Teledyne Technologies Inc.
TDYFinancial Snapshot
ticker: TDY step: 04 generated: 2026-05-13 source: quick-research
Teledyne Technologies Incorporated (TDY) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $5.46B | $5.64B | $5.67B | +0.6% |
| Gross Margin | ~28% | ~29% | ~28% | |
| Operating Margin | ~17% | ~18% | ~17% | |
| Net Income | $789M | $886M | $819M | -7.5% |
| EPS (diluted) | $16.53 | $18.49 | $17.21 | -6.9% |
FY2024 revenue was essentially flat (+0.6%) as short-cycle commercial and industrial headwinds offset defense strength. Net income declined as integration costs from the FLIR acquisition and higher interest expense weighed. FY2025 revenue accelerated to $6.12B (+7.9% YoY) with record quarterly sales and improving EPS — organic growth in all four segments, Excelitas acquisition contribution (closed Feb 2025), and defense end-market tailwinds.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$900M |
| Free Cash Flow | ~$800M |
| Capital Expenditures | ~$100M |
| Cash & Equivalents | ~$300M |
| Total Debt | ~$3.8B |
Debt elevated from the 2021 FLIR acquisition ($8B+ deal, partially financed with debt). Consistent FCF generation supports debt paydown and ongoing bolt-on acquisitions. The $710M Excelitas acquisition (Feb 2025) was funded from cash and revolver.
Key Ratios (approximate)
- P/E: ~25–29x (adjusted) | EV/EBITDA: ~18x | FCF Yield: ~4%
- Revenue Growth (FY2024): +0.6% | FY2025: +7.9%
- FY2025 Adjusted EPS guidance: ~$21.45–$21.60 (full year)
- R&D spend: ~$300M+/year (~5% of revenue); technology investment is core to the model
Growth Profile
Teledyne is a serial acquirer in specialized defense and industrial technology — compounding per-share value through disciplined M&A + margin improvement. FY2024 was a digestion year (FLIR integration, commercial instrument softness), but FY2025 showed re-acceleration with seven consecutive quarters of orders exceeding sales, growing backlog, and record quarterly performance. The Excelitas acquisition adds photonic components exposure. Defense tailwinds (NATO rearming, European defense spending surge, U.S. DoD electronics content growth) support the long-cycle portion of the business.
Forward Estimates
- FY2025 Revenue target: $6.3B (guided); actual $6.12B achieved
- FY2025 Adjusted EPS: ~$21.45–$21.60
- FY2026: Analysts expect mid-to-high single-digit organic growth + Excelitas full-year contribution
- Backlog: Growing for 7 consecutive quarters as of Q3 2025 — provides near-term revenue visibility
- M&A optionality: Balance sheet deleveraging creates capacity for next acquisition cycle ($1–2B range)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $TDY.