Ametek, Inc. (AME)

AMETEK reported record third-quarter 2026 sales of $2.22 billion on 3 November, up 17 percent from a year earlier 2.

The company raised its full-year outlook and now expects 2026 adjusted earnings of $8.53 to $8.57 per diluted share, up from a prior range of $8.20 to $8.30 2.

Orders, which are customer commitments not yet shipped, were a record $2,650.6 million in the quarter, and the backlog of unfilled orders reached $4,540.5 million 1.

Part of the jump came from buying companies: the quarterly report credits a 10% rise in organic sales, meaning sales without acquisitions, and a 7% rise from acquisitions 1.

The largest purchase was Indicor Instrumentation, completed in August 2026 in a cash deal the company put at $5.0 billion 7.

It was financed with debt: $4.0 billion of term loans was outstanding at quarter end, and the company expects Indicor to add about $350 million to 2026 sales 17.

AMETEK traces itself to 1930, when its predecessor was incorporated in Delaware as American Machine and Metals 3.

In 2023, sales rose 7.3% to $6,597.0 million, from $6,150.5 million in 2022, on a 4% organic gain and a 3% lift from acquisitions 4.

That year the company spent $2,237.9 million on four purchases, among them Bison Gear, a maker of custom motion control, and Paragon Medical, a maker of medical components 4.

In 2024, sales grew 5.2% to $6,941.2 million with fewer deals 5. The company cut borrowings by $1,189.7 million that year and bought only Virtek Vision for $117.5 million 3.

In 2025, sales rose 6.6% to $7,401.1 million and net income reached a record $1,480.1 million 3. Orders hit a record $7,579.4 million 3.

Two deals that year, Kern Microtechnik in January and FARO Technologies in July, cost $933.2 million in cash 3. Kern makes high-precision machining and optical inspection tools, and FARO makes 3D measurement systems 3.

Management said tariff changes did not materially affect 2025 results, and that 27% of 2025 sales came from products introduced in the past three years 3.

In 2025 the business also produced $1,801.8 million of operating cash, and it bought back about 2.3 million of its own shares for $443.0 million 3.

On 6 May 2026 AMETEK agreed to buy Indicor Instrumentation, a group of instrument businesses with about $1.1 billion in annual sales, in an all-cash deal of about $5.0 billion 6.

In 2026 the buying sped up: AMETEK spent $5,345.8 million in cash on LKC Technologies in January, First Aviation Services in May and Indicor in August 1.

Electronic Instruments Group

The Electronic Instruments Group builds measurement and analysis instruments for process industries, power utilities, laboratories and aircraft 3. Third-quarter sales were a record $1.44 billion, up 16% 2.

Process and analytical instruments made up 70% of the group's 2025 sales, and aerospace and power instruments the other 30% 3. The group employed about 12,800 people 3.

Its power units supply uninterruptible power systems, meters and communications gear for smart grids, renewable energy and data centers 3.

Electromechanical Group

The Electromechanical Group makes medical components, motion control, heat exchangers, specialty metals and electrical connectors 3. Third-quarter sales were a record $778.0 million, up 20% 2.

Automation and engineered solutions were 70% of its 2025 sales, and it employed about 9,400 people 3.

The group also runs a worldwide network of aviation repair and overhaul sites 3.

Reach, people and rivals

International customers bought $1,060.9 million, or 47.8% of third-quarter sales 1. The company had about 22,500 employees at the end of 2025 3.

David Zapico is chairman and chief executive, and Dalip Puri is chief financial officer 3.

The annual report names no rivals and says numerous companies compete in each process and analytical market on quality, performance and innovation 3. No single customer is more than 2% of group sales 3.

Debt is a current cost: third-quarter interest expense was $39.8 million, up 76.9%, because of the loans taken for Indicor 1.

Profit margins held up in the third quarter: segment operating margin was 27.8%, against 27.3% a year earlier, even with the new, lower-margin acquisitions 1.

The company spent $382.8 million on research and development in 2025 3. In its metals and parts business it relies on a limited number of suppliers for certain base metals and steel components 3.

The umbrella, in words

AMETEK's brands include FARO, Kern, Virtek and Creaform, in measurement, and LKC in eye diagnosis 31. First Aviation, bought in May 2026, repairs defense and aviation equipment 1.

Exhibit 21 lists subsidiaries such as AMETEK Creaform ULC of Canada, held 99.90%, and AMETEK Bison Gear & Engineering of Illinois, held 100% 8. Amekai (BVI) Ltd. is listed at 50% 8.

The company leases its Berwyn, Pennsylvania headquarters, and the annual report counted about 1,600 holders of record on 30 January 2026 3.

For 2026, AMETEK expects overall sales to be up mid-teens in percent against 2025 and adjusted earnings of $8.53 to $8.57 per diluted share 2.

For the fourth quarter, it expects sales up in the low 20% range and adjusted earnings of $2.26 to $2.30 per share 2.

Its long-run goal is high single digit yearly sales growth and double digit yearly growth in earnings per share over the business cycle 3.

On 7 August 2026 it raised its commercial paper program, short-term borrowing, to $3.5 billion from $2.3 billion, which it said could serve acquisitions 9.

The company said Indicor is expected to be modestly accretive to 2026 adjusted earnings, meaning it should add to them 7.

It also says it is committed to paying a consistently increasing cash dividend, and that its main use of cash is value-enhancing acquisitions 3.

The accounting for Indicor is unfinished, and the filing warns that amounts could change, potentially materially 1.