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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Bruker reported revenue of $3.4B in the fiscal year ended Dec 2025, up 2.1% from the year before. Operating income was $68M, an operating margin of 2.0%, and net income was −$9M. Operating cash flow of $134M less capital expenditure of $91M left free cash flow of $43M. Net debt was $1.6B.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,418 | 2,531 | 2,965 | 3,366 | 3,437 |
| Cost of revenue | 1,208 | 1,225 | 1,451 | 1,717 | 1,859 |
| Gross profit | 1,210 | 1,306 | 1,513 | 1,650 | 1,578 |
| Research & development | 221 | 236 | 295 | 377 | 395 |
| Selling, general & admin | 561 | 607 | 729 | 894 | 947 |
| Operating income | 413 | 433 | 437 | 253 | 68.2 |
| Interest expense | 14.3 | 16.1 | 16.4 | 47.9 | 60.3 |
| Pre-tax income | 394 | 414 | 544 | 207 | 22.0 |
| Income tax | 113 | 116 | 118 | 91.4 | 29.3 |
| Net income | 277 | 297 | 427 | 113 | −8.6 |
| Diluted EPS | 1.81 | 1.99 | 2.90 | 0.76 | −0.15 |
| Diluted shares | 0.0 | 0.0 | 147 | 150 | 152 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,068 | 646 | 488 | 183 | 299 |
| Receivables | 417 | 473 | 492 | 566 | 545 |
| Inventory | 710 | 800 | 968 | 1,068 | 1,095 |
| Current assets | 2,472 | 2,113 | 2,164 | 2,053 | 2,213 |
| Net PP&E | 406 | 487 | 600 | 669 | 745 |
| Goodwill | 340 | 458 | 583 | 1,507 | 1,548 |
| Total assets | 3,650 | 3,612 | 4,250 | 5,807 | 6,241 |
| Payables | 147 | 178 | 203 | 234 | 216 |
| Deferred revenue | 198 | 218 | 400 | 438 | 441 |
| Current liabilities | 939 | 914 | 1,202 | 1,281 | 1,279 |
| Long-term debt | 1,222 | 1,201 | 1,160 | 2,062 | 1,853 |
| Total liabilities | 2,565 | 2,480 | 2,837 | 3,992 | 3,731 |
| Shareholders' equity | 1,071 | 1,114 | 1,377 | 1,781 | 2,457 |
| Backlog (remaining obligations) | 2,077 | 2,259 | 2,227 | 2,090 | 2,569 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 282 | 274 | 350 | 251 | 134 |
| Capital expenditure | 92.0 | 129 | 107 | 115 | 90.8 |
| Free cash flow | 190 | 145 | 243 | 136 | 43.3 |
| Depreciation & amortisation | 89.1 | 88.8 | 115 | 184 | 220 |
| Stock-based compensation | 17.2 | 27.7 | 30.9 | 25.3 | 20.2 |
| Acquisitions | 65.0 | 182 | 227 | 1,600 | 73.9 |
| Share buybacks | 153 | 263 | 152 | 0.0 | 10.0 |
| Dividends paid | 24.2 | 29.8 | 29.4 | 30.2 | 22.8 |
| Dividend per share | 0.16 | 0.16 | 0.20 | 0.20 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.7% | 17.1% | 13.6% | 2.1% |
| Operating income growth (YoY) | – | 4.7% | 1.0% | −42.1% | −73.1% |
| EPS growth (YoY) | – | 9.9% | 45.7% | −73.8% | −119.7% |
| Gross margin | 50.0% | 51.6% | 51.0% | 49.0% | 45.9% |
| Operating margin | 17.1% | 17.1% | 14.7% | 7.5% | 2.0% |
| Net margin | 11.5% | 11.7% | 14.4% | 3.4% | −0.3% |
| Return on equityBlank when equity is negative | 25.9% | 26.6% | 31.0% | 6.3% | −0.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.2% | 16.0% | 14.3% | 5.6% | 1.4% |
| Free cash flow margin | 7.9% | 5.7% | 8.2% | 4.0% | 1.3% |
| Cash conversion (CFO ÷ net income) | 1.02x | 0.93x | 0.82x | 2.22x | −15.6x |
| Receivable days | 63 | 68 | 61 | 61 | 58 |
| Inventory days | 215 | 238 | 244 | 227 | 215 |
| Payable days | 45 | 53 | 51 | 50 | 42 |
| Interest cover | 28.9x | 26.9x | 26.6x | 5.28x | 1.13x |
| Debt ÷ equity | 1.14x | 1.08x | 0.84x | 1.16x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 154 | 555 | 672 | 1,878 | 1,554 |
| Current ratio | 2.63x | 2.31x | 1.80x | 1.60x | 1.73x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.