olivLaw · US equity research
AMETEK, Inc. AME
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
AMETEK (NYSE: AME) is a global maker of electronic instruments and electromechanical devices. In fiscal 2025 net sales were 7401.1 million USD, up 6.6%, and diluted EPS was 6.40 USD. In the second quarter of 2026 sales rose 15.0% to 2044.4 million USD and orders rose 28.2%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, AMETEK, Inc. (AME) stock was 237.09 USD (−4.62% on the day), with market capitalisation 54.4 bn USD, P/E 33.4 on diluted EPS of 7.09 USD over the last 12 months, dividend yield 0.29%, beta 0.86, 52-week range 189.90–258.52 USD. Latest reported quarter (Q3 2026): revenue of 2.2 bn USD (+17.3% YoY), net income of 426.3 m USD (+14.8% YoY), diluted EPS 1.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 237.83 – 254.31
- below the lower band · %B -0.04 · band width 6.7%
- SMA 50 / 200
- 243.55 / 234.63
- mixed trend
- MACD (12, 26, 9)
- -0.77 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.9% | −1.1% | −4.8 pp | — |
| 3 months | −6.9% | −0.5% | −6.5 pp | — |
| 6 months | −1.8% | +4.4% | −6.2 pp | — |
| Year to date | +15.5% | +12.3% | +3.2 pp | — |
| 1 year | +19.7% | +13.5% | +6.2 pp | +27.8% |
| 3 years | +65.0% | +76.4% | −11.4 pp | +5.2% |
| 5 years | +68.2% | +63.7% | +4.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn | 1.9 bn | 2.0 bn | 2.2 bn |
| Cost of revenue | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.4 bn |
| SG&A | 175.8 m | 170.2 m | 174.3 m | 197.8 m | 214.9 m | 202.6 m | 206.8 m | 225.5 m |
| Operating income | 469.0 m | 454.8 m | 461.6 m | 488.4 m | 505.5 m | 514.9 m | 528.2 m | 584.9 m |
| Depreciation & amortisation | 95.9 m | 106.4 m | 107.7 m | 103.1 m | 105.7 m | 105.5 m | 105.9 m | 115.6 m |
| Interest expense | 22.0 m | 19.0 m | 16.9 m | 22.5 m | 22.9 m | 20.9 m | 30.1 m | 39.8 m |
| Pre-tax income | 444.4 m | 434.2 m | 442.2 m | 448.0 m | 474.0 m | 493.0 m | 492.4 m | 521.9 m |
| Income tax | 57.1 m | 82.5 m | 83.8 m | 76.5 m | 75.4 m | 93.6 m | 85.5 m | 95.6 m |
| Net income | 387.3 m | 351.8 m | 358.4 m | 371.4 m | 398.6 m | 399.4 m | 406.9 m | 426.3 m |
| Diluted EPS | 1.67 ≈ | 1.52 | 1.55 | 1.60 | 1.73 ≈ | 1.74 | 1.77 | 1.85 |
| Operating cash flow | 550.0 m | 417.5 m | 359.1 m ≈ | 440.9 m ≈ | 584.3 m | 451.5 m | 483.7 m ≈ | 560.6 m ≈ |
| Capex | 51.7 m | 23.1 m | 29.3 m ≈ | 20.9 m ≈ | 57.0 m | 25.5 m | 32.0 m ≈ | 33.2 m ≈ |
| Dividends paid | 64.7 m | 71.5 m | 71.5 m ≈ | 71.4 m ≈ | 71.0 m | 77.8 m | 77.9 m ≈ | 77.9 m ≈ |
| Share repurchases | 144.0 m | 18.0 m | 111.0 k ≈ | 145.5 m ≈ | 270.4 m | 27.9 m | 165.0 k ≈ | 146.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 44-quarter history (min 17.7, median 27.3, max 36.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 bn | 5.2 bn | 4.5 bn | 5.5 bn | 6.2 bn | 6.6 bn | 6.9 bn | 7.4 bn |
| Revenue YoY | +12.7% | +6.5% | −12.0% | +22.2% | +10.9% | +7.3% | +5.2% | +6.6% |
| Net income | 777.9 m | 861.3 m | 872.4 m | 990.1 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn |
| Net income YoY | +14.2% | +10.7% | +1.3% | +13.5% | +17.1% | +13.3% | +4.8% | +7.6% |
| Diluted EPS | 3.34 | 3.75 | 3.77 | 4.25 | 5.01 | 5.67 | 5.93 | 6.40 |
| Diluted EPS YoY | +13.6% | +12.3% | +0.5% | +12.7% | +17.9% | +13.2% | +4.6% | +7.9% |
| net % | 16.1% | 16.7% | 19.2% | 17.9% | 18.9% | 19.9% | 19.8% | 20.0% |
| Free cash flow | 843.4 m | 1.0 bn | 1.2 bn | 1.0 bn | 1.0 bn | 1.6 bn | 1.7 bn | 1.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 458.0 m USD
- Financial debt
- 2.3 bn USD
- Net debt
- 1.8 bn USD
- Equity
- 10.6 bn USD
- Total assets
- 16.1 bn USD
- Debt / equity
- 0.21x
- Current ratio
- 1.06x
- ROE
- 14.6%
- ROA
- 9.6%
- FCF margin
- 22.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 5.5 bn | 6.2 bn | 6.6 bn | 6.9 bn | 7.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 3.0 bn | 3.6 bn | 4.0 bn | 4.2 bn | 4.5 bn | 4.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 1.5 bn ≈ | 1.9 bn ≈ | 2.1 bn ≈ | 2.4 bn ≈ | 2.5 bn ≈ | 2.7 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Research & development | 158.9 m | 194.2 m | 198.8 m | 220.8 m | 236.6 m | 236.1 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 515.6 m | 603.9 m | 644.6 m | 677.0 m | 696.9 m | 757.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 1.0 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 255.3 m | 292.1 m | 319.4 m | 337.6 m | 382.9 m | 422.8 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 1.3 bn ≈ | 1.6 bn ≈ | 1.8 bn ≈ | 2.0 bn ≈ | 2.2 bn ≈ | 2.3 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 86.1 m | 80.4 m | 83.2 m | 81.8 m | 113.0 m | 81.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 1.1 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 209.9 m | 233.1 m | 269.2 m | 293.2 m | 285.4 m | 318.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 872.4 m | 990.1 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 3.77 | 4.25 | 5.01 | 5.67 | 5.93 | 6.40 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 231.2 m | 232.8 m | 231.5 m | 231.5 m | 232.2 m | 231.3 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 346.8 m | 345.4 m | 409.8 m | 374.0 m | 458.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 559.2 m | 769.2 m | 1.0 bn | 1.1 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 2.5 bn | 2.1 bn | 2.5 bn | 2.8 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 526.5 m | 617.1 m | 635.6 m | 891.3 m | 818.6 m | 855.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 4.2 bn | 5.2 bn | 5.4 bn | 6.4 bn | 6.6 bn | 7.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.6 bn | 3.4 bn | 3.3 bn | 4.2 bn | 3.9 bn | 4.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 10.4 bn | 11.9 bn | 12.4 bn | 15.0 bn | 14.6 bn | 16.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 360.4 m | 470.3 m | 497.1 m | 516.6 m | 523.3 m | 618.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 132.3 m | 315.1 m | 226.1 m | 1.4 bn | 654.3 m | 1.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 2.3 bn | 2.2 bn | 2.2 bn | 1.9 bn | 1.4 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.6 bn | 1.6 bn | 2.9 bn | 2.1 bn | 2.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 4.4 bn | 5.0 bn | 5.0 bn | 6.3 bn | 5.0 bn | 5.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 5.9 bn † | 6.9 bn † | 7.5 bn † | 8.7 bn † | 9.7 bn † | 10.6 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.2 bn | 1.1 bn | 1.7 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 74.2 m | 110.7 m | 139.0 m | 136.2 m | 127.1 m | 130.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 1.2 bn ≈ | 1.0 bn ≈ | 1.0 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | 61.6 m | -2.1 bn | -552.8 m | -2.4 bn | -244.8 m | -1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -539.4 m | 39.3 m | -575.7 m | 697.3 m | -1.6 bn | -686.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 165.0 m | 184.6 m | 202.2 m | 230.3 m | 258.8 m | 285.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 4.7 m | 14.7 m | 332.8 m | 7.8 m | 212.0 m | 434.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 54.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet64
- Valuation31
- Quality94
- Growth55
- Returns50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.36 – 275.12 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)102.14 – 175.48 (Mid 130.17)WACC 8.8% · starting FCFF 2.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 31.5%
- Peers: EV/EBITDA138.13 – 173.38 (Mid 164.79)4 companies used · median multiple 17.1x · quartiles 14.7x – 17.8xFTV, MKSI, ROP, ST
- Peers: P/E179.20 – 275.12 (Mid 230.74)7 companies used · median multiple 32.5x · quartiles 25.3x – 38.8xCGNX, DHR, FTV, KEYS, MKSI, ROP, ST
- Dividend discount (DDM)7.36 – 9.90 (Mid 8.44)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.6% | 91 (vs peers) | 10% |
| Net margin · Quality | 19.9% | 93 (vs peers) | 6% |
| FCF conversion · Quality | 118.5% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 6.4% | 53 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 8.5% | 57 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.3x | 47 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 18.8x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 33.4x | 50 (vs peers) | 10% |
| EV/EBITDA · Valuation | 23.5x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.6% | 44 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 15.8% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet64/100 · 3/3 factors with a value
- Growth55/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation31/100 · 3/3 factors with a value
Memo
AMETEK, Inc. (AME). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 7.4 bn USD in 2025; YoY growth 6.6%; net margin 19.9%; ROE 14.7%; net debt/EBITDA 2.3x.
The estimated value range is 120.13–174.43 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 147.48 USD, the price of 237.09 USD leaves a potential of -37.8% (value / price − 1) and a margin of safety of -60.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.6%
- Net margin: 19.9%
- FCF conversion: 118.5%
- Interest coverage: 18.8x
- Payout ratio (FCF): 15.8%
What contradicts it
- EV/EBITDA: 23.5x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +65% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for AME from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 143.22 Total return -40% · Per year -40% | 252.99 Total return 7% · Per year 7% | 380.77 Total return 61% · Per year 61% |
| 3 years | 144.26 Total return -39% · Per year -15% | 286.21 Total return 21% · Per year 6% | 472.22 Total return 99% · Per year 26% |
| 5 years | 145.30 Total return -39% · Per year -9% | 323.80 Total return 37% · Per year 6% | 585.65 Total return 147% · Per year 20% |
- Exit P/E± 71.55
- Net margin± 50.09
- Annual revenue growth± 40.39
- Annual dilution± 4.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
AMETEK (NYSE: AME) is a global maker of electronic instruments and electromechanical devices. In fiscal 2025 net sales were 7401.1 million USD, up 6.6%, and diluted EPS was 6.40 USD 1. In the second quarter of 2026 sales rose 15.0% to 2044.4 million USD and orders rose 28.2% 23.
SWOT
Strengths
- Strong market positions in niche segments, supported by differentiated products and continued innovation.
- A disciplined growth model with a focus on operational excellence and solid cash generation.
- A track record of integrating acquisitions and long-standing relationships with aerospace manufacturers.
Weaknesses
- A significant part of sales depends on cyclical industries and customers' capital spending budgets.
- High international exposure brings currency and trade risks.
- Integrating large acquisitions brings costs and could dilute margins in the short term.
Opportunities
- Demand from energy infrastructure, data centers and the semiconductor industry could support growth.
- Completing the Indicor transaction could broaden the instrumentation portfolio.
- Expansion in emerging markets and Asia could open new revenue sources.
Threats
- Tariffs and U.S.-China trade tensions could affect costs and demand.
- A downturn in aerospace or oil and gas markets could reduce orders.
- Larger competitors could launch superior products or more aggressive pricing.
Risks
- Dependence on industrial cycleshigh
If aerospace, power or process markets slow, demand for AMETEK products could decline 1.
- International riskshigh
Trade restrictions, currency swings and political instability could affect sales and margins outside the U.S. 1.
- Tariffs and trademedium
Changes in tariffs could raise costs and disrupt supply chains, and their path remains uncertain 2.
- Acquisition integrationmedium
If the Indicor or other acquisitions are not integrated well, expected synergies could be delayed or not realized 2.
- New product developmentlow
If the company fails to develop new products on time, its technological advantages could erode 1.
Investment thesis
What would need to be true (bull case)
- Recent record orders and backlog, together with raised 2026 guidance, could support solid growth if demand stays strong 23.
- A cash-generative model and disciplined acquisitions could support rising dividends and share repurchases 1.
- Leadership in niche markets could help protect margins in a competitive environment 1.
What would break the thesis
What to watch
- Closing of the Indicor Instrumentation acquisition and its integration into EIG or EMGsecond half 2026
- Trend in orders and backlog relative to growth guidanceQ3 2026
- Impact of tariffs on margins and supply chainsnext 10-K
- Whether adjusted EPS guidance for 2026 is met2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
The business
AMETEK operates through two groups: Electronic Instruments (EIG), with net sales of 4919.1 million USD in 2025, and Electromechanical (EMG), with 2482.0 million USD in the same year 1. The company pursues the AMETEK Growth Model, built on Operational Excellence, strategic acquisitions, global expansion and new product development 1. International sales were 48.2% of the total in 2025 1.
In 2025 AMETEK spent 933.2 million USD on the Kern and FARO acquisitions, and from 2021 through 2025 it completed 15 acquisitions with annualized sales of about 1.8 billion USD 1. In 2026 it agreed to acquire a portfolio of instrumentation businesses from Indicor, LLC for about 5.0 billion USD, expected to close in the second half of 2026 2.
The company spent 382.8 million USD on research, development and engineering in 2025, and about 27% of sales came from products introduced in the past three years 1. Backlog stood at a record 4110.2 million USD at June 30, 2026 2.
Segments
Electronic Instruments (EIG)
EIG designs and makes analytical, test and measurement instruments for process, aerospace, medical and power markets. Net sales were 4919.1 million USD in 2025 1. About 70% of EIG sales come from process and analytical instrumentation, the rest from aerospace and power instrumentation 1.
Market context
AMETEK's markets are highly competitive, with competition based on technology, performance, quality, service and price 1. The company serves aerospace and defense, medical, automation and general industrial markets, several of which are cyclical 1. Sales in the second quarter of 2026 grew 15.0%, with organic growth of 10% 2.
Management points to strong secular growth markets, including the global infrastructure build-out 3. Tariffs and geopolitical tensions can affect demand and costs, and the company says the eventual outcome remains uncertain 2.
Trends
- Rising orders and backlogtailwind
Orders and backlog reached record levels in the second quarter of 2026, which could point to sustained demand if the trend holds 23.
- Recent acquisitionstailwind
Contributions from FARO, LKC and First Aviation supported 2026 sales, and the Indicor transaction could extend the portfolio further if it closes 2.
- Tariffs on importsheadwind
U.S. tariffs could affect demand, costs and supply chains, although so far the impact has been described as not material 12.
- Geopolitical uncertaintymixed
The conflict involving Iran has added uncertainty to global markets; the company has limited Middle East exposure but is not immune to broader macroeconomic effects 2.
Competitive position
AMETEK acknowledges that several competitors, including vertically integrated manufacturers with greater resources, could intensify competitive pressure 1. In aerospace a limited number of companies compete on quality and innovation, and in specialty metals alternative materials and processes add competition 1.
The company says EIG is a market leader, but competition could strengthen if rivals develop superior products or adapt faster to new technologies 1.
- Vertically integrated manufacturers
Companies with greater resources that compete across several segments, described generically in the 10-K.
- Aerospace instrumentation suppliers
A limited number of companies compete on quality and performance in EIG's aerospace segments.
- Alternative materials producers
In specialty metals EMG faces alternative materials and processes.
- Rivals with new products
Competitors that could develop superior products or adopt new technologies faster.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report26 Aug 2026Other events · Financial statements and exhibits
- Current report11 Aug 2026Other events
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report26 May 2026Other events · Financial statements and exhibits
- Current report11 May 2026Shareholder vote · Financial statements and exhibits
- Current report08 May 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AMETEK, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMETEK, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AMETEK, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.