AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Proprietary assets and integrated workflows establish plausible mechanisms, but their effectiveness against substitution is insufficiently demonstrated.
durability · — · The evidence does not establish the duration of competitive protection. Patent expiration and license risks identify possible erosion rather than prove realized failure.
customer dependency · — · Renewals and noncancelable subscriptions establish customer relationships, but do not establish dependence or material costs of replacement across Revvity.
erosion resilience · — · Revenue growth and cost mitigation coexist with diagnostic policy and mix pressures. Their implications for durable competitive protection remain unresolved.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · 2/4 · Pricing actions partly offset gross-margin pressures in both 2023 and 2024, establishing realized benefits. Later adjustments are disclosed, but their magnitude and customer response are absent; strong pricing power is unproven.
retention · 2/4 · Actual software renewals, prepaid service relationships and noncancelable subscriptions support repeat demand. This is indirect operating evidence, without a renewal rate or proof of broad customer dependence.
margin resilience · 2/4 · Productivity limited the 2025 operating-margin decline to 10 basis points despite a 104-basis-point gross-margin decline. Diagnostics experienced greater pressure, and first-half 2026 improvement benefited from tariff refunds and mix. Resilience is mixed and cannot be attributed principally to pricing.
contractual freedom · — · Implemented pricing actions show some practical flexibility, but the passages do not establish contractual rights to reset customer prices or terms. Noncancelability does not establish repricing freedom.
Predictability72
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 15.25
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 8.51
Financial strength31
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 23.98
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 26.08
- currentRatioGrade
- 74.60
- Debt / FCF (x)
- 6.32
- Net debt / operating income (x)
- 6.45
- Interest coverage (x)
- 3.87
- Current ratio (x)
- 1.68
Capital allocation75
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 3.27
- 3-year average dilution (%)
- -2.59
- 3-year average SBC / revenue (%)
- 1.23
- cashConversionGrade
- 88.07
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Completed 2025 repurchases totaled $815.9 million; first-half 2026 repurchases were $86.9 million alongside a $72 million acquisition payment and contingent commitments. First-half operating cash flow rose to $317.8 million, but acquisition returns, repurchase value creation and full funding needs are not established.
incentive alignment · 2/4 · Granted equity incentives, performance-linked vesting, cash-conversion metrics and hedging restrictions support alignment. Discretionary individual bonus uplifts and missing actual ownership evidence limit the assessment. Granted awards are not assumed to have vested.
execution · 2/4 · Reported 2025 revenue growth, limited consolidated operating-margin erosion and improved first-half 2026 operating cash flow support execution indirectly. Diagnostic weakness, increased restructuring charges and refund-assisted gross-margin improvement make the record mixed.
governance · 3/4 · The proxy discloses nine independent directors out of ten, an independent chair, a nonclassified board, majority voting, existing proxy access and restrictions on hedging. These are strong demonstrated governance arrangements, without establishing exceptional long-term effectiveness or adoption of proposed amendments.
Evidence
◦Katalyst D2D® software provides integrated experiment design, planning, execution, and analysis capabilities supporting high-throughput synthesis, process optimization, and preformulation studies.
Business / Katalyst D2D software · Filed 24/02/2026
The software constructs process maps for visualization of impurities at each route stage, stores experimental context and expert interpretations, and enables rapid assessment of impurity control effectiveness.
Business / Luminata software · Filed 24/02/2026
Intellectual Property We own numerous United States and foreign patents and have patent applications pending in the United States and abroad.
Business / Intellectual Property · Filed 24/02/2026
In addition to our patent portfolio, we possess a wide array of unpatented proprietary technology and know-how.
Business / Intellectual Property · Filed 24/02/2026
We believe that patents and other proprietary rights are important to the development of both of our reporting segments, but we also rely upon trade secrets, know-how, continuing technological innovations and licensing opportunities to develop and maintain the competitive position of both of our reporting segments.
Business / Intellectual Property / management assessment · Filed 24/02/2026
Our consolidated gross margin decreased 104 basis points in fiscal year 2025, as compared to fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift, partially offset by the completion of product rebranding efforts in fiscal year 2024.
MD&A / Fiscal 2025 consolidated gross margin · Filed 24/02/2026
Our consolidated operating margin decreased 10 basis points in fiscal year 2025, as compared to fiscal year 2024, due to gross margin headwinds, as discussed above, partially offset by productivity and cost containment initiatives.
MD&A / Fiscal 2025 consolidated operating margin · Filed 24/02/2026
Consolidated Results of Operations Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue Revenue for fiscal year 2025 was $2,856.1 million, as compared to $2,755.0 million for fiscal year 2024, an increase of $101.1 million, or 4%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates.
MD&A / Fiscal 2025 revenue · Filed 24/02/2026
Segment operating margin decreased 194 basis points to 24.2% in fiscal year 2025, as compared to 26.1% in fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift due to China diagnostic testing policy changes.
MD&A / Diagnostics fiscal 2025 operating margin · Filed 24/02/2026
During fiscal year 2025, we repurchased 7,264,299 shares of common stock under the Repurchase Program for an aggregate cost of $695.4 million.
Liquidity and Capital Resources / completed repurchases · Filed 24/02/2026
During fiscal year 2025, we repurchased 1,245,232 shares of common stock under the New Repurchase Program for an aggregate cost of $120.5 million.
Liquidity and Capital Resources / completed repurchases · Filed 24/02/2026
During the six months ended July 5, 2026, the Company repurchased 877,445 shares of common stock under the Repurchase Program for an aggregate cost of $86.9 million.
Note 10 / first-half 2026 completed repurchases · Filed 11/08/2026
Restructuring and other costs, which are included in the selling, general and administrative expenses in the consolidated statements of operations, by segment were as follows: Three Months Ended Six Months Ended July 5, 2026 June 29, 2025 July 5, 2026 June 29, 2025 (In thousands) Life Sciences $ 5,926 $ 1,917 $ 9,155 $ 4,445 Diagnostics 29,582 9,233 37,136 9,368 Corporate — 53 (108) 629 $ 35,508 $ 11,203 $ 46,183 $ 14,442 The following table summarizes the changes in the Company’s accrued restructuring balance for the six months ended July 5, 2026.
Note 4 / restructuring costs · Filed 11/08/2026
As a percentage of revenue, cost of revenue decreased to 44.2% for the six months ended July 5, 2026, from 44.5% for the six months ended June 29, 2025, resulting in an increase in gross margin of 40 basis points to 55.8% for the six months ended July 5, 2026, from 55.5% for the six months ended June 29, 2025, primarily due to tariff refunds and product mix shift.
MD&A / first-half 2026 gross margin · Filed 11/08/2026
Through the established CBP refund process, the Company applied for $20.2 million of refunds and received $16.2 million through July 5, 2026.
MD&A / tariff refunds received · Filed 11/08/2026
Many of the businesses competing with us in these industries have significant financial and other resources to invest in new technologies, substantial intellectual property portfolios, substantial experience in new product development, regulatory expertise, manufacturing capabilities, and established distribution channels to deliver products to customers.
Risk Factors / competing businesses' capabilities · Filed 11/08/2026
37 Table of Contents The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and services we provide.
Risk Factors / patent expiration · Filed 11/08/2026
Third parties have in the past and may in the future also challenge the validity of our issued patents, may circumvent or “design around” our patents and patent applications, or claim that our products, processes or technologies infringe their patents.
Risk Factors / patent challenges and circumvention · Filed 11/08/2026
If we are unable to renew our licenses or otherwise lose our licensed rights, we may have to stop selling products or we may lose competitive advantage.
Risk Factors / loss of licensed rights · Filed 11/08/2026
While we have implemented mitigation strategies including manufacturing optimization, supplier collaboration, pricing adjustments, and temporary cost measures, these actions may not fully offset the impact of existing or future tariffs.
Risk Factors / implemented tariff mitigation · Filed 11/08/2026
The deferred revenue balance is primarily related to the Company’s software as a service offerings, maintenance contracts and prepaid storage arrangements.
Revenue recognition / deferred revenue composition · Filed 11/08/2026
Deferred revenue totaled $239.8 million at July 5, 2026, of which $174.3 million was included in “Accrued expenses and other current liabilities” and $65.5 million was included in “Deferred taxes and other long-term liabilities” in the condensed consolidated balance sheet.
Revenue recognition / July 2026 deferred revenue · Filed 11/08/2026
The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company.
Revenue recognition / remaining performance obligations · Filed 11/08/2026
The remaining performance obligations primarily include noncancelable purchase orders, noncancelable software subscriptions and cloud service contracts and long-term prepaid storage contracts.
Revenue recognition / noncancelable customer contracts · Filed 11/08/2026
(“ACD/Labs”) for $72.0 million in cash paid at closing and up to $8.0 million in contingent consideration to be paid in cash based on the achievement of certain revenue metrics through 2028.
Note 3 / acquisition cash payment and contingent commitment · Filed 11/08/2026
Operating Activities. Net cash provided by operating activities of our continuing operations was $317.8 million for the six months ended July 5, 2026, as compared to $268.4 million for the six months ended June 29, 2025, an increase of $49.4 million.
Liquidity and Capital Resources / operating cash flow · Filed 11/08/2026
Compensation & Benefits; Nominating & Corporate Governance Yes Pascale Witz 59 2017 Founder and President of PWH Advisors Audit; Compensation & Benefits Yes ii Revvity • 2026 Proxy Statement Table of Contents Corporate Governance Highlights The following table summarizes our board structure and key elements of our corporate governance framework: Size of Board Ten Number of Independent Directors Nine Independent Chair Yes Board Self-Evaluation Annual Review of Independence of Board Annual Independent Directors Meet Without Management Present Yes Structure of Board Non-Classified Voting Standard for Election of Directors in Uncontested Elections Majority of Shares Cast Wide Range of Backgrounds, Experiences and Skills Yes Corporate Governance Guidelines Yes Fiscal 2025 Business Highlights We overcame a dynamic market environment throughout 2025, ultimately exceeding our financial targets provided at the beginning of the year.
Proxy / Corporate Governance Highlights · Filed 16/03/2026
In addition to prohibiting trading while in possession of material non-public information, our Securities Trading Policy prohibits all employees and members of our board from engaging in the following types of transactions with respect to our securities: • engaging in “short” sales and “selling against the box”; or • trading in puts, calls, straddles, options or any other form of derivative securities; or • directly or indirectly engaging in hedging or monetization activities with respect to our securities including through purchases of financial instruments (such as prepaid variable forward contracts, equity swaps, collars and exchange funds) or other transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our securities.
Proxy / Securities Trading Policy · Filed 16/03/2026
Half (50%) of the long-term incentive compensation granted to our named executive officers in fiscal 2025 will vest based solely upon the achievement of financial performance metrics.
Compensation Discussion and Analysis / granted 2025 incentives · Filed 16/03/2026
To align the interests of executive officers with shareholders and to support an ownership culture, 100% of the named executive officers’, including the Chief Executive Officer’s, 2025 target long-term incentive compensation opportunity was provided using equity-based vehicles (PRSUs, RSUs and stock options).
Compensation Discussion and Analysis / 2025 equity vehicles · Filed 16/03/2026
The metrics of our 2025 LTIP program are organic revenue growth, free cash flow conversion, and adjusted operating margin expansion.
Compensation Discussion and Analysis / 2025 LTIP metrics · Filed 16/03/2026
Singh $ 1,539,000 124 % $ 1,908,360 125 % $ 2,385,450 155 % Maxwell Krakowiak $ 420,000 124 % $ 520,800 115 % $ 598,920 143 % Joel S.
Compensation Discussion and Analysis / approved 2025 bonuses · Filed 16/03/2026
• Our By-laws provide for proxy access, which permits shareholders, or a group of up to 20 shareholders, owning 3% or more of our outstanding shares of common stock continuously for at least three years, to nominate and include in our proxy materials nominees for director 82 Revvity • 2026 Proxy Statement Table of Contents constituting up to 20% of the board or two directors, whichever is greater, subject to the requirements set forth in our By-laws.
Proxy / existing proxy access rights · Filed 16/03/2026
The decrease in Life Sciences segment revenue was driven by a decrease in instruments and reagents revenue due to pharmaceutical and biotechnology market headwinds, partially offset by an increase in software revenue from the timing of contract renewals and new orders.
MD&A / fiscal 2024 software renewals and new orders · Filed 25/02/2025
Our consolidated gross margin decreased 16 basis points in fiscal year 2024, as compared to fiscal year 2023, primarily due to an unfavorable shift in product mix and higher product costs, partially offset by pricing actions and productivity initiatives.
MD&A / fiscal 2024 realized pricing contribution · Filed 25/02/2025
Our consolidated gross margins decreased 411 basis points in fiscal year 2023, as compared to fiscal year 2022, primarily due to lower revenue from COVID-19 product offerings, and an unfavorable shift in product mix, partially offset by pricing actions.
MD&A / fiscal 2023 realized pricing contribution · Filed 27/02/2024
