Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Revvity is the rump of the old PerkinElmer — what remains after management sold the Applied, Food and Enterprise Services unit to New Mountain Capital in March 2023, rebranded the company, and pivoted the narrative toward "high-growth, high-margin life sciences and diagnostics." Three years into the new identity, the financials tell a more sober story than the marketing deck. First-quarter 2026 revenue grew 7% year-on-year — but only after benefiting from an extra fiscal week (this is a 53-week year), favorable FX, and acquired revenue. Underlying organic growth is in the low single digits. Gross margin compressed 200 basis points, operating margin slipped to 10.7%, and GAAP earnings remain depressed by roughly $340 million of annual intangible amortization born of two decades of M&A. Charlie and I look at this and see a competent assembly of decent businesses, not a wonderful one.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-05-12), 8-K (2026-05-05), 8-K (2026-05-01).
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