EMERSON ELECTRIC CO. (EMR): what the price assumes

In the published model solve dated 2026-Q2, anchored at $155.18, EMERSON ELECTRIC CO. (EMR) is priced for today's economics sustained for ~6.5 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-26.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/EMR

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 9.2% cost of capital; growth searched up to the 25% self-funding ceiling.

How unusual the bet is: n/a

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.5%); the inversion above states its own rate.

Per-Model Detail (n=10)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• The company has been rebuilt around automation and industrial software, with Control Systems & Software at roughly 23% of revenue and the AspenTech asset-optimisation business sitting inside that line.
• The distance between the price and the trajectory is what to weigh here, because the quote implies today's economics compounding at the top of what the business can fund from its own cash for more than six years, while management's own fiscal 2026 outlook calls for underlying sales growth of about 3%.
• Capital allocation has turned toward shareholders, with the fiscal 2026 outlook assuming $2.2 billion returned through $1 billion of repurchases and $1.2 billion of dividends against guided free cash flow of $3.5 billion to $3.6 billion.

Bull Case

The most concrete commitment management made this year was about cash rather than growth. The fiscal 2026 outlook guides free cash flow to $3.5 billion to $3.6 billion and assumes returning $2.2 billion to shareholders, split between $1 billion of repurchases and $1.2 billion of dividends, with a quarterly dividend of $0.555 per share declared on May 5, 2026. Roughly two thirds of the cash the business expects to generate is scheduled to leave in the direction of the owners. The share count has already been drifting down about 1.4% a year across the four years to March 2026.

That pivot follows a spending phase, and the spending is the reason the portfolio looks the way it does now. Buying in the AspenTech minority took about $7.17 billion of cash in the first half of fiscal 2025, and net interest expense in the March 2026 quarter ran at $84 million against $41 million a year earlier. A company that borrows to buy control of its software arm and then announces buybacks is telling you it thinks the building is finished.

What was built is worth describing plainly. The annual report puts it this way: "Through its leading automation portfolio, Emerson helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals." Underneath that phrasing sits equipment that refineries, chemical plants and power stations cannot run without. Final Control alone is described as "a leading global provider of control valves, isolation valves, shutoff valves, pressure relief valves, pressure safety valves, actuators, and regulators for process and hybrid industries". Those components get specified into a plant design and then bought again, from the same supplier, for the thirty years the plant operates. Switching costs in that business are measured in shutdown days.

The software layer is what changes the shape of the earnings. The Control Systems & Software segment "also includes the AspenTech business, which is a global leader in asset optimization software that enables industrial manufacturers to design, operate and maintain their operations for maximum performance", and management identified Software Systems as the leader of the 5% growth in underlying orders in the March quarter. Selling the valve and then selling the software that decides when to open it is a materially better business than selling the valve alone.

The near-term profitability is moving the right way even where the top line is not. In the quarter ended March 31, 2026, net sales rose 3%. Pretax earnings reached $793 million, or 17.4 cents on every dollar of sales, against 14.2 cents a year earlier, an improvement of 320 basis points. The device segments carried it: Sensors reported earnings of $276 million on $1,024 million of sales, and Final Control $353 million on $1,488 million. Margin expansion on flat volume is a harder trick than margin expansion on rising volume, and it is the one being performed.

Management has also been reliable about its own numbers, having raised guidance on 14 separate occasions, cut it once and reaffirmed it on 7 since 2006.

Bear Case

What the price is really underwriting is a story about software, and the software line went slightly backwards last quarter. Software Systems, which groups Control Systems & Software with Test & Measurement, produced sales of $1,503 million in the quarter ended March 31, 2026, up 4% as reported but only 1% on an underlying basis, and Control Systems & Software on its own was down 2% underlying. The part of the company being paid for as a compounder did not compound in that period.

Test & Measurement, the faster-growing half of that group, has its own version of the problem. It grew 16% as reported and 12% underlying, and still posted a reported segment loss of $5 million on $414 million of sales, carrying $107 million of intangibles amortisation in the quarter. The revenue growth is genuine. The reported profit is still being consumed by what the business cost to buy.

Now put that against the demand embedded in the quote. At roughly 32 times company-wide operating profit, the price requires today's economics to hold at the ceiling the business can fund from its own cash flow, and to hold there for about six and a half years. Two facts sit awkwardly beside that. The company's long-run growth record averages about 4% a year, so the assumed pace runs well above what has actually been delivered. And of comparable fast-growers, only about 26% managed that persistence over a similar span. Management's own outlook for fiscal 2026 is net sales growth near 4.5% and underlying growth near 3%. Three percent is not six and a half years at a ceiling.

Geography is not helping either. In the March quarter sales rose 5% in the Americas, fell 4% in Europe and fell 5% across Asia, the Middle East and Africa, with the chief executive attributing part of the shortfall to the conflict in the Middle East. Two of three regions going backwards is not a demand picture that supports a durability premium, and the regions shrinking are the ones with the heaviest process-industry capital spending.

The cohort makes the comparison sharper. ROK grew trailing revenue 10.5% to about 8.8 billion dollars. AME grew 9.5% to roughly 7.6 billion dollars, IEX 7.5%, DOV 7.1%, PH 6.0% and XYL 5.7%. Emerson's reported sales grew 3% in the March quarter, which places it at the slow end of a group of companies doing broadly similar things, while carrying a richer multiple than most of them. Being the slowest grower in the room is survivable. Being the slowest grower with the highest expectations attached is the specific risk here.

Finally, no standard approach reaches this price, and the distances are not marginal. The earnings-power methods land at roughly a quarter of the quote, the asset-based methods at rather more than a third of it, the peer-multiple methods at about half, and even the cash-flow methods, which credit forward growth, land where the price sits about a third above them. When every frame is under the price, there is no valuation floor to fall back on if the growth story slows. The annual report's own risk language points at the mechanism: its businesses are "affected by varying degrees of technological change, such as, among others, artificial intelligences and machine learning, and corresponding shifts in customer demand, which result in unpredictable product transitions". The software premium and the software risk are the same asset.

Valuation

Start with the shape of the bet rather than the size of it. At about 32 times company-wide operating profit, the price does not ask for an acceleration; it asks for persistence. Specifically, it implies today's economics held at the ceiling the business can fund from its own cash flow for roughly six and a half years, discounted at a 9.2% cost of capital. The duration is the whole variable, and it is a fragile one: each additional percentage point on the cost of capital shortens the implied horizon by roughly 1.9 years. Against that, the company's own long-run growth record averages about 4% a year, so what is being assumed sits well above what has been delivered.

No family of method reaches the quote, which is unusual and worth stating precisely. The earnings-power approaches land at roughly a quarter of the price. The asset-based approaches land at rather more than a third of it. Peer multiples reach about half. The forward-growth methods come closest and still leave the price around a third above where they arrive. A price above every standard frame is not automatically wrong, but it does mean nothing in the conventional toolkit is defending it.

The earnings-power gap is the most informative of those distances, because the input behind it is not in dispute. One of those approaches capitalises trailing free cash flow of about $3.1 billion at a required return with no growth credited at all. That figure lines up closely with management's own fiscal 2026 free cash flow guide of $3.5 billion to $3.6 billion, so the disagreement is not about how much cash the business produces. It is entirely about what that cash stream is worth if it stops growing. The premium above that level is the growth assumption, isolated.

The revenue base behind it is genuinely diversified. Final Control carries about 24% of revenue, Measurement & Analytical roughly 23%, Control Systems & Software another 23%, Discrete Automation about 14%, with Safety & Productivity and Test & Measurement around 8% each. The annual report describes Final Control as "a leading global provider of control valves, isolation valves, shutoff valves, pressure relief valves, pressure safety valves, actuators, and regulators for process and hybrid industries" and the software line as containing "the AspenTech business, which is a global leader in asset optimization software". Those two lines are valued by the market on very different logic, and the blend is what the single multiple obscures.

Cohort position is informative here because the group is unusually comparable. AME operates at an operating margin near 25.9% on trailing revenue of about 7.6 billion dollars; PH near 22.8% on roughly 21.0 billion dollars; IEX near 20.7% on about 3.5 billion dollars; DOV near 16.7% on about 8.3 billion dollars; and ROK near 11.0% on about 8.8 billion dollars while growing 10.5%. The spread across that group is wide, and Emerson's device segments print reported margins in the mid-twenties on their own sales, which is competitive. The question this valuation turns on is not whether the margins are good enough. They are. It is whether the growth rate justifies paying a durability premium on top of them.

The balance sheet is the least contentious part of the file. Debt was raised deliberately to take full ownership of the software business, and the servicing cost is visible: net interest expense of $84 million in the March quarter against $41 million a year earlier. Guided free cash flow of $3.5 billion to $3.6 billion comfortably covers the $2.2 billion of planned dividends and buybacks, and the share count has been falling about 1.4% a year. Financing is not the thing that breaks this thesis. The growth rate is.

Catalysts

Fiscal second-quarter results, for the three months ended March 31, 2026, were reported on May 5, 2026. Net sales came in at $4.56 billion, up 3% as reported and 0.5% on an underlying basis, while underlying orders rose 5%, which management said was led by Software Systems. Reported earnings were $1.10 per share against $0.86 a year earlier. Pretax earnings of $793 million represented 17.4 cents on every dollar of sales, against 14.2 cents a year earlier, an improvement of 320 basis points. Cash generation went the other way, with operating cash flow of $779 million and free cash flow of $694 million, each down 6%.

The segment and geographic detail is where the quarter divides. Test & Measurement sales rose 16% and Safety & Productivity 5%, while Control Systems & Software was flat as reported and down 2% underlying, and Final Control rose 2% as reported. By region, the Americas grew 5% while Europe fell 4% and Asia, the Middle East and Africa fell 5%. Chief executive Lal Karsanbhai attributed part of the sales impact to the conflict in the Middle East and pointed to orders momentum and backlog as the basis for a stronger second half.

Guidance for the rest of the year was set alongside the print. Fiscal 2026 net sales growth is guided near 4.5% with underlying growth near 3%, earnings of $4.79 to $4.89 per share, operating cash flow of $4.0 billion to $4.1 billion and free cash flow of $3.5 billion to $3.6 billion. Third-quarter guidance calls for net sales growth near 5.5%, underlying growth near 5%, and earnings of $1.22 to $1.27 per share. A quarterly dividend of $0.555 per share was declared, payable June 10, 2026 to holders of record on May 15. The third-quarter report is the first check on whether the promised second-half acceleration is arriving.

Peer Cohorts (Per Segment, With Filing Citations)

Final Control / Measurement & Analytical (reported)

• ROK (Rockwell Automation, Inc.)
• FY2025 10-K: …None. Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness, as of September 30, 2025, of our disclosure controls and…
• FY2025 10-K: …rok:ClearpathRoboticsMember us-gaap:FairValueInputsLevel3Member 2024-10-01 2025-09-30 0001024478 rok:ClearpathRoboticsMember us-gaap:FairValueInputsLevel3Member 2024-10-01 2025-09-30 0001024478 rok:PerformancePeriod1Member rok:ClearpathRoboticsMember us-gaap:FairValueInputsLevel3Member 2025-09-30 0001024478…
• PH (PARKER-HANNIFIN CORPORATION)
• FY2025 10-K: …incident represents the deductible and retained liability expense associated with a fire at our plant in Saegertown, Pennsylvania in February 2025. (5) Loss on deal-contingent forward contracts includes a loss on the deal-contingent forward contracts related to the acquisition of Meggitt. Refer to Note 17 for further…
• FY2025 10-K: 1 2023-06-30 0000076334 ph:FlowAndProcessControlMember ph:DiversifiedIndustrialSegmentMember 2024-07-01 2025-06-30 0000076334 ph:FlowAndProcessControlMember ph:DiversifiedIndustrialSegmentMember 2023-07-01 2024-06-30 0000076334 ph:FlowAndProcessControlMember ph:DiversifiedIndustrialSegmentMember 2022-07-01 2023-06-30…
• FLS (FLOWSERVE CORP)
• FY2025 10-K: …yet been approved and therefore are not included in the above anticipated total investment or estimated savings. 31 Realignment Activity The following tables present our realignment activity by segment: December 31, 2025 (Amounts in thousands) FPD FCD Subtotal-Reportable Segments All Other Consolidated Total Total…
• FY2025 10-K: …us-gaap:SellingGeneralAndAdministrativeExpensesMember fls:FPDMember 2023-01-01 2023-12-31 0000030625 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-01 2023-12-31 0000030625 us-gaap:OperatingSegmentsMember us-gaap:CostOfSalesMember fls:RealignmentProgram2025Member 2020-04-01 2025-12-31 0000030625…
• XYL (Xylem Inc.)
• FY2025 10-K: …Beginning in the third year of exercisability, the Put Right is exercisable at the fair market value of underlying equity interests. Redeemable non-controlling interest is reflected in the consolidated balance sheets at the greater of the carrying value or the redemption value. As of December 31, 2025, the Redeemable…
• FY2025 10-K: 1-35229). 10.22 # Form of 2011 Omnibus Incentive Plan Performance Share Unit Grant Agreement for Senior Leadership Team (2025). Incorporated by reference to Exhibit 10.6 of Xylem Inc.'s Form 10-Q Quarterly Report filed on April 29, 2025 (CIK No. 1524472, File No. 1-35229). 10.23 # Form of 2011 Omnibus Incentive Plan…
• IEX (IDEX CORP)
• FY2025 10-K: …effectiveness of the Company's internal control over financial reporting. Management excluded Micro-LAM, Inc. from its assessment of internal controls over financial reporting as the acquisition occurred in 2025 (see Note 2 , "Acquisitions and Divestitures," in the Notes to Consolidated Financial Statements for…
• FY2025 10-K: 2023-01-01 2023-12-31 0000832101 us-gaap:OperatingSegmentsMember iex:MaterialProcessingTechnologiesMember iex:HealthAndScienceTechnologiesMember 2025-01-01 2025-12-31 0000832101 us-gaap:OperatingSegmentsMember iex:MaterialProcessingTechnologiesMember iex:HealthAndScienceTechnologiesMember 2024-01-01 2024-12-31…
• AME (AMETEK, Inc.)
• FY2025 10-K: 4 million shares at a cost of $ 2,114.0 million at December 31, 2024. The number of shares outstanding at December 31, 2025 was 229.0 million shares, compared with 230.7 million shares at December 31, 2024. Subsequent Event Effective February 12, 2026, the Company's Board of Directors approved a 10 % increase in the…
• FY2025 10-K: …ethics for the Chief Executive Officer and Senior Financial Officers, as well as in other key policy statements publicized throughout the Company. The Audit Committee of the Board of Directors, which is composed solely of independent directors who are not employees of the Company, meets with the independent…
• DOV (DOVER Corp)
• FY2025 10-K: …the Company's assets that could have a material effect on the financial statements. Management's report on the effectiveness of the Company's internal control over financial reporting is included in Item 8 of this Form 10-K. Management, including the Company's Chief Executive Officer and Chief Financial Officer, does…
• FY2025 10-K: …Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow…

Discrete Automation (reported)

• ROK (Rockwell Automation, Inc.)
• FY2025 10-K: …price for the period between transfer of products or performance of services and customer payment if expected to be one year or less. For most of our products, we invoice at the time of shipment and we do not typically have significant contract balances. For our solutions and services as well as some of our products,…
• FY2025 10-K: …revenues and expenses during the periods reported. Actual results could differ from those estimates. We use estimates in accounting for, among other items, customer returns, rebates, and incentives; allowance for doubtful accounts; excess and obsolete inventory; share-based compensation; acquisitions, including…
• PH (PARKER-HANNIFIN CORPORATION)
• FY2025 10-K: We offer hundreds of thousands of individual part numbers, and no single product contributed more than one percent to our total net sales for the year ended June 30, 2025. Listed below are some of our principal products. Diversified Industrial Segment . Our Diversified Industrial Segment products consist of a broad…
• FY2025 10-K: …Revenue from contracts with customers is disaggregated by technology platform for the Diversified Industrial Segment, by market segment for the Aerospace Systems Segment and by geographic location for the total Company. The Diversified Industrial Segment is an aggregation of several business units, which manufacture…
• ETN (EATON CORPORATION plc)
• FY2025 10-K: …of both on-road and off-road vehicles. Products include high voltage inverters, converters, fuses, circuit protection units, vehicle controls, power distribution, fuel tank isolation valves, and commercial vehicle hybrid systems. The principal markets for the eMobility segment are original equipment manufacturers and…
• FY2025 10-K: …and Results of Operations. Information required by this Item is presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K. Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Information regarding market risk is presented in "Market Risk…
• NVT (nVent Electric plc)
• FY2025 10-K: …Audit Matter Was Addressed in the Audit Our audit procedures related to the forecasts of future cash flows, including the margin and revenue growth rates, the contributory asset charge, and the selection of the discount and customer attrition rates for the acquired Systems Protection reporting segment customer…
• FY2025 10-K: …expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in Accumulated other comprehensive loss as a separate component of equity. New accounting standards In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update…

Safety & Productivity (reported)

• SWK (STANLEY BLACK & DECKER, INC.)
• FY2025 10-K: …goals, reflecting its commitment to ongoing growth. By continuing to evolve the process introduced in late 2023, the Company is further enhancing the achievement of personal and business goals through a regular cycle of feedback and employee development. The Company believes a skilled workforce is central to meeting…
• FY2025 10-K: ITCH®, FATMAX®, Powers®, Guaranteed Tough®, MAC TOOLS®, PROTO®, Vidmar®, FACOM®, Expert®, CribMaster®, LISTA®, MTD®, CUB CADET®, TROY-BILT®, HUSTLER®, and the yellow & black color scheme for power tools and accessories. Significant trademarks in the Engineered Fastening segment include STANLEY®, NELSON®, POP®, Avdel®,…
• SNA (Snap-on Inc)
• FY2025 10-K: 2025, Snap-on had an overall safety incident rate of 0.92 (nu mber of injuries and illnesses multiplied by 200,000, divided by hours worked). • Snap-on is committed to its employees and provides developmental opportunities throughout the organization. Leadership reviews to identify high potential talent in the…
• FY2025 10-K: …the United States. Recently filed EEO-1 data is available under "ESG Reporting" in the "Investors" section of the company's website at www.snapon.com . Additionally, on a global basis, approximately 2,300 employees are represented by unions and/or covered under collective bargaining agreements with varying expiration…
• MAS (Masco Corporation)
• FY2025 10-K: …believe that our strong financial position and cash flow generation, together with our investments in our industry-leading branded building products, our continued focus on innovation and customer service and disciplined capital allocation, will allow us to drive long-term growth and create value for our…
• FY2025 10-K: …wage and hour matters; • environment, health and safety matters; • product safety and performance; • protection of employees and consumers; • securities matters; • sanctions; • taxation; and • trade, including duties and tariffs. In addition to complying with current requirements and known future requirements, we…
• AOS (A. O. Smith Corporation)
• FY2025 10-K: …reviews and development plans with a focus on learning by doing. We expect our managers to work closely with their employees to ensure performance feedback and to conduct development discussions on a regular basis. Safety. The safety of our people is always at the forefront of what we do. We provide safety training…
• FY2025 10-K: …our most recent survey in 2024 was 93 percent, which we believe reflects our employees' desire to share their perspectives and a commitment to continuous improvement. Survey results help shape action plans to further improve our culture and we will conduct the survey again in 2026. Compensation and Benefits. We…

Control Systems & Software (reported)

• ROK (Rockwell Automation, Inc.)
• FY2025 10-K: …controls as the asset is created or enhanced, or (iii) our performance does not create an asset for which we have an alternative use and we have an enforceable right to payment for performance completed to date. If one or more of these criteria are met, then we recognize revenue over time using a method that depicts…
• FY2025 10-K: …could have an adverse impact on sales, harm our reputation, and cause us to incur legal liability and increased costs to address such events and related security concerns. 6 Table of Contents Product and Services Security Our hardware and software products, services and solutions are used by our customers in…
• PTC (PTC Inc.)
• FY2025 10-K: …Siemens AG. For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions. Proprietary Rights Our software products and related technical know-how, along with our trademarks, including our company names,…
• FY2025 10-K: …and processes. A product data foundation is the backbone of AI-driven transformation. Our business is based on a subscription model and 95% of our 2025 revenue is recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher customer engagement and retention and provides…
• ADSK (AUTODESK, INC.)
• FY2025 10-K: Net revenue, billings, earnings, cash flow, or subscriptions shortfalls or volatility of the market causing the market price of our stock to decline. • Challenges relating to the proper management and governance of our use of AI in our offerings. • Security incidents compromising the integrity of our or our customers'…
• FY2025 10-K: …pricing to them, and our distribution model to motivate and reward them for aligning their businesses with our strategy and business objectives. Changes in these relationships and underlying programs could negatively impact their business and harm our business. Further, our distributors and resellers may lose…
• DSGX (DESCARTES SYSTEMS GROUP INC)
• (no filing in the citation store)
• PCOR (Procore Technologies, Inc.)
• FY2025 10-K: …controls that could impair our ability to compete in international markets and subject us to liability if we are not in compliance with applicable laws. Our products, services, and platform are subject to various restrictions under U.S. export control and sanctions laws and regulations, including the U.S. Department…
• FY2025 10-K: …we have developed an extensible platform that connects our customers' business applications, people, devices, and data. In connection with the launch of our bundled package offerings, certain of the platform capabilities described below, including Artificial Intelligence, Analytics & Insights, Building Information…

Test & Measurement (reported)

• KEYS (KEYSIGHT TECHNOLOGIES, INC.)
• FY2025 10-K: …electric and autonomous vehicles, the evolution of energy systems to incorporate alternative forms of generation and advanced control, and the many new subsystem and component technologies under development to enable and advance these trends. Our automotive and energy customers include automotive original equipment…
• FY2025 10-K: …to design and measurement to enable realization of the design in the fab along with efficient testing at scale to preserve and enhance yield. Our semiconductor customers are primarily design and production teams in semiconductor and semiconductor capital equipment companies who are looking to differentiate their…
• TER (TERADYNE, INC.)
• FY2025 10-K: …all the assets related to its test and measurement business to the joint venture and Teradyne will invest in approximately $ 157 million in exchange for 75 % ownership of MLTP . This transaction is expected to close in the first half of 2026 and is subject to customary closing conditions. 89 Table of Contents…
• FY2025 10-K: …global provider of automated test equipment and robotics products. Our automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing,…
• TDY (TELEDYNE TECHNOLOGIES INC)
• FY2025 10-K: …off against the allowance for uncollectible accounts when the Company determines amounts are no longer collectible. Trade credit is extended based upon evaluations of each customer's ability to perform its obligations, which are updated periodically. Inventories Inventories are stated at the lower of cost or net…
• FY2025 10-K: …services to be provided. We generally use the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred…
• FTV (Fortive Corp)
• FY2025 10-K: …affect our returns on investment, require us to incur significant expenses, or modify our business model or impair our flexibility in modifying product, marketing, pricing, or other strategies for growing our business. Our products and operations are also often subject to the rules of industrial standards bodies such…
• FY2025 10-K: …to be safe and effective for their intended uses and to comply with the regulations administered by the U.S. Food and Drug Administration ("FDA"). The FDA regulates the design, development, research, preclinical and clinical testing, introduction, manufacture, advertising, labeling, packaging, marketing,…
• AME (AMETEK, Inc.)
• FY2025 10-K: …Denmark, Finland, France, Switzerland, Argentina, Austria, Serbia, and Mexico. EIG also shares operating facilities with EMG in China, Serbia, and Mexico. Process and Analytical Instrumentation Markets and Products Process and analytical instrumentation sales represented 70% of EIG's 2025 net sales. These businesses…
• FY2025 10-K: …are assessed are probable. Variable lease payments are presented as operating expense in the Company's income statement in the same line item as expense arising from fixed lease payments. Cash used in operations for operating leases is not materially different than total lease costs. Revenue Recognition Revenue is…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.