olivLaw · US equity research
Teledyne Technologies Incorporated TDY
Search, Detection, Navigation, Guidance, Aeronautical Sys · SIC 3812 · Vertical: Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812)
Teledyne Technologies (TDY) supplies sensing, imaging, instrumentation and defense electronics technologies to industrial markets that demand high reliability. Net sales reached 6115.4 million USD in fiscal 2025, and grew 9.0% in the first nine months of 2026. The company announced the pending acquisition of Varex Imaging for about 1.1 billion USD.
At the close of 04 Nov 2026, Teledyne Technologies Incorporated (TDY) stock was 632.01 USD (−4.76% on the day), with market capitalisation 29.1 bn USD, P/E 28.9 on diluted EPS of 21.85 USD over the last 12 months, beta 0.89, 52-week range 484.47–691.30 USD. Latest reported quarter (Q3 2026): revenue of 1.7 bn USD (+9.4% YoY), net income of 272.8 m USD (+23.6% YoY), diluted EPS 5.82 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)
- 48.6
- neutral
- Bollinger (20, 2)
- 590.58 – 677.02
- in the lower half of the band · %B 0.48 · band width 13.6%
- SMA 50 / 200
- 619.54 / 634.94
- mixed trend
- MACD (12, 26, 9)
- 10.62 / 9.13
- 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 | +2.0% | −1.1% | +3.1 pp | — |
| 3 months | −7.6% | −0.5% | −7.1 pp | — |
| 6 months | −1.9% | +4.4% | −6.3 pp | — |
| Year to date | +23.7% | +12.3% | +11.4 pp | — |
| 1 year | +23.6% | +13.5% | +10.1 pp | −2.2% |
| 3 years | +66.6% | +76.4% | −9.9 pp | +72.2% |
| 5 years | +41.6% | +63.7% | −22.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 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 | 1.5 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.7 bn |
| Cost of revenue | 859.6 m | 830.4 m | 869.1 m | 880.0 m | 921.1 m | 886.3 m | 924.4 m | 945.5 m |
| Research & development | 71.4 m | 74.3 m | 82.4 m | 83.4 m | 77.2 m | 84.6 m | 90.2 m | 78.6 m |
| SG&A | 232.0 m | 233.9 m | 229.4 m | 238.2 m | 229.6 m | 237.4 m | 258.7 m | 258.4 m |
| Operating income | 237.1 m | 259.3 m | 278.2 m | 282.8 m | 329.5 m | 294.2 m | 333.2 m | 347.2 m |
| Depreciation & amortisation | 77.2 m | 80.7 m | 86.5 m ≈ | 84.5 m ≈ | 84.6 m | 87.2 m | 85.7 m ≈ | 84.7 m ≈ |
| Interest expense | 13.7 m | 17.3 m | 17.6 m | 12.6 m | 12.1 m | 12.3 m | 13.6 m | 10.5 m |
| Pre-tax income | 225.6 m | 238.9 m | 260.6 m | 273.8 m | 321.2 m | 278.7 m | 321.3 m | 346.8 m |
| Income tax | 26.5 m | 50.1 m | 50.2 m | 52.9 m | 45.6 m | 51.9 m | 69.6 m | 74.0 m |
| Net income | 198.5 m | 188.6 m | 209.9 m | 220.7 m | 275.6 m | 226.8 m | 251.7 m | 272.8 m |
| Diluted EPS | 4.20 ≈ | 3.99 | 4.43 | 4.65 | 5.81 ≈ | 4.85 | 5.37 | 5.82 |
| Operating cash flow | 332.4 m | 242.6 m | 226.6 m ≈ | 343.1 m ≈ | 379.0 m | 234.0 m | 315.2 m ≈ | 352.5 m ≈ |
| Capex | 29.0 m | 18.0 m | 30.3 m ≈ | 29.2 m ≈ | 39.8 m | 29.7 m | 30.5 m ≈ | 33.0 m ≈ |
| Share repurchases | 21.4 m | — | — | 0 ≈ | 400.0 m | — | — | 94.8 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 58 percentile of its own 33-quarter history (min 16.3, median 28.1, max 44.1; quarters with earnings only).
Fiscal years
| Fiscal year | ⚠ 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.9 bn | 3.2 bn | 3.1 bn | 4.6 bn | 5.6 bn | 5.7 bn | 6.1 bn |
| Revenue YoY | — | +11.4% | +9.0% | unavailable | +49.5% | +22.1% | +0.6% | +7.9% |
| Net income | 227.2 m | 333.8 m | 402.3 m | 401.9 m | 445.3 m | 885.7 m | 819.2 m | 894.8 m |
| Net income YoY | — | +46.9% | +20.5% | unavailable | +10.8% | +98.9% | −7.5% | +9.2% |
| Diluted EPS | 6.26 | 9.01 | 10.73 | 10.62 | 10.05 | 18.49 | 17.21 | 18.88 |
| Diluted EPS YoY | — | +43.9% | +19.1% | unavailable | −5.4% | +84.0% | −6.9% | +9.7% |
| net % | 8.7% | 11.5% | 12.7% | 13.0% | 9.7% | 15.7% | 14.4% | 14.6% |
| Free cash flow | 316.2 m | 360.1 m | 393.7 m | 547.5 m | 723.0 m | 721.2 m | 1.1 bn | 1.1 bn |
The series breaks before 2017: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 352.4 m USD
- Financial debt
- 2.5 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 10.5 bn USD
- Total assets
- 15.3 bn USD
- Debt / equity
- 0.24x
- Current ratio
- 1.64x
- ROE
- 8.9%
- ROA
- 6.1%
- FCF margin
- 17.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.1 bn | 4.6 bn | 5.6 bn | 5.7 bn | 6.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.9 bn | 1.9 bn | 2.8 bn | 3.2 bn | 3.2 bn | 3.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 1.2 bn ≈ | 1.2 bn ≈ | 1.8 bn ≈ | 2.4 bn ≈ | 2.4 bn ≈ | 2.6 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Research & development | — | — | — | 356.3 m | 292.6 m | 317.3 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 715.1 m | 662.0 m | 1.1 bn | 852.0 m | 902.6 m | 931.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 491.7 m | 480.1 m | 624.3 m | 1.0 bn | 989.1 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 111.9 m | 116.2 m | 371.8 m | 316.4 m | 309.9 m | 336.3 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 603.6 m ≈ | 596.3 m ≈ | 996.1 m ≈ | 1.4 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 21.0 m | 15.3 m | 90.8 m | 77.3 m | 57.9 m | 59.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 473.7 m | 469.7 m | 533.8 m | 958.9 m | 937.9 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 71.4 m | 67.8 m | 88.5 m | 72.3 m | 117.2 m | 198.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 402.3 m | 401.9 m | 445.3 m | 885.7 m | 819.2 m | 894.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 10.73 | 10.62 | 10.05 | 18.49 | 17.21 | 18.88 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 37.5 m | 37.9 m | 44.3 m | 47.9 m | 47.6 m | 47.4 m | SEC (XBRL)· 20 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 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 199.5 m | 673.1 m | 474.7 m | 648.3 m | 649.8 m | 352.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 460.4 m | 402.0 m | 767.7 m | 899.7 m | 901.1 m | 992.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 393.4 m | 347.3 m | 752.9 m | 917.7 m | 914.4 m | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.3 bn | 1.7 bn | 2.4 bn | 3.0 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 487.9 m | 489.3 m | 827.5 m | 777.0 m | 745.2 m | 839.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 2.1 bn | 2.2 bn | 8.0 bn | 8.0 bn | 8.0 bn | 8.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 267.3 m | 409.7 m | 2.7 bn | 2.3 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 4.6 bn | 5.1 bn | 14.4 bn | 14.5 bn | 14.2 bn | 15.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 271.1 m | 229.1 m | 469.5 m | 384.7 m | 416.4 m | 486.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 100.6 m | 97.6 m | 0 | 600.1 m | 300.0 k | 450.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 750.0 m | 680.9 m | 4.1 bn | 2.6 bn | 2.6 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 763.2 m | 760.9 m | 1.5 bn | 1.8 bn | 1.3 bn | 1.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.9 bn | 1.9 bn | 6.8 bn | 5.3 bn | 4.6 bn | 4.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 2.7 bn † | 3.2 bn † | 7.6 bn † | 9.2 bn † | 9.5 bn † | 10.5 bn † | SEC (XBRL)· 20 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 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 482.1 m | 618.9 m | 824.6 m | 836.1 m | 1.2 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 88.4 m | 71.4 m | 101.6 m | 114.9 m | 83.7 m | 117.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 393.7 m ≈ | 547.5 m ≈ | 723.0 m ≈ | 721.2 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -571.9 m | -99.4 m | -3.8 bn | -190.3 m | -207.2 m | -937.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 141.7 m | -61.8 m | 2.8 bn | -651.5 m | -945.8 m | -555.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 354.0 m | 402.9 m | SEC (XBRL)· 20 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: 59 / 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: 29.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet94
- Valuation14
- Quality70
- Growth91
- Returns24
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: 362.74 – 580.58 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)362.74 – 580.58 (Mid 446.73)WACC 9.0% · starting FCFF 1.2 bn USD · terminal value share of EV 74%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): 25.5%
- Peers: EV/EBITDA408.63 – 533.16 (Mid 468.82)3 companies used · median multiple 14.0x · quartiles 12.3x – 15.8xDRS, LHX, NOC
- Peers: P/E444.40 – 570.95 (Mid 529.15)5 companies used · median multiple 24.2x · quartiles 20.3x – 26.1xCODA, DRS, GRMN, LHX, NOC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.4% | 49 (on a fixed band) | 11% |
| Net margin · Quality | 15.8% | 75 (vs peers) | 7% |
| FCF conversion · Quality | 111.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.8% | 82 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 23.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.9x | 89 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 26.9x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 28.9x | 0 (vs peers) | 11% |
| EV/EBITDA · Valuation | 18.6x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet94/100 · 3/3 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality70/100 · 3/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation14/100 · 3/3 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
TELEDYNE TECHNOLOGIES INC (TDY). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 6.1 bn USD in 2025; YoY growth 7.9%; net margin 15.8%; ROE 9.5%; net debt/EBITDA 0.9x.
The estimated value range is 408.63–570.95 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 468.82 USD, the price of 632.01 USD leaves a potential of -25.8% (value / price − 1) and a margin of safety of -34.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.8%
- FCF conversion: 111.8%
- Revenue CAGR 3Y: 9.8%
- EPS CAGR 3Y: 23.4%
- Net debt / EBITDA: 0.9x
- Interest coverage: 26.9x
- Current ratio: 2.3x
What contradicts it
- P/E (TTM): 28.9x
- EV/EBITDA: 18.6x
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812) · same industry (4-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| NOCNorthrop Grumman Corp | 74.6 bn | 16.6 | 26.1% | 10.4% | +2.2% | −8% / +11% |
| GRMNGarmin Ltd | 55.7 bn | 27.8 | 22.4% | 25.6% | +15.1% | +48% / +137% |
| LHXL3harris Technologies, Inc. | 48.4 bn | 24.2 | 10.3% | 5.2% | unavailable | −7% / +36% |
| TDYTeledyne Technologies Inc | 29.1 bn | 28.9 | 9.5% | 15.8% | +7.9% | +24% / +67% |
| DRSLeonardo DRS, Inc. | 9.5 bn | 26.1 | 13.2% | 9.4% | +12.8% | +4% / +93% |
| NNNextNav Inc. | 1.5 bn | — | -77.9% | -2,812.5% | −19.3% | −38% / +121% |
| LUNRIntuitive Machines, Inc. | 835.8 m | — | — | -26.6% | −7.9% | +5% / +248% |
| CODACoda Octopus Group, Inc. | 101.4 m | 20.3 | 8.4% | 17.6% | +30.7% | +2% / +52% |
| MINDMind Technology, Inc | 33.6 m | — | -6.8% | -6.8% | −12.6% | −61% / −29% |
1- and 3-year price returns: for TDY 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.
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 | 401.77 Total return -36% · Per year -36% | 708.57 Total return 12% · Per year 12% | 1,064.94 Total return 69% · Per year 69% |
| 3 years | 432.93 Total return -31% · Per year -12% | 854.93 Total return 35% · Per year 11% | 1,404.55 Total return 122% · Per year 30% |
| 5 years | 466.51 Total return -26% · Per year -6% | 1,031.52 Total return 63% · Per year 10% | 1,852.45 Total return 193% · Per year 24% |
- Exit P/E± 213.73
- Net margin± 149.61
- Annual revenue growth± 116.83
- Annual dilution± 12.57
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.
In brief
Teledyne Technologies (TDY) supplies sensing, imaging, instrumentation and defense electronics technologies to industrial markets that demand high reliability. Net sales reached 6115.4 million USD in fiscal 2025 1, and grew 9.0% in the first nine months of 2026 2. The company announced the pending acquisition of Varex Imaging for about 1.1 billion USD 3.
SWOT
Strengths
- A diversified technology portfolio with high barriers to entry and a broad customer base across several markets 1.
- Operating profit and free cash flow have grown consistently in recent periods, according to the quarterly results 3.
- Leverage is modest relative to operating results, according to the company 3.
Weaknesses
Opportunities
Risks
- Economic recessionmedium
If the United States or global economy enters recession, customer demand could fall and payments could be delayed 1.
- Acquisition riskshigh
Integrating acquired companies, including Varex, may prove difficult and could expose the company to unexpected liabilities 13.
- Component and labor costsmedium
Rising component, labor and shipping costs could reduce margins if prices cannot be raised sufficiently 1.
- China trade restrictionshigh
Tariffs, sanctions and export restrictions could disrupt deliveries and sales in China and other markets 12.
- Russia sanctionslow
International sanctions have led to a comprehensive ban on commercial activity with Russia, limiting access to that market 1.
Investment thesis
What would need to be true (bull case)
- Sales and operating profit rose in the third quarter of 2026 and the full year outlook was raised, which points to solid execution 3.
- Orders exceeded sales in every quarter of the last three years, and funded backlog is substantial 3.
- Diversification across segments and markets could reduce dependence on any single industry, according to the structure the company describes 1.
What would break the thesis
- Growth partly depends on acquisitions, and integrating them could bring unforeseen costs and risks 1.
- Tariffs, trade restrictions and geopolitical tensions could weigh on margins and on access to important markets 2.
- Demand in interest-rate-sensitive and cyclical industries could decline if financial conditions worsen 1.
What to watch
- Closing of the Varex Imaging acquisition and its integration into Digital Imagingearly 2027
- Development of the GAAP and non-GAAP outlook for fiscal 2026Q4 2026
- Capital expenditure levels and net debt after the Varex acquisition2027
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.
The business
Teledyne is a Delaware corporation providing technologies that sense, analyze and distribute information for markets such as aerospace and defense, factory automation, environmental monitoring, oceanographic research and medical imaging 1. Its products include sensors and cameras across visible, infrared and X-ray spectra, marine and environmental instruments, harsh environment interconnects, test and measurement equipment, aircraft information systems and satellite communication subsystems 1. The company is organized into four segments and states that its growth strategy relies on targeted acquisitions and product development 1.
Segments
Market context
Teledyne operates in markets with high barriers to entry and specialized products that are less likely to be commoditized 1. Defense demand contributes to growth, and the company states it benefits from higher global defense spending 2.
End markets are sensitive to the general economic cycle and to customer capital spending, which could decline if interest rates stay high 1. Across the company, orders exceeded sales in every quarter of the last three years, which points to solid demand 3.
Trends
- Tariffs and trade restrictionsmixed
Tariffs and retaliatory measures between the United States and other countries, including China, could reduce revenue or raise material costs 2. The company received IEEPA tariff refunds after the Supreme Court ruling of February 2026 2.
- Export restrictions and raw materialsheadwind
China has restricted exports of rare earth minerals and permanent magnets used in Teledyne products, which could delay deliveries and reduce margins 1.
- Defense spendingtailwind
Higher global defense spending supports the Digital Imaging and Aerospace and Defense Electronics segments, according to the company 2.
- Geopolitical conflictsheadwind
Conflicts in the Middle East and tensions over Taiwan could disrupt the supply chain and sales to some regions, although the company has not reported a material impact so far 12.
Competitive position
Teledyne competes in highly competitive markets where rivals may have greater name recognition, a larger installed base and more financial resources 1. Competition can also come from customers who vertically integrate their products and from low-cost suppliers in China 1.
The company competes on quality, performance, reliability, technical expertise, price and service 1. Expiring patents could open the market to additional competitors 1.
- Larger rivals with greater financial resources
The SEC sources do not name competitors; the company refers only to rivals with greater recognition and resources.
- Low-cost suppliers in China and other developing countries
The company flags price pressure from low-cost producers without naming them.
- Customers that vertically integrate
Some customers develop their own products or replace Teledyne solutions with in-house ones.
- New technologies from existing competitors
Existing or new competitors may develop technologies that could reduce demand for the company's 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
- Teledyne FLIR Defense wins $48M contract to provide next-gen Nuclear, Biological and Chemical Reconnaissance Sensors for Bulgaria StrykersEuropean Defence Review · 27 Oct 2026 · RO
- Teledyne Technologies (TDY) Price Target Hiked to $760 as Needham Bets on Defense and Short-Cycle RecoveryYahoo Finance — News · 17 Sept 2026 · EN
- Teledyne (TDY) Lands $15.4 Million European Drone Contract as Shares Pull BackYahoo Finance — News · 11 Sept 2026 · EN
- Teledyne Technologies (TDY) Raises Guidance as Defense, Space and Industrial Demand AccelerateYahoo Finance — News · 08 Sept 2026 · EN
- A Rocket Launch Just Highlighted Teledyne’s (TDY) Overlooked Space BusinessYahoo Finance — News · 02 Sept 2026 · EN
- Do Wall Street Analysts Like Teledyne Technologies Stock?Yahoo Finance — News · 27 Aug 2026 · EN
- Varex Imaging (VREX) Stock Jumps 50% on Teledyne (TDY) Buyout Deal Just as Its Turnaround Gains TractionYahoo Finance — News · 26 Aug 2026 · EN
SEC filings
- Quarterly report23 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report (amendment)02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report28 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Other events · Financial statements and exhibits
- Current report22 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / Teledyne Technologies Incorporated · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-27 · SEC / Teledyne Technologies Incorporated · 23 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teledyne Technologies Incorporated · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.