olivLaw · US equity research
CTS Corporation CTS
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
CTS Corporation designs and manufactures sensors, connectivity components and actuators, sold mainly to OEMs in the transportation, industrial, medical, aerospace and defense markets. Its diversified end markets are gaining weight, which could reduce its dependence on the automotive sector, where transportation fell to 43% of 2025 sales.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CTS Corporation (CTS) stock was 61.91 USD (−1.61% on the day), with market capitalisation 1.8 bn USD, P/E 24.4 on diluted EPS of 2.53 USD over the last 12 months, dividend yield 0.26%, beta 1.32, 52-week range 40.29–68.31 USD. Latest reported quarter (Q3 2026): revenue of 149.6 m USD (+4.6% YoY), net income of 17.8 m USD (+29.7% YoY), diluted EPS 0.61 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)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 50.91 – 64.52
- in the upper half of the band · %B 0.81 · band width 23.6%
- SMA 50 / 200
- 57.97 / 57.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.15 / 0.32
- MACD above 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 | +0.5% | −1.1% | +1.6 pp | — |
| 3 months | −7.3% | −0.5% | −6.8 pp | — |
| 6 months | +3.2% | +4.4% | −1.2 pp | — |
| Year to date | +44.4% | +12.3% | +32.1 pp | — |
| 1 year | +47.6% | +13.5% | +34.0 pp | −7.9% |
| 3 years | +52.0% | +76.4% | −24.4 pp | +124.2% |
| 5 years | +64.7% | +63.7% | +1.0 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 | 126.5 m | 125.8 m | 135.3 m | 143.0 m | 137.3 m | 139.2 m | 144.8 m | 149.6 m |
| Cost of revenue | 79.6 m | 79.2 m | 82.9 m | 87.6 m | 83.6 m | 84.2 m | 84.7 m | 86.4 m |
| Gross profit | 46.9 m | 46.5 m | 52.4 m | 55.3 m | 53.7 m | 55.0 m | 60.0 m | 63.2 m |
| Research & development | 5.7 m | 6.2 m | 6.3 m | 6.9 m | 5.9 m | 6.6 m | 4.8 m | 6.3 m |
| SG&A | 22.2 m | 23.6 m | 23.1 m | 27.2 m | 24.8 m | 26.0 m | 28.4 m | 30.8 m |
| Operating income | 18.0 m | 16.3 m | 22.7 m | 20.9 m | 22.7 m | 22.0 m | 26.8 m | 25.5 m |
| Depreciation & amortisation | 8.3 m | 8.5 m | 8.6 m ≈ | 8.8 m ≈ | 8.7 m | 8.8 m | 8.8 m ≈ | 8.7 m ≈ |
| Interest expense | 1.3 m | 1.2 m | 1.1 m | 1.1 m | 911.0 k | 708.0 k | 704.0 k | 630.0 k |
| Pre-tax income | 15.3 m | 16.1 m | 23.0 m | 19.7 m | 24.9 m | 21.7 m | 26.2 m | 38.2 m |
| Income tax | 3.7 m | 2.8 m | 4.5 m | 6.0 m | 5.2 m | 4.5 m | 7.1 m | 20.5 m |
| Net income | 11.6 m | 13.4 m | 18.5 m | 13.7 m | 19.7 m | 17.2 m | 19.2 m | 17.8 m |
| Diluted EPS | 0.38 ≈ | 0.44 | 0.62 | 0.46 | 0.67 ≈ | 0.59 | 0.66 | 0.61 |
| Operating cash flow | 24.9 m | 15.5 m | 28.4 m ≈ | 29.0 m ≈ | 29.2 m | 17.3 m | 33.4 m ≈ | 43.5 m ≈ |
| Capex | 6.1 m | 4.5 m | 3.3 m ≈ | 4.8 m ≈ | 3.2 m | 5.0 m | 4.6 m ≈ | 2.4 m ≈ |
| Dividends paid | 1.2 m | 1.2 m | 1.2 m ≈ | 1.2 m ≈ | 1.2 m | 1.2 m | 1.1 m ≈ | 1.1 m ≈ |
| Share repurchases | 7.8 m | 6.5 m | 16.5 m ≈ | 16.6 m ≈ | 16.6 m | 8.6 m | 3.4 m ≈ | 3.3 m ≈ |
≈ 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 53 percentile of its own 36-quarter history (min 18.1, median 23.8, max 83.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 470.5 m | 469.0 m | 424.1 m | 512.9 m | 586.9 m | 550.4 m | 514.8 m | 541.3 m |
| Revenue YoY | +11.2% | −0.3% | −9.6% | +21.0% | +14.4% | −6.2% | −6.5% | +5.2% |
| Net income | 46.5 m | 36.1 m | 34.7 m | -41.9 m | 59.6 m | 60.5 m | 55.5 m | 65.3 m |
| Net income YoY | +222.1% | −22.3% | −4.0% | −220.7% | unavailable | +1.6% | −8.4% | +17.7% |
| Diluted EPS | 1.39 | 1.09 | 1.06 | -1.30 | 1.85 | 1.92 | 1.81 | 2.19 |
| Diluted EPS YoY | +223.3% | −21.6% | −2.8% | −222.6% | unavailable | +3.8% | −5.7% | +21.0% |
| net % | 9.9% | 7.7% | 8.2% | -8.2% | 10.2% | 11.0% | 10.8% | 12.1% |
| Free cash flow | 29.7 m | 42.7 m | 61.9 m | 70.5 m | 106.9 m | 74.1 m | 79.6 m | 86.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 551.8 m USD
- Total assets
- 764.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.30x
- ROE
- 12.1%
- ROA
- 8.5%
- FCF margin
- 16.0%
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 | 424.1 m | 512.9 m | 586.9 m | 550.4 m | 514.8 m | 541.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 285.0 m | 328.3 m | 376.3 m | 359.6 m | 327.2 m | 333.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 139.1 m | 184.6 m | 210.5 m | 190.9 m | 187.6 m | 208.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 24.3 m | 23.9 m | 24.1 m | 24.9 m | 23.4 m | 25.3 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 67.8 m | 82.6 m | 91.5 m | 83.8 m | 88.3 m | 98.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 45.1 m | 76.5 m | 93.0 m | 75.1 m | 71.2 m | 82.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 26.7 m | 26.9 m | 29.8 m | 28.7 m | 30.9 m | 34.5 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 71.8 m ≈ | 103.4 m ≈ | 122.8 m ≈ | 103.8 m ≈ | 102.1 m ≈ | 117.2 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 3.3 m | 2.1 m | 2.2 m | 3.3 m | 4.2 m | 4.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 45.5 m | -60.9 m | 80.7 m | 75.2 m | 68.6 m | 83.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 10.8 m | -19.0 m | 21.2 m | 14.6 m | 13.1 m | 18.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 34.7 m | -41.9 m | 59.6 m | 60.5 m | 55.5 m | 65.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.06 | -1.30 | 1.85 | 1.92 | 1.81 | 2.19 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 32.6 m | 32.3 m | 32.2 m | 31.6 m | 30.7 m | 29.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 91.8 m | 141.5 m | 156.9 m | 163.9 m | 94.3 m | 82.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 81.0 m | 82.2 m | 90.9 m | 78.6 m | 77.6 m | 88.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 45.9 m | 49.5 m | 62.3 m | 60.0 m | 52.3 m | 52.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 233.2 m | 289.1 m | 325.8 m | 319.3 m | 242.2 m | 252.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 97.4 m | 96.9 m | 97.3 m | 92.6 m | 94.4 m | 89.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 109.5 m | 109.8 m | 152.4 m | 157.6 m | 201.3 m | 209.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 79.1 m | 69.9 m | 108.1 m | 104.0 m | 163.9 m | 153.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 626.0 m | 664.5 m | 748.5 m | 741.2 m | 765.4 m | 764.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 50.5 m | 55.5 m | 53.2 m | 43.5 m | 42.6 m | 48.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 104.9 m | 114.1 m | 112.5 m | 97.0 m | 98.5 m | 109.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 202.4 m | 200.9 m | 242.3 m | 214.3 m | 237.2 m | 212.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 423.7 m † | 463.6 m † | 506.2 m † | 526.8 m † | 528.2 m † | 551.8 m † | SEC (XBRL)· 24 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 | 76.8 m | 86.1 m | 121.2 m | 88.8 m | 98.2 m | 102.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 14.9 m | 15.6 m | 14.3 m | 14.7 m | 18.6 m | 15.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 61.9 m ≈ | 70.5 m ≈ | 106.9 m ≈ | 74.1 m ≈ | 79.6 m ≈ | 86.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -23.2 m | -15.9 m | -111.2 m | -18.1 m | -140.6 m | -18.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -61.3 m | -20.7 m | 4.3 m | -65.4 m | -26.9 m | -98.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 5.2 m | 5.2 m | 5.1 m | 5.0 m | 4.9 m | 4.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 8.1 m | 8.8 m | 21.4 m | 40.9 m | 42.6 m | 56.2 m | SEC (XBRL)· 24 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
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
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
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 40.6% | 2 (on a fixed band) | 14% |
| EBIT margin · Quality | 17.0% | 100 (vs peers) | 11% |
| FCF margin · Quality | 19.0% | 76 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 5.2% | 36 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 2.1% | 68 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth12/100 · 2/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns68/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CTS CORPORATION (CTS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 541.3 m USD in 2025; YoY growth 5.2%; net margin 12.9%; ROE 13.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 17.0%
- FCF margin: 19.0%
- Current ratio: 2.6x
- FCF yield: 6.1%
What contradicts it
- Gross margin: 40.6%
- Revenue CAGR 3Y: -2.7%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 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 | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +5% / +389% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +45% / +162% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +48% / +52% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −11% / +5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for CTS 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 | 34.74 Total return -44% · Per year -44% | 61.64 Total return -0% · Per year -0% | 93.16 Total return 51% · Per year 51% |
| 3 years | 29.04 Total return -53% · Per year -22% | 58.41 Total return -5% · Per year -2% | 97.58 Total return 59% · Per year 17% |
| 5 years | 24.27 Total return -60% · Per year -17% | 55.35 Total return -9% · Per year -2% | 102.20 Total return 67% · Per year 11% |
- Exit P/E± 14.60
- Net margin± 10.22
- Annual revenue growth± 9.01
- Annual dilution± 0.86
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 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
CTS Corporation designs and manufactures sensors, connectivity components and actuators, sold mainly to OEMs in the transportation, industrial, medical, aerospace and defense markets. Its diversified end markets are gaining weight, which could reduce its dependence on the automotive sector, where transportation fell to 43% of 2025 sales 1.
SWOT
Strengths
- Broad portfolio of sensors, connectivity components and actuators, with custom engineered products for OEM customers.
- Rising gross margin and profitability in recent quarters, supported by a more favorable mix of end markets.
- Proven innovation activity, shown by the number of patents granted and applications under examination.
Weaknesses
- Significant dependence on a few automotive customers, making results sensitive to their decisions.
- High exposure to sales outside the United States, with currency and collection risks.
- Relatively high fixed costs, which can reduce profitability when volumes fall.
Opportunities
- Expansion in industrial, medical and defense segments could reduce dependence on transportation.
- Growing demand for sensors and connectivity in smart devices could support new contracts.
- Integrating recent acquisitions could bring synergies and new products to existing customers.
Threats
- Lower orders or loss of a major customer could significantly affect revenue.
- Geopolitical tensions and tariffs could disrupt supply chains and international sales.
- Export restrictions on rare earth materials could limit production capacity.
Risks
- Dependence on large customershigh
A small number of customers generate a substantial share of sales; a reduction in orders could affect results 1.
- Defense contract risksmedium
Government contracts can be suspended or cancelled and budget cuts could slow defense sales 1.
- Supply chainhigh
Semiconductor shortages and raw material restrictions could delay shipments and raise costs 1.
- Currency and geopolitical riskmedium
International operations expose the company to exchange rates and geopolitical tensions, including those involving China 1.
- Debt and access to capitallow
Higher financing costs could limit access to capital if credit conditions deteriorate 1.
Investment thesis
What would need to be true (bull case)
- If the diversification trend continues, industrial, medical and defense revenue could offset weaker transportation and support the higher margins reported in 2026 3.
- Raised 2026 sales and adjusted profit guidance signals management confidence under current market conditions 3.
- The patent portfolio and custom engineering capability could strengthen the company's position with OEM customers.
What would break the thesis
- Transportation remains a large part of the business, and lost market share at some Chinese customers could keep weighing on sales.
- Dependence on a few major customers makes results vulnerable to order changes or pricing pressure.
- Geopolitical risks, tariffs and raw material restrictions could compress margins if they cannot be passed on to customers.
What to watch
- Development of transportation sales and new orders in diversified end marketsQ3 2026
- Delivery against the raised 2026 sales and adjusted EPS guidance2026
- Trend in adjusted gross margin and effect of supply costsQ3 2026
- New CEO's strategy for growth and portfolio transformationnext 10-K
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 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
CTS Corporation, headquartered in Lisle, Illinois, designs and manufactures a broad range of sensors, connectivity components and actuators, grouped by function into 'Sense', 'Connect' and 'Move' 1. Products are generally engineered solutions for OEMs and tier one suppliers. Sales are made through sales engineers, independent manufacturers' representatives and distributors, the latter accounting for about 7% of 2025 net sales 1. The company operates manufacturing facilities in North America, Asia and Europe 1.
Research is central: CTS obtained 24 patents in 2025 and owns roughly 285 patents worldwide, while research and development expenses were 4.7% of 2025 net sales 1. The company completed the SyQwest acquisition in 2024 for $121,912 thousand in cash 1.
Major customers are concentrated: Toyota and Cummins together made up a meaningful share of 2025 sales, so their order volumes matter a great deal to the company's results 1.
Segments
Market context
CTS operates in a market of precision electronic components for transportation, industrial, medical and defense equipment. Growing numbers of sensing applications and internet-connected devices support demand for its products 2. Sales from non-U.S. operations were 43.7% of the total in 2025 1, exposing the company to currency and geopolitical risks.
The automotive market is cyclical and sensitive to OEM production volumes, and pricing pressure from large customers limits margins. On the other hand, diversified end markets grew faster than transportation in 2026, suggesting a more balanced demand mix 3.
Trends
- Portfolio diversificationtailwind
A rising share of industrial, medical and defense sales could reduce dependence on a single automotive sector if the trend holds 3.
- Weaker commercial vehicle salesheadwind
Lower volumes of commercial vehicle products and customers losing market share in China reduced transportation revenue 1.
- Growth of sensing and connectivitytailwind
The proliferation of sensing applications and connected devices increases demand for connectivity and motion products 2.
- Supply chain pressure and tariffsmixed
Semiconductor shortages, Chinese export restrictions on rare earths and higher tariffs could raise costs and delay deliveries 1.
Competitive position
CTS competes with domestic and foreign manufacturers on product features, technology, price, quality, reliability and service. Some competitors are larger and more diversified than the company, and customers may reduce their supplier count 1. The company believes it competes most successfully in custom engineered products for major OEMs 1.
Competitive risk also includes lost business to rivals when customers demand lower costs and higher standards, as well as technical obsolescence 1. The sources do not name individual competitors, so assessing relative position requires further data.
- Domestic and foreign precision component makers
Competitors are referred to generically in the annual report, with no names identified in the sources reviewed.
- Larger and more diversified manufacturers
The sources indicate that larger competitors exist but do not name them.
- Asian component suppliers
Competition from Asia is relevant for standard products, according to the company's description.
- Distributors and independent representatives
Distribution channels can offer alternatives for smaller customers but are not direct rivals for custom products.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Jun 2026Departure or appointment of officers
- Current report19 May 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CTS Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CTS Corporation · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CTS Corporation · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.