# Ametek (AME.US)

Canonical: https://gigainvestors.com/s/AME

Analysis as of: 2026-10-16T07:26:27.605Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $248.52 per share; close as of 2026-10-15.

Estimated value: low $87.38 per share, central $99.22 per share, high $114.99 per share. Buy at or below the central value $99.22 per share. Valuation as of 2026-10-16T07:26:27.605Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.22×

- FY2019: 0.23×

- FY2020: 0.23×

- FY2021: 0.24×

- FY2022: 0.24×

- FY2023: 0.26×

- FY2024: 0.26×

- FY2025: 0.26×

- LTM to Jun 2026: 0.26×

### moat: pass

- ROIC, median of available years: 28.3%

- ROIC, second-lowest year: 26.6%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 34.6%

- Recent gross margin (lower of latest and 3-year median): 36.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.3%

- FY2017: 31.7%

- FY2018: 29.1%

- FY2019: 27.2%

- FY2020: 27.9%

- FY2021: 26.4%

- FY2022: 28.2%

- FY2023: 26.6%

- FY2024: 29.2%

- FY2025: 29.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.4B

- Net income, five-year total: $6.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.6 pp

- Working capital / revenue, final three-year average: 22.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.18×

- FY2022: 1.16×

- FY2023: 1.15×

- FY2024: 1.19×

- FY2025: 1.20×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.1% vs 29.2%

- Per-share earnings: 2.45 to 5.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $36B

- Cumulative retained earnings: $7.8B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.7%

- Per-share value change: $3.48

- Per-share value, starting three-year median: $2.45

- Per-share value, ending three-year median: $5.93

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $7.1B

- Cumulative net income, 10 years: $10B

- ROIC, first three-year median: 29.1%

- ROIC, last three-year median: 29.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.19

- FY2017: $2.94

- FY2018: $3.34

- FY2019: $3.75

- FY2020: $3.77

- FY2021: $4.25

- FY2022: $5.01

- FY2023: $5.67

- FY2024: $5.93

- FY2025: $6.40

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -1.9%

- FY2018: -1.7%

- FY2019: -2.6%

- FY2020: -3.9%

- FY2021: -1.4%

- FY2022: 0.1%

- FY2023: -2.8%

- FY2024: -3.1%

- FY2025: -2.0%

## Holders

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.6% a year for ten years · sales +6.3%

Story as of 2026-10-16T09:58:17.598Z; price observation 2026-10-15.

Price needs cash profits to grow 12.6% a year for ten years

- 2025-05-15: AME Q1 Earnings Call: Margin Expansion Offsets Flat Revenue Amid Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/ame-q1-earnings-call-margin-114733413.html))

- 2025-07-31: Ametek raises 2025 EPS guidance to $7.06-$7.20 following FARO acquisition and strong Q2 ([seekingalpha.com](https://seekingalpha.com/news/4475696-ametek-raises-2025-eps-guidance-to-7_06-7_20-following-faro-acquisition-and-strong-q2?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-31: AMETEK Stock Gains 8% as Q3 Earnings and Revenues Beat Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/ametek-stock-gains-8-q3-142300891.html))

- 2026-04-30: AMETEK Raises 2026 Guidance; Enters Agreement To Acquire First Aviation Services ([nasdaq.com](https://www.nasdaq.com/articles/ametek-raises-2026-guidance-enters-agreement-acquire-first-aviation-services))

- 2026-09-04: AMETEK (AME) Earnings Beat And Higher Outlook Put Valuation Back In Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ametek-ame-earnings-beat-higher-181632422.html))

### Sales · FY2025–2026

sales +6.3%; source https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm; observed 2026-02-17.

- FY2017: $4.3B 

- FY2018: $4.8B 

- FY2019: $5.2B 

- FY2020: $4.5B 

- FY2021: $5.5B 

- FY2022: $6.2B 

- FY2023: $6.6B 

- FY2024: $6.9B 

- FY2025: $7.4B 

- FY2026: $7.9B 

### Gross margin · FY2025

gross margin 36.4%; source https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm; observed 2026-02-17.

- FY2016: 32.7% 

- FY2017: 33.5% 

- FY2018: 34.2% 

- FY2019: 34.7% 

- FY2020: 34.0% 

- FY2021: 34.5% 

- FY2022: 34.9% 

- FY2024: 35.7% 

- FY2025: 36.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 7.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm (filed 2026-02-17); FY2025: revenue 7401116000; grossProfit 2692740000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AME.US: AMETEK, Inc. manufactures and sells electronic instruments (EIG) and electromechanical (EMG) devices in the United States and internationally. It operates through EIG and EMG segments. The company offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and metering devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and gas turbines sensors; dashboard instruments for heavy trucks and other vehicles; instrumentation and controls for food and beverage industries; and aircraft and engine sensors, embedded computing, monitoring, power supplies, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry. It also provides engineered medical components and devices, automation solutions, thermal management systems, specialty metals, and electrical interconnects; single-use and consumable surgical instruments, implantable components, and drug delivery systems; engineered electrical connectors and electronics packaging; precision motion control products for data storage, medical devices, business equipment, automation, and other application; high-purity powdered metals, strips and foils, specialty clad metals, and metal matrix composites; motor-blower systems and heat exchangers for thermal management, military and commercial aircraft, and military ground vehicles; and motors used in commercial appliances, food and beverage machines, hydraulic pumps, and industrial blowers, as well as operates a network of aviation maintenance, repair, and overhaul facilities. AMETEK, Inc. was incorporated in 1930 and is headquartered in Berwyn, Pennsylvania.

### Why customers stay

Margins ranged from 35.7% to 100% during 2023–25; it earns 28.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 35.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.28347880819703636],[2017,0.31675845002949],[2018,0.2912265483464724],[2019,0.2718754769705395],[2020,0.27895106943399023],[2021,0.2643448358694555],[2022,0.28199640038352264],[2023,0.2660072922335286],[2024,0.2918617638963392],[2025,0.29808753883440764]]; median 0.2827376042902795. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 434 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 63280000; owner earnings 628594000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 75074000; owner earnings 789623000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 82076000; owner earnings 895347000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 102346000; owner earnings 992993000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 74199000; owner earnings 1053515000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 110671000; owner earnings 1171494000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 139005000; owner earnings 1339964000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 136249000; owner earnings 1511111000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 127075000; owner earnings 1631976000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 130248000; owner earnings 1772698000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,83267000],[2017,82735000],[2018,128911000],[2019,127496000],[2020,165035000],[2021,184595000],[2022,202169000],[2023,230329000],[2024,258782000],[2025,285345000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 434048000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AME.US SharesStats.PercentInsiders = 0.393 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.6% yearly over ten years; actual growth was 10.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.16868948559146169. Price 248.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.7784557052147063 → FY2025 7.665422751114551. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $44.10 per share

- 2016-11: $47.35 per share

- 2016-12: $48.60 per share

- 2017-01: $51.10 per share

- 2017-02: $53.97 per share

- 2017-03: $54.08 per share

- 2017-04: $57.20 per share

- 2017-05: $61.02 per share

- 2017-06: $60.57 per share

- 2017-07: $61.58 per share

- 2017-08: $63.25 per share

- 2017-09: $66.04 per share

- 2017-10: $67.49 per share

- 2017-11: $72.69 per share

- 2017-12: $72.47 per share

- 2018-01: $76.30 per share

- 2018-02: $75.74 per share

- 2018-03: $75.97 per share

- 2018-04: $69.80 per share

- 2018-05: $73.03 per share

- 2018-06: $72.16 per share

- 2018-07: $77.80 per share

- 2018-08: $76.96 per share

- 2018-09: $79.12 per share

- 2018-10: $67.08 per share

- 2018-11: $73.43 per share

- 2018-12: $67.70 per share

- 2019-01: $72.90 per share

- 2019-02: $79.58 per share

- 2019-03: $82.97 per share

- 2019-04: $88.17 per share

- 2019-05: $81.89 per share

- 2019-06: $90.84 per share

- 2019-07: $89.61 per share

- 2019-08: $85.93 per share

- 2019-09: $91.82 per share

- 2019-10: $91.65 per share

- 2019-11: $99.01 per share

- 2019-12: $99.74 per share

- 2020-01: $97.15 per share

- 2020-02: $86.00 per share

- 2020-03: $72.02 per share

- 2020-04: $83.87 per share

- 2020-05: $91.71 per share

- 2020-06: $89.37 per share

- 2020-07: $93.25 per share

- 2020-08: $100.70 per share

- 2020-09: $99.40 per share

- 2020-10: $98.20 per share

- 2020-11: $118.53 per share

- 2020-12: $120.94 per share

- 2021-01: $113.26 per share

- 2021-02: $117.97 per share

- 2021-03: $127.73 per share

- 2021-04: $134.93 per share

- 2021-05: $135.10 per share

- 2021-06: $133.50 per share

- 2021-07: $139.05 per share

- 2021-08: $135.97 per share

- 2021-09: $124.01 per share

- 2021-10: $132.40 per share

- 2021-11: $136.50 per share

- 2021-12: $147.04 per share

- 2022-01: $136.77 per share

- 2022-02: $129.79 per share

- 2022-03: $133.18 per share

- 2022-04: $126.26 per share

- 2022-05: $121.47 per share

- 2022-06: $109.89 per share

- 2022-07: $123.50 per share

- 2022-08: $120.16 per share

- 2022-09: $113.41 per share

- 2022-10: $129.66 per share

- 2022-11: $142.42 per share

- 2022-12: $139.72 per share

- 2023-01: $144.92 per share

- 2023-02: $141.56 per share

- 2023-03: $145.33 per share

- 2023-04: $137.93 per share

- 2023-05: $145.07 per share

- 2023-06: $161.88 per share

- 2023-07: $158.60 per share

- 2023-08: $159.51 per share

- 2023-09: $147.76 per share

- 2023-10: $140.77 per share

- 2023-11: $155.23 per share

- 2023-12: $164.89 per share

- 2024-01: $162.05 per share

- 2024-02: $180.18 per share

- 2024-03: $182.90 per share

- 2024-04: $174.66 per share

- 2024-05: $169.58 per share

- 2024-06: $166.71 per share

- 2024-07: $173.48 per share

- 2024-08: $171.05 per share

- 2024-09: $171.71 per share

- 2024-10: $183.34 per share

- 2024-11: $194.38 per share

- 2024-12: $180.26 per share

- 2025-01: $184.56 per share

- 2025-02: $189.30 per share

- 2025-03: $172.14 per share

- 2025-04: $169.58 per share

- 2025-05: $178.74 per share

- 2025-06: $180.96 per share

- 2025-07: $184.85 per share

- 2025-08: $184.80 per share

- 2025-09: $188.00 per share

- 2025-10: $202.11 per share

- 2025-11: $197.89 per share

- 2025-12: $205.31 per share

- 2026-01: $223.98 per share

- 2026-02: $239.22 per share

- 2026-03: $214.36 per share

- 2026-04: $235.50 per share

- 2026-05: $225.85 per share

- 2026-06: $241.94 per share

- 2026-07: $241.71 per share

- 2026-08: $235.17 per share

- 2026-09: $247.73 per share

- 2026-10: $250.48 per share

## Annual estimated value (USD per share)

- FY2016: low $31.84 per share, central $35.85 per share, high $41.19 per share

- FY2017: low $35.60 per share, central $40.18 per share, high $46.27 per share

- FY2018: low $39.55 per share, central $44.85 per share, high $51.90 per share

- FY2019: low $46.40 per share, central $52.62 per share, high $60.91 per share

- FY2020: low $44.52 per share, central $49.99 per share, high $57.27 per share

- FY2021: low $51.14 per share, central $58.05 per share, high $67.25 per share

- FY2022: low $62.29 per share, central $70.74 per share, high $82.00 per share

- FY2023: low $69.06 per share, central $78.41 per share, high $90.87 per share

- FY2024: low $75.87 per share, central $86.19 per share, high $99.93 per share

- FY2025: low $81.47 per share, central $92.52 per share, high $107.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:03.610Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Francois Rochon](https://gigainvestors.com/GC): 598,781 AME shares; USD 144,869,000 reported position value; 4.87% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 850 AME shares; USD 206,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.

# AME — Ametek Inc.

Held by 2 investors · USD 145,075,000 total · 2026 Q2 · reported price USD 242.35 (split-adjusted).
Page: https://gigainvestors.com/s/AME

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Francois Rochon (https://gigainvestors.com/GC) | USD 144,869,000 | 4.9% | reduce -2.17% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 206,000 | 0.0% | new |

## Total held by quarter

- 2017 Q4: USD 49,496,648 · 1 holder · USD 72.47
- 2018 Q1: USD 53,121,491 · 1 holder · USD 75.97
- 2018 Q2: USD 52,026,350 · 1 holder · USD 72.16
- 2018 Q3: USD 61,013,863 · 1 holder · USD 79.12
- 2018 Q4: USD 51,832,880 · 1 holder · USD 67.70
- 2019 Q1: USD 63,275,162 · 1 holder · USD 82.97
- 2019 Q2: USD 72,023,857 · 1 holder · USD 90.84
- 2019 Q3: USD 73,219,472 · 1 holder · USD 91.82
- 2019 Q4: USD 83,068,260 · 1 holder · USD 99.74
- 2020 Q1: USD 52,408,522 · 1 holder · USD 72.02
- 2020 Q2: USD 66,813,280 · 1 holder · USD 89.37
- 2020 Q3: USD 75,139,044 · 1 holder · USD 99.40
- 2020 Q4: USD 86,174,225 · 1 holder · USD 120.94
- 2021 Q1: USD 91,704,264 · 1 holder · USD 127.73
- 2021 Q2: USD 98,902,541 · 1 holder · USD 133.50
- 2021 Q3: USD 95,022,538 · 1 holder · USD 124.01
- 2021 Q4: USD 116,666,388 · 1 holder · USD 147.04
- 2022 Q1: USD 107,332,159 · 1 holder · USD 133.18
- 2022 Q2: USD 90,952,546 · 1 holder · USD 109.89
- 2022 Q3: USD 96,041,032 · 1 holder · USD 113.41
- 2022 Q4: USD 119,222,797 · 1 holder · USD 139.72
- 2023 Q1: USD 122,310,891 · 1 holder · USD 145.33
- 2023 Q2: USD 144,477,900 · 1 holder · USD 161.88
- 2023 Q3: USD 132,548,995 · 1 holder · USD 147.76
- 2023 Q4: USD 150,097,883 · 1 holder · USD 164.89
- 2024 Q1: USD 169,726,993 · 1 holder · USD 182.90
- 2024 Q2: USD 156,156,590 · 1 holder · USD 166.71
- 2024 Q3: USD 164,708,010 · 1 holder · USD 171.71
- 2024 Q4: USD 175,655,979 · 1 holder · USD 180.26
- 2025 Q1: USD 168,255,489 · 1 holder · USD 172.14
- 2025 Q2: USD 180,298,410 · 1 holder · USD 180.96
- 2025 Q3: USD 187,375,088 · 1 holder · USD 188.00
- 2025 Q4: USD 201,092,522 · 1 holder · USD 205.31
- 2026 Q1: USD 131,200,753 · 1 holder · USD 214.36
- 2026 Q2: USD 145,075,000 · 2 holders · USD 242.35