AMETEK, Inc. AME
NYSEElectronic components and instrumentsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 0.5 | 0.7 |
| Securities | 0.0 | 0.0 |
| Debt | 2.3 | 6.7 |
| Net cash | -1.8 | -6.0 |
| Equity | 10.6 | 11.7 |
- Debt / EBITDA
- 2.60×
- Debt / equity
- 0.57×
- Leases (9/30/26)
- $297M
- Diluted shares
- 230M
- Book value / share
- $50.84
- Price / book
- 4.7×
- Net cash / share
- −$26.10
- Market cap
- $54.6B
- Enterprise value
- $60.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 17.3% | +6.5 pts | |
| Operating margin | 26.3% | +0.5 pts | |
| FCF margin | 23.8% | +1.6 pts | |
| Capex / revenue | 1.5% | +0.4 pts | |
| EIG organic sales growth | +9% | – | |
| EMG organic sales growth | +13% | +1 pts | |
| Aerospace and power sales · 6/30/26 | $599M | +11% | |
| Automation and engineered solutions sales · 6/30/26 | $501M | +15% | |
| Order backlog · 6/30/26 | $4.1B | +18% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About AME
AMETEK sells specialized instruments, aircraft components and engineered industrial products through EIG and EMG. Its 2025 product mix was 46.8% process and analytical instruments, 29.6% aerospace and power, and 23.6% automation and engineered solutions.
- Design In Qualification
Aerospace instruments and components are designed to customer specifications and qualified against stringent reliability requirements.
- Design In Qualification
Highly customized connectors, medical components and precision motion systems can become qualified into demanding customer products, creating redesign and revalidation costs.
- Nov 3, 2026
AMETEK raised full-year adjusted EPS guidance to $8.53-$8.57 after record Q3 sales of $2.22 billion. Acquired businesses add growth while increasing debt and integration demands.
- Aug 26, 2026
AMETEK bought Indicor Instrumentation for $5 billion in cash, adding industrial and scientific businesses with recurring consumables, services and aftermarket revenue; management expected $350 million of 2026 sales.
- Aug 4, 2026
AMETEK raised its 2026 adjusted earnings outlook to $8.20-$8.30 per share as Q2 organic sales rose 10% and organic orders rose 25%; the outlook preceded the Indicor closing.
- Jul 21, 2026
A Texas federal court denied Chandler Engineering and AMETEK summary judgment on patent indefiniteness, keeping the drilling-fluid viscometer infringement dispute alive at that stage; the order awarded no damages.
- Jun 9, 2026
AMETEK arranged a $4 billion acquisition term loan and expanded its revolving facility to $3.5 billion, increasing funding capacity and floating-rate exposure for Indicor.
Ownership
Go deeper on AME
- Compare stock research toolsFundamentals, valuation and screening platforms for AME.19 tools
- See AME's price chartNo price chart here yet. See price history and indicators.17 tools
- Read AME's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 16.43 | 18.55 | 20.82 | 22.49 | 19.64 | 23.82 | 26.56 | 28.50 | 29.90 | 32.00 | 35.61 | +7.7%/yr | |
| Cash flow | 3.24 | 3.59 | 3.98 | 4.86 | 5.54 | 4.98 | 4.96 | 7.50 | 7.88 | 7.79 | 9.04 | +10.2%/yr | |
| Earnings | 2.19 | 2.94 | 3.34 | 3.75 | 3.77 | 4.25 | 5.01 | 5.67 | 5.93 | 6.40 | 7.09 | +12.6%/yr | |
| Free cash flow | 2.97 | 3.27 | 3.62 | 4.41 | 5.22 | 4.51 | 4.36 | 6.91 | 7.33 | 7.23 | 8.40 | +10.4%/yr | |
| Capex | 0.27 | 0.32 | 0.35 | 0.45 | 0.32 | 0.48 | 0.60 | 0.59 | 0.55 | 0.56 | 0.64 | +8.5%/yr | |
| Dividends | 0.36 | 0.36 | 0.55 | 0.56 | 0.71 | 0.79 | 0.87 | 0.99 | 1.11 | 1.23 | 1.32 | +14.8%/yr | |
| Book value | 13.93 | 17.37 | 18.23 | 22.30 | 25.74 | 29.52 | 32.29 | 37.71 | 41.59 | 45.96 | 50.84 | +14.2%/yr | |
| Diluted shares (M) | 234 | 232 | 233 | 229 | 231 | 233 | 232 | 232 | 232 | 231 | 230 | -0.1%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 3.8 | 4.3 | 4.8 | 5.2 | 4.5 | 5.5 | 6.2 | 6.6 | 6.9 | 7.4 | 8.2 | +7.6%/yr | |
| Operating income | 0.8 | 0.9 | 1.1 | 1.2 | 1.0 | 1.3 | 1.5 | 1.7 | 1.8 | 1.9 | 2.1 | +10.3%/yr | |
| Net income | 0.5 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 | +12.5%/yr | |
| Free cash flow | 0.7 | 0.8 | 0.8 | 1.0 | 1.2 | 1.0 | 1.0 | 1.6 | 1.7 | 1.7 | 1.9 | +10.3%/yr | |
| Buybacks | 0.3 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.2 | 0.4 | 0.3 | +2.9%/yr | |
| Dividends | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | +14.7%/yr | |
| Net cash | -1.6 | -1.5 | -2.3 | -2.4 | -1.2 | -2.2 | -2.0 | -2.9 | -1.7 | -1.8 | -6.0 | −$0.2B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 32.7 | 33.5 | 34.2 | 34.7 | 34.0 | 34.5 | 34.9 | 36.1 | 35.7 | 36.0 | 36.4 | +3.4 pts | |
| Operating margin | 20.6 | 21.0 | 22.2 | 22.8 | 22.6 | 23.6 | 24.4 | 25.9 | 25.6 | 25.8 | 26.0 | +5.2 pts | |
| Net margin | 13.3 | 15.8 | 16.1 | 16.7 | 19.2 | 17.9 | 18.9 | 19.9 | 19.8 | 20.0 | 19.9 | +6.7 pts | |
| FCF margin | 18.1 | 17.6 | 17.4 | 19.6 | 26.6 | 18.9 | 16.4 | 24.2 | 24.5 | 22.6 | 23.6 | +4.5 pts | |
| ROIC | 13.3 | 13.4 | 13.6 | 12.9 | 11.8 | 11.9 | 13.0 | 12.1 | 12.9 | 12.6 | 9.9 | -0.7 pts | |
| Return on equity | 15.7 | 16.9 | 18.3 | 16.8 | 14.7 | 14.4 | 15.5 | 15.0 | 14.3 | 13.9 | 13.9 | -1.8 pts | |
| R&D % of revenue | 2.9 | 3.0 | 2.9 | 3.1 | 3.5 | 3.5 | 3.2 | 3.3 | 3.4 | 3.2 | – | +0.3 pts | |
| Stock pay % of revenue | 0.6 | 0.6 | 0.6 | 0.8 | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 | 0.6 | 0.6 | +0.1 pts | |
| Capex % of revenue | 1.6 | 1.7 | 1.7 | 2.0 | 1.6 | 2.0 | 2.3 | 2.1 | 1.8 | 1.8 | 1.8 | +0.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Process and Analytical Instrumentation46.8%No moat
- Aerospace and Power29.6%1 claim
- Automation and Engineered Solutions23.6%1 claim
Moat claims
- Applies to
- Aerospace and Power
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Aerospace instruments and components are designed to customer specifications and qualified against stringent reliability requirements. Once incorporated into a long-lived aircraft or engine platform, redesign, recertification and field-support disruption create replacement friction. The mechanism is strongest in aerospace and does not imply exclusivity across the broader power portfolio.
Q2 2026 aerospace and power sales were $599.106 million, while First Aviation adds proprietary repair capabilities; no new platform-retention evidence shows that qualification barriers have strengthened.
- Aerospace and power sales$599M+11%
- EIG organic sales growth+9%
- EMG organic sales growth+13%
- Order backlog$4.1B+18%
- Organic orders growth+25%
- AMETEK loses a next-generation aircraft or engine design position
- OEMs dual-source or impose price-down requirements
- Alternative sensor, material or power technologies displace incumbent products
- Aftermarket competition or regulation weakens parts and repair economics
- FilingAMETEK 2025 Form 10-K - aerospace specifications and reliabilityFeb 17, 2026
- FilingAMETEK 2025 Form 10-K - aerospace customer relationshipsFeb 17, 2026
- Applies to
- Automation and Engineered Solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Highly customized connectors, medical components and precision motion systems can become qualified into demanding customer products, creating redesign and revalidation costs. The score is low because AMETEK discloses no socket retention, sole-source share or product-level economics, and the category includes more substitutable motors and specialty materials.
Q2 2026 automation and engineered solutions sales reached $501.326 million and EMG organic sales rose a reported 15%; this supports demand recovery but gives no direct evidence of higher socket retention.
- Automation and engineered solutions sales$501M+15%
- EMG organic sales growth+13%
- Order backlog$4.1B+18%
- Organic orders growth+25%
- OEMs redesign around alternative suppliers or standard components
- Medical or semiconductor customers dual-source qualified parts
- Alternative materials and manufacturing processes displace specialty products
- Quality or delivery failures trigger requalification elsewhere
- FilingAMETEK 2025 Form 10-K - customized harsh-environment applicationsFeb 17, 2026
- FilingAMETEK 2025 Form 10-K - medical components and consumablesFeb 17, 2026
Profile change log
- Nov 11, 2026 · business change
AMETEK raised full-year adjusted EPS guidance to $8.53-$8.57 after record Q3 sales of $2.22 billion. Acquired businesses add growth while increasing debt and integration demands.
- Oct 6, 2026 · analyst revision
Reverified both qualification claims, added stable trajectories and a balanced business debate, and replaced quarter-based revenue weights with the reported 2025 product mix. The instrumentation no-moat status and both claim scores remain unchanged.
- Oct 6, 2026 · business change
AMETEK bought Indicor Instrumentation for $5 billion in cash, adding industrial and scientific businesses with recurring consumables, services and aftermarket revenue; management expected $350 million of 2026 sales.
- Oct 6, 2026 · business change
AMETEK raised its 2026 adjusted earnings outlook to $8.20-$8.30 per share as Q2 organic sales rose 10% and organic orders rose 25%; the outlook preceded the Indicor closing.
- Oct 6, 2026 · business change
A Texas federal court denied Chandler Engineering and AMETEK summary judgment on patent indefiniteness, keeping the drilling-fluid viscometer infringement dispute alive at that stage; the order awarded no damages.
- Oct 6, 2026 · business change
AMETEK arranged a $4 billion acquisition term loan and expanded its revolving facility to $3.5 billion, increasing funding capacity and floating-rate exposure for Indicor.
- Oct 6, 2026 · business change
AMETEK bought First Aviation Services, adding defense and aviation repair capabilities and proprietary components to its aerospace business.
- Oct 6, 2026 · business change
AMETEK bought LKC Technologies, adding portable ophthalmic diagnostic devices to Reichert and broadening its medical-instrument portfolio.
- Oct 6, 2026 · business change
AMETEK bought FARO for approximately $920 million net of acquired cash, expanding its portable 3D measurement and digital-reality portfolio.
- Oct 6, 2026 · analyst revision
The owner changed the industry to Electronic components and instruments because specialized measurement instruments and engineered components better describe AMETEK's products and peers.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Process, analytical and precision measurement instruments
Industrial process analyzers, laboratory and radiation instruments, metrology and precision measurement systems, vacuum and surface-science equipment, geological sample-analysis systems and related technical services, and specialist medical diagnostic instruments. This is a portfolio of separate product niches, excluding general-purpose factory automation, drug development services and semiconductor production equipment.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| AME | 25 | 36.4% | 26.0% | |
| Industry median | 10 | 62 | 48.2% | 18.0% |
| Sector median | 88 | 76 | 37.3% | 18.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Industrial, laboratory and semiconductor capital spending strongly affects new instrument orders. Precision requirements and advanced manufacturing support long-run demand but do not remove investment cycles. Academic grants, pharmaceutical research and industrial capital budgets drive chromatography, mass spectrometry and microscopy orders. Q2 FY2026 Thermo Fisher Analytical Instruments organic revenue rose 7% after a 2% Q1 decline, showing that demand can change quickly. Battery development, semiconductor production and industrial research diversify demand away from academic grants. Eight Judges subsidiaries grew in H1 2026, partly supported by these applications.
- Environmental, nuclear-safety and medical requirements have a moderate to strong effect on measurement and validation spending. Regulatory compliance can create repeat service demand. Food, water and environmental method requirements support applied laboratory measurements. EPA-approved GC-MS/MS methods include several manufacturers, so validated workflows favor qualified platforms without excluding all competitors.
- Interest rates have a moderate indirect effect by changing customer investment budgets. Specialized instruments are a small part of total project spending, which can soften the effect for critical applications. Currency has a material translation and sourcing effect for global vendors. AMETEK reported 52% of EIG sales outside the United States in 2025.
- Better sensors, software and measurement performance drive replacement cycles. Incumbents must keep investing because technically superior competing products can win new projects.
- Public research funding has a strong direct effect on academic instrument orders. Judges reported H1 2026 group order intake down 12%, with US orders down 7%, and expects funding uncertainty to continue into 2027. Government procurement rules can strongly affect order timing without changing the underlying research need. Judges reported China and Hong Kong orders down 47% in H1 2026 as new R&D tax-exemption processes delayed purchases; early resolution appeared by September.
- Project delays and customer inventory corrections can reduce orders even when suppliers retain installed positions. Offshore-wind investment and funded geological expeditions create large, irregular equipment and service orders. Judges expects no Geotek coring expedition in 2027, with a previously discussed customer project delayed until at least 2028. Year-end shipment concentration raises execution risk when orders recover late. Judges expects an unusually large share of 2026 sales in Q4 after summer order improvement; instrument completion, acceptance and customer readiness can delay revenue.
- Numerous vendors compete on product performance, service and price. A strong position in radiation detection does not establish leadership in every analytical or metrology niche. Third-party consumables and service providers can compete with instrument vendors. Companywide recurring-revenue mix does not establish proprietary consumable attachment for every instrument.
- Electronic components, specialized materials, tariffs and export controls can raise costs or delay customer projects. Currency moves affect export competitiveness and translated results; interest rates affect customer projects and debt-funded acquisitions. The effect varies by product and financing structure and does not establish uniform pricing power. Exporters can hedge booked orders while remaining exposed to currency moves in future tenders; interest swaps can soften immediate rate changes without protecting customer investment budgets.
- Acquisitions expand product scope and can dilute margins. Acquired revenue must be separated from organic demand when comparing suppliers.
- Healthcare, nuclear and environmental approvals can delay launches and create recall or liability costs. Approved alternative analytical methods, instrument tenders and compatible software can limit lock-in in chromatography and spectroscopy. These laboratory economics do not establish the same protection in every process, radiation or metrology niche.
Bulls & bears
Can AMETEK convert recovering organic orders and the Indicor portfolio into durable cash growth while reducing acquisition debt, without relying mainly on further purchases?
Arguments
What to watch
- 1Organic sales and orders, separated from acquisitions and currency
- 2Aerospace and power and automation product sales, with EIG and EMG margins
- 3Cash generation and post-Indicor total debt
Next check: FY2026 results will test Indicor integration, conversion of organic orders and the higher debt load after the acquisition.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 25/100 by <a href="https://www.findmymoat.com/stocks/XNYS:AME">Find My Moat</a> (as of September 2026)Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.