olivLaw · US equity research
Crane NXT, Co. CXT
Miscellaneous Fabricated Metal Products · SIC 3490 · Vertical: Miscellaneous Fabricated Metal Products (SIC 3490)
Crane NXT, Co. (CXT) is a global authentication, security and traceability technology company operating through two segments, Security and Authentication Technologies and Detection and Traceability Technologies (formerly CPI, expanded by the Antares Vision acquisition). Its relevance now comes from sales growth above 20% in the second quarter of 2026 and from management raising its adjusted EPS guidance, while acquisitions have reshaped the company's profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Crane NXT, Co. (CXT) stock was 61.62 USD (+2.63% on the day), with market capitalisation 3.5 bn USD, P/E 27.3 on diluted EPS of 2.26 USD over the last 12 months, dividend yield 1.15%, beta 1.16, 52-week range 36.13–64.20 USD. Latest reported quarter (Q3 2026): revenue of 497.1 m USD (+11.7% YoY), net income of 38.4 m USD (−24.0% YoY), diluted EPS 0.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 48.96 – 63.29
- in the upper half of the band · %B 0.88 · band width 25.5%
- SMA 50 / 200
- 51.65 / 47.98
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.79 / 2.42
- 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 | +25.3% | −1.1% | +26.4 pp | — |
| 3 months | +17.7% | −0.5% | +18.1 pp | — |
| 6 months | +35.0% | +4.4% | +30.6 pp | — |
| Year to date | +30.9% | +12.3% | +18.6 pp | — |
| 1 year | −2.4% | +13.5% | −15.9 pp | +5.6% |
| 3 years | +13.7% | +76.4% | −62.7 pp | +80.9% |
| 5 years | +67.0% | +63.7% | +3.4 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 | 399.1 m | 330.3 m | 404.4 m | 445.1 m | 476.9 m | 387.7 m | 493.2 m | 497.1 m |
| Cost of revenue | 218.6 m | 190.1 m | 235.6 m | 252.5 m | 274.7 m | 231.8 m | 284.6 m | 299.2 m |
| SG&A | 102.3 m | 102.9 m | 113.6 m | 107.2 m | 116.6 m | 130.6 m | 136.3 m | 126.1 m |
| Operating income | 70.8 m | 37.3 m | 47.9 m | 81.9 m | 79.6 m | 22.2 m | 68.9 m | 65.7 m |
| Depreciation & amortisation | 23.4 m | 21.6 m | 27.1 m | 29.0 m | 28.9 m | 29.7 m | 38.8 m | 39.6 m |
| Interest expense | — | 11.5 m | 16.4 m | 16.2 m | — | 17.8 m | 21.0 m | 19.9 m |
| Pre-tax income | 61.0 m | 28.1 m | 32.8 m | 66.6 m | 53.5 m | 9.2 m | 47.9 m | 49.2 m |
| Income tax | 3.4 m | 6.4 m | 7.8 m | 15.7 m | 6.0 m | 2.4 m | 11.7 m | 10.1 m |
| Net income | 57.6 m | 21.7 m | 24.9 m | 50.5 m | 50.9 m | 6.4 m | 35.4 m | 38.4 m |
| Diluted EPS | 1.00 ≈ | 0.38 | 0.43 | 0.87 | 0.88 ≈ | 0.11 | 0.61 | 0.66 |
| Operating cash flow | 81.1 m | -19.1 m | 62.8 m ≈ | 92.0 m ≈ | 105.8 m | -14.0 m | 86.7 m ≈ | 111.8 m ≈ |
| Dividends paid | 9.2 m | 9.7 m | 9.8 m ≈ | 9.7 m ≈ | 9.8 m | 10.3 m | 10.4 m ≈ | 10.4 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 95 percentile of its own 40-quarter history (min 4.6, median 12.0, max 45.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 3.1 bn | 2.9 bn | 3.4 bn | 3.4 bn | 1.4 bn | 1.5 bn | 1.7 bn |
| Revenue YoY | +20.1% | −8.1% | −4.5% | +16.0% | −1.0% | −58.8% | +6.9% | +11.4% |
| Net income | 335.6 m | 133.3 m | 181.0 m | 178.0 m | 204.9 m | 188.3 m | 184.1 m | 145.1 m |
| Net income YoY | +95.3% | −60.3% | +35.8% | −1.7% | +15.1% | −8.1% | −2.2% | −21.2% |
| Diluted EPS | 5.50 | 2.20 | 3.08 | 3.14 | 3.61 | 3.28 | 3.19 | 2.50 |
| Diluted EPS YoY | +93.7% | −60.0% | +40.0% | +1.9% | +15.0% | −9.1% | −2.7% | −21.6% |
| net % | 10.0% | 4.3% | 6.2% | 5.2% | 6.1% | 13.5% | 12.4% | 8.8% |
| Free cash flow | 305.0 m | 329.5 m | 275.4 m | 258.4 m | 284.7 m | 245.2 m | 168.7 m | 198.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 233.8 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 905.7 m USD
- Equity
- 1.2 bn USD
- Total assets
- 3.1 bn USD
- Debt / equity
- 0.91x
- Current ratio
- 1.50x
- ROE
- 12.5%
- ROA
- 5.3%
- FCF margin
- 12.0%
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 | 2.9 bn | 3.4 bn | 3.4 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 1.9 bn | 746.2 m | 713.7 m | 737.2 m | 821.7 m | 952.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 965.1 m | 1.2 bn | 2.7 bn ≈ | 654.1 m ≈ | 665.1 m ≈ | 703.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 74.6 m | 33.2 m | 33.9 m | 42.8 m | 39.5 m | 46.0 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 698.1 m | 323.4 m | 318.7 m | 366.8 m | 386.2 m | 440.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 262.9 m | 279.2 m | 301.3 m | 286.8 m | 268.8 m | 246.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 127.5 m | 81.8 m | 78.7 m | 77.6 m | 86.8 m | 106.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 390.4 m ≈ | 361.0 m ≈ | 380.0 m ≈ | 364.4 m ≈ | 355.6 m ≈ | 353.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 55.3 m | 46.9 m | 52.2 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Pre-tax income | 224.5 m | 226.1 m | 248.3 m | 239.8 m | 226.4 m | 181.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 43.4 m | 48.1 m | 43.4 m | 51.5 m | 42.3 m | 35.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 181.0 m | 178.0 m | 204.9 m | 188.3 m | 184.1 m | 145.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 3.08 | 3.14 | 3.61 | 3.28 | 3.19 | 2.50 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 58.8 m | 56.7 m | 56.7 m | 57.5 m | 57.8 m | 58.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.72 | 1.72 | 1.88 | 0.42 | 0.64 | 0.68 | SEC (XBRL)· 26 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 | 551.0 m | 478.6 m | 230.7 m | 227.2 m | 165.8 m | 233.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 423.9 m | 483.0 m | 205.1 m | 214.9 m | 265.9 m | 351.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 429.7 m | 449.1 m | 145.6 m | 157.1 m | 144.8 m | 169.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.6 bn | 1.5 bn | 623.3 m | 644.4 m | 642.5 m | 852.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 573.7 m | 555.6 m | 261.6 m | 261.2 m | 272.3 m | 303.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 1.6 bn | 860.6 m | 836.6 m | 841.2 m | 956.6 m | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 433.3 m | 388.5 m | 344.9 m | 308.9 m | 419.3 m | 557.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 4.6 bn | 4.5 bn | 2.1 bn | 2.1 bn | 2.4 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 198.9 m | 273.7 m | 109.6 m | 106.5 m | 116.6 m | 132.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 375.7 m | 0 | 299.7 m | 4.6 m | 210.0 m | 135.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 842.9 m | 842.4 m | 543.7 m | 640.3 m | 540.6 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 1.1 bn | 789.3 m | 631.4 m | 334.4 m | 562.4 m | 569.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.1 bn | 2.7 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.5 bn | 1.8 bn | 783.8 m | 964.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 309.5 m | 277.0 m | 306.0 m | 276.3 m | 214.1 m | 241.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 34.1 m | 18.6 m | 21.3 m | 31.1 m | 45.4 m | 43.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 275.4 m ≈ | 258.4 m ≈ | 284.7 m ≈ | 245.2 m ≈ | 168.7 m ≈ | 198.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -229.1 m | -15.8 m | -21.3 m | -31.1 m | -318.0 m | -549.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 55.1 m | -298.1 m | -135.0 m | -252.5 m | 62.1 m | 363.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 100.4 m | 0 | 0 | 23.7 m | 36.6 m | 39.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 70.0 m | 96.3 m | 203.7 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
≈ 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
Risk
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet32
- Valuation61
- Quality50
- Growth0
- 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: 8.94 – 101.17 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)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA66.88 – 101.17 (Mid 82.03)3 companies used · median multiple 15.7x · quartiles 13.3x – 18.6xCR, HLIO, MWA
- Peers: P/E70.06 – 71.30 (Mid 70.44)3 companies used · median multiple 31.2x · quartiles 31.0x – 31.6xHLIO, PH, WTS
- Dividend discount (DDM)8.94 – 12.02 (Mid 10.25)
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
Neutral profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.5% | 33 (vs peers) | 11% |
| Net margin · Quality | 7.1% | 29 (vs peers) | 7% |
| FCF conversion · Quality | 188.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -21.1% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -11.5% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.0x | 28 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 27.3x | 80 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.5x | 22 (on a fixed band) | 11% |
| FCF yield · Valuation | 7.0% | 87 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.2% | 16 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 16.6% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation61/100 · 3/3 factors with a value
Memo
CRANE NXT, CO. (CXT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth 11.4%; net margin 7.1%; ROE 10.5%; net debt/EBITDA 3.0x.
The estimated value range is 66.88–71.30 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 70.44 USD, the price of 61.62 USD leaves a potential of 14.3% (value / price − 1) and a margin of safety of 12.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: neutral 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
- FCF conversion: 188.5%
- P/E (TTM): 27.3x
- FCF yield: 7.0%
- Payout ratio (FCF): 16.6%
- The price is below the estimated value range
What contradicts it
- Net margin: 7.1%
- Revenue CAGR 3Y: -21.1%
- EPS CAGR 3Y: -11.5%
- Net debt / EBITDA: 3.0x
- EV/EBITDA: 12.5x
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Miscellaneous Fabricated Metal Products (SIC 3490) · same industry (4-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −1% / +81% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | −2% / +14% |
| HLIOHelios Technologies, Inc. | 2.2 bn | 31.2 | 7.7% | 8.0% | unavailable | +24% / +74% |
| ZKINZk International Group Co., Ltd. | 10.6 m | — | -15.1% | -5.6% | −34.2% | −25% / +77% |
| HIHOHighway Holdings Limited | 3.9 m | — | -27.3% | -31.7% | −35.2% | −26% / −58% |
| WTSWatts Water Technologies Inc | — | 30.9 | 18.8% | 14.3% | +8.3% | +28% / +84% |
1- and 3-year price returns: for CXT 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 | 33.23 Total return -45% · Per year -45% | 59.05 Total return -3% · Per year -3% | 89.35 Total return 46% · Per year 46% |
| 3 years | 26.39 Total return -55% · Per year -23% | 53.29 Total return -10% · Per year -4% | 89.35 Total return 49% · Per year 14% |
| 5 years | 20.95 Total return -63% · Per year -18% | 48.10 Total return -17% · Per year -4% | 89.35 Total return 52% · Per year 9% |
- Exit P/E± 13.32
- Net margin± 9.33
- Annual revenue growth± 8.42
- Annual dilution± 0.78
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 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Crane NXT, Co. (CXT) is a global authentication, security and traceability technology company operating through two segments, Security and Authentication Technologies and Detection and Traceability Technologies (formerly CPI, expanded by the Antares Vision acquisition). Its relevance now comes from sales growth above 20% in the second quarter of 2026 and from management raising its adjusted EPS guidance, while acquisitions have reshaped the company's profile 123.
SWOT
Strengths
- A portfolio of proprietary technology, with leading positions in authentication and product security, backed by patents and an established operating system.
- Solid geographic diversification, with a significant share of sales made outside the United States.
- Capacity to fund acquisitions through credit facilities, combined with operating cash flow that exceeded adjusted earnings in the second quarter of 2026.
Weaknesses
- SAT segment margins declined in 2025 amid acquisition integration and restructuring costs.
- The payment segment saw lower volumes, and demand in vending remains fragile.
- Higher debt after acquisitions raised interest expense, which rose noticeably in the second quarter of 2026.
Opportunities
- Integrating Antares Vision could open cross-selling in life sciences and food, where demand for traceability is growing.
- Applying the CBS system could improve margins at newly acquired businesses if synergies materialise.
- Demand for authentication and counterfeit protection could support long-term growth.
Threats
- Trade tariffs and geopolitical tensions could reduce demand and raise material and freight costs.
- Cyber-attacks and data compromise could damage reputation and disrupt operations.
- Reliance on government and central bank contracts makes revenue lumpy and exposed to policy changes.
Risks
- Acquisition integrationhigh
Integrating DLR, OpSec and Antares Vision could face difficulties, with unplanned costs and synergies below expectations.
- Debt and financing costshigh
Higher debt used for acquisitions could limit financial flexibility if interest rates stay high or credit conditions worsen.
- Geographic and trade exposuremedium
International operations and trade policies could affect costs and sales, particularly in Mexico, where a facility operates under the maquiladora programme.
- Information securitymedium
A successful cyber-attack could disrupt production, billing and customer data, with financial and reputational consequences.
- Supply chainlow
Reliance on single or sole-source suppliers for critical components and rising material costs could delay production.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of 2026 and the raised adjusted EPS guidance show that acquisition integration can deliver results, if the pace holds.
- Leadership in authentication and security, supported by proprietary technology, could sustain long-term demand from governments and brands.
- Adjusted free cash flow exceeding earnings in the second quarter could support the dividend and debt reduction, if conversion stays high.
What would break the thesis
- Margins declined in the SAT and detection segments, and if cost pressures persist, profitability could stay below historical levels.
- Weak vending volumes and organic decline in DTT suggest demand is not uniformly solid, and growth could depend heavily on acquisitions.
- Interest costs rose sharply after acquisition financing, which could limit shareholder value if rates remain elevated.
What to watch
- Delivery of the 2026 adjusted EPS guidance and sales growth targetsQ3 2026
- Margin trajectory of the DTT segment after Antares Vision integrationQ3 2026
- Vending volumes and organic recovery in the payment business2027
- Effects of tariffs and the Middle East conflict on costs and deliveriesnext 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 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Crane NXT supplies electronic equipment, software and authentication solutions designed to secure, detect and authenticate products, payments and identities for its customers. The company relies on proprietary technologies, including advanced micro-optics for securing physical products and digital authentication 1. It was separated from Crane Company on April 3, 2023 and trades on the New York Stock Exchange under the symbol CXT 1.
The strategy aims at organic growth through proprietary technology, combined with acquisitions in faster-growing adjacencies, supported by a balance sheet described as strong and by the Crane Business System 1. In 2026 the Antares Vision acquisition was completed with 100% ownership, extending the portfolio into inspection and traceability for life sciences and food and beverage 2.
Segments
Security and Authentication Technologies (SAT)
The SAT segment provides security solutions for banknotes, consumer goods and industrial products, along with brand protection and digital content protection on online platforms 1. Sales reached 810.1 million USD in 2025, up 32% year over year, while operating margin fell to 12% as DLR and OpSec were integrated 1. In the second quarter of 2026 the segment grew 17.5% year over year, with an operating margin of 17.2% 3.
Detection and Traceability Technologies (DTT)
The DTT segment, which includes Antares Vision, supplies inspection, detection and traceability systems for quality control and counterfeit prevention 23. In the second quarter of 2026 sales rose 26.1%, but organic sales declined and operating margin dropped to 16.5% 3. For full-year 2026 management expects segment sales growth in the low 20s percent 3.
Market context
Crane NXT's markets include governments, banknote issuers, financial institutions and consumer industries such as vending, retail and gaming 1. Demand is variable and depends on macroeconomic conditions, the trend toward cash use and customers' investment budgets 1.
The company cites trade and tariff pressures and the conflict in the Middle East, which raised freight costs and lengthened lead times without a material effect on the second quarter 12. Management's responses are pricing and productivity, and long-term effects depend on how these external factors evolve 12.
Trends
- Integration of acquisitions and consolidation in authenticationmixed
The DLR, OpSec and Antares Vision acquisitions broadened the portfolio, and management says applying the CBS system could support margin expansion 23. Integration brings restructuring costs and the risk that expected synergies fall short.
- Solid demand for banknote and authentication technologytailwind
The Currency business supported organic growth in 2026, and demand for security and authentication could stay high if counterfeiting trends continue 23.
- Tariff and trade pressuresheadwind
Tariffs and trade policies could reduce demand and raise material costs, although the company says it can largely offset them through pricing 1.
- Volatile demand in vending and retailheadwind
Lower vending volumes, affected by economic conditions and operator costs, could limit growth in the payment segment if the trend persists 12.
Competitive position
The company says it is a principal competitor in most of its markets, but competition varies by region and segment because each business faces different rivals 1. Stated advantages are proprietary technology, product differentiation and customer service 1.
In authentication and counterfeit protection, competition comes from specialised suppliers, and in inspection and traceability systems from global equipment makers, although the sources do not list these rivals in full 12. The company stresses that its edge depends on innovation and its patent portfolio 1.
- Regional suppliers of payment and automation equipment
Competitors in the payment and vending segment, identified in the company's sources only generically, without precise names.
- Specialised banknote and security suppliers
Competition for banknotes and product security, where contracts with central banks are discrete and contested.
- Digital brand protection platforms
Digital content protection solutions compete with software vendors and online monitoring services.
- Makers of inspection and traceability systems
Competition in inspection, detection and traceability, relevant after the Antares Vision acquisition, is not named in the source.
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
- Turn your home into a giant crane game with this open source robotThe Register · 04 Nov 2026 · EN
- 150-year-old mystery about the identity of an 'extinct' giant crane solvedPhys.org · 28 Oct 2026 · EN
- Train slams into crane that collapsed onto railway line in BrazilAl Jazeera English · 24 Oct 2026 · EN
- Trump Signs Crane Legislation To Provide Retreat For Rural Veterans And Families – Arizona Daily IndependentSurge — GDELT DOC · 22 Oct 2026 · RO
- The Legend of the Paper CraneHacker News · 04 Oct 2026 · EN
- Why Crane Co. (CR) Was Among Gabelli’s Top Q2 PerformersYahoo Finance — News · 22 Sept 2026 · EN
- Crane Company (CR) Plans a $240M Pump Deal. Can Aftermarket Earnings Justify the Price?Yahoo Finance — News · 17 Sept 2026 · EN
- Siberian crane population's database to be generated at national park in YakutiaTASS (RU, EN) · 03 Sept 2026 · EN
- Bandai Namco bets big on 'crane games' to build arcade businessNikkei Asia · 10 Aug 2026 · EN
- Public monitoring of Siberian crane migration to continue in YakutiaTASS (RU, EN) · 13 Jul 2026 · RO
- ‘Osprey cam’ streams life of nesting seabirds perched at tip of 55 metre-long Queensland rainforest canopy craneThe Guardian World · 09 Jun 2026 · RO
- Partisans Destroy Rare Russian Railway Recovery Crane in VoronezhKyiv Post · 07 Jun 2026 · RO
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report11 Aug 2026Regulation FD disclosure
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Crane NXT, Co. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Crane NXT, Co. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Crane NXT, Co. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.