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Analyst
Scott Davis
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 186on tracked calls
- Challenge rate
- 5%9 of 186 questions
- Companies
- 19questioned 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 186 of 186 questions from 19 companies
ROKRockwell Automation15 questions · 8 reporting periods · 0 of 15 challenging
Calendar 2026 Q2
I haven't heard you mention Plex in a while. Where are we on the deal model on that asset?
Show response
Moret said Plex sits in the high-single-digit software ARR, keeps adding new logos in automotive and consumer, and is embedding agentic AI across its modules.
Are the tariff price increases actually separate and they come off as soon as tariffs come up?
Show response
Rothe walked through the 250 bps full-year price target, splitting it into 100 bps tariff-based and 150 bps underlying, and framed tariff pricing as EPS-neutral, not incremental.
Calendar 2026 Q1
What does that mean as it relates to kind of content intensity and differences? I mean, how meaningful is that change for Rockwell?
Show response
Blake clarified same products are used in modernization as in greenfield, with slightly less Lifecycle Services involvement. Content per project remains similar.
are you comfortable sizing it for us and helping us understand kind of what that TAM may look like for your products?
Show response
Blake acknowledged data center is still low single digits of sales but declined to size it precisely, saying they'll evaluate at year-end.
Calendar 2025 Q4
are the distributors still a little bit cautious and not restocking yet?
Show response
Blake confirmed distributor inventory levels back to normal worldwide. Distributor destock dialogue from 2024/early 2025 is done. Distributors are optimistic but taking a prudent approach.
just maybe a little bit more detail. Do you think people will underspend their budgets, or are they just pushing back to the back half of the year?
Show response
Blake cited optimism in certain areas contributing to strong Q1 but hasn't seen broad-based release of orders needed to center on higher end of guide. Wants more evidence before moving up.
Calendar 2025 Q3
is getting Process up to Discrete margins something that is more a function of volumes?
Show response
Blake acknowledged structural margin gap from engineering-intensive process work but highlighted Lifecycle Services margin improvements, AI-enabled software-defined automation reducing integration costs, and rigorous project selection.
what was kind of the postmortem of why it didn't work out?
Show response
Blake cited COVID timing, broad scope adding costs, and Rockwell's own technology evolution since 2019 making a JV less necessary. Jointly decided it wouldn't meet long-term goals.
Calendar 2025 Q2
are you behind the investment curve and you have to catch up. The other is, are you playing offense? So how do you guys look at it?
Show response
Blake framed the $2B investment as offensive, building on productivity momentum. Benefits already seen in plants: labor productivity, energy consumption, faster time to confidence. Christian noted not all $2B is incremental, includes existing run rate, and all projects are ROI-based with double-digit hurdle rates.
Calendar 2025 Q1
how big of a deal are the tariff -- I mean so many of those guys are in Europe or even Canada coming down into the US
Show response
Blake differentiated: China-made machines face prohibitive tariffs, European machine builders have more flexibility with US locations and targeted pricing. Rockwell has considerable manufacturing flexibility.
What are your customers -- I know you're selling to a lot of different end markets, but so maybe perhaps more -- a little bit more discrete and hybrid focused here
Show response
Blake categorized delay reasons: cost certainty concerns from tariffs, demand concerns from lower commodities, CHIPS Act funding uncertainty, and general risk/T&C concerns. Positives: e-commerce growth, packaging green shoots, and life sciences announcements.
Calendar 2024 Q4
21,000 sounds like a lot. I know you sell a lot of stuff, so maybe it's not. But in context, it sounds like a lot
Show response
Christian explained these were heavily no-sales and low-sales SKUs with no material revenue or margin impact in FY2025. Another 39,000 SKUs under review for further action.
would you expect that there's a little bit of a positive bias to that guidance? Is that fair to say?
Show response
Blake acknowledged the good start with better-than-expected orders but said it keeps the thesis intact and they need to see continued growth through the year.
Calendar 2024 Q3
you implied that maybe the election caused some noise. Do you see a restock happening imminently is that something that seems possible?
Show response
Blake stated they are not counting on rapid acceleration for distributors to put additional inventory back on shelves, though they are nearing the end of excess stock drain.
the last time we had tariffs come in, what were the customer responses? Were they more likely to pre-buy and kind of buildup in particular distributors, build up inventory?
Show response
Blake noted that unlike regular price increases, tariffs did not drive purchase acceleration. He expressed confidence in agility to get ahead of pricing if new tariffs come.
MMM3M Company14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
Is there an opportunity for that to scale across more hyperscalers and how do you think about that?
Show response
Bill sized current EBO revenue at $40-50M, said it could grow 4-5x or more, and noted 3M is in trials with other hyperscalers.
I'd kind of given up on China, but it sounds like China could potentially be a growth engine for you guys again.
Show response
Bill credited a China-based team, localized NPI, and commercial execution for double-digit growth and share gains.
Calendar 2026 Q1
you mentioned your factory footprint is down like 10%. Is there another 10%?
Show response
Brown confirmed further reductions ahead but declined to quantify, saying they'll size it for investors over time.
Are customer inventories low and there's a little bit of a restock occurring? Or are they balanced?
Show response
Brown said Safety & Industrial channel inventory normal to slightly below 65-70 day norm; Consumer inventory normalized around 13 weeks.
Calendar 2025 Q4
just as we exited 2025, where is your sense of where your customer inventory levels were or are?
Show response
Bill said industrial channels normalized at ~60-day range with strong POS sell-through; consumer slightly elevated but improved in December.
what is the pricing strategy right now? I mean, it kind of when just listening to the prepared remarks
Show response
Bill described three pricing levers: material inflation coverage, tighter governance, and new product value pricing; 80bps expected in 2026.
Calendar 2025 Q3
can 3M actually be a above -- historically, it's been kind of 2%, 3% growth company. Can it be a 4%, 5%, 6%
Show response
Bill said Class 4/5 products driving promising electrical growth; pipeline will shift more toward 4s and 5s into 2026/2027.
every CEO at 3M has talked about new products, but you seem to be delivering and actually getting results
Show response
Bill cited pace, rigor, and urgency from teams, with R&D shift toward NPD (35-36% vs <30% prior) and innovation funnel of ~1,000 ideas.
Calendar 2025 Q2
I mean, historically, when you think about some of your customers have been tough to get price with auto
Show response
Bill said industrial side is getting good price, auto is spec-in with embedded value, consumer big-box is harder, and MMM is covering inflation plus a bit for tariff impacts.
can you talk about the new product plan? And I guess, kind of more specifically teasing out
Show response
Bill cited 5-year new product sales up 9% in H1 tracking to 15% FY, 70% more launches in Q2, R&D headcount +150, and expects margin benefit as new products stabilize and generate pricing.
Calendar 2025 Q1
3M is a global company, but it's a very American brand, at least that's the perception. Have you seen any
Show response
Bill said no observed anti-US purchasing behavior yet, citing strong global brands, 50 US factories, and large US supply base and R&D presence.
is just you feel like you're more or less exposed than your kind of average competitor to the tariff risk
Show response
Bill said exposure is mixed vs competitors; MMM has network flexibility advantage; walking from some private-label China-sourced consumer business, potentially gaining share; working with customers collaboratively on pricing.
Calendar 2024 Q4
in theory, if you had 100% on-time, in-full, would your growth rate be 100 basis points higher, 200 basis points higher?
Show response
Bill said Consumer running 93% (needs high 90s), Transportation over 90%, SIBG in low 80s definitely losing business because customers buy elsewhere when product unavailable; fundamental top-line driver to fix supply chain.
perhaps you could just frame kind of what you're trying to change with the sales organization
Show response
Bill said sales force getting quotas Jan 1 vs historical April rollout; more structure around sales manager cadence; six cross-sell pilots with distributors showed December momentum; working on pricing corridors and governance.
DDDuPont13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
can you talk about where you are today, kind of where you want to be and kind of a realistic time frame
Show response
Koch set the net productivity target at 3% of COGS annually, roughly 18 months to run-rate.
Calendar 2026 Q1
Where are we with stranded costs in the quarter and for the year
Show response
Franzen confirmed $30M total stranded costs to be removed within 2 years. On track with ~$10M run rate reduction this year, halfway through total by year-end.
you guys have been implementing 80/20. Where are we in that process? And what kind of impact has that had on your top line?
Show response
Koch confirmed 80/20 study 2/3 complete across 4 initial Diversified Industrial businesses. No impact baked into full year guidance on either top line or margin, but expect margin appreciation over time with minimal top line impact.
Calendar 2025 Q4
How do we cadence that into 2026? Is it more back-end loaded, or do you see real green shoots here early in the year
Show response
Koch outlined Shelter starting slightly negative in Q1 (tough two-year stack from -6% in 2025), then improving through the year to reach flat overall. Non-res and R&R up low single digits, resi down low to mid-single digits.
30% seems like a pretty robust number, but I don't really have any context to what that's been historically
Show response
Koch explained vitality index (NPI sales as % of total) drives both revenue growth and margin uplift. New product margins higher than company average. 125 new products in 2025, working to shift mix from renewal/replacement toward growth-oriented launches.
Calendar 2025 Q3
can you just talk about what you're trying to achieve on that front? I don't have a great sense of where you are today and as it relates to lean
Show response
Koch described enhanced management standards with 8 core KPIs (4 financial, 2 customer, 2 employee), monthly business reviews, and continuous improvement mindset building on existing OpEx framework.
what is kind of the plan and target there? And will there be -- I saw the buyback announcement, but will there be other deals like spectrum
Show response
Franzen outlined pro forma $3.25B debt, $1B cash, 1.7x leverage. $2B buyback authorization with imminent $500M ASR. Aramids proceeds coming Q1. ~$500M/year deployable free cash flow over next 3 years.
Calendar 2025 Q2
will there be an effort to capture price to offset the tariff impacts then as well
Show response
Koch noted supply chain moves drive most tariff mitigation, with only small surcharge component, not primarily pricing-driven.
The 1% price, would I assume that's mostly just due to the tieback weakness and some price you have to kind of give up in that business
Show response
Koch clarified pricing is in diversified industrials (not healthcare/water), a give-back from inflationary-era increases, expected to moderate as concessions lap.
Calendar 2025 Q1
I wanted just to see if you could give us the tariff numbers broken down into the two businesses
Show response
Franzen provided clear quantification: ~$30M net each for ElectronicsCo and IndustrialsCo, ~6% of COGS for both on gross basis.
would there be a long-term plan to try to locate that? In China, is there IP protections?
Show response
Koch clarified the $200M was finished product exports while the $500M gross was intermediate product, with multiple levers still available.
Calendar 2024 Q4
can you size that for us at all? And kind of give us a sense of what kind of growth rates you've seen there?
Show response
Koch provided specific dollar sizing ($300M+) and growth rate (30%), directly answering the question with quantitative detail.
how do you think about incrementals in 2025 and the sustainability kind of puts and takes of costs coming back?
Show response
Koch framed 2025 mid-40s incrementals as still strong, noted price/inflation net neutral on bottom line, deferred detailed margin targets to fall Investor Day.
DHRDanaher Corporation13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
I want to back up a little bit and go into the academic and the government outlook. Is there pent-up demand there?
Show response
Rainer declined a timeline, citing dependence on government policy; expects stability, notes academia is <5% of revenue; partial.
can we get a little bit of an early read on it? Would you be willing to give us maybe the growth rate
Show response
Rainer confirmed Masimo grew high single digits and highlighted a new 510(k) assay; direct.
Calendar 2026 Q1
Congrats. Can you talk about raw materials, just resins, cost?
Show response
Blair said petrochemical-derivative pressure from oil price volatility has not been meaningful yet, citing DBS rigor and contract positions. On Middle East, no direct supply chain exposure but indirect oil price effects are being managed proactively through monthly P&L reviews.
Calendar 2025 Q4
have you seen a sizable reload as the cases have picked up
Show response
ILI peaked at near-record highs in late Q4. Since declined but testing remains robust. Guiding Q1 respiratory at approximately $500M.
can you help us understand a little bit of the postmortem other than just the margin impact
Show response
Rainer confirmed rooftop consolidation, process efficiency gains, and headcount reductions but declined to share specific numbers. Expects cost savings to sustain long-term.
Calendar 2025 Q3
Things seem to be more stable in the last couple of quarters. It's nice to see that
Show response
Matt clarified the flat guide is respiratory only ($1.7B). Non-respiratory, where sexual health resides, expected to continue growing high-single to low-double-digits. Total Cepheid should grow in 2026.
Have they changed over the last few years, just given the tariff and cost inflation dynamics
Show response
Rainer confirmed more flexibility built into contracts over the years, particularly in bioprocessing where Danaher has leverage to drive differentiated pricing for differentiated solutions.
Calendar 2025 Q2
Is the structural cost out part of the story? Is that behind us now?
Show response
Rainer confirmed about $75M of $150M structural cost savings captured, very comfortable and confident in achieving the full amount through the second half.
is this a case of where kind of, you know, AI spend is crowding out perhaps some of the opportunities
Show response
Rainer sees AI as tailwind, less spent on discovery, more on validated compounds progressing through development and manufacturing where Danaher has strongest position. Current activity low but stable.
Calendar 2025 Q1
Presumably assets have re-rated lower in the M&A world, although, we -- it's -- we don't have a lot of data points there yet
Show response
Matt drew historical parallels, after macro shocks, having balance sheet strength creates good buying opportunities. Rainer reiterated disciplined framework: attractive end market, outstanding asset, workable valuation.
how do you guys think about the algorithm of kind of long-term growth there versus kind of the reality that maybe the pricing environment
Show response
Rainer framed VBP as bringing China pricing closer to global levels, making it still an attractive long-term end market for Danaher's diagnostics businesses.
Calendar 2024 Q4
where does Abcam and Aldevron, however, you pronounce it,, where do they sit versus the deal model
Show response
Candid answer: Abcam tracking close to deal model, but Aldevron behind due to genomics end-markets taking longer to recover. Still view it as strategic must-own asset.
What does AI do for you guys at - it could be broader than just Cepheid
Show response
Rainer described AI application across R&D to accelerate assay development, integrated evidence plans, and decision support systems. Cited Indica Labs partnership for AI-powered digital pathology.
JCIJohnson Controls13 questions · 8 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
How do the hyperscalers think about working with you guys and your peers?
Show response
CEO explained hyperscalers design-in two or three vendors and split awards, and said JCI is gaining share in its focus categories by executing on design, lead times, and service.
Calendar 2026 Q1
the 7 lighthouse sites projected in 2 years, I think you're starting with a couple of lighthouse sites now. How does that kind of
Show response
Joakim clarified lighthouses are Olympic gold medal reference sites (not the only deployment locations), with ~7 covering commercial, manufacturing, and innovation.
the services order is still a little sluggish. Is there some timing issues there or any dynamic
Show response
Joakim explained security service is less differentiated and needed price/volume rebalancing, while HVAC service remains solid. Directly addressed the weakness and its cause.
Calendar 2025 Q4
since you were there recently, you could just tell us what you're seeing on the ground because clearly we're seeing a broad set of different results
Show response
China stabilizing but unlikely to return to prior growth rates. Southeast Asia and India showing strength in data centers, healthcare, and pharma manufacturing.
the entrance into CDUs, is the goal here to kinda bundle this into a total solution that, you know, it I would imagine it's still a separate purchase order right now
Show response
Today a mix of standalone CDU and combined offers. As thermal architectures evolve, CDUs complement chillers and air handling. Portfolio approach helps optimize for customers.
Calendar 2025 Q3
have you pretty much unwound any remaining matrix within the management, within the structure of the organization?
Show response
Work in progress. A few leadership tweaks since joining but no major structural moves yet. Building championship team to drive company transformation.
Have you changed compensation structures meaningfully down into the organization, Joakim?
Show response
Rolling out 9 enterprise KPIs throughout organization. Compensation largely intact with minor tweaks. Accountability framework more important than comp changes.
Calendar 2025 Q2
do you have a better sense, Joakim now of what the -- how you can accelerate growth in Fire & Security
Show response
Acknowledged HVAC and F&S are fundamentally different businesses. Business system approaches will gradually deploy into F&S. Board working on portfolio conclusions.
Calendar 2025 Q1
Do you expect those value streams to kind of lead you down the path of SKU rationalization or is that a separate kind of hurdle?
Show response
SKU rationalization done together with value stream work. Separate exercise already started to attack low-hanging fruit on SKU proliferation.
how do you plan to kind of launch lean or deploy lean, I should say an organization this large?
Show response
Weidemanis described lean value-stream mapping approach, noted some lean remnants exist from automotive heritage. Already started slowly on one value stream.
Calendar 2024 Q4
has it changed over time, meaning are the orders a little bit longer duration now than they used to be?
Show response
Confirmed shift to longer-cycle orders driven by both market trends and JCI's strategic focus on higher-value verticals with service attachment.
I would have guessed maybe incrementals to be a little bit higher than 30%
Show response
Two factors holding incrementals: FX headwind of $0.05 and tariff uncertainty limiting second-half margin expansion visibility.
Calendar 2024 Q3
how would you compare kind of the pricing power in that vertical to the traditional building segment?
Show response
Marc said most Applied and data center work is engineered solutions where JCI's differentiation lets it command better pricing and margins than traditional equipment.
TTTrane Technologies13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
should we expect a little bit of improvement in incremental margins kind of going forward?
Show response
Conceded price/cost is a headwind into the second half but sequentially improving, and flagged heavy Q2 investment.
did inventories get too low, did we overcorrect and now we need to correct up the other direction?
Show response
Answered directly; CFO added that year-to-date sell-in approximately equals sell-through.
Calendar 2026 Q1
are you guys operating full out in your factories and your applied facilities right now? Are you fully capacitized
Show response
Regnery confirmed capacity flex with most factories on 1-2 shifts. Kuehn noted CapEx raised to 2-3% of revenue for Florida/Texas expansions.
What particular markets -- I'm assuming that continued just given the orders up 160% has to be pretty broad-based
Show response
Regnery confirmed broad-based growth across 9 of 14 verticals. Emphasized 95%+ of sales force doesn't call on data centers. Kuehn quantified $1.7-1.8B organic backlog growth.
Calendar 2025 Q4
whether orders are broadening out amongst your end markets, you know, like office education, etcetera, or are they narrowing and more of that incremental order strength is in fact data center
Show response
CEO confirmed 12 of 14 tracked verticals positive with broad-based growth. Noted retail and office returning to growth. Pipelines also broad-based across verticals.
Calendar 2025 Q3
Is that -- is there any of that, that's leaking into '27?
Show response
CEO confirmed most backlog ships within 15 months. CFO noted expected orders for 2027 slots will convert starting Q4 into 2026 upon signed POs.
What's new in that design? It looked like to me, it almost implied that you guys are making the CDU
Show response
CEO declined specifics for competitive reasons but emphasized deep technical engineering collaboration with NVIDIA, noting innovations are being pulled back into core markets.
Calendar 2025 Q2
Has the entire market adjusted? I mean I know your U.S. competitors have followed suit with pricing terms and credit
Show response
CEO noted mixed competitor response but confirmed sequential improvement in China. Credit policy anniversary provides easier comps starting Q3 2025.
your incrementals sequentially went up from kind of 25% to 32%. Was that mostly just a mix?
Show response
CFO attributed strong incrementals to services mix, factory productivity, and volume leverage. CEO emphasized continued high-level investment despite margin beat.
Calendar 2025 Q1
how has the market responded? Have others come in and been rational? Or have folks come in and kind of fill that white space
Show response
CEO noted sequential improvement in China credit implementation but did not directly address competitor behavior. Expects a couple more quarters to fully normalize.
are your contracts flexible enough to allow surcharges or other mitigation? How does that kind of logistically work?
Show response
CFO confirmed some applied contracts have tariff protections but not the majority. Emphasis on reducing dollar impact through supplier negotiations and trade route optimization.
Calendar 2024 Q4
Do you measure internally the number of energy audits that you do kind of each quarter? And is there such a thing as kind of thinking about that
Show response
CEO confirmed they track energy audits as a leading metric but declined to disclose specifics, noting it is part of their operating system.
can you use AI now to do a digital twin meaningfully faster than you could in the past? Are we there?
Show response
CEO confirmed AI is accelerating digital twin creation, combined with visual before-and-after demos that are compelling for customers.
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HONHoneywell International Inc.12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
can you just help us kind of size or at least help us understand the opportunity within the data center?
Show response
Vimal outlined three data center vectors: geographic build-out beyond the US, on-site power generation opening a Process Automation play, and liquid cooling sensing, targeting a higher share across Honeywell over time.
when you look at your M&A pipeline, is it kind of evenly split between your segments?
Show response
Vimal laid out three M&A buckets: strengthening IA sensing/measurement (top priority), adding to eight high-growth verticals, and smaller technology tuck-ins in fire detection and cybersecurity.
Calendar 2025 Q4
do you guys use a vitality index or anything internally and any kind of way to kinda compare the acceleration
Show response
4% of revenue from net-new products in 2025. Vitality index at ~45% for RemainCo but CEO now focuses on new metric: incremental revenue from genuinely new products. Target to maintain 4% rate.
I wanted to talk a little bit about price because forever Honeywell was kind of a 1% to 2% price company
Show response
Persistent inflation in labor (3-4%), electronics, and commodities supports structural 3-3.5% pricing. Differentiated by region and NPI. High-growth vertical migration enables better pricing. 2026 pricing similar to 2025.
Calendar 2025 Q3
you previously said that was kind of 1% to 2% tailwind accretion in '25, I believe, somewhere in that ballpark
Show response
All acquisitions at ~12x multiple, at or ahead of TBA on revenue and cost synergies. Majority becoming organic growth starting Q4 2025. Technology fit reinforcing portfolio strategy.
I can't remember a quarter with 22% order growth. I know you gave some per segment granularity
Show response
22% order growth was genuinely broad-based across all four segments. Long-cycle stronger than short-cycle but both growing. CEO expects Q4 trajectory to continue, foundation of two-year growth pivot.
Calendar 2025 Q2
I don't think I've ever seen a company prior to a breakup increase R&D spend
Show response
CEO framed R&D acceleration as separate from separation, aimed at improving organic growth fundamentals. Moving from median to upper-quartile R&D spending.
what are the hurdles? Specifically, what are you guys looking for to be able to get that to an IPO-ready situation
Show response
Quantinuum IPO timeline end of 2027 at latest, potentially earlier. Fundraise in progress. Qatar win validates commercial pipeline. Plans to be unveiled in Q4.
Calendar 2025 Q1
I just wanted to clarify kind of the cadence of, you know, you got the cost side of tariffs and you have price
Show response
Tariff mitigation to be on par by Q2 and fully stable by Q4. Team analyzing tariffs by HTS code with pricing and direct material productivity as key offset levers.
If there was a way to kind of rank it by segment, or give us a little color by segment of where the bigger impacts are
Show response
IA and Aerospace have largest tariff exposure. Building Automation nearly 100% local-for-local. ESS has some China demand risk. All contained in guidance.
Calendar 2024 Q4
What are you thinking timing to name the management teams of the pieces? And will there be an external search for aerospace
Show response
Deferred specific naming timeline; indicated current leadership expected to continue. Board will decide leadership of RemainCo and Aerospace.
you've got $0.52 of below-the-line items and you've got $0.33 of profit contribution from M&A
Show response
Gave precise breakdown: $0.33 interest (M&A-driven), $0.10 repositioning, plus pension curtailment and corporate costs. Confirmed M&A net neutral in 2025.
CARRCarrier Global10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
on the 75F, what are you buying here? You buying the technology? You buying an installed base
Show response
Gitlin answered technology and talent first, citing 91 engineers, cloud-native agentic AI, wireless auto commissioning, and a complement to the ALC offering.
Can you go into a little bit more detail? Kind of the mix versus price cost, the challenges that you had there
Show response
Goris itemized the drivers: tariff mitigation timing, lower JV income, Europe battery and solar mix, container versus truck trailer, and richer new construction mix in CSA.
Calendar 2026 Q1
Do you guys think we're close to a bottom in China? It's been kind of sloppy for a while
Show response
Dave was candid that resi China shows no signs of turning but highlighted encouraging CHVAC verticals: data centers, EV battery, healthcare, semiconductor fab. CHVAC flattish in Q1.
I would imagine you're pretty much sold out on data center and applied for '26. So when you get a new order in, what you say, in the month of May
Show response
Dave confirmed they can still book and ship in 2026. Backlog covers $1.5B target. Already booking for 2027 with better quarterly distribution than 2026.
Calendar 2025 Q4
I'm sure it's not perfect, but I'm just trying to get a sense of that how that orders flows through through revenues
Show response
Gitlin confirmed $1.5B data center revenue target for 2026 (~50% growth). Strong orders in Q4 and January. More deliveries weighted to March/April. Would like to see some pulled in but customers requesting those delivery dates.
how far below normal do you think channel inventories are in CSA resi?
Show response
Gitlin confirmed field inventory down ~32% YoY as of January, at 2018-type levels. Continued to take down through January. Targeted levels achieved.
Calendar 2025 Q3
does that impact your ability to get the price that you wanted to get for 2026
Show response
Gitlin confirmed mid-single-digit price increase announcement in coming weeks, expecting low single-digit realization. This year mix + price both ~10%, continuing in Q4. Next year price more modest than this year.
Is there actual structural cost out that we can count on lingering not just into '26, but going forward?
Show response
Gitlin emphasized 3,000 indirect heads being removed structurally, not short-term squeeze. Using CBS organization for efficiency, AI in legal/back office, 20,000 Copilot licenses. Discipline on not adding heads back.
Calendar 2025 Q2
do you think about productivity kind of in traditional ways, like 2% per year, holding headcount flat?
Show response
Gitlin broke down targets: supply chain ~5%, logistics ~4%, factories ~3%, plus other levers. Net productivity 2-3% gross annually.
will we eventually see productivity on the gross margin line? Or is it more explicitly kind of SG&A productivity
Show response
Goris confirmed biggest opportunity is on gross margin line (materials, warehousing, logistics). Gitlin added: company was 10% ROS, now 19.1%. G&A went from 9%+ to ~7% of sales. Net productivity target 2-3% per year (supply chain ~5%, logistics ~4%, factories ~3%).
PHParker Hannifin10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
What are the final hurdles left to close the Filtration Group and CIRCOR? Any major hurdles?
Show response
Directly confirmed no major hurdles and reaffirmed both deals close in 2H calendar 2026, subject to customary regulatory clearances.
Calendar 2025 Q4
The time line you give to close Filtration Group kind of 6 to 12 months so you could drive a bus for that. But what are the major gating factors
Show response
Jenny confirmed only standard regulatory filings and processes are gating factors. No unusual antitrust or other hurdles mentioned beyond standard process.
is it an increasing -- are you able to drive price kind of in time? I know with -- in some of your products, it runs through distribution, that's less of a challenge sometimes
Show response
Jenny expressed strong confidence in pricing muscle developed over years. Todd reinforced by pointing to record margins across every business as evidence of cost and price management. Neither quantified specific pricing vs commodity impact.
Calendar 2025 Q3
it's been a few years since you closed Meggitt and, obviously, that's such a great deal for you guys. But Curtis seems like an interesting deal too
Show response
Jenny reiterated active pipeline with deals of all sizes, same strategic criteria. Prefers acquisitions but must be disciplined. Looking for companies where Parker is clear best owner.
Calendar 2025 Q2
I'm trying to kind of picture how 85 different P&Ls kind of manage something that's such a big, complex global issue
Show response
Jenny explained pricing leaders at division level with group/enterprise coordination. Teams using analytics and robust processes to navigate. Todd added global footprint and dual sourcing are also key, not just pricing.
Is that an indication that you expect M&A to continue to be more of kind of the smaller bolt-on type stuff? Or am I reading too much into that
Show response
Jenny reiterated pipeline has all sizes and timing is hard to predict. Todd noted 1.7x leverage (vs 2x target) provides significant capacity beyond the share repurchase.
Calendar 2025 Q1
M&A, just again, I know you still talk about having a pretty strong pipeline. But any additional color on what we might expect to see whether larger deals, mid-sized
Show response
Jenny said pipeline has targets of all sizes with active analysis and relationships, but timing is hard to predict. Todd added capacity has never been greater with $5B+ EBITDA.
is there any way to kind of tease out what kind of how much operational improvements have really helped you guys, even if you can't quantify it
Show response
Jenny attributed gains to Win Strategy tools and decentralized structure giving GMs better visibility and planning ability. Couldn't quantify operational vs mix split.
Calendar 2024 Q4
what do you see out there in the M&A environment? And is your enthusiasm or, I should say, confidence in getting deals done in higher than it was
Show response
Jenny described a robust M&A pipeline with targets of all sizes, emphasizing Parker's strong position after debt paydown and commitment to accretive deals.
Any kind of weird stuff out there as it relates to either buying ahead of tariffs or buying ahead of price increases or anything else
Show response
Jenny denied any pre-buying effects, attributing order improvement to genuine aerospace/defense and longer-cycle demand rather than tariff pull-forward.
XYLXylem Inc.10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
just switching gears to M&A and potential things to do with your balance sheet,
Show response
Pine called it a mixed bag: private valuations starting to soften but generally not aligned to the public market. No multiples given; reiterated the $1 billion deployment goal and healthy funnel.
and I am just kind of curious to hear your view on how it evolves as it scales.
Show response
Grogan confirmed this year is the peak of walkaway revenue at close to 2%, next year significantly lower. Framed 80/20 as shifting from a margin lever to a growth enabler in 2027.
Calendar 2025 Q4
Your balance sheet is starting to look a little bit too good.
Show response
Deployed ~$250M toward M&A in H2 2025, much more in process for 2026. Targeting ~$1B/year M&A deployment. Won't rule out transformational but focused on small-to-medium bolt-ons. At low leverage levels like now, will be much more active on buybacks.
there's a certain point where eighty-twenty goes from being a headwind to a tailwind, meaning that you're doing better with the customers that matter the most
Show response
2026 is inflection point. Started in H2 2025, entering 2026 with momentum on growth engine. Building enterprise selling organization and Salesforce effectiveness. Goal: sales teams 75-80% customer-facing vs 30-40% today. Exit 2026 with growth momentum.
Calendar 2025 Q3
your net debt to EBITDA, 0.4x, I think you mentioned. The -- pegs the kind of question on priorities in the next 12 months.
Show response
Priorities: invest in core, M&A, dividends, opportunistic buybacks. Most actionable M&A funnel ever due to bottoms-up process. Focus on small-to-medium bolt-ons deploying ~$1B/year creating $60-75M EBITDA. Wouldn't rule out transformational if strategic.
you led in with culture, processes and structure. What do you specifically mean by structure?
Show response
Moved from matrix to 16 discrete division P&Ls with GM accountability. Delegation of authority went from 20-25 signers to 4-5. Enables faster decisions and better customer service.
Calendar 2025 Q1
the water solutions and service segment, is that is that a little bit too lumpy for us to start picking on quarters
Show response
Confirmed lumpiness. Backlog up 6-7% YoY. Excluding tough $150M outsourced water comp, orders would have been extremely strong. Rolling 12-month view recommended.
balance sheet still really under levered and you've had a, you know, you've had a lot of market disruptions
Show response
Very active M&A funnel. Private valuations haven't moved yet. Portfolio optimization ongoing with more divestitures planned.
Calendar 2024 Q4
when you joined on-time deliveries was kind of -- went through kind of a dark day, had to get to the other side of it
Show response
Clear metrics: 500bp improvement in 2024, 500-700bp more to hit entitlement/best-in-class. Expects to come close this year.
Is it fair to assume that the 80/20 headwind is about two points. Does that sound kind of ballpark?
Show response
Confirmed 80/20 walkaway revenue headwind is slightly below 2 percentage points.
ETNEaton Corporation9 questions · 6 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
Paulo, I think you just crossed a year as CEO. Any reflections?
Show response
Paulo gave an extended strategy recap around the lead/invest/execute pillars, acquisitions, and the Mobility separation.
Calendar 2026 Q1
your competitive position in the landscape for solid-state transformers or on the medium voltage side
Show response
Paulo gave an extensive answer covering 800-volt DC architecture, NVIDIA partnership for Vera Rubin, efficiency gains from AC to DC (93% to 98%), and pilots approaching 2 handful with hyperscalers. Expects orders H2 for shipments starting late 2027.
Calendar 2025 Q3
Where do we stand right now with channel inventories? Are they back to kind of more normal levels?
Show response
Paulo confirmed resi at bottom, distributed IT recovered with double-digit order growth, and utilities showing very strong double-digit order growth.
Are you at the point where you may need to upsize that '26 CapEx number given the order book?
Show response
Olivier confirmed 2026 will be peak CapEx year, returning to historical CapEx/revenue ratio from 2027, with current expansion plans being accelerated.
Calendar 2025 Q2
can you get to 40% gross margin once that capacity scales up and ERP spend kind of trails down
Show response
Olivier confirmed close to 40% gross margin is in the plan with ramp included in second-half guide, consistent with 400bps operating margin expansion through 2030.
Calendar 2025 Q1
where are we now? I mean, I'm sure transformers are still a pretty long ways out
Show response
Paulo quantified lead time improvement at 20-25% but still above historical levels, with more capacity coming online in second half and early next year.
are you actually accelerating some plans to build local to local in light of the tariff announcements?
Show response
Paulo clarified the $1.2B investment preceded tariffs, capacity is fungible across end markets, and focused on assembly with high output per dollar invested.
Calendar 2024 Q4
does it still make the same sense to have eMobility as a standalone segment today
Show response
Management defended separate reporting for transparency given different margin and growth profiles, while running operations with synergies internally.
the $900 million in CapEx, how much of that is growth versus maintenance?
Show response
Olivier confirmed approximately 80% of $900M CapEx is growth-oriented with disciplined tail management.
FTVFortive9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
are new products having a tangible impact on top line growth or sometimes see it in price
Show response
Answered directly, tying the 6.7% core growth to the new product funnel and naming CertiFiber Max and ServiceChannel AI releases as examples.
are there limitations meaning particular businesses that you would not want to bolt-on to
Show response
Direct answer: no formal exclusions, but deals will skew toward Fluke and ASP and toward differentiated hardware over software.
Calendar 2025 Q4
what kind of a tailwind do you think bolt-ons are?
Show response
Hard to put a number on M&A tailwind given opportunistic nature. Value creation plan does not require dramatic M&A. Primary growth channel is organic via FBS-powered acceleration. Bolt-ons are smaller enhancements, not required for success.
is the $2.90 to $3.00 more a function of you feel like you've got that kind of visibility
Show response
Okerstrom cited business durability, improved forecasting, and 2025 share repurchase tailwind (~600bps to EPS net of interest). Good command on cost structure with G&A down, sales and marketing and R&D up. Recurring revenue profile adds comfort.
Calendar 2025 Q3
Can you get us up to speed on the outlook there and what you're seeing?
Show response
Landauer continues strong growth driven by mission-critical radiation monitoring. Exploring add-on services to expand revenue from existing customer base of tens of thousands. Call cut off due to audio issues before full answer completed.
Calendar 2025 Q2
how big of a distraction was it to the organization with the spin and the management change kind of at the similar time
Show response
Soroye acknowledged heavy workload but emphasized FBS culture meant operating companies had minimal disruption. Most spin activity on corporate team. Still delivered high end of EPS guide. Excitement about Fortive Accelerated strategy is high.
Calendar 2025 Q1
You mentioned localizing production. Just wanted to kind of explicitly understand what you mean by that
Show response
Lico confirmed plans accelerate existing supply chain migration using contract manufacturing and current facilities, not new capacity builds.
how much of that business has just been kind of pushed to the right versus perhaps some real air pockets in demand there?
Show response
Mostly delays not cancellations. Broad-based across all geographies including North America. Customers pausing on R&D investments. Semi recovery now pushed to 2026.
Calendar 2024 Q4
the the new realistic kinda long term growth rate are. I mean, we know what what you thought they were when you did the deals
Show response
ASP guided to mid-single-digit growth from procedures, price, and innovation. Probation targeted at high-single to low-double from SaaS conversion and Apex Insights AI.
DOVDover Corporation8 questions · 6 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
Is the EPA mandate that pushing the CO2 stuff out to the right, is that changing anything for your customers?
Show response
Richard said adoption is accelerating and the absence of a time-based mandate turns CO2 into a better multiyear opportunity for Dover.
Calendar 2025 Q4
what do you think the entitlement the new entitlement kinda through cycle growth rate is of this portfolio you have now?
Show response
Rich framed entitlement growth at 3-6% depending on GDP, with 5% clearly achievable, reflecting portfolio transformation toward higher-growth secular markets.
Calendar 2025 Q3
Can you guys give some context to your data center exposure and kind of terms maybe around content per megawatt or opportunity per megawatt?
Show response
Rich reframed the question: Dover's focus is on spec wins with reference hyperscaler customers, not TAM modeling per megawatt; competitive stack is stable in both thermal connectors and heat exchangers.
Calendar 2025 Q2
what does that imply for the other 80%? And simple answer is always GDP, but not all our children can be above average
Show response
Rich explained the other 80% isn't just GDP, Dover has been willingly shrinking lower-return portions to drive margin accretion; 4 of 5 growth platforms are organic (R&D-driven), not acquisition-dependent.
the portfolio itself, I don't think can drive 16% EPS growth forever without a healthy dose and velocity of M&A
Show response
Rich disclosed $400M revenue under LOI with mostly proprietary deals, low execution risk; $50M highly likely near-term; capital deployment important for continued margin expansion.
Calendar 2025 Q1
would you be willing to share the actual growth rate in the thermal connectors? That you had in the quarter?
Show response
Rich disclosed thermal connectors were up approximately 50% year-over-year (comparative growth, not sequential).
the other kind of second derivative of all this chaos is potentially M&A valuations getting a bit lower. Is that something you're kind of
Show response
Rich noted one meaningful multi-industrial transaction had robust valuation; some processes pulled due to uncertainty; Dover working on proprietary deals not in public domain.
Calendar 2024 Q4
is the refrigeration story just about CO2 in 2025? Or is it really also just about pent-up demand
Show response
Rich confirmed pent-up demand thesis but noted Dover has capped retail refrigeration capacity; growth strategy focused on CO2 systems and specialty products plus productivity-driven margin gains.
TELTE Connectivity8 questions · 8 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
Can you talk a little bit about the ramp you expect in your FAU optical business?
Show response
Terrence framed FAU/RAM Photonics optical as incremental TAM on top of copper, with meaningful revenue not until 2028 and beyond. Direct answer with timing.
Calendar 2026 Q1
the $150 million bump up, when does that get shipped out?
Show response
Terrence confirmed $150M AI raise is entirely H2, mix of existing program ramps and new ramps. DDN AI revenue approaching $2.4B for FY2026. $2B of DDN orders in H1. Some lumpiness expected as programs ramp up and down. All businesses expected to grow from Q2 to Q3.
Calendar 2025 Q4
I just wanted to confirm that. But more importantly, I just wanted to address the scaling of those revenues. How is -- can you walk us through the kind of linkage between the capacity adds and the ...
Show response
Terrence confirmed $200M AI raise vs Investor Day. Growth across all hyperscaler customers. Some new awards in Q1 will ramp in Q3/Q4 and into FY27. Margins improving from AI volume leverage plus broad-based improvement across all Industrial businesses. On track toward $3B AI revenue target.
Calendar 2025 Q3
Can we mark-to-market that forecast? And just as importantly, where are you on kind of the scale impact there where you can get to or above kind of company average margins?
Show response
Terrence confirmed AI revenue tripled from $300M to $900M+. Suggested $600M of dollar growth this year as baseline for FY26. Also highlighted cloud non-AI doubling to $500M and enterprise/telecom growing double digits. DDN grew 80% organically for the quarter and the year.
Calendar 2025 Q2
is that business now fully ramped and scaled, meaning like profitability at or above company levels? How do you think about that?
Show response
Terrence confirmed AI margins slightly above Industrial segment average. Still in early innings with next-gen programs. Teams executing well scaling from $300M to $800M on cutting-edge products.
Calendar 2025 Q1
there's another kind of concern that people have, and that is an anti-American sentiment in the supply chain that perhaps certain regions may favor local suppliers
Show response
Terrence emphasized localization insulates from anti-American sentiment. Clarified bulk of tariff exposure is in Industrial, not Transportation. Pricing surcharges primarily industrial.
Calendar 2024 Q4
how do you think about incremental leverage in TS when we get a recovery? Do you have costs that need to come back proportional to that recovery
Show response
Heath detailed structural cost reduction in Western Europe, footprint optimization. Commercial transport recovery will drive outsized leverage. Auto holding margins despite -3% decline.
Calendar 2024 Q3
Is there any visibility on when that business stabilizes? It seems to be kind of your toughest one right now
Show response
Terrence acknowledged factory automation is bouncing around the bottom with Europe getting weaker, Americas stable, Asia slight improvement. Recovery likely not until calendar 2025.
VRTVertiv Holdings Co7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
the timing shifts in 2Q revenues, the supply chain congestion comment. Can you give us a little bit more detail on that?
Show response
Gio acknowledged rising project complexity and framed it as a learning curve being worked through at speed; direct but no quantification.
Calendar 2026 Q1
Can you talk about the prefab market, like how important this market is? Or is there any way to think about a TAM?
Show response
Gio explained prefab drives convergence into optimized systems like One Core SmartRun, and that it concentrates TAM opportunity for Vertiv since it is all Vertiv technology.
What kind of productivity levels can you run when you try -- I mean, you're adding capacity, obviously, quickly
Show response
Gio deferred specifics to the upcoming Pelzer facility tour, noting manufacturing systems achieve higher productivity than piece-by-piece on-site assembly.
Calendar 2025 Q4
is there any incentive perhaps for folks to make an order before the end of the year in 2025 or price or otherwise or getting ahead in the queue
Show response
Confirmed no unusual dynamics or pre-buying incentives. Orders reflect genuine demand with customers knowing what they need, where and when. Large orders becoming normal market pattern. System-level thinking making orders bigger.
Calendar 2025 Q3
could you give us a little bit more color on perhaps the margin structure of services versus equipment, the growth rate
Show response
Confirmed services are accretive overall with strong recurring revenue. Service growth lags equipment in hyper-growth periods but flywheel is accelerating. Higher density deployments conducive to service penetration.
Calendar 2025 Q2
can just talk a little bit about root cause. Are these the standard things of kind of premium freight and overtime labor
Show response
Identified three overlapping factors: tariff-driven supply chain reconfiguration, 34% growth requiring capacity acceleration, and EMEA-specific execution challenges. All expected to normalize by year-end.
Calendar 2025 Q1
How do you see the mitigation efforts you know, from slide five? How do you see that phasing in through 2025
Show response
Explained countermeasures compound over time through two levers: pricing actions on new and existing backlog, and supply chain reconfiguration with inherent lag before benefits materialize.
EMREmerson Electric6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
But what kind of lead times are you looking at now? Are you taking orders well into
Show response
Lal confirmed Ovation lead times now extend into Q4 2027 and reach into 2028, signaling high visibility.
Calendar 2026 Q1
I do not think you mentioned why China was weak in the prepared remarks, but down 9% was pretty material
Show response
CEO directly attributed China weakness to chemical overcapacity. Led to lowering full-year China from down low single digits to down mid-single digits.
we lost about a point in the Middle East, and it sounds like you expect to get about a half of that point back
Show response
Management clarified $50M Q2 disruption with ~$100M expected in H2. Rebuild/restart opportunity of ~$100M over six quarters. Revenue not permanently lost.
Calendar 2025 Q4
on the opportunity out there in Venezuela and there's to be just a lot of old aging equipment in there that needs a refresh
Show response
Karsanbhai cited approximately $1B of installed base with channel partners still intact. Not transacting since sanctions except sub-$1M/year with Chevron. Power generation likely first opportunity. Brain drain and security remain barriers but company is mobilized to act when laws enable foreign investment.
Calendar 2025 Q2
And are those installs profitable? I mean, how do you -- is it more of a loss leader and then you make money over time
Show response
Both install and aftermarket are profitable, with aftermarket generating higher margins. Standard formula for control system business model.
Calendar 2025 Q1
What do you feel like you can do with the asset now that you fully control the outcome that you really couldn't do before?
Show response
Key opportunity is driving ACV to sustained double-digit growth, accelerating technology roadmap for boundless automation, and cost synergies.
ITWIllinois Tool Works6 questions · 3 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
Give us a sense of how you measure it and how you kind of think about the contra account, meaning any cannibalization
Show response
Precise definition given: audited, cannibalization netted out, three-year roll-off, and one of four compensated long-term metrics.
The M&A pipeline, have valuations come down at all? I know in some areas, they have and some they haven't.
Show response
Said valuations have not moved much and framed the posture as active but disciplined, citing MTS and a semi bolt-on as templates.
Calendar 2025 Q4
you didn't mention M&A at all in the prepared remarks. And is that kinda off the table for '26, or you didn't mention it just because it's more opportunistic?
Show response
Chris said actively prospecting but being disciplined on valuations. Recent bolt-on acquisition in semi-manufacturing space. Michael added challenging valuation environment means they won't do deals without reasonable risk-adjusted returns. $1.5B buyback contributes ~2% annual EPS growth.
up 18% and even up 9% patents are that's pretty big growth. Do you have to spend more to get to that 3%?
Show response
Chris said not about spending more, capabilities built over several years. It's about higher leadership focus, codified innovation framework launched in 2024, and ensuring consistently high practice quality across the company. CBI added to long-term incentive plans alongside margins, returns, and EPS growth.
Calendar 2024 Q4
I'm just kind of amazed that you can increase margins in a down volume environment. I mean, it just doesn't happen very often
Show response
Michael explained margin expansion driven by enterprise initiatives (independent of volume) and higher-margin CBI products. PLS also contributes meaningfully.
what's holding you back on M&A? Is it price? Is it the opportunity set?
Show response
Management said they're active in reviewing opportunities but very selective. Looking for 4%+ growth extension, business model leverage, and right valuation. MTS cited as successful example.
ROPRoper Technologies6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q2
what do you think your core growth rate or kind of entitlement growth rate has changed kind of, I don't know, just say, 2022 to 2026
Show response
Neil said through-cycle organic improved from 6-6.5% to 7-7.5% with art of the possible in mid-8s. Growth-accretive acquisitions (CentralReach 30-40bps, Subsplash 15bps) provide hedge or stack.
are you assuming the Subsplash should be somewhere around segment average EBITDA margin year 5-ish
Show response
Management said Subsplash will reach low 40s EBITDA margins by year 5, below network segment average of mid-to-high 50s.
Calendar 2025 Q1
it sounds like tariffs are a big kind of nothing burger for you guys and seems somewhat isolated to Verathon. Is that a fair statement?
Show response
Neil clarified tariff exposure across TEP segment, not just Verathon, but USMCA compliance limits total impact to $10-15 million.
The poor activity that we're seeing just seems like it could be hitting an air pocket, maybe in 2Q or later in 2Q
Show response
Neil explained DAT carrier network doesn't flex immediately with short-term demand shifts. Would need 6-12 months of sustained weakness to impact. Assumed flat carrier volumes for year.
Calendar 2024 Q4
Would you consider issuing equity, Neil, if the opportunity set were wide enough, where it would make sense?
Show response
Neil said equity is possible but at a higher return and quality bar. Emphasized preference to deploy $5B balance sheet capacity first. Jason added PE metabolism will span 2025-2026.
do you guys think about that, like how that fill rate should be internal versus external or if there's some optimal
Show response
Neil described talent development progress with internal promotions (Brody to CEO, Stras to Frontline) reducing risk of external CEO hires by building bench depth.
VLTOVeralto4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
you guys in past quarters have kind of talked about this cost-out plan.
Show response
CFO said savings are a few millions in Q4 and baked into the guide, with the biggest benefit in 2027, and confirmed market recovery has not slowed the program.
how we can think about the TAM in those businesses or opportunities or how big of a potential tailwind
Show response
CFO declined to quantify, saying Veralto is not public with that number yet; CEO offered ChemTreat strong double-digit growth as a proxy without sizing the TAM.
Calendar 2025 Q1
help us understand how the mechanics behind mitigation and kind of the timing and when you would expect to be fully offsetting the tariffs
Show response
CEO detailed three-pronged approach: pricing actions, manufacturing footprint shifts (Trojan Grand Rapids factory pulled forward 4 months), and supply chain sourcing changes. Emphasized asset-light model enables 6-month line moves.
have you seen anything in Videojet in April that would lead you to be a little bit concerned about the customer confidence
Show response
CEO confirmed no demand softening in April order patterns. Noted 4 consecutive quarters of equipment and consumables growth. IR VP added April order patterns still pretty normal.
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 |
|---|---|---|
| ROK Rockwell Automation | 15 | 0%none of 15 questions |
| MMM 3M Company | 14 | 7%1 of 14 questions |
| DD DuPont | 13 | 0%none of 13 questions |
| DHR Danaher Corporation | 13 | 0%none of 13 questions |
| JCI Johnson Controls | 13 | 8%1 of 13 questions |
| TT Trane Technologies | 13 | 0%none of 13 questions |
| HON Honeywell International Inc. | 12 | 8%1 of 12 questions |
| CARR Carrier Global | 10 | 0%none of 10 questions |
| PH Parker Hannifin | 10 | 0%none of 10 questions |
| XYL Xylem Inc. | 10 | 0%none of 10 questions |
- ROKRockwell Automation · 15 questions0%none of 15 questions
- MMM3M Company · 14 questions7%1 of 14 questions
- DDDuPont · 13 questions0%none of 13 questions
- DHRDanaher Corporation · 13 questions0%none of 13 questions
- JCIJohnson Controls · 13 questions8%1 of 13 questions
- TTTrane Technologies · 13 questions0%none of 13 questions
- HONHoneywell International Inc. · 12 questions8%1 of 12 questions
- CARRCarrier Global · 10 questions0%none of 10 questions
- PHParker Hannifin · 10 questions0%none of 10 questions
- XYLXylem Inc. · 10 questions0%none of 10 questions
Show all 19 companies
| Company | Questions | Challenge rate |
|---|---|---|
| ETN Eaton Corporation | 9 | 11%1 of 9 questions |
| FTV Fortive | 9 | 0%none of 9 questions |
| DOV Dover Corporation | 8 | 25%2 of 8 questions |
| TEL TE Connectivity | 8 | 13%1 of 8 questions |
| VRT Vertiv Holdings Co | 7 | 0%none of 7 questions |
| EMR Emerson Electric | 6 | 17%1 of 6 questions |
| ITW Illinois Tool Works | 6 | 17%1 of 6 questions |
| ROP Roper Technologies | 6 | 0%none of 6 questions |
| VLTO Veralto | 4 | 0%none of 4 questions |
- ETNEaton Corporation · 9 questions11%1 of 9 questions
- FTVFortive · 9 questions0%none of 9 questions
- DOVDover Corporation · 8 questions25%2 of 8 questions
- TELTE Connectivity · 8 questions13%1 of 8 questions
- VRTVertiv Holdings Co · 7 questions0%none of 7 questions
- EMREmerson Electric · 6 questions17%1 of 6 questions
- ITWIllinois Tool Works · 6 questions17%1 of 6 questions
- ROPRoper Technologies · 6 questions0%none of 6 questions
- VLTOVeralto · 4 questions0%none of 4 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 Q3 | 4 | 25%1 of 4 questions | 3 |
| 2024 Q4 | 27 | 15%4 of 27 questions | 15 |
| 2025 Q1 | 31 | 0%none of 31 questions | 17 |
| 2025 Q2 | 25 | 12%3 of 25 questions | 16 |
| 2025 Q3 | 25 | 0%none of 25 questions | 15 |
| 2025 Q4 | 27 | 0%none of 27 questions | 16 |
| 2026 Q1 | 19 | 5%1 of 19 questions | 11 |
| 2026 Q2 | 28 | 0%none of 28 questions | 18 |
- 2024 Q34 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2024 Q427 questions · challenge rate 15% (4 of 27 questions) · 15 companies
- 2025 Q131 questions · challenge rate 0% (none of 31 questions) · 17 companies
- 2025 Q225 questions · challenge rate 12% (3 of 25 questions) · 16 companies
- 2025 Q325 questions · challenge rate 0% (none of 25 questions) · 15 companies
- 2025 Q427 questions · challenge rate 0% (none of 27 questions) · 16 companies
- 2026 Q119 questions · challenge rate 5% (1 of 19 questions) · 11 companies
- 2026 Q228 questions · challenge rate 0% (none of 28 questions) · 18 companies
Topics
Topics tagged on this analyst’s questions.
- Demand47
- Competitive Dynamics34
- Margin34
- Revenue Growth30
- M&A29
- Capital Allocation28
- Trade Tariffs21
- Cost Pressure21
- Cloud & AI19
- Pricing19
Show all 21 topics
- Innovation & R&D19
- Capex Investment15
- Supply Chain14
- Inventory7
- Geographic Expansion6
- Product Launch6
- Macroeconomic5
- Guidance Reliability4
- Regulation Policy2
- Credit2
- Labor Market1