Bruker: reflections following 2025
Light at the end of the tunnel / the evolving nature of Bruker / guidance track record
Friends of NFTBC
When I started writing to you about BRKR 10 months ago, the company was entering a period of profound policy-induced uncertainty - specifically around government-sponsored scientific research in the US as well as a looming trade war. I left open the possibility that BRKR could face some major, albeit temporary, headwinds. In the event, the headwinds proved to be worse than I had feared, but fortunately more acute rather than chronic in nature.
Following some self-help and hard work, BRKR was heading in the right direction again in the latter part of 2025 and by year-end it felt like the stock might be starting to reach escape velocity, even if it was not yet close to being fully valued. But following yesterday’s results and a wobbly beginning to 2026 for markets in general, we’re now right back where we started 10 months ago:
The good news is that we can now see the light at the end of the tunnel. This year BRKR will grow EPS higher than 20% in constant currency, and we should probably expect something similar for 2027 too - and even beyond. As noted in my year-end review, BRKR is massively under-earning on margins and the upwards climb is just getting going. You can check out my various BRKR posts here (paywall with previews).
Time to talk about yesterday’s earnings.
[NFTBC does not give advice - please do your own research. I currently own shares in BRKR]
