Picarro, Inc. Overview
Picarro builds ultra-sensitive gas measurement systems around cavity ring-down spectroscopy, a laser technique that began at Stanford. In semiconductor fabs, its analyzers and multiplexed monitoring systems detect airborne molecular contaminants at parts-per-trillion levels in seconds, helping operators protect yield and lithography tools. The same platform serves natural gas utilities, where vehicle-mounted detection and analytics support leak management; industrial sites that must measure ethylene oxide and other hazardous air pollutants; and scientists who track greenhouse gases and stable isotopes. The company has moved from selling instruments toward selling measurement, software and managed compliance together. It remains private and discloses no financial statements. Its strongest public evidence lies in customer commitments such as the Italgas agreement running through 2031, utilities representing over 30% of global gas distribution networks, and independent German field testing in 2026. Semiconductor monitoring is a strategic but smaller public part of its story.
Sources disagree on the founding year, giving 1997, 1998, 2001 and 2002. The 1998 date is the best supported, and 2002 is the year of the first institutional funding round.
Picarro designs, manufactures and supports precision gas analyzers based on CRDS, then wraps them in sampling hardware, software, analytics and service. Its website describes it as a provider of enhanced optical spectroscopy solutions delivering "timely, trusted, and actionable data". Picarro publishes no annual report, so its website and press materials are the closest equivalent to a corporate self-description.
The company names four customer groups. Scientists measure greenhouse gases and stable isotopes. Facility operators use its monitoring for compliance and workplace safety. Natural gas utilities use Network Intelligence solutions to improve safety and reduce emissions. Semiconductor manufacturers build its instruments into production to control cost and improve yield.
An independent reading is that Picarro is one technology platform sold through several regulated or yield-critical end-markets. CRDS measures how quickly light decays inside a mirrored optical cavity, which gives high sensitivity and specificity. Each vertical then adds its own integration layer: multiport samplers for fabs, vehicles and geospatial software for utilities, continuous emissions and fenceline systems for industry, and peripherals for laboratories.
Revenue model. The product, service, subscription and licensing mix is not publicly disclosed, although the disclosed commercial forms show recurring elements.
Instrument and system sales: Evidence: Analyzers, SAM and SLiM systems, peripherals, webstore; Character: Capital sale, typically one-time
Annual service plans: Evidence: Essential, Commercial, Premium and Premium-PI5000 plans (flyers, September 2026); Character: Recurring
Managed services: Evidence: Three-year PG&E managed services contract for six units (2012); EtO managed-service suite; Character: Multi-year, recurring
Software and analytics: Evidence: P-Cubed, Emissions360, Picarro Link; Character: Software-linked; pricing not publicly disclosed
Compliance-as-a-service: Evidence: Program launched by the industrial environmental business; Character: Recurring, outcome-oriented
Government sales: Evidence: GSA Schedule listing; USD 3.34M of federal obligations across FY2024 to FY2026; Character: Project-based
Value chain position. Picarro sits between photonics and component suppliers on one side and fabs, utilities, regulated facilities and laboratories on the other. In semiconductors it is a fab-infrastructure metrology supplier rather than a process-tool maker. Its SAM marketing stresses that no third-party integrator is required. That removes a layer competitors often leave to system integrators.
Customer types and end-markets.
Semiconductor fabs: Customers: Fab engineering and facilities teams; STMicroelectronics' Rousset fab is a documented deployment; Purchase driver: Wafer yield, lithography protection, faster excursion response
Natural gas distribution: Customers: Italgas, PG&E, Cadent, Netz Niederösterreich, SGN; Purchase driver: Safety, regulation, emissions, capital planning
Sterilization and chemical sites: Customers: Commercial sterilizers such as Steri-Tech; chemical manufacturers; Purchase driver: EPA rules, workplace exposure, community risk
Pharmaceutical manufacturing: Customers: Regulated aseptic operations; Purchase driver: VHP control, data integrity, audit readiness
Science and government: Customers: NOAA, EPA and USDA facilities; universities; air-quality agencies; Purchase driver: Measurement accuracy, long-term stability
Strategy
Picarro has not published an annual report or investor-day strategy, so its aims must be read from its statements and actions. Its strategy has five themes.
-
From measurement to intelligence. Picarro now uses the phrase "hardware-enabled software excellence" for a model that combines instruments, analytics and operational workflows. In gas, the corresponding message is the move from leak detection to Network Intelligence.
-
Reactive to proactive compliance. The company argues that continuous measurement lets operators prevent exceedances rather than simply report them. Its Fenceline Solution and managed services embody this approach.
-
Move into adjacent regulated markets. The sequence has run from science to gas, EtO, pharmaceuticals, chemical fencelines and now oil and gas. Picarro calls oil and gas a stated strategic priority.
-
Move up the semiconductor stack. The product line has progressed from single analyzers to multiport systems and then to VOC monitoring in lithography tools.
-
Earn enterprise-level trust. Picarro added information-security certifications and SOC 2 reporting in 2025, which matter for cloud software sold to critical infrastructure operators.
Italgas Master Agreement: Date: Aug 2024; Scope: Eight-year fleet renewal across the Italgas Group; Status: In force through 2031
Handheld and closed-loop leak management: Date: Sep 2024; Scope: Field investigation tied to survey data; Status: Commercial
Sterilization compliance initiative: Date: Jan 2025; Scope: Expanded support ahead of EPA's rule; Status: Exposed to EPA reconsideration
AST partnership: Date: Jan 2025; Scope: Process optimization and EtO compliance; Status: Active
PI5131-i launch: Date: Apr 2025; Scope: Field and laboratory N2O isotope analysis; Status: Commercial
GTI Energy Veritas extension: Date: Jun 2025; Scope: Credible methane emissions reporting; Status: Active
Cadent deployment: Date: Aug 2025; Scope: Deployment throughout the UK's largest gas distribution network; Status: Rollout terms not publicly disclosed
Italgas expansion after 2i Rete Gas: Date: Sep 2025; Scope: Extension to acquired network; Status: Active
P-Cubed Mobile: Date: Oct 2025; Scope: Field app for leak investigations; Status: Commercial
Security certifications: Date: Nov 2025; Scope: ISO/IEC 27001:2022, 27017, 27018 and SOC 2 Type 2; Status: Complete
Fenceline Solution: Date: Jan 2026; Scope: Real-time hazardous pollutant monitoring; Status: Early commercial stage
Oil and gas expansion: Date: Jan 2026; Scope: New commercial and product leadership; Status: Early stage
PI2124 launch: Date: Mar 2026; Scope: Pharmaceutical VHP monitoring with compliance software; Status: Commercial
Sustainability commitments, cost programmes and medium-term financial targets are not publicly disclosed. Management issues no guidance.
Products & Services
Picarro publishes no list prices for its systems. Selected analyzers and accessories are sold through its webstore and GSA channels.
Semiconductor
| Product | Measures or function | Key capability | Launch / version |
|---|---|---|---|
| SI2103 | NH3 | Real-time analyzer for AMC monitoring | Year not publicly disclosed |
| SI2104 | H2S | Used alone or within SAM systems | Year not publicly disclosed |
| SI2108 | HCl | Used alone or within SAM systems | Year not publicly disclosed |
| SI2205 | HF | Used alone or within SAM systems | Year not publicly disclosed |
| SI2306 | HF and NH3 | Dual-species analyzer | Manual revised 2026 |
| SI3401 | NH3, HF and HCl | Three key AMC species on one analyzer | Datasheets dated 2023 |
| SI5450 | SO2 | Down to 350 ppt, response under 30 seconds | Launched after SAM-C |
| SAM-S | Integrated AMC system | Up to 16 sampling locations, up to two analyzers; optional UPS for mobile use | Launched March 2020 |
| SAM-C | Integrated cleanroom AMC system | 24 or 32 ports, up to four analyzers, 100+ m inlet lines | Launched September 2021 |
| SLiM 100 | Lithography process tool monitoring | 10 organic compounds to 1 ppb; can add ppt-level inorganic analyzers | Launched March 2023 |
The target users are fab engineers and facilities managers at advanced fabs. Picarro's main technical claim for SAM is a patent-pending non-linear multiplexer. It is intended to preserve high flow, limit cross-port contamination and shorten detection time compared with traditional linear manifolds.
Natural Gas
| Product | Description | Target customer | Launch / version |
|---|---|---|---|
| Advanced Mobile Leak Detection (Surveyor lineage) | Vehicle system with high-precision methane and ethane measurement, wind data and analytics | Gas distribution operators | First utility use 2012 |
| Portable Systems (G-43xx) | Portable leak measurement covered by Picarro's patent marking | Field crews | Year not publicly disclosed |
| Picarro Handheld | Leak investigation with closed-loop leak management | Field technicians | September 2024 |
| P-Cubed and P-Cubed Mobile | Investigation and enterprise leak workflow; native mobile app | Field and asset teams | Mobile app October 2025 |
| Emissions360 | Methane emissions measurement and reporting software | Emissions and regulatory teams | Top Product award April 2025 |
| Network Intelligence | GIS-centric view for maintenance, safety and capital decisions | Utility management | Current positioning |
| Survey services | Advanced leak surveys, including UK work for SGN | Utilities | Ongoing |
EtO, Fenceline and Workplace Monitoring
| Product | Description | Target customer | Launch / version |
|---|---|---|---|
| G2910 | EtO analyzer for CEMS, stack testing and indoor air quality | Sterilizers, industrial sites | Family announced April 2020 |
| G2920 | Ambient EtO analyzer for background sites, fencelines and communities | Regulators, industrial operators | June 2021 |
| Ambient Air Monitoring System for EtO | G2920 plus Zero Reference Module for automated ppt-level monitoring | Community and fenceline networks | August 2022 |
| PS-19 CEMS and managed service suite | CEMS, workplace, fenceline and mobile monitoring | Commercial sterilizers | Aligned to the 2024 rule |
| Fenceline Solution | BB-CRDS, mobile monitoring and cloud analytics for benzene, 1,3-butadiene, chloroprene, EtO, ethylene dichloride, vinyl chloride and other VOCs | Chemical and oil and gas sites | January 2026 |
| Picarro Link | Cloud compliance tools including corrective-action tracking, EPA reporting via CEDRI and 30-day exceedance forecasting | Environmental managers | January 2026 |
| Workplace Monitoring | End-to-end system with scalable architecture and spectral library | Industrial health and safety teams | Year not publicly disclosed |
Analytical Instruments
| Product | Measures or function | Category |
|---|---|---|
| G2301 | CO2, CH4, H2O | Greenhouse gas |
| G2401 | CO, CO2, CH4, H2O | Greenhouse gas |
| G2401-m | CO, CO2, CH4, H2O, in flight | Airborne greenhouse gas |
| G2508 | N2O, CH4, CO2, NH3, H2O | Greenhouse gas |
| G2509 | Same species as G2508, with a flow path optimized for ammonia | Greenhouse gas |
| PI5310 | N2O, CO, 13CO2 (launched April 2024) | Greenhouse gas |
| G2204 | CH4, H2S | Hazardous air pollutants |
| G2307 | H2CO, CH4, H2O | Hazardous air pollutants |
| PI2103 | NH3 | Hazardous air pollutants |
| PI2124 | H2O2, continuous VHP measurement to 3 ppb (launched March 2026) | Pharmaceutical |
| G2201-i | δ13C in CH4 and CO2 | Isotope |
| G2131-i | δ13C in CO2 | Isotope |
| L2130-i | δ18O and δ2H in water | Isotope |
| L2140-i | δ18O, δ17O, δ2H and 17O-excess | Isotope |
| PI5131-i | δ15N, site-specific δ15N and δ18O in N2O (launched April 2025) | Isotope |
| A0340 / A0211 | Autosampler and vaporizer | Water peripheral |
| A0214 | Micro-combustion module removing organics | Water peripheral |
| A0201 | Combustion module for solids and liquids | Carbon peripheral |
| A2100 | Caddy continuous-flow interface | Carbon peripheral |
| A0344 | SAGE gas autosampler | Carbon peripheral |
| A0701 / A0702 | Closed-system measurement for small samples | Carbon peripheral |
| A0311 / A0311-s | 16-port manifolds, including a version for reactive compounds | General peripheral |
Financial Narrative
Picarro does not publish an income statement, balance sheet or cash flow statement. Revenue, gross profit, operating income, EBITDA, net income, EPS, assets, debt, equity, cash flows and all return and liquidity ratios are not publicly disclosed. No dividends or buybacks are publicly reported.
Commercial estimates of revenue span too wide a range to anchor analysis: USD 36.7M (Datanyze), USD 50M to 100M (Terra.do) and USD 250M to 500M (LeadIQ). None is company-confirmed. As a cross-check, TOFWERK reported about USD 40M of 2025 revenue on 130 employees, or roughly USD 0.31M per head. The same productivity on 312 staff would give about USD 96M. This is an illustration only, but it makes the top aggregator range look unlikely.
The hard public data are funding and federal purchasing.
These rounds total about USD 71.6M, which matches PitchBook. Sources differ on labels, with Global Venturing calling the 2002 round a Series B, while PitchBook calls it a Series A. Sources also differ on whether the 2012 Japanese investor was NTT Finance or NTT Electronics.
Federal obligations fell 83% from FY2024 to FY2026, on GovTribe data using US government fiscal years. The figures are too small to indicate company-wide demand, but they point to softer direct federal purchasing and a limited dependence on that channel.
The capital record has one clear implication. Picarro raised only about USD 7M of institutional equity in the 17 years between 2004 and the 2022 Italgas deal, while it built a global utility business and multiple product lines. In 2012 its CEO described the company as profitable and growing. Both facts suggest it has been funded largely by operations for long stretches, but current profitability is not publicly disclosed. The USD 3.5M PPP loan in April 2020 shows it also used pandemic relief.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Business Verticals
| Vertical | Contents | Named products and services | Disclosed leader |
|---|---|---|---|
Semiconductor | AMC and chemical contamination monitoring for fabs | SI Analyzers, SAM-S, SAM-C, SLiM 100 | — |
Natural Gas | Leak survey, emissions measurement and reduction, pipe replacement analytics | Vehicle systems, P-Cubed, Picarro Handheld, Emissions360 | Francois Rongere, VP Gas |
EtO and Fenceline Monitoring | Stack, workplace, fenceline and mobile compliance monitoring | G2910, G2920, Fenceline Solution, Picarro Link | Dave Miller, Chief Strategy Officer, led its creation |
Analytical Instruments | Research, air quality, agriculture, food and pharmaceutical analyzers | G2000 and PI series, isotope analyzers, peripherals | Milos Markovic, VP Analytical Instruments |
“—” = not publicly disclosed.
Balance Sheet
| Metric | 2002 | 2003 | 2004 | 2012 | 2022 |
|---|---|---|---|---|---|
Equity raised by round (USD Mn) | 22 | 12.5 | 15.05 | 7 | 15 |
Round | Date | Amount | Investors | — | — |
First institutional | Jun 2002 | USD 22M | Benchmark, Greylock, Skymoon, Staenberg, Weston Presidio | — | — |
Follow-on | May-Jun 2003 | USD 12.5M | Not publicly disclosed by round | — | — |
Series C | Dec 2004 | About USD 15M | Duff Ackerman & Goodrich, Benchmark, Greylock, Skymoon | — | — |
Series D | Jul 2012 | USD 7M | Focus Ventures, DAG Ventures, NTT, Mingxin China Growth Fund | — | — |
Strategic minority | Mar 2022 | USD 15M | Italgas S.p.A. | — | — |
Key Financials
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
US federal contract obligations (USD Mn) | 2.14 | 0.84 | 0.36 |
Region Overview
| Region | Direct presence | Evidence of demand | Main drivers |
|---|---|---|---|
North America | Santa Clara HQ | PG&E, EPA-linked sterilizer and chemical monitoring, federal laboratories | Safety regulation, air toxics rules, research |
Europe | Eindhoven, Geneva | Italgas, Cadent, Netz Niederösterreich, SGN, DVGW testing | EU Regulation 2024/1787, national safety practice |
Asia-Pacific semiconductor corridor | Hwaseong, Zhubei, Beijing | Korean and Taiwanese support offices; distributors in Japan, Korea, Taiwan and China | Advanced-node AMC control |
India | Bangalore | Local company and distributor | Commercial and engineering roles not publicly disclosed |
Rest of world | Distributors | Partners across Latin America, Israel, Türkiye, South Africa and Oceania | Research and environmental monitoring |
Marker Details
| Marker | Value |
|---|---|
Italgas cash consideration (Mar 2022) | USD 15M |
Stake at 31 Dec 2022 | 6.00% |
Implied equity value | About USD 250M |
Listed Peer Details
| Listed peer | Date | Market cap (USD Bn) | EV (USD Bn) | EV/Sales (x) | P/E (x) |
|---|---|---|---|---|---|
Entegris | 31 Dec 2025 | 12.77 | 16.22 | 5.1 | 54.2 |
Analyst Conclusions
Management guidance. Picarro gives no public financial guidance, and no sell-side consensus exists. Qualitative signals point to continued European gas growth, expansion into chemicals and oil and gas, and steady product refreshes.
Bull case.
-
European regulation turns mobile leak detection into standard practice. Picarro enters that shift with Italgas through 2031, Cadent, and FaMeGQ qualification without limitations.
-
Advanced nodes raise the value of fast contamination response. SAM and SLiM could gain share as fabs move from periodic testing to continuous monitoring across more compounds and tools.
-
Software and managed services raise recurring revenue. If so, Picarro would merit a valuation more like an industrial data platform than a pure instrument maker.
Bear case.
-
EPA completes its rollback and HON requirements soften, removing the urgency behind recent EtO and fenceline investment.
-
Mass spectrometry wins the broad-spectrum AMC role in fabs, especially under Bruker's ownership, leaving CRDS as a narrower solution for acids and bases.
-
Lack of disclosure conceals concentration or weak margins, and a small capital base limits Picarro's ability to fund several verticals at once.
Key catalysts and monitorables, next 12 months:
Final EPA EtO rule: Why it matters: Determines remaining mandated monitoring demand
HON reconsideration proposal or final action: Why it matters: Determines the Fenceline Solution's market size
EU methane implementation changes: Why it matters: Sets timing for network surveys
Follow-on utility awards after FaMeGQ: Why it matters: Tests whether German results convert into contracts
First named oil and gas or chemical customers: Why it matters: Validates the 2026 strategy
New semiconductor launch or named fab customer: Why it matters: Shows continuing investment in the vertical
Italgas 2026 annual report: Why it matters: May update stake or valuation information
Financing, sale or IPO signals: Why it matters: Would provide the first current valuation evidence
Analyst verdict. Picarro is best understood as a mature specialist that is still priced and governed like a venture-backed company. Nearly three decades after its founding, it has built something rare in analytical instrumentation: a sensor platform trusted across semiconductor fabs, gas utilities, regulators and leading research groups. The evidence for product quality is strong. The FaMeGQ outcome, the Italgas programme and the EPA method validation all come from demanding settings, and each ties Picarro to real operational or compliance use.
The evidence for financial quality is missing. Revenue, margin and cash generation are not publicly disclosed, and revenue estimates differ by more than tenfold. The USD 250M implied valuation from 2022 is the only hard reference and may no longer reflect the business. Modest fundraising suggests operational discipline, but that remains an inference.
From a semiconductor supply-chain perspective, Picarro is a credible, differentiated AMC specialist with strength in real-time inorganic monitoring and a logical extension into lithography VOCs. However, recent corporate energy is more visibly focused on gas, chemicals and oil and gas. Bruker's move on TOFWERK and Tiger Optics' multi-species analyzers suggest that the fab segment will become more contested. Picarro will need to keep investing in both sensitivity and compound coverage.
The most important near-term variable is regulation. Europe offers the best structural tailwind, while the US compliance market has become much less certain. The next year should reveal how far the company can convert technical wins into recurring software and service relationships. On balance, Picarro's competitive position is strong, its strategy is coherent and its financial profile remains unproven. A lasting positive view requires disclosed evidence of recurring revenue, margin strength and sustained commitment to semiconductors.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles | Education |
|---|---|---|---|---|
Alex Balkanski | President and CEO | CEO since Nov 2013; earlier a director | Managing partner at Benchmark; founder and CEO of C-Cube Microsystems; led DiviCom | PhD, MS and BS, Harvard |
Colin Ward | Chief Operating Officer | Start date not publicly disclosed | Business Unit CEO at Siemens Energy; senior roles at ABB, Schneider Electric and Raytheon | — |
Dave Miller | Chief Strategy Officer | VP New Market Strategy as of Jan 2026 | Built Picarro's industrial environmental business and compliance-as-a-service program | — |
Haavard Oestensen | Chief Commercial and Product Officer | Since Jan 2026 | Chief Commercial Officer, Kongsberg Digital | Executive MBA, Rice; BS Computer Engineering, Sor-Trondelag University College |
Milos Markovic | VP, Analytical Instruments | — | — | — |
Sean MacMullin | VP, Customer Success | — | — | — |
Francois Rongere | VP, Gas | — | Head of R&D and Innovation for Gas Operations, PG&E | MS Mechanical Engineering, Institut National Polytechnique de Grenoble |
Ajay Nahata | VP, Hardware Engineering | — | — | — |
“—” = not publicly disclosed.
Executive Leadership Team by Director
| Director | Listed role | Likely connection to Picarro |
|---|---|---|
Alex Balkanski | President and CEO | Management |
Paolo Gallo | CEO, Italgas | Shareholder and largest publicly named customer |
Nick Stavropoulos | President and COO (retired), PG&E | Utility industry; led PG&E gas operations during its Picarro rollout |
Lori Staffin Traweek | COO (retired), American Gas Association | Utility industry |
John J. Cadeddu | Partner, Duff Ackerman & Goodrich | Long-term investor |
Howard P. Lukens | Former Chief Sales and Marketing Officer, QuantumScape | Independent commercial experience |
Roger Evans | General Partner, Greylock | Long-term investor |
Dr. Siva Sivaram | President, QuantumScape | Technology and manufacturing experience |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Feb 2020 | Sumeet Singh joined as Executive Officer for the Energy Division | PG&E veteran added; he is not on the current leadership page |
Mar 2022 | Paolo Gallo joined the board | Followed Italgas's USD 15M investment |
Jan 2026 | Haavard Oestensen appointed Chief Commercial and Product Officer | Coincided with oil and gas expansion |
Jan 2026 onward | Dave Miller's listed title changed from VP New Market Strategy to Chief Strategy Officer | Strategy role elevated |
Date not publicly disclosed | Colin Ward listed as Chief Operating Officer | Added heavy-industry operating experience |
Major Shareholders
| Holder | Stake (%) | Basis |
|---|---|---|
Italgas S.p.A. | 6.00 | Italgas Integrated Annual Report 2022, Annex, at 31 December 2022, measured at fair value |
Competitive Landscape
Key Competitors
| Competitor | Vertical | Competing technology or offer | Relative positioning |
|---|---|---|---|
Particle Measuring Systems (Spectris) | Semiconductor | AirSentry II ion mobility AMC monitors and facility software | Broad contamination-monitoring presence |
Process Insights (Tiger Optics) | Semiconductor | T-I Max and T-I Max X3 CRDS AMC monitors | Most direct technology rival for HF, NH3 and HCl |
TOFWERK (Bruker) | Semiconductor | Vocus CI-TOF real-time mass spectrometry | Broader compound coverage; now backed by Bruker |
Pfeiffer Vacuum | Semiconductor | Clean room AMC mass-spectrometry monitoring and multi-port control | Vacuum-industry incumbent |
Horiba | Semiconductor | AMC monitoring systems | Strong Asian fab relationships |
Syft Technologies | Semiconductor | Direct-injection mass spectrometry | Real-time VOC alternative |
Ametek Mocon | Semiconductor | Gas analysis and AMC monitoring | Diversified instrument group |
IONICON | Semiconductor | PTR mass spectrometry | Specialist VOC competitor |
Teledyne API | Semiconductor | Air monitoring instrumentation | Environmental monitoring base |
WITHTECH, Neotop, MIRO Analytical | Semiconductor | AMC monitors and laser spectrometers | Regional or emerging challengers |
ABB (LGR) | Gas, science | MobileGuard, MicroGuard, OA-ICOS analyzers | Main rival in mobile leak detection |
Heath Consultants | Gas | RMLD and leak survey instruments | Incumbent field-tool supplier |
LI-COR | Science | Trace gas and flux instruments | Established research supplier |
Canister-based lab testing | EtO, HON | EPA TO-15A and Method 327 based sampling | Lower capital cost, but delayed results |
Peer Comparison FY2026
| Company | Revenue (USD Mn) | YoY growth (%) | Gross margin (%) | Operating margin (%) | R&D (% of revenue) |
|---|---|---|---|---|---|
Entegris | 3,197 | -1.4 | 44.4 | 14.3 | 10.3 |
Bruker | 3,440 | 2.1 | 45.9 | 2.0 | — |
TOFWERK (part of Bruker) | 40 | — | — | — | — |
“—” = not publicly disclosed.



