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Laboratory analytical instruments company · DE · FY ends Dec · Revenue $3.77B · 16.01% margin · $264M FCF
Margins and capital returns are both well above average: 25.36% operating margin, ROIC at 18.21%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 7.0%, steady but not accelerating. Margins contracted 2.6pp, which offsets some of the top-line progress.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$3.77B
▲ +7.0% YoY
Net Income (TTM)
$450M
▲ +0.8% YoY
Op. Margin
16.01%
▼ -2.6pp YoY
ROIC
6.53%
▼ -1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$264M
▼ -12.9% YoY
Op. Cash Flow (TTM)
$390M
▼ -14.4% YoY
Net Debt
$5.11B
Cash & Equiv.
$462M
5Y CAGR: +6.0%
5Y CAGR: -2.7%
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