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Laboratory analytical instruments company · DE · FY ends Jan · Revenue $4.39B · 19.39% margin · $974M FCF
$144.83
+$2.91 (+2.05%)
Price from 13 days ago
18.58% operating margin is respectable but not wide. ROIC at 15.66%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 0.7% YoY. The question is whether this is cyclical or a structural shift.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
26.3x earnings, 22.9x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$4.39B
▼ -0.7% YoY
Net Income (TTM)
$853M
▲ +169.5% YoY
Op. Margin
19.39%
▲ +37.6pp YoY
ROIC
17.35%
▲ +28.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$974M
▲ +31.3% YoY
Op. Cash Flow (TTM)
$1.13B
▲ +28.9% YoY
Net Debt
-$101M
Net Cash Position
Cash & Equiv.
$1.16B
5Y CAGR: +6.0%
5Y CAGR: +0.9%
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