MeritValue

BRUKER CORP

BRKRdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'

The thesis, from the filings

BRUKER CORP earns about 8% on invested capital, but has diluted owners by 99280476% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $18.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.42B1$2.53B2$2.96B3$3.37B3$3.44B3
Net income$277.1M4$296.6M5$427.2M6$113.1M6−$8.6M6
Operating cash flow$282.4M7$274.4M8$350.1M9$251.3M9$134.1M9
Capital expenditure$92M10$129.2M11$106.9M12$115.3M12$90.8M12
Free cash flow (derived)$190.4M7$145.2M8$243.2M9$136M9$43.3M9
Total debt$2.56B13$2.42B14$2.44B15$4.16B16$3.72B16
Cash & equivalents$1.07B17$645.5M18$488.3M19$183.4M20$298.8M20
Diluted shares152.9149.4147.2M149.5M151.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$161.82
your share of equity
Profit it earned you last year
−$0.57
Free cash flow it threw off
$2.85
Debt you’d be carrying
$245.16

10 shares is a claim on $161.82 of net worth that earned you −$0.57 and generated $2.85 of cash last year, against $245.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 11%FY22 11%FY23 13%FY24 2%FY25 0%

It earned an average 8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+99280476% shares · 5y

Share count is up 99280476% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 46% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$136M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$136M
Earnings Power Value
$18.74
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$277.1M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030897 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082523 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023038 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030897 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082523 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023038 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030897 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082523 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023038 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-030897 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-082523 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005251 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023038 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-030897 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-082523 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-005251 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-023038 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-030897 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-082523 (CashAndCashEquivalentsAtCarryingValue)