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TDYTeledyne Technologies

Technology · Defense Electronics · NYSE

Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability. 10-K, Item 1

Headquarters
Thousand Oaks, CA
Next results
around Jan 20, 2027
Compare with peers → Embed
All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)21.84Sales (ttm)6.5BNet income (ttm)1.0BSales growth+7.9%EPS growth+9.7%Sales Q/Q+9.4%
Free cash flow1.1BGross margin43.6%Oper. margin20.0%Net margin15.8%FCF margin17.6%ROE9.2%
ROA6.6%R&D / sales5.2%Dividend-Debt/Eq0.18Curr. ratio2.31Cash562.4M
Op. cash flow (ttm)1.3BEBITDA1.5BEBITDA margin24.3%Net debt1.5BQuick ratio1.62Interest cover19.29
ROIC7.1%Tax rate18.2%Shares out.46.0MShares Y/Y-0.4%Book / share241.88Cash / share12.22
Sales / share141.62Asset turnover0.42Inventory turns3.36Days sales out.59Sales 3Y CAGR+3.9%Sales 5Y CAGR+14.7%
EPS 3Y CAGR+4.5%EPS 5Y CAGR+12.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +7.9%+0.6% → +7.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

TDY against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
TDYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.9%58th of 75 · median +14.1%
Net margin
15.8%45th of 75 · median 19.1%
Return on equity
9.2%57th of 69 · median 23.9%
Free cash flow margin
17.6%46th of 71 · median 22.3%
Debt / equity (less is better)
0.1813th of 61 · median 0.46
TDY and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
TDY Teledyne Technologies$6.5B +7.9%43.6%15.8%9.2%17.6%0.18
KEYS Keysight Technologies$6.6B +8.0%64.7%19.1%19.2%22.3%0.38
IT Gartner$6.4B +3.7%70.6%14.8%---
ON ON Semiconductor$6.4B -15.3%38.7%10.8%9.1%25.4%0.60
ZBRA Zebra Technologies$6.1B +8.3%48.9%9.8%16.9%16.1%0.72
CDNS Cadence Design Systems$6.1B +14.1%-22.5%20.1%28.8%0.36

From $4.6B of sales to $445.3M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.8BRevenue to Cost of revenue: $2.8BGross profit to Operating profit: $624.3MGross profit to Operating expenses: $1.2BOperating profit to Net profit: $445.3MOperating profit to Tax & other: $179.0M Revenue: $4.6B Revenue$4.6B +50% Y/Y Gross profit: $1.8B · 40% margin Gross profit$1.8B40% margin Cost of revenue: $2.8B · 60% of revenue Cost of revenue$2.8B60% of revenue Operating profit: $624.3M · 14% margin Operating profit$624.3M14% margin +30% Y/Y Operating expenses: $1.2B · 26% of revenue Operating expenses$1.2B26% of revenue Net profit: $445.3M · 10% margin Net profit$445.3M10% margin +11% Y/Y Tax & other: $179.0M · 4% of revenue Tax & other$179.0M4% of revenue

Swipe sideways for the whole flow →

From $5.5B of sales to $788.6M of profit

FY2022, from the 10-K income statement and revenue by segment
Digital Imaging to Revenue: $3.1BInstrumentation to Revenue: $1.3BAerospace And Defense Electronics to Revenue: $682.4MEngineered Systems to Revenue: $411.3MRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $3.1BGross profit to Operating profit: $972.0MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $788.6MOperating profit to Tax & other: $183.4MOperating expenses to R&D: $352.2MOperating expenses to Sales, admin & other: $1.0B Digital Imaging: $3.1B · 57% Digital Imaging$3.1B57% Instrumentation: $1.3B · 23% Instrumentation$1.3B23% Aerospace And Defense Electronics: $682.4M · 13% Aerospace And Defense E…$682.4M13% Engineered Systems: $411.3M · 8% Engineered Systems$411.3M8% Revenue: $5.5B Revenue$5.5B +18% Y/Y Gross profit: $2.3B · 43% margin Gross profit$2.3B43% margin Cost of revenue: $3.1B · 57% of revenue Cost of revenue$3.1B57% of revenue Operating profit: $972.0M · 18% margin Operating profit$972.0M18% margin +56% Y/Y Operating expenses: $1.4B · 25% of revenue Operating expenses$1.4B25% of revenue Net profit: $788.6M · 14% margin Net profit$788.6M14% margin +77% Y/Y Tax & other: $183.4M · 3% of revenue Tax & other$183.4M3% of revenue R&D: $352.2M · 6% of revenue R&D$352.2M6% of revenue Sales, admin & other: $1.0B · 18% of revenue Sales, admin & other$1.0B18% of revenue

Swipe sideways for the whole flow →

From $5.6B of sales to $885.7M of profit

FY2023, from the 10-K income statement and revenue by segment
Digital Imaging to Revenue: $3.1BInstrumentation to Revenue: $1.3BAerospace And Defense Electronics to Revenue: $726.5MEngineered Systems to Revenue: $438.7MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $885.7MOperating profit to Tax & other: $148.7MOperating expenses to R&D: $356.3MOperating expenses to Sales, admin & other: $1.0B Digital Imaging: $3.1B · 56% Digital Imaging$3.1B56% Instrumentation: $1.3B · 24% Instrumentation$1.3B24% Aerospace And Defense Electronics: $726.5M · 13% Aerospace And Defense E…$726.5M13% Engineered Systems: $438.7M · 8% Engineered Systems$438.7M8% Revenue: $5.6B Revenue$5.6B +3% Y/Y Gross profit: $2.4B · 43% margin Gross profit$2.4B43% margin Cost of revenue: $3.2B · 57% of revenue Cost of revenue$3.2B57% of revenue Operating profit: $1.0B · 18% margin Operating profit$1.0B18% margin +6% Y/Y Operating expenses: $1.4B · 25% of revenue Operating expenses$1.4B25% of revenue Net profit: $885.7M · 16% margin Net profit$885.7M16% margin +12% Y/Y Tax & other: $148.7M · 3% of revenue Tax & other$148.7M3% of revenue R&D: $356.3M · 6% of revenue R&D$356.3M6% of revenue Sales, admin & other: $1.0B · 19% of revenue Sales, admin & other$1.0B19% of revenue

Swipe sideways for the whole flow →

From $5.7B of sales to $819.2M of profit

FY2024, from the 10-K income statement and revenue by segment
Digital Imaging to Revenue: $3.1BInstrumentation to Revenue: $1.4BAerospace And Defense Electronics to Revenue: $776.8MEngineered Systems to Revenue: $439.8MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $989.1MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $819.2MOperating profit to Tax & other: $169.9MOperating expenses to R&D: $292.6MOperating expenses to Sales, admin & other: $1.2B Digital Imaging: $3.1B · 54% Digital Imaging$3.1B54% Instrumentation: $1.4B · 24% Instrumentation$1.4B24% Aerospace And Defense Electronics: $776.8M · 14% Aerospace And Defense E…$776.8M14% Engineered Systems: $439.8M · 8% Engineered Systems$439.8M8% Revenue: $5.7B Revenue$5.7B +1% Y/Y Gross profit: $2.4B · 43% margin Gross profit$2.4B43% margin Cost of revenue: $3.2B · 57% of revenue Cost of revenue$3.2B57% of revenue Operating profit: $989.1M · 17% margin Operating profit$989.1M17% margin −4% Y/Y Operating expenses: $1.4B · 25% of revenue Operating expenses$1.4B25% of revenue Net profit: $819.2M · 14% margin Net profit$819.2M14% margin −8% Y/Y Tax & other: $169.9M · 3% of revenue Tax & other$169.9M3% of revenue R&D: $292.6M · 5% of revenue R&D$292.6M5% of revenue Sales, admin & other: $1.2B · 20% of revenue Sales, admin & other$1.2B20% of revenue

Swipe sideways for the whole flow →

From $6.1B of sales to $894.8M of profit

FY2025, from the 10-K income statement and revenue by segment
Digital Imaging to Revenue: $3.2BInstrumentation to Revenue: $1.5BAerospace And Defense Electronics to Revenue: $1.1BEngineered Systems to Revenue: $435.7MRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $3.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $894.8MOperating profit to Tax & other: $255.0MOperating expenses to R&D: $317.3MOperating expenses to Sales, admin & other: $1.1B Digital Imaging: $3.2B · 52% Digital Imaging$3.2B52% Instrumentation: $1.5B · 24% Instrumentation$1.5B24% Aerospace And Defense Electronics: $1.1B · 17% Aerospace And Defense E…$1.1B17% Engineered Systems: $435.7M · 7% Engineered Systems$435.7M7% Revenue: $6.1B Revenue$6.1B +8% Y/Y Gross profit: $2.6B · 43% margin Gross profit$2.6B43% margin Cost of revenue: $3.5B · 57% of revenue Cost of revenue$3.5B57% of revenue Operating profit: $1.1B · 19% margin Operating profit$1.1B19% margin +16% Y/Y Operating expenses: $1.5B · 24% of revenue Operating expenses$1.5B24% of revenue Net profit: $894.8M · 15% margin Net profit$894.8M15% margin +9% Y/Y Tax & other: $255.0M · 4% of revenue Tax & other$255.0M4% of revenue R&D: $317.3M · 5% of revenue R&D$317.3M5% of revenue Sales, admin & other: $1.1B · 19% of revenue Sales, admin & other$1.1B19% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit
  • R&D

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median15.8% vs 19.1%
  • !
    Return on equity below 15%9.2%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 8.9% → 14.6%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 19.3× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.18 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.31
  • ✓
    Net debt under 3 years of free cash flow$1.5B net debt, 1.3 years
Debt / equity at each year end, FY2016 to FY2025: 0.33 → 0.24
What the debt is made of ↓

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.1B last year
  • !
    Share count up over 5 years+25.1%
  • ✓
    Cash from operations above net income$1.2B vs $894.8M
Free cash flow, FY2016 to FY2025: 229.4M → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 27, 2026 · schedule of Dec 28, 2025
Debt: $2.0B Debt$2.0B Long-term debt: $2.0B · 81% Long-term debt$2.0B · 81% Due within a year: $100K · 0% Due within a year$100K · 0% Next 12 months: $450.1M · 18% Next 12 months$450.1M · 18% Year 2: $100K · 0% Year 2$100K · 0% Year 3: $700.1M · 28% Year 3$700.1M · 28% Year 4: $100K · 0% Year 4$100K · 0% Year 5: $427.4M · 17% Year 5$427.4M · 17% After year 5: $911.2M · 37% After year 5$911.2M · 37%

The debt note's own lines, 2025-12-28

Fixed rate $2.5BFloating $0 Not stated $1.0M

Line, as the company names itKindRateFixed or floatingAmount
2.75% Fixed Rate Senior Notes due April 2031 (Senior Notes)Notes and bonds2.75%fixed$910.7M
2.25% Fixed Rate Senior Notes due April 2028 (Senior Notes)Notes and bonds2.25%fixed$700.0M
1.60% Fixed Rate Senior Notes due April 2026 (Senior Notes)Notes and bonds1.60%fixed$450.0M
2.50% Fixed Rate Senior Notes due August 2030 (Senior Notes)Notes and bonds2.50%fixed$427.3M
Other debt––not stated$1.0M

From the debt note in the 10-K's XBRL (0001094285-26-000017), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.1B Net income 894.8M
FY2016 revenue 2.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-19-000064 FY2016 net income 190.9M · NetIncomeLoss, 0001094285-19-000064 2.1B FY2016 FY2017 revenue 2.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-20-000045 FY2017 net income 227.2M · NetIncomeLoss, 0001094285-20-000045 2.6B FY2017 FY2018 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-21-000066 FY2018 net income 333.8M · NetIncomeLoss, 0001094285-21-000066 2.9B FY2018 FY2019 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-22-000049 FY2019 net income 402.3M · NetIncomeLoss, 0001094285-22-000049 3.2B FY2019 FY2020 revenue 3.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-23-000053 FY2020 net income 401.9M · NetIncomeLoss, 0001094285-23-000053 3.1B FY2020 FY2021 revenue 4.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-24-000044 FY2021 net income 445.3M · NetIncomeLoss, 0001094285-24-000044 4.6B FY2021 FY2022 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-25-000053 FY2022 net income 788.6M · NetIncomeLoss, 0001094285-25-000053 5.5B FY2022 FY2023 revenue 5.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-26-000017 FY2023 net income 885.7M · NetIncomeLoss, 0001094285-26-000017 5.6B FY2023 FY2024 revenue 5.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-26-000017 FY2024 net income 819.2M · NetIncomeLoss, 0001094285-26-000017 5.7B FY2024 FY2025 revenue 6.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001094285-26-000017 FY2025 net income 894.8M · NetIncomeLoss, 0001094285-26-000017 6.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

TDY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue6.1B
FY2016: 2.1BFY2017: 2.6BFY2018: 2.9BFY2019: 3.2BFY2020: 3.1BFY2021: 4.6BFY2022: 5.5BFY2023: 5.6BFY2024: 5.7BFY2025: 6.1B FY2017FY2019FY2021FY2023FY2025
Net income894.8M
FY2016: 190.9MFY2017: 227.2MFY2018: 333.8MFY2019: 402.3MFY2020: 401.9MFY2021: 445.3MFY2022: 788.6MFY2023: 885.7MFY2024: 819.2MFY2025: 894.8M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.1B
FY2016: 229.4MFY2017: 316.2MFY2018: 360.1MFY2019: 393.7MFY2020: 547.5MFY2021: 723.0MFY2022: 394.2MFY2023: 721.2MFY2024: 1.1BFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)18.88
FY2016: 5.37FY2017: 6.26FY2018: 9.01FY2019: 10.73FY2020: 10.62FY2021: 10.05FY2022: 16.53FY2023: 18.49FY2024: 17.21FY2025: 18.88 FY2017FY2019FY2021FY2023FY2025
Diluted shares47.4M
FY2016: 35.5MFY2017: 36.3MFY2018: 37.0MFY2019: 37.5MFY2020: 37.9MFY2021: 44.3MFY2022: 47.7MFY2023: 47.9MFY2024: 47.6MFY2025: 47.4M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 28, 2025
RevenueSharevs year before
Digital Imaging 3.2B51.7% +3.0%
Instrumentation 1.5B23.8% +5.4%
Aerospace And Defense Electronics 1.1B17.3% +36.3%
Engineered Systems 435.7M7.1% -0.9%

10-K 0001094285-26-000017, segment and revenue notes (XBRL).

Revenue by region

year to Dec 28, 2025
RevenueSharevs year before
Domestic 3.2B52.0% +8.3%
Europe 1.5B25.0% +12.6%
Asia 894.4M14.6% -0.4%
All other 512.4M8.4% +7.1%

10-K 0001094285-26-000017, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.1B2.6B2.9B3.2B3.1B4.6B5.5B5.6B5.7B6.1B
Cost of revenue1.3B1.6B1.8B1.9B1.9B2.8B3.1B3.2B3.2B3.5B
R&D------352.2M356.3M292.6M317.3M
SG&A579.9M658.1M694.2M715.1M662.0M1.1B804.0M852.0M902.6M931.1M
Operating income240.5M321.7M416.6M491.7M480.1M624.3M972.0M1.0B989.1M1.1B
Interest expense23.6M35.5M29.2M21.0M15.3M90.8M89.3M77.3M57.9M59.6M
Pretax income241.3M287.0M393.9M473.7M469.7M533.8M908.1M958.9M937.9M1.1B
Income tax50.4M59.8M60.1M71.4M67.8M88.5M119.2M72.3M117.2M198.8M
Net income190.9M227.2M333.8M402.3M401.9M445.3M788.6M885.7M819.2M894.8M
EPS (diluted)5.376.269.0110.7310.6210.0516.5318.4917.2118.88
Diluted shares35.5M36.3M37.0M37.5M37.9M44.3M47.7M47.9M47.6M47.4M
Depreciation & amortization87.3M113.0M113.0M111.9M116.2M371.8M332.2M316.4M309.9M336.3M
EBITDA327.8M434.7M529.6M603.6M596.3M996.1M1.3B1.4B1.3B1.5B
Operating margin11.2%12.4%14.4%15.5%15.6%13.5%17.8%18.4%17.4%18.8%
Net margin8.9%8.7%11.5%12.7%13.0%9.7%14.4%15.7%14.4%14.6%
Revenue growth-+21.1%+11.4%+9.0%-2.4%+49.5%+18.3%+3.2%+0.6%+7.9%
EPS growth-+16.6%+43.9%+19.1%-1.0%-5.4%+64.5%+11.9%-6.9%+9.7%

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow317.0M374.7M446.9M482.1M618.9M824.6M486.8M836.1M1.2B1.2B
Capital spending87.6M58.5M86.8M88.4M71.4M101.6M92.6M114.9M83.7M117.3M
Free cash flow229.4M316.2M360.1M393.7M547.5M723.0M394.2M721.2M1.1B1.1B
Buybacks00----00354.0M402.9M
Acquisitions--3.1M484.0M29.0M3.7B99.6M77.7M123.7M821.4M
Debt raised0268.0M0150.0M2.7M4.0B00--
Debt repaid------185.0M---
Investing cash flow-151.0M-831.2M-88.6M-571.9M-99.4M-3.8B-175.4M-190.3M-207.2M-937.9M
Financing cash flow-145.0M414.1M-271.3M141.7M-61.8M2.8B-110.0M-651.5M-945.8M-555.2M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating lease cost---26.5M29.4M40.9M45.1M43.9M47.9M46.1M
Operating lease cash paid---24.7M27.8M39.7M36.9M39.5M39.5M43.7M
Right-of-use assets---127.1M123.4M144.5M142.1M141.7M128.6M156.1M
Operating lease liabilities---138.9M137.7M166.3M155.3M153.5M139.8M166.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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