Brooks Automation Inc Overview
Brooks Automation is one of the semiconductor industry's longest-standing independent automation specialists. It supplies the robots, vacuum and atmospheric handling platforms, load ports, sorters, carrier cleaners and reticle stockers that move and protect wafers, substrates, FOUPs, pods and photomasks inside and between process tools. Its main customers are the large wafer-fab equipment OEMs, which build Brooks robots and platforms into their etch, deposition and other tools, and leading chipmakers, which buy contamination-control and reticle-management systems directly. The business has nearly five decades of engineering behind it and an installed base of more than 100,000 systems. That base drives steady demand for spares, service and upgrades alongside the cyclical new-equipment business. Since leaving public ownership in 2022 under THL, Brooks has become more focused on contamination control, advanced packaging and Asian localisation, built out collaborative-robot and lab-automation adjacencies, and opened a greenfield factory in Malaysia. It is now preparing to return to public markets through an IPO.
Company's own description. Brooks describes itself as a global leader in automation and contamination-control solutions, which it calls a critical foundation of the AI-enabled world, serving semiconductor and life-science markets. In its September 2026 IPO announcement, the company said it provides automation and holistic contamination control for mission-critical semiconductor workflows. It said this covers the precise movement, handling, cleaning and storage of high-value wafers, substrates, carriers and reticles. The company lists operations in North America, Europe, Asia, Australia and the Middle East.
What the company does. Brooks' products sit at every point where a high-value semiconductor substrate or carrier is moved, exposed to a mini-environment, or stored.
Vacuum automation: MagnaTran vacuum robots, including high-temperature variants and the LEAP platform, transfer wafers between process chambers inside cluster tools. Marathon vacuum system platforms are configurable transfer chambers that tool OEMs build their process modules around. These products serve 300 mm, 200 mm, compound-semiconductor, reticle and advanced-packaging tools.
Atmospheric and interface automation: Marathon LEAP AX equipment front-end modules (EFEMs), Vision LEAP load ports, Marathon LEAP SX and Spartan sorters, and atmospheric robots move FOUPs and wafers between the factory's transport system and the process tool.
Contamination control and reticle management: PuroMaxx FOUP and pod cleaners (including an EUV pod cleaner), PuroMaxx 2 reticle changers and GuardianPro reticle and pod stockers clean, condition, inspect and store wafer carriers and photomasks. They address airborne molecular contamination, haze and humidity at advanced nodes.
Collaborative and lab automation: PreciseFlex collaborative robots, IntelliGuide vision and grippers, and PathFinder sample-management workstations serve clinical, life-science and light industrial customers. The PathFinder range came with the 2023 acquisition of Australia's Aim Lab.
Global services: Installation, repair, diagnostics, training, spare parts, and productivity and retrofit upgrades are delivered through field-service networks close to fab clusters in Taiwan, Korea, Japan, China, Singapore/Malaysia, Europe, Israel and the U.S.
Business model and revenue model. Revenue is overwhelmingly product-based. In the last fiscal year disclosed (FY2021, year to 30 September 2021), the business recorded USD 624.4 million of product revenue and USD 55.7 million of services revenue, out of USD 680.1 million in total (Azenta FY2023 Form 10-K, discontinued-operations note). That is roughly 92% products and 8% services. Spare parts and upgrade kits are generally booked as product revenue, so recurring aftermarket revenue tied to the installed base is larger than the services line alone suggests. Licensing is a small but long-standing element. Brooks has licensed its 300 mm FOUP load-port patents to significant FOUP and load-port makers since the 2000s (Brooks FY2009 Form 10-K). In June 2026 it signed a 15-year technology licence and supply agreement with Taiwan's Asia Neo Tech Industrial (ANT) for FOUP cleaning technology, under which Brooks is the licensee. No subscription revenue is disclosed.
Value-chain position. Brooks is a Tier-1 subsystem supplier to wafer-fab equipment OEMs: its robots and platforms are embedded in other companies' process tools. It is also a direct capital-equipment vendor to chipmakers for carrier cleaning, reticle storage, sorting and inspection. It does not sell process equipment, wafers or materials. Its success therefore depends on design wins at OEMs, which create multi-year production streams once a platform is qualified, and on fab capacity additions, which drive carrier, reticle and sorter demand.
Customer types.
- Wafer-fab equipment OEMs (etch, deposition, CMP, metrology, advanced packaging) — What they buy: Vacuum robots, Marathon vacuum platforms, EFEMs, load ports, aligners; Selling motion: Design-in, then multi-year production supply; volume linked to OEM tool shipments
Integrated device makers, foundries and memory makers: What they buy: FOUP/pod cleaners, reticle stockers and changers, sorters, load ports, service and spares; Selling motion: Direct capital sale per fab, with service attached
OSATs and advanced-packaging lines: What they buy: Panel and wafer handling EFEMs, sorters, contamination control; Selling motion: Direct and via OEMs
Clinical, biobank and life-science laboratories: What they buy: PathFinder workstations, PreciseFlex cobots, OEM modules, autosamplers; Selling motion: Direct and OEM integration (for example, Australian Red Cross Lifeblood)
Industrial automation integrators: What they buy: PreciseFlex cobots and controllers; Selling motion: Direct and channel
End-markets. The core end-market is semiconductor capital equipment and fab operations across logic and foundry, DRAM and HBM, NAND, specialty and compound semiconductors, reticle and mask operations, and advanced packaging. Adjacent end-markets are clinical diagnostics, biobanking, life-science research and light industrial automation.
Independent characterisation. Brooks is best understood as a high-mix, engineering-intensive capital-equipment subsystem company. It has one of the industry's largest independent installed bases of vacuum robots. It also has a contamination-control and reticle franchise that is among the few independent sources of FOUP cleaning and bare-reticle stocking at leading-edge fabs. THL called Brooks the number-one player in vacuum robot automation and contamination control when it announced the acquisition in September 2021. The business is cyclical because it follows wafer-fab equipment spending, but three features soften the cycle: a large service and spares annuity, multi-year OEM platform positions, and fab-direct contamination-control sales tied to new nodes (EUV, 2 nm and below, HBM). The lab-automation and cobot operations are strategically interesting but small relative to the semiconductor core.
Strategy
Stated strategic themes (company website and communications, 2025–2026)
"Automated advantage" and lower cost of ownership: Brooks presents its products as raising throughput, yield and uptime while lowering customers' total cost of ownership. It emphasises getting solutions "right the first time" through simulation-driven engineering and close collaboration on customers' highest-value problems.
Enabling the AI-driven semiconductor build-out: The company ties its growth to AI infrastructure, advanced packaging and next-generation logic and memory. It says it is in every fab on the planet and that AI-era manufacturing makes contamination and handling problems more complex.
Holistic contamination control: Brooks positions itself to measure, analyse, clean and protect critical carriers, expanding from FOUP cleaning into EUV pod cleaning, reticle protection and in-situ metrology.
Advanced packaging: It is building out EFEMs and sorters (Marathon LEAP AX and SX) for the more complex substrates and process flows of chip-on-wafer-on-substrate and panel-level packaging.
Local-for-local manufacturing and supply: It is establishing Asian manufacturing in Johor and localised sourcing in Taiwan to meet customers' supply-chain resilience needs.
Hybrid lab automation and multi-market cobots: It is extending PreciseFlex and PathFinder into clinical, life-science and industrial markets, and back into cleanrooms with the c10 CR.
Strategic initiatives in the last 24 months
Johor greenfield manufacturing plant: Date: Permanent site Q3 2025; opened January 22, 2026; Description: About USD 60 million, 180,000 sq ft plant at Pasir Gudang; about 300 employees, 83 of them earning more than RM10,000 a month; diploma technicians start at RM3,000–3,500 a month; Brooks committed USD 1 million to local talent development; Status: Ramping
ANT FOUP-cleaning licence and supply agreement: Date: Signed June 30, 2026; Description: 15-year agreement under which ANT supplies FOUP cleaning equipment and licenses related technology to Brooks for a one-time fee of USD 16 million (about NT$510 million, paid in instalments) plus royalties; ANT keeps certain rights, including in advanced packaging; aims to localise supply for Taiwanese fabs such as TSMC; Status: Implementation
Technology enablement organisation: Date: March 2025; Description: Chief Technology Enablement Officer role created to align advanced technology with customer roadmaps; Status: Ongoing
Business transformation office: Date: 2025–2026; Description: Chief Business Transformation Officer leads operating-model change, including the reported footprint rationalisation and a shift toward higher-value workflows; Status: Ongoing; targets not publicly disclosed
Cleanroom cobot extension: Date: October 12, 2026; Description: PreciseFlex c10 CR brings cobots into SMIF and reticle-pod handling; Status: Launched
Lab-automation product refresh: Date: 2024–2026; Description: PathFinder Flex launched in 2024 and was an SLAS 2026 finalist; Status: Commercialising
Return to public markets: Date: July–September 2026; Description: Adviser talks reported July 24, 2026; confidential draft S-1 submitted September 10, 2026; Status: SEC review
Sustainability and ESG commitments. A sustainability programme led by the Chief Legal and People Officer and a corporate social responsibility function are in place. Quantified targets are not publicly disclosed (see the ESG section).
Medium-term financial targets and guidance. Not publicly disclosed. As a private company, Brooks has issued no revenue, margin or leverage targets. The first public financial framework is expected in the public S-1 and IPO roadshow.
Products & Services
Vacuum Automation
| Product | Description and key capabilities | Target customer | Version / timing | Pricing model |
|---|---|---|---|---|
| MagnaTran vacuum robots | Industry-standard vacuum transfer robots for moving wafers between process chambers in cluster tools; long reliability record in 300 mm logic and memory | Etch, deposition and other vacuum-tool OEMs | Current generation sold as MagnaTran LEAP | Per unit, under OEM supply agreements; not publicly disclosed |
| MagnaTran high-temperature robots | Vacuum robots for high-temperature process environments | Deposition and thermal-process OEMs | Current | — |
| LEAP vacuum robot platforms | Modular robot platform architecture shared across the MagnaTran line, allowing configurable reach, end-effectors and throughput | Vacuum-tool OEMs | Current | — |
| Marathon vacuum systems (including Marathon 2 and Marathon Express) | Turnkey or customer-specific vacuum transfer platforms and modular cluster-tool systems that OEMs build process modules around | OEMs seeking faster time to market without in-house platforms | Current | Per system |
| Thermal and conditioning modules, aligners | Vacuum-compatible ancillary modules for substrate conditioning and orientation | Vacuum-tool OEMs | Current | — |
Brooks says its vacuum architectures come from the industry's largest and most diverse installed base of vacuum robots and systems, across logic, memory, specialty and advanced packaging. Field service and qualified spares support uptime.
Atmospheric, Interface and Advanced-Packaging Automation
| Product | Description and key capabilities | Target customer | Version / timing | Pricing model |
|---|---|---|---|---|
| Marathon LEAP AX EFEM platforms | Equipment front-end modules integrating mini-environment, atmospheric robot, load ports and controls; configured for front-end and advanced-packaging substrates | Process and metrology OEMs; advanced-packaging tool makers | Current | Per system |
| Marathon LEAP SX sorter platforms | Wafer and substrate sorting platforms for front-end and packaging lines | Fabs and OSATs | Current | Per system |
| Spartan sorter | Unified wafer-management sorter built for minimum complexity, fast transfer and very low particle levels | Fabs | Current | Per system |
| Vision LEAP load ports | Industry-standard 300 mm FOUP load ports for docking carriers to process tools | OEMs and fabs | Current | Per unit |
| Atmospheric robots | Wafer-handling robots for EFEMs and sorters, from the Brooks and Crossing Automation lineages | OEMs | Current | Per unit |
| Reticle handling and exchange/inspection systems | Reticle and mask exchange and inspection stations that transfer reticles between scanner/stepper pods and shipping boxes (for example Canon, Nikon, ASML, Toppan and Hoya formats) | Lithography operations in fabs and mask shops | Current | Per system |
| SMIF products (SMIF-LPT, SMIF-INX) | 200 mm SMIF load ports and indexers for mature-node fabs | 200 mm fabs | Mature lines | Per unit |
Contamination Control and Reticle Management
| Product | Description and key capabilities | Target customer | Version / timing | Pricing model |
|---|---|---|---|---|
| PuroMaxx FOUP/pod cleaners | Automated cleaning and drying of wafer carriers and pods, with humidity control and in-situ metrology to tackle airborne molecular contamination at sub-20 nm nodes | Leading-edge logic, foundry and memory fabs | Current; lineage from the 2014 DMS acquisition | Per system plus service |
| PuroMaxx EUV pod cleaner | Cleaning of EUV reticle pods, where particle and haze control is critical | EUV-equipped fabs | Current | Per system |
| PuroMaxx 2 reticle changers | Automated reticle and pod exchange | Lithography operations | Current | Per system |
| GuardianPro reticle stockers (with Tec-Cell pod stockers) | Ultra-clean semi-bare reticle and pod storage with inspection; protects masks, reduces haze, improves reticle logistics and stepper utilisation. The Tec-Sem bare-reticle stocker lineage stores up to 2,880 reticles | Fabs and mask shops | Current; lineage from Tec-Sem (2001 and 2018 acquisitions) | Per system plus service |
| Carrier inspection and metrology | Measurement and analysis of carrier contamination, positioned as "measure, analyse, clean, protect" | Fabs | Current | — |
| ANT-sourced FOUP cleaning equipment | FOUP cleaning equipment supplied by and licensed from Asia Neo Tech under the June 2026 agreement, to localise supply for Taiwanese fabs | Taiwanese leading-edge fabs | Agreement signed June 30, 2026 | Brooks pays a USD 16 million one-time licence fee plus royalties to ANT |
Collaborative Robotics and Industrial Automation
| Product | Description and key capabilities | Target customer | Version / timing | Pricing model |
|---|---|---|---|---|
| PreciseFlex c3, c5, c8A, c10 | Collaborative SCARA-type robots that can work alongside people without guarding | Lab automation OEMs; light industrial | Current | Per unit |
| PreciseFlex 400 | Collaborative sample-handling robot widely used in lab workcells | Lab automation integrators | Current | Per unit |
| PreciseFlex DD 4-axis and 6-axis | Direct-drive collaborative arms | Lab and industrial integrators | Current | Per unit |
| PreciseFlex c10 CR cleanroom robot | Cleanroom-rated cobot (ISO Class 4 at rated speed, capable of ISO Class 3) for automating SMIF-pod, reticle-pod and other payload transfers between storage and tools in a compact footprint | Semiconductor cleanrooms, especially mature-node and reticle operations | Launched October 12, 2026 at SEMICON West | Per unit |
| IntelliGuide vision and grippers | Vision toolkit and gripper family that speed cobot deployment and teaching | Integrators | Current | Per unit / kit |
Laboratory Automation (Aim Lab heritage)
| Product | Description and key capabilities | Target customer | Version / timing | Pricing model |
|---|---|---|---|---|
| PathFinder 350D and 350D Plus | Benchtop pre-analytical decapping and sorting | Clinical labs, blood banks | Current | Per system |
| PathFinder 350A | Benchtop post-analytical sorting, sealing and archiving | Clinical labs | Current | Per system |
| PathFinder 450S | Benchtop sorting for pre- and post-analytical sample management | Clinical labs | Current | Per system |
| PathFinder 900 | Floor-standing all-in-one system for aliquoting, decapping, secondary tube generation, sorting, sealing and archiving at higher volumes | High-volume clinical labs | Current | Per system |
| PathFinder Flex | Combines a decapper, PreciseFlex cobot and software for small and mid-sized labs, with return on investment at low tube volumes; SLAS 2026 finalist | Small and mid-sized labs | Debuted July 2024 | Per system |
| PathFinder TSM and TDM OEM modules | Tube sorting and decapping modules for integration into analysers and track automation | Diagnostics OEMs | Current | OEM supply |
| AIM autosamplers | Liquid sample handling and introduction for analytical instruments | Analytical labs and instrument OEMs | Current | Per unit |
Global Services
| Offering | Description | Target customer |
|---|---|---|
| Field service and installation | Local service engineers at fab clusters for installation, preventive maintenance and repair | OEMs and fabs |
| Spares and repair (including e-Spares and e-RMA programmes) | Qualified spare parts, depot repair and returns management | Installed-base operators |
| Upgrades and retrofits (for example RetroEase) | Productivity and reliability upgrades for installed robots and systems | Fabs running mature tools |
| Training | Customer and field training, including a dedicated training centre in Hwaseong, Korea | Fabs and OEMs |
Financial Narrative
Disclosure basis. Brooks Automation Holdings, Inc. has not published financial statements since it became private on 1 February 2022. Its draft registration statement was submitted confidentially, so fiscal 2022–2026 results are not publicly disclosed. The figures below are the last audited and reported numbers for the business, from Brooks Automation, Inc. (FY2018–FY2021) and Azenta, Inc. discontinued-operations disclosures (FY2021 and the four-month stub ending 31 January 2022). All amounts are in USD on a fiscal year ending 30 September.
Income statement
Revenue and growth (USD million)
Revenue CAGR from FY2018 to FY2021 was 16.1%. The four-month stub from 1 October 2021 to 31 January 2022 produced USD 264.4 million of revenue, an annualised rate of about USD 793 million.
Profitability (USD million and %)
Net income attributable to the automation business (as reported by the parent, USD million). These figures include only direct operating costs; parent-level indirect costs stayed in continuing operations.
The parent's figure for FY2022 (USD 2,144.1 million) is dominated by the gain on sale and is not an operating result. EBITDA, pre-tax income, EPS and dividends per share are not publicly disclosed for the standalone business in any year. EPS and dividends do not apply to a private company. At announcement, LTM-June-2021 adjusted EBITDA was about USD 146 million (23.8% margin) and operating profit about USD 125 million (20.4% margin).
Commentary. The data show a business that was in a strong upcycle at the point of sale. SSG revenue grew 2.7% in FY2019, when memory capex slowed, then 13.9% in FY2020 and 33.7% in FY2021. The acceleration came from foundry and logic capex, the start of EUV-node contamination-control demand, and the April 2021 Precise Automation acquisition. Organic growth in FY2021 was about 31%. Adjusted operating margin rose about 190 basis points from FY2018 to FY2020. LTM-June-2021 operating margin was about 20%, and gross margin was 43.5% in FY2021, against 40–41% in FY2018–FY2019. That shows good operating leverage on volume and a richer mix, with contamination-control systems typically carrying higher gross margins than OEM robot volume. The slight gross-margin dip in the four-month stub (42.4%) is consistent with freight, component and labour inflation in late 2021 and early 2022.
Balance sheet
Segment assets as defined by the parent exclude goodwill, intangible assets and corporate items. On 30 September 2021 the parent classified USD 45.0 million of cash within assets held for sale for the automation business.
Post-acquisition capital structure (Altar BidCo Inc., financing priced November 2021; S&P Global Market Intelligence and rating-agency disclosures at issuance)
The first-lien tranche was upsized from USD 825 million to USD 900 million, and the extra proceeds reduced THL's equity cheque from about USD 2 billion. Funded term debt of USD 1,105 million was about 7.6x LTM-June-2021 adjusted EBITDA of USD 146 million, a typical sponsor-leveraged buyout structure. Corporate ratings at issuance were B (S&P) and B2 (Moody's), both with stable outlooks. Current outstanding balances, repayments, repricings, cash, equity, goodwill and intangibles, and working capital for the private entity are not publicly disclosed. Interest on the floating-rate loans is now referenced to SOFR, following the industry-wide LIBOR cessation in 2023.
Cash flow
Operating cash flow, capex and free cash flow for the standalone business are not publicly disclosed for any fiscal year. Dividends paid and buybacks do not apply. The largest disclosed capital project since 2022 is the Brooks Automation Malaysia plant in Pasir Gudang, Johor. It cost about USD 60 million (RM242 million), covers 180,000 sq ft and opened in January 2026.
Ratios
ROE, ROA, ROIC, current ratio, debt/equity, interest coverage and cash conversion cycle are not publicly disclosed for the standalone entity.
Trend and driver commentary. Before the sale, the business generated strong margins with modest capital intensity. Segment assets of under USD 300 million supported about USD 500 million of revenue in FY2020, and the asset-light model relies heavily on contract manufacturing and supplier assemblies. The THL buyout replaced an unlevered segment with a leveraged standalone structure, so financial results since 2022 have been shaped by interest costs, standalone overheads (IT carve-out, finance, legal, HR), and investment in the Malaysian plant and lab-automation adjacencies. A rough revenue path since 2022 can be inferred from the wafer-fab equipment cycle: a strong FY2022, a correction in 2023 led by memory, and a recovery in 2024–2026 led by AI and HBM. Precise figures will become public only when the S-1 is filed publicly.
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Business Units
| Unit | Leader | Contents |
|---|---|---|
Semiconductor Group | Robin Vacha, SVP and General Manager | Vacuum Robotics and Automation; Atmospheric Solutions (EFEMs, load ports, sorters); Contamination Control (PuroMaxx cleaners, GuardianPro stockers, reticle changers); Global Services |
Vacuum Automation (inside the Semiconductor Group) | Ulysses Gilchrist, VP and GM (since February 2025) | MagnaTran robots, LEAP vacuum robot platforms, Marathon vacuum systems |
Laboratory Automation Solutions | Elise Hogan, Managing Director, Brooks Automation Australia – Laboratory Automation Solutions | PathFinder workstations, PathFinder OEM modules, AIM autosamplers |
Collaborative and industrial robotics | Product-line leadership (for example, Brian Carlisle, Senior Product Line Director) | PreciseFlex cobots, PreciseFlex c10 CR cleanroom robot, IntelliGuide vision and grippers |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|
SSG revenue (USD Mn) | 435.0 | 446.7 | 508.7 | 680.1 |
SSG revenue YoY growth (%) | 0.0 | 2.7 | 13.9 | 33.7 |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
SSG adjusted operating income (USD Mn) | 62.5 | 70.0 | 83.0 |
SSG adjusted operating margin (%) | 14.4 | 15.7 | 16.3 |
SSG adjusted operating income YoY growth (%) | 0.0 | 12.0 | 18.6 |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
SSG revenue (USD Mn) | 435.0 | 446.7 | 508.7 |
Brooks consolidated revenue (USD Mn) | 631.6 | 780.8 | 897.3 |
SSG share of consolidated revenue (%) | 68.9 | 57.2 | 56.7 |
Q1 by Quarter
| Quarter | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
FY2020 (USD Mn) | 118.8 | 124.9 | 127.0 | 138.0 |
FY2021 (USD Mn) | 131.4 | 157.0 | 186.0 | 205.0 |
Revenue by Segment and Revenue by Segment (%) (FY2021)
| Metric | FY2021 |
|---|---|
Products revenue (USD Mn) | 624.4 |
Services revenue (USD Mn) | 55.7 |
Services share (%) | 8.2 |
Income Statement and Margin Analysis (%)
| Metric | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|
Revenue (USD Mn) | 435.0 | 446.7 | 508.7 | 680.1 |
Revenue YoY growth (%) | 0.0 | 2.7 | 13.9 | 33.7 |
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View Subscription PlansKey Financials and Margin Analysis (%)
| Metric | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Adjusted operating income (USD Mn) | 62.5 | 70.0 | 83.0 |
Adjusted operating margin (%) | 14.4 | 15.7 | 16.3 |
Margin Analysis (%)
| Metric | FY2018 | FY2019 |
|---|---|---|
Gross margin, including cryogenics-era segment basis (%) | 40.0 | 40.7 |
Income Statement and Margin Analysis (%) (FY2021–FY2022 stub (Oct 2021–Jan 2022))
| Metric | FY2021 | FY2022 stub (Oct 2021–Jan 2022) |
|---|---|---|
Revenue (USD Mn) | 680.1 | 264.4 |
Cost of revenue (USD Mn) | 384.5 | 152.3 |
Gross profit (USD Mn) | 295.5 | 112.1 |
Gross margin (%) | 43.5 | 42.4 |
Research and development (USD Mn) | 48.6 | 18.5 |
R&D as % of revenue | 7.2 | 7.0 |
Income Statement and Margin Analysis (%) (FY2020–FY2021)
| Metric | FY2020 | FY2021 |
|---|---|---|
Net income from discontinued operations – automation business (USD Mn) | 91.4 | 140.8 |
Net margin on that basis (%) | 18.0 | 20.7 |
Key Financials and Financial Ratios (x)
| Metric | FY2019 | FY2020 |
|---|---|---|
SSG segment assets (USD Mn) | 259.6 | 296.3 |
SSG asset turnover (revenue / segment assets, x) | 1.72 | 1.72 |
Capital Instruments
| Instrument | Amount (USD Mn) | Tenor | Pricing at issuance | Rating at issuance |
|---|---|---|---|---|
Senior secured revolving credit facility | 175 | Due 2027 | — | — |
First-lien term loan | 900 | 7 years | LIBOR + 325 bp, 0.50% floor, OID 99.5 | B (S&P), B1 (Moody's); recovery rating 3 |
Second-lien term loan | 205 | 8 years | LIBOR + 550 bp, 0.50% floor, OID 99; call protection 102/101 | CCC+ (S&P), Caa1 (Moody's); recovery rating 6 |
Total funded term debt | 1,105 | — | — | — |
“—” = not publicly disclosed.
Financial Analysis
| Ratio | Value | Basis |
|---|---|---|
Adjusted operating margin | 16.3% | FY2020 segment |
Operating margin | 20.4% | LTM to June 2021, transaction disclosure |
Adjusted EBITDA margin | 23.8% | LTM to June 2021, transaction disclosure |
Gross margin | 43.5% | FY2021 |
Segment asset turnover | 1.72x | FY2020 |
Gross funded debt / adjusted EBITDA at close | 7.6x | USD 1,105 M / USD 146 M LTM June 2021 |
Entry EV / LTM revenue | 4.9x | USD 3.0 B / USD 613 M |
Entry EV / LTM adjusted EBITDA | 20.5x | USD 3.0 B / USD 146 M |
Region Overview
| Region | Share of Rorze net sales (%) |
|---|---|
USA | 30 |
Taiwan | 27 |
China | 25 |
Value by Reference
| Reference | Value | Basis |
|---|---|---|
THL entry enterprise value | USD 3.0 B | Headline price, September 2021 |
Entry EV / LTM revenue | 4.9x | USD 613 M revenue, LTM June 2021 |
Entry EV / LTM adjusted EBITDA | 20.5x | USD 146 M adjusted EBITDA, LTM June 2021 |
Entry EV / LTM operating profit | 24.0x | USD 125 M operating profit, LTM June 2021 |
Peer Comparison
| Peer | Metric | Value | Date |
|---|---|---|---|
Entegris | EV / sales | 5.1x (EV USD 16.22 B / FY2025 revenue USD 3.20 B) | December 31, 2025 |
Entegris | P/E (trailing) | 54.2x | December 31, 2025 |
Rorze | P/S | 6.1x | June 2026 |
Rorze | P/B | 5.8x | 2026 |
Rorze | EV / EBITDA | 19.1x | 2026 |
Daifuku | Market capitalisation | USD 15.1 B | February 2026 |
Rating Level Details
| Rating level | S&P Global Ratings | Moody's | Outlook |
|---|---|---|---|
Corporate family / issuer | B | B2 | Stable (both) |
First-lien term loan | B (recovery 3) | B1 | — |
Second-lien term loan | CCC+ (recovery 6) | Caa1 | — |
Debt Facilities
| Facility | Amount (USD Mn) | Maturity |
|---|---|---|
Revolving credit facility | 175 | 2027 |
First-lien term loan | 900 | Seven-year tenor from 2022 funding |
Second-lien term loan | 205 | Eight-year tenor from 2022 funding |
Analyst Conclusions
Management guidance. Not publicly disclosed. Brooks has issued no financial guidance as a private company.
Industry growth expectations. SEMI's mid-year 2026 forecast calls for:
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total equipment sales of USD 165.9 billion in 2026 (+23.2%), rising to USD 229.5 billion in 2028;
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WFE of USD 143.9 billion in 2026 (+23.1%);
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DRAM equipment growth of 39.0% in 2026.
Peer outlooks are similarly constructive. Rorze forecasts FY Feb-2027 sales of JPY 159.0 billion (+23.5%) and operating profit of JPY 38.1 billion. Daifuku guides FY2026 net sales to JPY 700 billion (+5.9%), with semiconductor production-line orders rising significantly. These figures imply a strong demand backdrop for Brooks into 2027.
Bull case
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Operating leverage in an upcycle. In FY2021 the business turned 34% revenue growth into a roughly 20% operating margin and 43.5% gross margin. A 2026–2027 equipment upcycle of 20% or more, with richer contamination-control and advanced-packaging mix, could lift margins above pre-buyout levels and support fast deleveraging from IPO proceeds.
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Contamination control as a secular content story. EUV, 2 nm and 1.4 nm, and HBM raise carrier and reticle cleanliness requirements per wafer start. Brooks' PuroMaxx and GuardianPro franchise, independently cited as holding a dominant share, captures that content directly from fabs regardless of which OEM wins each process step.
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Asian cost base and localisation. The Johor plant (opened January 2026) and the ANT partnership (June 2026) address the two main competitive gaps: Japanese peers' cost advantage and customers' sourcing localisation. That should help defend share and margins in Taiwan and Southeast Asia.
Bear case
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Leverage meets cyclicality. Funded term debt of about USD 1.1 billion was 7.6x adjusted EBITDA at signing. If the IPO is delayed or prices weakly, a turn in memory or logic capex in 2027–2028 could squeeze cash flow, with the revolver maturing in 2027.
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Structurally lower margins than the best peer. Rorze earns about 24% operating margins against Brooks' last disclosed 16–20%. Combined with OEM insourcing and localisation that require licensing payments to local partners (USD 16 million fee plus royalties to ANT), this may cap margin expansion.
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China and geopolitics. China remains the largest equipment market and is constrained by U.S. export controls. Brooks' heavy exposure to Taiwan and Korea adds concentration risk that public investors may discount.
Key catalysts (next 12 months)
Public flip of the S-1: Expected timing: Late 2026 to 1H 2027; What to watch: First audited post-buyout financials (FY2022–FY2026), segment and geographic data, debt balances, customer concentration
IPO pricing and listing: Expected timing: After SEC review; What to watch: Exchange and ticker, valuation against Rorze and Entegris, use of proceeds for debt repayment, THL retained stake
Refinancing: Expected timing: Around the IPO; What to watch: Repayment of the second-lien loan, extension of the 2027 revolver, rating actions
- SEMICON Europa (November 10–13, 2026) and SEMICON Japan (December 9–11, 2026) — Expected timing: Q4 2026; What to watch: New vacuum, EFEM and contamination-control launches; OEM design wins
Johor ramp: Expected timing: 2026–2027; What to watch: Share of production moved to Malaysia; gross-margin effect
ANT agreement implementation: Expected timing: 2026–2027; What to watch: Local FOUP-cleaner deliveries to Taiwanese fabs
TSMC 2 nm and 1.4 nm and HBM capacity additions: Expected timing: 2026–2027; What to watch: Contamination-control and reticle system orders
Expiry of the Azenta non-compete: Expected timing: February 2027; What to watch: Any expansion of lab and sample-storage automation
SEMI year-end 2026 forecast: Expected timing: December 2026; What to watch: Confirmation of 2027 WFE growth
Monitorables. Order intake and backlog, gross margin against the 43.5% FY2021 benchmark, services and spares share, net leverage after the IPO, customer concentration (top-five share), China revenue share and export-licence exposure, R&D intensity against the 7–9% historical range, and the size of the lab and cobot adjacencies.
Analyst verdict. Brooks Automation goes into its planned IPO with a strong industrial franchise and an incomplete public financial record. The franchise is real. Brooks is the largest independent vacuum-robot supplier, with a contamination-control and reticle-management business that has become central to leading-edge fabs, and more than 100,000 systems that keep generating service and spares demand. The last audited numbers, from FY2021, showed a business growing 34% with a roughly 20% operating margin, and THL paid about 20x EBITDA for it at the cycle's 2021 peak.
Four and a half years later, the equipment cycle is stronger than at the time of the buyout. SEMI now expects wafer-fab equipment to grow more than 20% in 2026, and AI, HBM and advanced packaging favour exactly the vacuum-intensive and contamination-sensitive processes where Brooks is strongest. Management has used the private years to fix structural gaps: a lower-cost Asian plant in Johor, a localisation partnership in Taiwan, renewed engineering leadership, and adjacencies in cleanroom cobots and lab automation.
The open questions are financial, and only the public S-1 will answer them. Investors will need to see post-buyout revenue and margins, the remaining debt and interest burden, customer concentration, and China exposure. The key test is whether Brooks can close the gap with Rorze, which earns about 24% operating margins on a debt-free balance sheet. If the filing shows margins at or above the FY2021 level and a credible plan to cut leverage below about 3x with IPO proceeds, Brooks should command a valuation in line with high-quality semiconductor subsystem peers. If margins have stalled near the mid-teens or leverage remains high, the cyclical and geopolitical discounts will weigh heavily. On balance, the industry backdrop and franchise quality support a constructive view, conditional on balance-sheet repair at listing.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Prior roles | Education |
|---|---|---|---|---|
David (Dave) Jarzynka | Chief Executive Officer (CEO of Brooks Automation US LLC) | February 2022 | President of Brooks' semiconductor automation business; SVP and GM, Brooks Semiconductor Solutions Group (from at least 2018); more than 30 years in automation and semiconductors | — |
David (Dave) Pietrantoni | SVP and Chief Financial Officer | February 2022 | More than 20 years at Brooks in finance and operating roles; more than 30 years of finance and operating experience | — |
Robin Vacha | SVP and General Manager, Semiconductor Group | 2024 (joined Brooks 2014) | More than 20 years in robotics and factory automation, focused on technology development and operations | MBA, MIT Sloan; Master of Mechanical Engineering, MIT; BS Mechanical Engineering, Kettering University |
Robert (Bob) Caveney | Chief Technology Enablement Officer | March 2025 (joined Brooks 1983) | Director of Robotics; VP of Robotics; Engineering Fellow leading Advanced Technology; more than 100 patents | Mechanical engineering, University of Massachusetts Lowell; executive programmes, MIT Sloan |
Jessica Wenzell | SVP, Chief Legal and People Officer; executive lead for sustainability | — | SVP, General Counsel, Corporate Secretary and Chief People Officer, CIRCOR International | — |
Firas Almahamid | SVP and Chief Digital and Information Officer | November 2021 | Seven years at Smith+Nephew in global IT leadership | — |
Aimee Peacock | Chief Business Transformation Officer | — | Chief Executive Officer, Flexcon | — |
Ulysses Gilchrist | VP and GM, Vacuum Automation | February 2025 | VP Engineering, New Product Development, Brooks (2024–2025); Head of Engineering and Operations, Volta Labs; COO and VP Engineering, HighRes Biosolutions (2015–2023); earlier Brooks robotics engineering leadership | MIT affiliation |
Elise Hogan | Managing Director, Brooks Automation Australia – Laboratory Automation Solutions | Since the Aim Lab integration (2023) | Aim Lab leadership | — |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change | Context |
|---|---|---|
August 19, 2021 | Jarzynka named CEO-designate of the semiconductor automation company | Planned two-company separation, later replaced by the THL sale |
November 2021 | Firas Almahamid joins as SVP and CDIO | Building standalone IT ahead of the carve-out |
February 2022 | Jarzynka confirmed CEO; Pietrantoni appointed CFO | Completion of the THL acquisition |
| 2024 | Robin Vacha appointed SVP and GM, Semiconductor Group | Semiconductor businesses consolidated under one GM |
February 2025 | Ulysses Gilchrist appointed VP and GM, Vacuum Automation | Returning Brooks robotics veteran from lab automation |
March 2025 | Robert Caveney appointed Chief Technology Enablement Officer | Formalising technology leadership |
Major Shareholders
| Holder | Type | Basis |
|---|---|---|
THL Equity Fund IX and THL Automation Fund (Thomas H. Lee Partners) | Controlling private-equity sponsor | Acquisition announcement and closing, September 2021 and February 2022 |
Temasek (via THL-sponsored co-investment vehicle) | Co-investor | Acquisition financing disclosure, 2021 |
Management | Equity incentive participants | Standard sponsor structure; percentage not publicly disclosed |
Competitive Landscape
Competitors by Segment
| Product area | Competitors | Notes |
|---|---|---|
Vacuum robots and platforms | Kawasaki Heavy Industries; Rorze Corporation; Yaskawa Electric; Daihen; JEL Corporation; Ulvac; in-house platforms at large OEMs (Applied Materials, Lam Research, Tokyo Electron) | Captive OEM insourcing is the main structural competitor |
Atmospheric robots, EFEMs, load ports, sorters | Rorze (and Rorze Systems, Korea); Sinfonia Technology; TDK; Hirata; Kawasaki; Tazmo; Kensington Laboratories; Genmark Automation | Rorze is the most direct listed competitor |
FOUP and pod cleaning, carrier contamination control | Asia Neo Tech (now also a Brooks partner); SEMES; regional Korean, Chinese and Taiwanese makers | Brooks has the strongest position among independent suppliers at leading-edge fabs |
Reticle stockers and reticle management | Murata Machinery; Daifuku; Gudeng Precision (reticle pods and services) | Overlap with AMHS vendors' stocker offerings |
Wafer carriers (adjacent) | Entegris; Shin-Etsu Polymer; Miraial; Gudeng Precision | Carrier makers shape cleaning requirements; Entegris is the scale leader |
Fab-wide AMHS (adjacent) | Daifuku; Murata Machinery; SEMES | Brooks offered AMHS after the 2002 PRI merger but no longer markets fab-wide overhead transport |
Collaborative robots | Universal Robots (Teradyne); FANUC; ABB; Denso | PreciseFlex focuses on lab and cleanroom niches |
Lab and clinical sample automation | Hamilton Company; HighRes Biosolutions; Opentrons; Inpeco; Azenta (sample storage) | PathFinder addresses pre- and post-analytical tube handling |
Peer Comparison FY2025
| Metric | Brooks Automation (FY2021, last disclosed) | Rorze Corporation (FY to Feb 2026) | Entegris (FY2025, Dec YE) | Daifuku (FY2025, Dec YE) |
|---|---|---|---|---|
Revenue | USD 680.1 M | JPY 128.8 B | USD 3,196.6 M | JPY 660.7 B |
Revenue growth | 33.7% | 3.5% | -1.4% | 2.6% |
Gross margin | 43.5% | 40.9% | 44.5% | — |
Operating margin | 16.3% adjusted (FY2020); 20.4% (LTM June 2021) | 24.2% | 15.2% | 15.3% |
R&D intensity | 7.2% | — | 10.2% | About 1.4% (JPY 9.5 B planned R&D for FY2025) |
Main overlap | All of the above | Atmospheric robots, EFEMs, sorters, load ports, vacuum robots | Wafer carriers and contamination | Cleanroom AMHS and stockers |
“—” = not publicly disclosed.
Recent Developments
A footprint-rationalisation and organisational-change programme has been described in industry commentary, but its scope and cost are not publicly disclosed.
