.3M | $2.06B | $1.74B |
| Working Capital | $746.9M | $834.3M | $706.3M | $1.15B | $1.13B | $1.53B | $1.20B | $962.1M | $771.9M | $933.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $293.1M | $298.8M | $133.4M | $184.9M |
| Total Assets | $6.43B | $6.24B | $6.13B | $6.05B |
| Total Liabilities | $3.94B | $3.73B | $3.63B | $3.63B |
| Total Equity | $2.43B | $2.46B | $2.45B | $2.40B |
| Total Debt | $2.01B | $2.04B | $1.67B | $1.92B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $154.5M | $80.3M | $181.0M | $198.0M | $161.4M | $280.6M | $298.5M | $427.2M | $113.8M | -$8.3M |
| Depreciation & Amortization | $54.3M | $63.9M | $64.9M | $75.6M | $80.5M | $89.1M | $88.7M | $114.9M | $183.8M | $220.3M |
| Stock-based Compensation | $9.4M | $11.0M | $11.3M | $9.6M | $16.0M | $17.2M | $27.7M | $24.0M | $25.3M | $20.2M |
| Change in Working Capital | -$84.6M | -$40.6M | -$42.2M | -$74.5M | $69.6M | -$125.2M | -$144.1M | -$87.8M | -$78.2M | -$144.8M |
| Operating Cash Flow | $130.8M | $154.4M | $239.7M | $213.4M | $332.2M | $282.4M | $274.4M | $350.1M | $251.3M | $134.1M |
| Capital Expenditure | -$37.1M | -$43.7M | -$49.2M | -$73.0M | -$97.2M | -$92.0M | -$129.2M | -$106.9M | -$115.3M | -$120.2M |
| Acquisitions | -$24.3M | -$66.3M | -$191.6M | -$90.0M | -$59.2M | -$65.0M | -$182.3M | -$226.6M | -$1.60B | -$73.9M |
| Stock Repurchased | -$160.0M | -$152.2M | 0 | -$142.3M | -$123.2M | -$153.3M | -$263.1M | -$152.3M | 0 | -$10.0M |
| Dividends Paid | -$25.8M | -$25.4M | -$25.1M | -$25.0M | -$24.6M | -$24.2M | -$29.8M | -$29.4M | -$30.2M | -$22.8M |
| Free Cash Flow | $93.7M | $110.7M | $190.5M | $140.4M | $235.0M | $190.4M | $145.2M | $243.2M | $136.0M | $13.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$33.2M | $229.8M | $71.2M | -$77.4M |
| Capital Expenditure | -$20.9M | -$22.6M | -$24.2M | -$28.8M |
| Free Cash Flow | -$54.1M | $207.2M | $47.0M | -$106.2M |
| Dividends Paid | 0 | -$17.6M | -$18.6M | -$18.5M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.6% | +7.3% | +9.3% | -4.1% | +21.7% | +4.7% | +17.1% | +13.6% | +2.1% | |
| Net Income Growth (YoY) | -48.8% | +128.6% | +9.7% | -20.0% | +75.6% | +7.0% | +44.0% | -73.5% | -107.6% | |
| EPS Growth (YoY) | -47.4% | +130.0% | +10.4% | -18.9% | +77.7% | +9.3% | +46.0% | -74.0% | -119.7% | |
| Shares Change (YoY) | -1.9% | -1.2% | -0.4% | -1.3% | -1.1% | -2.3% | -1.5% | +1.6% | +1.5% | |
| FCF Growth (YoY) | +18.1% | +72.1% | -26.3% | +67.4% | -19.0% | -23.7% | +67.5% | -44.1% | -89.8% | |
| Gross Margin | 46.1% | 46.0% | 47.5% | 48.0% | 47.3% | 50.0% | 51.6% | 51.0% | 49.0% | 45.9% |
| Operating Margin | 11.0% | 12.2% | 13.8% | 14.5% | 12.5% | 17.1% | 17.1% | 14.7% | 7.5% | 6.9% |
| EBITDA Margin | 16.3% | 17.0% | 17.9% | 17.9% | 16.1% | 20.6% | 20.5% | 22.8% | 13.0% | 8.8% |
| Net Margin | 9.5% | 4.5% | 9.5% | 9.5% | 7.9% | 11.5% | 11.7% | 14.4% | 3.4% | -0.3% |
| FCF Margin | 5.8% | 6.3% | 10.0% | 6.8% | 11.8% | 7.9% | 5.7% | 8.2% | 4.0% | 0.4% |
| Effective Tax Rate | 13.0% | 59.4% | 26.0% | 29.4% | 28.5% | 28.7% | 28.1% | 21.5% | 44.5% | 139.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.58 | $0.70 | $1.21 | $0.90 | $1.52 | $1.25 | $0.97 | $1.65 | $0.91 | $0.09 |
| Dividends Per Share | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.20 | $0.20 | $0.20 | $0.15 |
| Shares Outstanding (Basic) | $161.4M | $158.1M | $156.2M | $155.2M | $153.4M | $151.4M | $148.6M | $146.4M | $149.0M | $151.8M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -2.92% |
| Return on Invested Capital | 2.56% |
| Return on Assets | -1.18% |
| Gross Margin | 46.69% |
| Operating Margin | 3.61% |
| Net Margin | -2.03% |
Financial Health
| Debt / Equity | 0.80 |
| Current Ratio | 1.85 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.53 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.29 | 68.64 | 25.89 | 40.13 | 52.55 | 45.85 | 34.17 | 25.16 | 77.13 | -314.07 |
| P/B | 4.93 | 7.40 | 5.14 | 8.72 | 8.64 | 11.87 | 9.12 | 7.81 | 4.90 | 2.91 |
| P/S | 2.12 | 3.07 | 2.45 | 3.82 | 4.18 | 5.25 | 4.01 | 3.63 | 2.59 | 2.08 |
| Gross Margin | 46.1% | 46.0% | 47.5% | 48.0% | 47.3% | 50.0% | 51.6% | 51.0% | 49.0% | 45.9% |
| Operating Margin | 11.0% | 12.2% | 13.8% | 14.5% | 12.5% | 17.1% | 17.1% | 14.7% | 7.5% | 6.9% |
| Net Margin | 9.5% | 4.5% | 9.5% | 9.5% | 7.9% | 11.5% | 11.7% | 14.4% | 3.4% | -0.3% |
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