RVTY · Revvity
Conviction · Medium · more likely to lead the S&P 500 over the next three months, by a modest margin
Wrong if: a weekly close below $149.35
Note written ·
How this view changed
- · Rating raised from Low to Medium. Results, 3 November 2026: Revvity's third-quarter 2026 report showed Life Sciences pro forma organic revenue up 9%, total pro forma organic growth of 7%, and full-year guidance raised to about 5% organic growth and $5.40-$5.45 adjusted EPS.
Price against the kill line
3.4% clear of its kill line on the 13 November 2026 close.
How to read this
The red mark is the price level of the published kill line: a close through it (a weekly close, on a weekly line) would prove the research note wrong on price. The dot is where the stock closed on 13 November 2026; a dot left of the mark has closed through its line.
The scale is stretched near the line, so close calls are easy to see. More than 8% from the line, the stock reads well clear, with a hollow dot to show the figure is off the drawn scale.
The kill line is the research note's own test. The portfolio sells on business facts, not on a price. How the portfolio decides
Three months against the kill line
Daily closes, to . Red: the kill line, a weekly close below $149.35, set on 12 November 2026; only a weekly close settles it. The shares are up 33.0% since the close; the S&P 500 is down 2.1% over the same sessions. Figures in the note can cover a different window.
Kill line
A weekly close below $149.35, the 50-day average, which would erase the post-report gain and show the shares lagging. A cut to the roughly 5% full-year pro forma organic growth outlook would also prove the call wrong.
Research onlyNot in the portfolio.
Last catalyst
Key figures from the filings · Health Care
Quarter to 4 October 2026, filed 10 November 2026; valuation at the 13 November 2026 close
- Revenue, latest quarter ($M)
- 729
- Revenue, change on a year (%)
- +4.3
- Gross margin (%)
- 57.4
- Operating margin (%)
- 13.1
- Free cash flow, four quarters ($M)
- 591
- Net cash, cash less debt ($M)
- −2,041
- Price to earnings (×)
- 68.1
- Enterprise value to sales (×)
- 6.6
All filed numbers
What Revvity reports to the SEC in its quarterly and annual filings. Each group states its period and filing date once; a figure dated otherwise says so. Built from the filings known on .
| Quarter to | Revenue ($M) | On a year (%) | Gross margin (%) | Operating margin (%) |
|---|---|---|---|---|
| first filed | 729 | +4.3 | 57.4 | 13.1 |
| first filed | 730 | +1.3 | 57.1 | 12.2 |
| first filed | 711 | +7.0 | 54.5 | 10.7 |
| first filed | 772 | +5.9 | — | 14.5 |
| first filed | 699 | +2.2 | 53.6 | 11.7 |
| first filed | 720 | +4.1 | 54.5 | 12.6 |
| Pre-tax income ($M) | 77.7 |
| Net income ($M) four quarters: 253 | 62.3 |
| Diluted shares, change on a year (%) against the quarter to 28 September 2025 | −3.1 |
| Operating cash flow ($M) | 656 |
| Capital spending ($M) | 65.4 |
| Free cash flow ($M) | 591 |
| Cash and short-term investments ($M) | 593 |
| Debt ($M) non-current long-term debt plus current maturities | 2,634 |
| Net cash, cash less debt ($M) | −2,041 |
| Deferred revenue ($M) +5.1% on a year | 236 |
| Backlog, orders not yet delivered ($M) | Not reported |
| Receivables ($M) | 687 |
| Inventory ($M) | 389 |
| Shareholders' equity ($M) | 7,271 |
| Market value ($M) | 17,236 |
| Enterprise value, market value plus net debt ($M) | 19,277 |
| Enterprise value to sales (×) | 6.6 |
| Enterprise value to operating income (×) | 51.8 |
| Price to earnings (×) | 68.1 |
| Price to book value (×) | 2.4 |
| Free-cash-flow yield (%) | 3.4 |
Short interest (FINRA, settled 15 October 2026, published 26 October 2026): 5.7% of shares outstanding sold short, 3.6 days of average trading to cover, +1.4% since the previous report.
| Window | Bought | Sold |
|---|---|---|
| 90 daysfrom | $0 | $1.3M |
| 12 monthsfrom | $0 | $6.0M |
The thesis
Revvity's third-quarter report moved Life Sciences back to growth, and that makes the shares modestly more likely than not to beat the S&P 500 over the next three months. The company reported on 3 November 2026 that Life Sciences revenue was $380 million, up 9% on a pro forma organic basis, after a 3% decline in the second quarter. The Investor Day on 13 November 2026 and the fourth-quarter report decide whether that growth lasts.
Total pro forma organic growth was 7%. Adjusted earnings per share (EPS) were $1.38 against a $1.30 estimate, and revenue of $728.9 million beat a $698.2 million estimate, according to Benzinga. Revvity raised its 2026 outlook to about 5% pro forma organic growth, revenue of about $2.86 billion and pro forma adjusted EPS of $5.40 to $5.45.
The market has priced much of this in. The shares closed at $158.25 on 11 November 2026, up 34.7% over three months. On 4 November 2026 JPMorgan and Goldman Sachs set $160 targets, while TD Cowen set $185, Evercore ISI $180, Barclays $175 and RBC $172. The close sits at the low end of that range.
Bullish and bearish views on Revvity, Inc.
The bull case on Revvity, Inc. (RVTY), in brief: Life Sciences returned to growth. The bear case: Diagnostics slowed sharply.
Bull case
- Life Sciences returned to growth. Revenue was $380 million, up 9% pro forma organic, in the third-quarter release of 3 November 2026. The second-quarter figure was a 3% decline.
- Guidance moved up again. The 3 November 2026 release lifted full-year pro forma organic growth to about 5% from 4–5%, and adjusted EPS to $5.40–$5.45 from $5.30–$5.40. This is the second raise since 4 August 2026.
- Margins widened. Adjusted operating margin was 28.7% on a reported basis and 29.4% pro forma in the third quarter, per the company's 8-K.
- Brokers raised targets after the report. Benzinga reported on 4 November 2026 that TD Cowen (Buy) moved to $185 and Evercore ISI (Outperform) to $180. Goldman Sachs raised its target to $160 from $140, according to fiscal.ai.
- Peers also raised guidance. Danaher reported third-quarter core revenue growth of 3.0% on 21 October 2026 and lifted 2026 adjusted EPS guidance to $8.57–$8.62.
Bear case
- Diagnostics slowed sharply. Third-quarter Diagnostics revenue was $349 million, up 5% pro forma organic, against 11% in the second quarter. Reported revenue fell from $356 million a year earlier, per the 8-K release. Management expects mid-single-digit Diagnostics growth in the fourth quarter, according to company commentary summarised by StockStory.
- Neutral-rated targets sit at the price. JPMorgan (Neutral) and Goldman Sachs both set $160 targets on 4 November 2026, 1.1% above the $158.25 close of 11 November 2026. Barclays and RBC, at $175 and $172, rate the shares Equal-Weight and Sector Perform.
- The shares faded from the report-day high. The intraday 52-week high of $171.74 came on 3 November 2026. The close on 11 November 2026 is 7.9% below it.
- Second-quarter EPS had a one-off. Second-quarter adjusted EPS of $1.41 included about $0.11 from tariff-related refunds, according to the company, so the quarter-to-quarter EPS comparison is flattered.
- Insiders sold into the rise. SEC Form 4 filings show sales under Rule 10b5-1 plans: Tajinder Vohra, 7,330 shares at $140.88 on 16 September 2026; Maxwell Krakowiak, 1,631 shares at $144.53 on 21 September 2026; Anita Gonzales, 84 shares at $155.48 on 1 October 2026.
Price setup
Revvity closed at $158.25 on 11 November 2026. The quoted closes since the report ran from $150.83 on 5 November 2026 to $160.72 on 9 November 2026, so the shares have held a $10 range for a week. The intraday 52-week high of $171.74 on 3 November 2026 marks the top of the move.
The 50-day average is $149.35 and the 200-day average is $113.47, both as of 11 November 2026, from adjusted closes. The lowest close since the report, $150.83 on 5 November 2026, stayed above the 50-day average. The 52-week closing low of $82.26 came on 29 April 2026, and the three-month change is 34.7%.
The shares need to hold that gap above the 50-day average for the post-report gain to stand. A move above the intraday high of $171.74 would take the shares into the range of the Buy-rated targets.
Catalysts ahead
- ~31 December 2026 (est.): Expected closing of the Human Cell Design acquisition. Extends Revvity's metabolic-disease research tools; the company has not disclosed a revenue contribution.
Elapsed catalysts
- 13 November 2026: Revvity Investor Day, 9:00 a.m. ET. Management can set out whether the Life Sciences recovery and AI drug-discovery demand extend beyond one quarter; any multi-year growth or margin targets would be the first since the third-quarter beat. (passed)
What would change the view
A weekly close below $149.35, the 50-day average, which would erase the post-report gain and show the shares lagging. A cut to the roughly 5% full-year pro forma organic growth outlook would also prove the call wrong.
The risks this note tracks, each with what would confirm it:
- The Life Sciences rebound proves to be one quarter of instrument order timing, and growth fades once the backlog ships. Confirmed by: fourth-quarter Life Sciences organic growth below the third quarter's 9%, or management trimming the roughly 5% full-year organic outlook.
- Diagnostics keeps slowing and removes the offset that carried the first half. Confirmed by: Diagnostics organic growth below the mid-single-digit rate management expects for the fourth quarter, or a disclosed change to screening reimbursement.
- The shares already sit at the neutral-rated targets, leaving little room if growth only meets expectations. Confirmed by: further downgrades to Hold, or targets from JPMorgan and Goldman Sachs staying at $160 while the shares trade at or above that level.
- AI adoption erodes Revvity's high-throughput screening business faster than instruments and software grow. Confirmed by: management citing screening declines as a Life Sciences drag at the Investor Day or the fourth-quarter report.
- Higher bond yields compress valuations across richly priced life-science tools stocks. Confirmed by: a joint de-rating of Thermo Fisher, Danaher and Agilent alongside a rise in the 10-year Treasury yield.
- The China immunodiagnostics divestiture stalls before its expected end-2027 close. Confirmed by: an 8-K amending or terminating the agreement, or a change to the disclosed closing timeline.
What it trades with
Revvity trades with the life-science tools group: Thermo Fisher, Danaher, Agilent and Waters. All depend on pharmaceutical research budgets and academic funding. Danaher's 21 October 2026 guidance raise lifted sentiment across the group.
A tools-wide de-rating, driven by higher bond yields or weaker biotech funding, would hit Revvity's richer multiple hardest. The AI drug-discovery angle ties the shares loosely to AI spending sentiment. Diagnostics, 48% of third-quarter revenue on a reported basis ($349 million of $729 million), trades more like medical-technology names.
The evidence, claim by claim (8)
- Q3 2026 reported revenue $729M (pro forma $710M), pro forma organic growth +7%; adjusted EPS $1.38 against a $1.30 estimate and sales of $728.9M against a $698.2M estimate (Benzinga). Q3 2026 earnings release (Form 8-K); Benzinga · as of
- Q3 2026 Life Sciences revenue $380M, +9% pro forma organic (Q2: −3%); Diagnostics revenue $349M, +5% pro forma organic (Q2: +11%). Q3 2026 earnings release (Form 8-K) · as of
- FY2026 guidance raised to about 5% pro forma organic growth (from 4-5%), revenue about $2.86B and pro forma adjusted EPS $5.40-$5.45 (from $5.30-$5.40), excluding China immunodiagnostics. Q3 2026 earnings release (Form 8-K) · as of
- Adjusted operating margin was 28.7% reported and 29.4% pro forma adjusted in the third quarter; GAAP EPS from continuing operations was $0.56. Q3 2026 earnings release (Form 8-K) · as of
- After the report TD Cowen (Buy) raised its target to $185, Evercore ISI (Outperform) to $180, Barclays (Equal-Weight) to $175, RBC (Sector Perform) to $172, JPMorgan (Neutral) to $160; Goldman Sachs raised its target to $160 from $140. Benzinga; fiscal.ai, 4 November 2026 · as of
- Revvity will hold an Investor Day on Friday 13 November 2026 beginning at 9:00 a.m. ET. Q3 2026 earnings release (Form 8-K) · as of
- Anita Gonzales (VP and chief accounting officer) sold 84 shares at $155.48 on 1 October 2026 under a Rule 10b5-1 plan; no later insider sale appears in Form 4 filings through 11 November 2026. SEC Form 4 filed 2 October 2026 · as of
- Revvity filed its 10-Q for the period ended 4 October 2026. SEC EDGAR, Form 10-Q · as of
Sources
- REVVITY, INC. - Form 8-K - FY2026 · sec.gov
- Revvity announces financial results for the third quarter of 2026 · finviz.com
- Revvity (NYSE:RVTY) surprises with strong Q3 2026, stock soars · stockstory.org
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