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AMEAmetek
AMETEK, Inc. (“AMETEK” or the “Company”) is incorporated in Delaware. 10-K, Item 1
- Employees
- 22,500
- Headquarters
- Berwyn, PA
- Next results
- around Feb 2, 2027
10-K 0001037868-26-000016 (2026-02-17) vs 10-K 0001037868-25-000012 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 4,077 | 5.8% |
| MD&A | Item 7 | 4,850 | 24.0% |
| Legal Proceedings | Item 3, via Note 13 – Contingencies | 836 | 8.9% |
| Accounting Policies | Item 8, Note 1 – Significant Accounting Policies | 3,140 | 9.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 121 words changed in this paragraph; it is 40% similar to last year's version.
Source: Item 7, 10-K 0001037868-26-000016 vs Item 7, 10-K 0001037868-25-000012
Accounting Policies 94 words changed in this paragraph; it is 68% similar to last year's version.
Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0001037868-26-000016 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0001037868-25-000012
Risk Factors 65 words changed in this paragraph; it is 76% similar to last year's version.
Our growth depends in part on the growth of the markets which we serve. Visibility into the future performance of certain of our markets is limited (particularly for markets into which we sell through distribution). Our quarterly sales and profits depend substantially on the volume and timing of orders received during the fiscal quarter, which are difficult to forecast. Any decline or lower than expected growth in our served markets could diminish demand for our products and services, which would adversely affect our financial statements. A number of our businesses operate in industries that may experience periodic, cyclical downturns. In addition, in certain of our businesses, demand depends on customers’ capital spending budgets, as well as government funding policies. Matters of public policy and government budget dynamics, as well as product and economic cycles, can affect the spending decisions of these customers. Demand for our products and services is also sensitive to changes in customer order patterns, which may be affected by announced price changes, changes in incentive programs, new
Source: Item 1A, 10-K 0001037868-26-000016 vs Item 1A, 10-K 0001037868-25-000012
Legal Proceedings 56 words changed in this paragraph; it is 79% similar to last year's version.
In conjunction with certain acquisition and divestiture transactions, the Company may agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events (e.g., breaches of contract obligations or retention of previously existing environmental, tax or employee liabilities) whose terms range in duration and often are not explicitly defined. Where appropriate, the obligation for such indemnifications is recorded as a liability. Because the amount of these types of indemnifications generally is not specifically stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Further, the Company indemnifies its directors and officers for claims against them in connection with their positions with the Company. Historically, any such costs incurred to settle claims related to these indemnifications have been minimal for the Company. The Company believes that future payments, if any, under all existing indemnification agreements would not have a material impact on its consolidated results of operations, financial position or cash flows.
Source: Item 3, via Note 13 – Contingencies, 10-K 0001037868-26-000016 vs Item 3, via Note 13 – Contingencies, 10-K 0001037868-25-000012
Every change, by type
Sentences and paragraphs of AME's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-20. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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RewordedRisk Factors
In addition, new laws and regulations, new classification of hazardous materials, stricter enforcement of existing laws and regulations, the discovery of previously unknown contamination or the imposition of new clean-up requirements could require us to incur costs or become the basis for new or increased liabilities that could have a material adverse effect on our business, financial condition and results of operations.
RewordedRisk Factors
International sales for 2025 and 2024 represented 48.2% and 2023 represented 47.4% of our consolidated net sales. sales, respectively.
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There can be no assurance that we will have sufficient resources to make such investments, that we will be able to make the technological advances necessary necessary, including through the use of artificial intelligence, to maintain such competitive advantages or that we can recover major research and development expenses.
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Demand for our products and services is also sensitive to changes in customer order patterns, which may be affected by announced price changes, changes in incentive programs, new product introductions and customer inventory levels.
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At December 31, 2024, 2025, goodwill and other intangible assets, net of accumulated amortization, totaled $10,471.1 $11,299.2 million or 72% 70% of our total assets.
AddedMD&A
•In July 2025, AMETEK acquired FARO Technologies ("FARO"), a leading provider of 3D measurement and imaging solutions.
AddedMD&A
During 2025, the United States government announced additional tariffs and trade restrictions on goods imported into the U.S. from various nations. Our businesses have been proactive in addressing the potential impacts of tariffs, including targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production and adapt to changing demand patterns. The recent tariff modifications did not materially impact our results for 2025, however, as the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflation, customers, suppliers, and the overall global economy. We continue to monitor and analyze the impacts of the tariffs and will continue to implement appropriate actions as necessary to mitigate their effects.
AddedMD&A
For the year ended December 31, 2025 , the Company recorded $37.3 million of pre-tax acquisition-related costs related to the FARO acquisition, which are comprised of one-time transactions costs and ongoing integration costs. Acquisition-related integration costs of $25.3 million were recorded in Cost of sales and primarily include employee severance, change in control costs, and fair-value inventory adjustments. One-time acquisition-related transaction costs of $12.0 million were recorded in Other (expense) income, net and primarily include investment banker fees and representation and warranty insurance costs.
AddedMD&A
In January 2026, the Company acquired LKC Technologies, a leading provider of innovative technology to enable effective diagnosis and management of ophthalmic conditions. LKC Technologies will join EIG.
AddedMD&A
When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not the estimated fair value of a reporting unit is less than its carrying amount. If the Company performs a qualitative assessment and determines that an impairment is more likely than not, then
AddedMD&A
performance of a quantitative impairment test is required. In conducting a qualitative assessment, the Company analyzes actual and forecasted net sales and selling profit for each reporting unit, as well as historical performance and the results of prior quantitative tests performed. Additionally, the Company assesses critical areas that may impact its business, including macroeconomic conditions, industry and market conditions, cost factors, or any relevant events and factors that may impact projected financial results.
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RewordedMD&A
Export shipments from the United States, which are included in total international sales, were $2,041.2 million in 2025, an increase of $160.4 million or 8.5%, compared with $1,880.8 million in 2024, an increase of $148.4 million or 8.6%, compared with $1,732.4 million in 2023. 2024.
RewordedMD&A
The decrease increase in orders was due to a 2% 4% increase from acquisitions, a 4% organic order decrease, increase, as well as a 1% unfavorable 3% favorable effect of foreign currency translation, partially offset by a 2% increase from acquisitions. translation.
RewordedMD&A
The increase decrease in cash provided by operating activities for 2023 2025 was primarily due to higher net income, net of higher noncash depreciation and amortization expense related to recent acquisitions, and improved working capital management. investments, partially offset by higher net income.
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Excluding the dilutive impact of the 2023 acquisitions and the Paragon acquisition-related integration costs, segment EMG operating margins increased 130 200 basis points compared to 2023, 2024, due to the sales increase discussed above, as well as the continued benefits from the Company's Operational Excellence initiatives.
RewordedMD&A
Effective February 9, 2024, 7, 2025, the Company’s Company's Board of Directors approved a 12% an 11% increase in the quarterly cash dividend on the Company’s its common stock to $0.31 per share from $0.28 per common share from $0.25 per common share.
RewordedMD&A
Excluding the dilutive impact of the 2023 recent acquisitions and the Paragon acquisition-related integration costs, segment EIG's operating margins increased 130 20 basis points in 2025 compared to 2023, 2024 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.
RewordedMD&A
The increase in net sales for 2024 2025 was due to a 7% 4% increase from acquisitions, partially offset by a 2% organic sales decline. increase, as well as a 1% favorable effect of foreign currency translation.
RewordedMD&A
The increase in international sales was primarily driven by strong contributions from recent acquisitions and increased demand in Europe and Asia, as well as contributions from the 2023 acquisitions. all regions.
Quiet changesMD&A
The notes will have maturities of up to 364 days from the date of issue.
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