Bruker Corporation

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $180M normalized FCF base (blend of FY2026 guided non-GAAP EPS of ~$2.125 x 152.36M diluted shares, and historical FCF/non-GAAP-net-income conversion of ~16-68% seen in FY2023-FY2025); 8% annual FCF growth years 1-5; 4% annual FCF growth years 6-10; 9% discount rate; 3% terminal growth rate; $1.67B net debt ($1,855M total debt less $184.9M cash, as of Q2 2026); 152.36M diluted shares outstanding.

Reasoning: Bruker's reported free cash flow has been volatile and recently depressed (FY2025 FCF of $43.3M vs FY2023's $243.2M, and negative FCF of -$59.2M in H1 2026) due to tariffs, restructuring charges, a Q2 2026 goodwill impairment, and working-capital swings, even as management guides toward margin expansion and non-GAAP EPS growth of 15-17% for FY2026; a multi-stage unlevered FCF DCF with a normalized (not peak, not trough) FCF base best captures this recovery-in-progress without relying on a scraped analyst target, and explicitly nets off Bruker's elevated ~$1.67B net debt position from recent M&A, which a simple earnings multiple would ignore.