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Analyst
Andrew Buscaglia
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 114on tracked calls
- Challenge rate
- 15%17 of 114 questions
- Companies
- 17questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 114 of 114 questions from 17 companies
NDSNNordson Corporation12 questions · 7 reporting periods · 3 of 12 challenging
Calendar 2026 Q3
wondering if you could provide some color on the M&A pipeline, what you are seeing
Show response
Naga reiterated M&A discipline, healthy pipeline, focus on Medical/Fluid Solutions and Test & Inspection bolt-ons; Dan cited half organic/half inorganic algorithm.
Calendar 2026 Q2
Are your customers signaling like more confidence in moving forward with some bigger CapEx decision-making? Or is that already underway
Show response
Naga confirmed momentum in both systems and parts. Dan added no fundamental mix change from ~60-40 systems/parts split, with parts actually slightly higher as a percent in Q2.
I wonder what the M&A environment looks like into year-end for you and that other companies seem to be signaling valuations are maybe ever so slightly normalizing
Show response
Naga confirmed robust M&A pipeline but discipline on strategic and financial criteria. Big strategic acquisitions focused on medical; bolt-on technology adds across portfolio.
Calendar 2026 Q1
is this X-ray piece sort of a precursor for a lift in that chunk of your ATS business?
Show response
CEO explained X-ray recovery is slower than dispense due to automotive exposure component, semiconductor X-ray is doing well but auto is flattish. As automotive recovers, X-ray will continue to benefit.
you run into some pretty tough margin comps in the back half of the year
Show response
CFO said 37% MFS EBITDA margins are sustainable with selective quarter comps being tough, noting Q4 FY2025 was a high point not a run rate. CEO emphasized focus on growth at reasonable incrementals as the margin driver.
Calendar 2025 Q4
the low end of your guidance really doesn't assume much growth this year, and it seems unreasonable if some of these tougher markets, you're past the worst
Show response
CFO explained the low end represents planning for potential surprises after a year of macro volatility, while sitting comfortably at the midpoint with a strong Q1 start. Will update guidance as the year plays out.
can you talk about how you perceive that business in terms of sensitivity to the industrial economy and your outlook there?
Show response
CEO detailed IPS outlook: packaging and product assembly investments sustaining, precision ag strong in Europe and South America, aftermarket parts at 55-56% of revenue providing stability, with polymer processing and automotive troughing meaning any recovery is pure upside.
Calendar 2025 Q2
ATS has been really volatile the last couple of quarters. Should we see more consistent growth in that segment going forward?
Show response
CEO acknowledged inherent lumpiness but emphasized first half/second half view, noting through-cycle 5%+ organic growth expectation. CFO added most growth from Asian customers with US investment upside not yet reflected.
what's your line of sight on that destock at this point? It seems like it's slowly coming to end
Show response
CEO confirmed destocking reducing with order entry improving, but recovery will be gradual rather than a sharp uptick, unlike electronics recovery patterns.
Calendar 2025 Q1
In the ATS segment, if you were to exclude that, the movement of that Measurement & Control Solutions, what would organic growth have been?
Show response
CFO said MCS was a positive contributor but not material to the segment's overall organic decline.
Are there things you're working on to still achieve at least the midpoint of EPS, whether it's further restructuring or some sort of margin enhancement?
Show response
CFO emphasized it's too early to call the full year, citing Q1 profit delivery as evidence of ability to manage costs and deliver earnings on lower sales.
Calendar 2024 Q4
you're assuming, you know, no let's call it no or very low organic growth at the midpoint, but EPS at the midpoint is still up
Show response
CFO cited three EPS bridge factors: restructuring benefits, deleveraging throughout the year reducing interest expense, and lower tax rate year-over-year.
TDYTeledyne Technologies12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
Maybe could you comment further then on that instrumentation comment I made earlier, just that was a weak start to the year. What do you think drove that?
Show response
George Bobb responded. Oscilloscopes growing (power supplies for data centers, in-vehicle networks). Protocol analyzers down on PCIe Gen 6 CPU/GPU timing. Chips expected to market H2. Still expect full year T&M growth in low single digits.
Just wanted to touch on the Q2 guidance. Just that it reflects the point at the midpoint EPS declining sequentially, which is atypical, historically like it's seasonality. I'm wondering where is th...
Show response
Sequential EPS decline driven entirely by Q1 tax benefits from stock option exercises (~$0.10-0.11 YoY). Q2 not projecting similar tax benefit. Operating fundamentals remain comfortable.
Calendar 2025 Q4
Can you any way you can size the size of that award or the contribution you expect Teledyne Technologies Incorporated to receive in '26 and beyond?
Show response
George responded. North of $100M over 2-3 years. Supplying 3 of 4 primes. Fixed-price contracts with margins improving over time per Teledyne standard. Performance starting in 2026.
What what can we in terms of margin contribution from something like that? Is it higher versus corporate average or lower?
Show response
About average margins. Fixed-price contracts will improve over time. Early margins may be slightly lower, but program quality is strong.
Calendar 2025 Q3
last quarter, there was some uncertainty around some of the strong growth you saw and whether that was pulled forward or not. And it seems -- can you maybe run through the several segments where --...
Show response
Some Q2 pull-forward confirmed in T&M. Marine and environmental growing strongly. FLIR organic growth 3%. Unmanned systems grew 10%. Overall diverse portfolio moving forward with variation across businesses.
And what about specifically in Digital Imaging, you made the comment, industrial automation or imaging equipment for that market. Presumably, that's machine vision starting to pick up. So maybe is ...
Show response
ISV grew 3.4%. DALSA/e2v overall flat but cost restructuring completed. George confirmed MV cameras growing in semi inspection and electronic component inspection. MV sensors also up YoY. Margins expected to improve going forward.
Calendar 2025 Q2
Can you comment on order activity in some of these longer-cycle businesses? I know you guys had a press release out supporting U.S.'s stance on dominance
Show response
FLIR book-to-bill 1.17 in Q1, just over 1 in Q2. DI ex-FLIR seeing order uptick with book-to-bill up to 1.2. Overall 1.1 for seventh consecutive quarter. ES lumpy but way over 1.
Where exactly is this pull forward within your business segments? And can you comment on, are you seeing this more on -- with some of the short-cycle businesses versus long cycle?
Show response
Pull-forward concern mainly in short-cycle (instruments with 2-3 week book-to-bill cycles). Estimated $15-20M may have been pulled into Q2. Some pull-forward possible in FLIR Defense as well.
Calendar 2025 Q1
What are you seeing in terms of your short-cycle sales more recently? Are you seeing that play out?
Show response
T&M flat for year. FLIR defense strong, offsetting flat industrial cameras. Legacy DI cameras recovering slowly, sensors lagging further. Overall company book-to-bill 1.05. DI book-to-bill 1.11.
can you comment about risk related to any government spending cuts that you're seeing? Is any of that contemplated in that?
Show response
NASA programs at risk are low-margin (6-7%). Defense space programs (60% of space portfolio) expected to grow. 20 active defense space programs. Reallocation from science to defense space would be margin-positive.
Calendar 2024 Q4
on the Excelitas or [indiscernible] or how do you say that acquisition, would you, should we assume some accretion to non-GAAP earnings in '25 once that's closed?
Show response
$15M/month revenue, $0.15-0.20 accretion for full year. Initial tuck-in before margin expansion efforts begin in subsequent years.
you're talking about 3.2% organic. Just to be clear, that would include some FX in that organic number? And then do you assume some and how much short cycle recovery do you assume as the year goes on?
Show response
1.2% FX headwind embedded in organic guidance. Short-cycle businesses expected to grow modestly in low single digits. FLIR growth led by defense, non-defense portion lower.
ZBRAZebra Technologies11 questions · 6 reporting periods · 3 of 11 challenging
Calendar 2026 Q2
you raised prices this year, obviously, to help mitigate things. I think you indicated you can raise prices again if you want to. I guess, what gives you that confidence?
Show response
Burns said Zebra's strong preference is not to raise price, but the significant increase in memory has required it. Management has confidence pricing will flow through, having demonstrated it in both the core business and the Elo acquisition. With memory pricing continuing to increase across the industry, further price actions would be taken as needed, consistent with what other suppliers are doing.
your Q3 guidance implies some slight deceleration. I mean, still very strong, but wondering what's informing that guidance.
Show response
Winters said the back-half growth rates are predicated on expected memory capacity and prior-year compares. The Q3 sales guide of 17-20% (8% organic at the midpoint, including about 2 points of pricing) reflects confidence in the ramp and underlying demand. The EBITDA step down from Q2 to Q3 is driven primarily by removing the IEEPA refund plus about 1 point from higher memory costs; excluding memory, operations are roughly in line sequentially with a similar mix.
Calendar 2026 Q1
have you secured capacity at this point because shortages are a concern? And what are your memory price assumption baked into the rest of the year
Show response
Winters said Q1 supply delivered as needed, Q2 visibility strong, and H2 assumes similar supply levels with no indication of reduction. Teams working options for increased supply to support unconstrained demand near the high end of guidance. Direct purchasing provides favorable pricing versus spot market rates. Built-in escalations tracking as expected.
Calendar 2025 Q4
do you sense, like, these new AI products you are talking about, you have been talking about them for a while, could have a similar effect in terms of prompting new spending or an upgrade cycle
Show response
Burns confirmed AI will drive device upgrades with higher ASPs from increased memory and processing power. Customers moving to next-gen devices as they begin to refresh. AI creates additional software revenue opportunity through Enablers, Blueprints, and Companion suite. Paid pilots already underway with scaled deployments expected in 2026.
what are the customers saying in terms of the biggest, you know, impetus to spend here
Show response
Burns said customers are focused on continuing technology investment across all verticals. No mentions of holding back. Momentum across core business, manufacturing recovery, EMEA growth, Elo demand, and AI suite interest all driving positive conversations. Customers focused on serving their own customers better and driving efficiency.
Calendar 2025 Q3
can you comment on EVM, the growth was rather modest in the quarter. What are you seeing specifically in that segment
Show response
Burns said mobile computing grew strongly with large deals across multiple regions. Data capture declined on a difficult compare across the scanning portfolio. EVM was a tale of two: strong mobile computing offset by scanning weakness.
your Q4 guidance implies organic growth somewhat decelerating. I know you're facing a tough comp, but I'm wondering if you can kind of walk through what you see demand-wise
Show response
Burns attributed Q3 overperformance to peak season timing, some customers purchased earlier than expected. Retail/e-commerce led. EMEA weakness continued. Second half playing out as expected overall, just with Q3/Q4 timing shift.
Calendar 2025 Q2
are you concerned or have you contemplated or what are you seeing in terms of the potential exemptions picking and/or going away? And then any other, I don't know, further tariff escalations you're...
Show response
Winters acknowledged the environment remains dynamic. Dedicated team monitors policy changes daily. Playbook with multiple options ready to execute as clarity emerges. Focus on building a resilient supply chain beyond just tariff mitigation.
You're seeing one of your biggest competitor across many different business lines somewhat get deemphasized by its parent company. So I'm wondering, do you see a pathway for more share gains
Show response
Burns cited customer relationships, portfolio breadth, and innovation as competitive advantages. Elo acquisition elevates strategic position. New wearable offerings for retail and health care. Won a large postal opportunity in Australia. Competitor dynamics will take time to play out.
Calendar 2025 Q1
you held that at up three to seven, but you now have changing presumably, pricing. Can you elaborate on the magnitude of the increases
Show response
Winters quantified tailwinds absorbed: Q1 beat + ~100bps FX improvement + ~70bps pricing. Instead of raising, they offset these against lower second-half demand assumption.
Can you comment on transportation and logistics? You're saying you see strong growth there, although some of the headlines from the bigger transport names are pretty negative
Show response
Winters explained ZBRA's T&L exposure is global and spans postal/carriers beyond parcel. Demand shifts between carriers benefit Zebra regardless. RFID deployments adding incremental opportunity.
IEXIDEX Corporation10 questions · 5 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
where is the ceiling for FMT margins? Or is it not something we should get carried away with?
Show response
Gave a specific flow-through range conditioned on uniform volume recovery, and noted price and productivity have carried margin through flat volumes.
Can you just comment on what you're seeing, I think, broadly on a geographic basis?
Show response
Ranked North America strongest, Europe steady, India growing faster than China, and framed India as a globalization jump-off point for HST customers.
Calendar 2026 Q1
is there any other subtle changes to the 8020 process that's been going on under the hood?
Show response
CEO described two extensions of 8020: integrating units into growth platforms adds a third axis requiring new approaches to defining 80s and 20s, sometimes crossing business units. Codifying and training this code in 2026. Exciting because scale of opportunity grows. Customer set declines as focus sharpens on winners while sales and margins ramp.
Just some companies talking about this higher energy prices, the near term may be some volatility, but long term maybe positive impact for their businesses
Show response
CEO explained IDEX energy exposure is largely downstream custody transfer, not wellhead. Higher energy prices create positive derivative impact over time. More activity seen in Q1 with U.S. exports contributing. Energy no longer listed as significant pressure point versus preceding quarters. Moved to slightly better position but watching volatility.
Calendar 2025 Q4
Maybe if you could bucket together these kinda higher growth areas between FMT and HST as a portion of those segments
Show response
CEO showed HST diversification: industrial/auto now only 20% (formerly ~50%), life sciences about a third. Target advantage markets now significant percentage of HST. MSS platform delivered double-digit growth in Q4. FMT profile largely unchanged with water growth slightly shifting mix.
is there anything that's changed or evolved within FMT that makes it that would make it act a little bit longer cycle
Show response
CEO confirmed FMT franchises unchanged with some over 100 years old. Same rapid fulfillment, same customer relationships, same share positions. Recovery would mean accelerating from like-for-like replacement to expansion orders with very good incremental capture rates.
Calendar 2025 Q2
we're seeing some trends across industrials where some peers are trying to reduce complexity in their businesses
Show response
CEO acknowledged both sides of portfolio management. FMT and FSDP had significant complexity removed and performing well. HST work moving portfolio toward faster-growing advantaged markets while reducing complexity through integration. Each unit must earn its relative merits.
what were your expectations for Mott's growth into the year? And then where do you see that playing out for the full year
Show response
Interim CFO confirmed Mott expected high single-digit growth, now calling flat due to pause. Still expects to generate double-digit returns over longer horizon. Team intact and excited about the business.
Calendar 2024 Q4
FMT. I would think that that would be recovering pretty strongly this year
Show response
CEO clarified FMT is largely short-cycle and fragmented. Lower growth positioning reflects policy uncertainty, not structural change. When clarity comes, IDEX typically ramps quickly.
HST has really come it's really not come back the way we thought it would, and it had a good year out of COVID
Show response
CEO acknowledged COVID post-COVID duration was surprising but emphasized dynamics unchanged. Mott and energy transition diversify HST. 2025 guidance has HST leading growth.
IRIngersoll Rand10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
What is the nature of the size of the deals that you're looking at?
Show response
Vicente said the 11 LOIs are bolt-on at low double-digit pre-synergy multiples and detailed how compressors, pumps and blowers play into power gen and data-center demand.
Calendar 2026 Q1
Is that a comment around improvement of the stabilization you've been commenting on the last couple of quarters
Show response
Vicente confirmed China growth driven by technology localization and new product launches, not market recovery. Three consecutive quarters of positive organic growth. Market not shrinking but highly competitive. Opportunities particularly strong in medical devices.
What do you see for the China market this year
Show response
Vicente does not expect China market to grow but sees continued share gains from technology-driven self-help initiatives. Hundreds of examples across businesses including medical devices.
Calendar 2025 Q4
Where can you get more specific about where you are seeing this
Show response
Vicente attributed China growth to product localization, technology transfers from U.S./European acquisitions, and demand generation rather than market recovery. Example of blower-aeration combination creating competitive advantage. Recently visited China team and impressed by speed of innovation.
could this be a source of sneaky upside if this acquisition kind of comes back
Show response
Vicente highlighted new leadership installation, P&L creation, investments in better end markets, and four bolt-on acquisitions building the platform. Significant operational work done to position for growth.
Calendar 2025 Q2
what's your preference maybe for share repo over the near term
Show response
Vik confirmed M&A remains priority over buybacks. Q2 saw accelerated $500M repurchase but bolt-on M&A strategy unchanged. Up to $250M more buybacks targeted for balance of year.
how do you foresee the year playing out or the next couple of years playing out, maybe if we get a release on some decision-making in the capital equipment side
Show response
Vicente emphasized goal of aftermarket growing faster than equipment even if capital equipment unlocks. Recurring revenue initiatives are strategic priority to increase aftermarket as share of total.
Calendar 2025 Q1
how that how that is tracking during the tariffs. It's not a market I'm too familiar with
Show response
Vicente reported ILC Dover Life Science book-to-bill 1.11, single-use powder handling bookings up low-double-digits YoY. Tariff exposure fairly minimal with ability to pass through.
Calendar 2024 Q4
do you see a year of setting up where some uncertainty might influence the types of deals that move forward
Show response
Vicente confirmed bolt-on focus and noted they leverage geopolitical uncertainty to push family-owned companies toward transactions.
Are there other deals in that kind of life sciences arena you see in that pipeline
Show response
Vicente confirmed two LOI-stage life science deals plus funnel of medical device component technologies for cross-sell with pump business.
VLTOVeralto10 questions · 6 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
I'm wondering if you see AI changing demand for things like inspection in marking and coding.
Show response
CFO pointed to agentic layers already shipping in digital workflow; CEO described GlobalVision's deterministic inspection engine as the regulated-workflow complement to AI.
people are looking for signs of synergies coming through. So would you say that they are tracking ahead of your expectation
Show response
CEO said deals are delivering top-line acceleration and flagged cost synergies as still ahead, but never answered whether they are tracking ahead of underwriting.
Calendar 2026 Q1
Does that market interest you in terms of increasing -- maybe increasing in terms of the hierarchy of where your interests lie?
Show response
CEO emphasized staying true to market-company-valuation algorithm. Preference for razor-razorblade businesses in customer OpEx cycle. Not taking anything off the table but focused on profiles that create long-term advantage.
I'm just wondering if you could [ parse out ] how influential that data center contribution was to growth
Show response
CEO confirmed strong data center traction benefiting all water businesses but revenue still very small portion of total Water Quality sales. Declined to disclose specific market sizes or growth rates separately.
Calendar 2025 Q3
How much of this would you attribute to pull forward? And clearly, I mean, there's a lot of noise into Q4, but what's your sense on sequential trends in PQI
Show response
CEO attributed PQI North America strength to commercial execution and new product launches including CIJ, laser, and secondary packaging products tied to Food Safety Act. No evidence of pull-forward.
going forward, do we need to see more increased investments in either segment? Or is this sort of a sustainable run rate for both segments in terms of margins into 2026?
Show response
CFO confirmed Water Quality margin driven by disciplined VES execution. PQI incremental margins should return to 30-35% framework going forward with some one-off tariff costs not repeating in 2026. Full 2026 guidance in February.
Calendar 2025 Q2
are you selling directly to these hyperscalers? Are you selling to customers that sell to the hyperscalers?
Show response
CEO described two channels: products into existing data centers and new accounts. ChemTreat team driving execution. Data center business still small but rapidly growing. Would not quantify specific percentage of growth.
Calendar 2025 Q1
I'm curious if tariffs are impacting things either positively or negatively in terms of your discussions
Show response
CEO confirmed M&A pipeline undeterred by tariff environment. Both segment funnels full and actively being worked. Maintaining disciplined approach on market, company, and valuation criteria.
Calendar 2024 Q4
what are your latest thoughts for both segments under this administration
Show response
CEO emphasized essential nature of products tied to public health and safety regardless of political environment. Positioned both segments as resilient to regulatory changes.
with tariffs is part of your guidance implied some disruption around tariffs
Show response
CFO confirmed no sustained tariff impact in the guide. Cited diversified global manufacturing footprint and supply chain improvements over the past 4-5 years.
Show 11 more companies
AMEAmetek9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q1
I didn't see did you disclose the price you paid or deal price? And then is there any other details
Show response
Zapico provided strategic rationale, defense MRO expansion, and operational details (2/3 MRO service, 1/3 proprietary parts, rotorcraft and fixed-wing) but did not disclose purchase price.
can you comment on any impact positive or negative to A&D?
Show response
Zapico reported A&D up high single digits in Q1 with broad-based growth. Raised full year A&D outlook to approximately 10%. Defense is 60% of A&D and performing exceptionally well.
Calendar 2025 Q4
it sounds like, you know, that organic growth of 2% little bit below kinda what you had expected
Show response
EIG organic turned positive in Q4 after negative prints early in 2025. Both EIG and EMG expected to grow low-to-mid single digits organically in 2026, with total growth mid-to-high single digits each.
Was there something, I know, of the order ordinary unusual that that would drive that 15% growth
Show response
No unusual items in EMG Q4. Every division double-digit organic. Tougher comps in 2026 but fundamentals strong. Guide described as prudent early in year. Automation, med tech, and A&D all solid.
Calendar 2025 Q3
Some companies are still talking about just like kind of customer hesitation to spend and ongoing delays, especially in Automation
Show response
AMETEK's automation recovery was predicted for several quarters. Management called the bottom. Customers coming back as expected. Differentiated positioning in discrete automation vs broader factory automation.
I don't know if you said or you mentioned your price versus cost or how that shook out this quarter?
Show response
Price fully offset both inflation and tariffs with positive spread. Driven by highly differentiated mission-critical products, niche market leadership, and R&D investment.
Calendar 2025 Q1
your backlog has been at record levels almost every quarter now going back as far as I remember. So I'm curious what gets this backlog to convert?
Show response
Tariffs causing some conversion delays as customers need more funding. Near-record backlog provides comfort navigating uncertainty. Not concentrated in one area.
Calendar 2024 Q4
are we going to see a series of sort of like current deals or you expect like another Paragon-ish size deal in 2025?
Show response
Pipeline includes both larger and smaller technology deals. Could deploy $5B in 2025 and only reach 2.5x debt/EBITDA. Market picking up with sellers more willing.
it sounds like orders are getting a little bit better, the momentum is picking up. What about order momentum in each subsegment?
Show response
Med tech seeing destock abate with orders resuming. Automation bottomed with lean cost structure. Process and power well positioned with strong pipelines. A&D steady.
APHAmphenol7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
1 question I often get just given the importance of fiber is your ability to secure enough raw fiber to meet demand
Show response
Norwitt denied any broad bottleneck, citing 30% organic growth in the quarter and describing decentralized sourcing across 150 operations with no central procurement.
Calendar 2026 Q1
do you think you should see continued acceleration of growth in that segment as presumably you have increased share or content in future generations
Show response
Norwitt confirmed strong order momentum but declined to guide beyond Q2. Highlighted CommScope growth matching Amphenol's organic rate.
Calendar 2025 Q4
Where are you say that's most pronounced?
Show response
Norwitt highlighted Europe strength across both automotive and industrial as particularly encouraging. Long-term excitement about AI's carry-on benefits to automotive (autonomous driving), industrial (edge AI, robotics), and mobile devices.
Calendar 2025 Q3
your guidance to get to the midpoint of your guidance, it does imply margins would step down
Show response
Lampo attributed slight Q4 margin decline to slightly lower revenue and some cost catch-up from rapid growth. Implied Q4 margins still close to 27%, well above historical levels.
Calendar 2025 Q2
Can you comment on what you paid for it, either valuation or dollar amount-wise?
Show response
Norwitt disclosed $300M for Narda-MITEQ. Pipeline remains robust across all end markets with companies large, medium and small. 15-16 acquisitions in last 2.5-3 years.
Calendar 2025 Q1
what, you have to have some incremental costs you're factoring in, and I would expect. And can - I identify what market those would be in
Show response
Norwitt acknowledged slight pricing impact but emphasized entrepreneurial mitigation. Did not identify specific market exposure as requested.
Calendar 2024 Q4
Want to get your take on what you guys are thinking and how you're planning for the year as it pertains to tariffs?
Show response
Norwitt cited 2017 tariff mitigation success and expanded global footprint (300 facilities, 40+ countries) but did not provide specific exposure percentages requested.
XYLXylem Inc.7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Can you help us understand know, the nature of the declines and what your commitment is to China
Show response
Grogan sized China at about 3% of overall sales last year going to about 2% this year, a 1% headwind for total Xylem. Cites less government infrastructure spend, competition and 80/20 selectivity.
asking if you saw a more noticeable pickup in your more short-cycle pump-and-valve areas as the quarter progressed.
Show response
Grogan said no inflection. Short-cycle sits in Applied Water and has been consistent outside data centers: strong in the U.S., Europe bumping along, small residential the one area of weakness.
Calendar 2025 Q3
on the MCS margins related to the divestment, wondering how do we compare you guys versus your larger peers in that space?
Show response
Core water smart metering margins at or above peers. International metrology and energy drag overall margin. Energy will always have a gap vs water due to technology differentiation. Core water profitability significantly higher than competitors.
I was hoping you could sort of parse out where you're seeing demand pickup versus internal efforts to improve organic sales.
Show response
MCS exceeding LT framework on energy refresh. WI transport strong on mission-critical nature and share gains. Treatment executing backlog with differentiated bidding. Applied Water strong in Western world, commercial buildings. WSS double-digit on outsourced water and dewatering. China ~2% headwind. Large capital project conversion slowing.
Calendar 2025 Q2
nice quarter in Evoqua or -- Water Solutions rather for orders and growth I'm wondering on the order side, those are picking up and you're seeing more on services.
Show response
WSS positioned for strong year. Outsourced water projects funnel significant across energy and other end markets. Utility services business turned around quickly. Book-to-bill <1 is timing, projects already filtering in Q3.
one of your larger water peers is talking a little bit more about data centers as a demand driver. I'm wondering, just an update there.
Show response
Not meaningful today but growing. Shows in Applied Water (pumps, heat exchangers) and WSS (surface water filtration). Data centers use ~5M gallons/day. Expect meaningful driver in 3-5 years as water stress increases. Water reuse will become important.
Calendar 2024 Q4
I just wanted to check on your Water Solutions has been a really good quarter. I'm just curious what the trends are in that segment
Show response
WSS strong year expected. Regulatory environment supportive with bipartisan consensus. EPA head stated PFAS cleanup is top priority.
FTVFortive6 questions · 4 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
Are you seeing any changes in how customers calibrate equipment or use the equipment
Show response
Confirmed the trend and pointed to double-digit recurring revenue growth at Fluke, but did not isolate how much comes from changed calibration cycles.
Where do you think is the more interesting place to go that sets you up for the next five years of growth?
Show response
Direct answer with a portfolio breakdown, concluding M&A will skew toward hardware while software must attach to existing strengths.
Calendar 2026 Q1
What do you see in terms of M&A as it plays out this year?
Show response
Approach revamped with bolt-on focus. Team rebuilt; Corbin Wahlberger joining Monday to run corporate development globally. Two H2 2025 bolt-ons going very well. Building pipeline so when spreads make M&A more attractive, they're ready.
guidance really, at the midpoint, does imply earnings moderating or even potentially declining in one of the quarters
Show response
Okerstrom acknowledged confidence in momentum and Fortive Accelerator results but said it's too early to get ahead. Color on upper half of EPS range and upper end of core growth range is an expression of confidence.
Calendar 2025 Q3
can we count on some of these savings helping you expand in a lower volume environment?
Show response
Okerstrom pointed to Investor Day framework: 3-4% revenue growth, 50-100bps EBITDA margin expansion, high-single-digit+ EPS growth. Balancing margin expansion with growth acceleration. Stranded costs almost done, about $12.5M left to remove over 6-12 months.
Calendar 2025 Q1
how are those businesses handling the tariff situation? And can you just talk about the latest you're seeing there?
Show response
No direct tariff impact on software. ServiceChannel strong, Provation doing very well. Possible upside from tariff-driven input cost increases flowing through pass-through businesses like Gordian.
ROKRockwell Automation5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
how you're thinking about Software & Control as we move into next year, just given the high bar we're looking at?
Show response
Rothe framed FY27 Software & Control margins as hard to expand on price alone given memory inflation, but pointed to volume as a help off a low-30s FY26 base; declined to give formal 2027 guidance.
Calendar 2026 Q1
I think there's a lot of concerns around what that means for your process business, both near and long term. Can you talk about how process took out intra quarter?
Show response
Blake sized oil and gas at ~10% of total, energy at ~15%. Cited efficiency, digitization, LNG as growth drivers. Middle East conflict paused some projects but limited overall impact.
And is that a high water mark we likely don't see for a long time? Or is that kind of where you think that margin can shake out over the medium term?
Show response
Blake acknowledged above midterm corridor of 31-34%. Cited volume, productivity, profitable Plex. Christian cautioned about H2 memory inflation and additional engineering spend.
Calendar 2025 Q4
You're not really the same trends with other companies talking about those markets
Show response
Blake noted Rockwell tends to be early-cycle in auto and food and bev packaging. Some comp help in Q1. Differentiated by AMR capability that competitors lack, combined with fixed automation strength and superior software tools.
are you hearing anything regarding, you know, new competition from AI creeping in?
Show response
Blake detailed AI at every level: Vision AI for pattern recognition, Logix.AI for adaptive control loops, Plex demand planning. Focus on specific applications with measurable productivity, not general LLMs. Simplification of automation is the real prize.
EMREmerson Electric4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
can that growth rate get back to kind of historical peak levels without China really picking up?
Show response
Ram is confident Intelligent Devices returns to growth as Middle East unlocks in Q4; China improving to low single digits.
Calendar 2026 Q1
can you comment on what is behind the implied guidance for the back half of the year for that segment
Show response
CFO expects Software and Systems margins slightly higher in H2 vs H1, with project execution offsetting business mix favorability.
Can you give us an update on anything you have learned intra-quarter on that front?
Show response
CFO acknowledged strong customer interest and dialogue particularly in Ovation business, but noted it is too early for meaningful revenue impact. Expects AI to be a differentiator in 2027+.
Calendar 2025 Q3
Are you able to quantify what portion of that backlog is LNG?
Show response
LNG approximately $2B of $11.1B funnel and $350M of $7.4B backlog. China concern is chemical and discrete, not LNG. Planning flat China and flat Europe.
PNRPentair4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
Just as I understand it, the pump valve market as it plays into that application can be competitive and wondering what you're finding in terms of margins
Show response
CEO clarified Pentair focuses on water infrastructure to buildings (supply, fire protection, disposal) regardless of building type. Wins via local municipality specifications and localized engineer relationships.
I wanted to check-in maybe one of the last few times on your capital allocation into year-end. Been pretty active with repurchases and M&A.
Show response
CEO highlighted balanced approach: M&A, buybacks, dividends (49 consecutive years). ROIC in high teens demonstrates capital being put to work. More M&A pipeline to consider but will be extremely disciplined.
Calendar 2025 Q2
I just wanted to check on your cash flow has been strong lately and preference towards using that for repo versus M&A
Show response
CEO noted balanced approach: some buyback, some dividend ongoing, doesn't preclude bolt-on M&A. Pipeline is opening up with more opportunities. Remain disciplined on strategic fit and value returns.
Calendar 2025 Q1
how do you think about, you know, being able to expand margins, especially relative to the comps you have in the back half of this year?
Show response
CFO confirmed confidence in margin expansion through transformation pillars and mix. Growth investments could be moderated if volume doesn't materialize.
PHParker Hannifin3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
are you seeing any specification activity related to liquid cooling as an interesting growth driver?
Show response
Quantified data center exposure at ~1.5% of sales (up from ~1%), spanning hoses, couplings, manifolds and thermal-management materials plus liquid-cooling systems, growing with industry leaders.
Calendar 2026 Q1
In light of the Filtration Group deal closing, are you still evaluating M&A into year end
Show response
Todd highlighted active capital deployment: 11% dividend increase, $825M year-to-date buybacks. Pipeline remains active. CFOA approaching $4 billion for the year, providing significant optionality.
what is life like if energy prices persist above $100 going forward?
Show response
Jennifer declined to forecast energy price scenarios. Todd noted portfolio diversification as a strength, pluses and minuses across verticals, with the company able to capitalize on any changes.
HONHoneywell International Inc.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
Can you just reiterate that time line for conversion of the LNG projects, would you say 6 to 12 months? Or is it multiyear?
Show response
Vimal explained Honeywell supplies proprietary LNG equipment (heat exchangers) with 2-3 year delivery windows on POC revenue recognition; Mike added the business is sold out of LNG for the next three years.
I'm wondering if you're beginning to see that notion of AI driving incremental investments in hardware
Show response
Vimal said AI shows up through Forge software (about $900M growing to over $1B ARR) that pulls in products, framing AI as integral to Honeywell's move toward automation autonomy measured by ARR growth.
ETNEaton Corporation1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
what's going on order-wise and trend-wise by the other subsegments within Electrical Americas
Show response
Utilities showed double-digit order growth. Short-cycle revenues up high single digits in Q1 from mid-single digits in Q4. Resi saw low single-digit recovery in Americas. MOEM back up in both Americas and Global. Distributed IT up high single digits.
VRTVertiv Holdings Co1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
Any way of framing the size of those or what you paid? And then our deals going forward more like kind of like the smaller bolt-ons
Show response
Craig declined to disclose deal sizes. Gio indicated willingness to pursue both bolt-on and larger acquisitions depending on strategic value, with the balance sheet very strong.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| NDSN Nordson Corporation | 12 | 25%3 of 12 questions |
| TDY Teledyne Technologies | 12 | 8%1 of 12 questions |
| ZBRA Zebra Technologies | 11 | 27%3 of 11 questions |
| IEX IDEX Corporation | 10 | 20%2 of 10 questions |
| IR Ingersoll Rand | 10 | 0%none of 10 questions |
| VLTO Veralto | 10 | 20%2 of 10 questions |
| AME Ametek | 9 | 22%2 of 9 questions |
| APH Amphenol | 7 | 29%2 of 7 questions |
| XYL Xylem Inc. | 7 | 14%1 of 7 questions |
| FTV Fortive | 6 | 17%1 of 6 questions |
- NDSNNordson Corporation · 12 questions25%3 of 12 questions
- TDYTeledyne Technologies · 12 questions8%1 of 12 questions
- ZBRAZebra Technologies · 11 questions27%3 of 11 questions
- IEXIDEX Corporation · 10 questions20%2 of 10 questions
- IRIngersoll Rand · 10 questions0%none of 10 questions
- VLTOVeralto · 10 questions20%2 of 10 questions
- AMEAmetek · 9 questions22%2 of 9 questions
- APHAmphenol · 7 questions29%2 of 7 questions
- XYLXylem Inc. · 7 questions14%1 of 7 questions
- FTVFortive · 6 questions17%1 of 6 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| ROK Rockwell Automation | 5 | 0%none of 5 questions |
| EMR Emerson Electric | 4 | 0%none of 4 questions |
| PNR Pentair | 4 | 0%none of 4 questions |
| PH Parker Hannifin | 3 | 0%none of 3 questions |
| HON Honeywell International Inc. | 2 | —Rate withheld: fewer than 3 questions |
| ETN Eaton Corporation | 1 | —Rate withheld: fewer than 3 questions |
| VRT Vertiv Holdings Co | 1 | —Rate withheld: fewer than 3 questions |
- ROKRockwell Automation · 5 questions0%none of 5 questions
- EMREmerson Electric · 4 questions0%none of 4 questions
- PNRPentair · 4 questions0%none of 4 questions
- PHParker Hannifin · 3 questions0%none of 3 questions
- HONHoneywell International Inc. · 2 questions—rate withheld: under 3 questions
- ETNEaton Corporation · 1 question—rate withheld: under 3 questions
- VRTVertiv Holdings Co · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 13 | 15%2 of 13 questions | 8 |
| 2025 Q1 | 12 | 8%1 of 12 questions | 9 |
| 2025 Q2 | 15 | 7%1 of 15 questions | 9 |
| 2025 Q3 | 15 | 27%4 of 15 questions | 9 |
| 2025 Q4 | 15 | 13%2 of 15 questions | 8 |
| 2026 Q1 | 24 | 13%3 of 24 questions | 14 |
| 2026 Q2 | 19 | 21%4 of 19 questions | 12 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q413 questions · challenge rate 15% (2 of 13 questions) · 8 companies
- 2025 Q112 questions · challenge rate 8% (1 of 12 questions) · 9 companies
- 2025 Q215 questions · challenge rate 7% (1 of 15 questions) · 9 companies
- 2025 Q315 questions · challenge rate 27% (4 of 15 questions) · 9 companies
- 2025 Q415 questions · challenge rate 13% (2 of 15 questions) · 8 companies
- 2026 Q124 questions · challenge rate 13% (3 of 24 questions) · 14 companies
- 2026 Q219 questions · challenge rate 21% (4 of 19 questions) · 12 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand62
- M&A22
- Revenue Growth18
- Margin17
- Capital Allocation14
- Competitive Dynamics13
- Trade Tariffs12
- Cloud & AI11
- Macroeconomic11
- Guidance Reliability9
Show all 19 topics
- Innovation & R&D8
- Supply Chain4
- Capex Investment4
- Cost Pressure4
- Geographic Expansion3
- Pricing3
- Regulation Policy3
- Product Launch1
- Fx1