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Call sheet · Q2'26

Ametek (AME)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
4/12
Disclosure score
1 high, 1 medium, 2 low flags
Financial quality
Bottom line
The market will tout Ametek’s record $2.04 bn sales and 28% order surge, but the real story is the **backlog ship‑rate constraint** - only ~80% will ship in the next year, limiting cash‑flow upside. Meanwhile, the **RTDS power‑grid simulation win** is the sleeper growth driver that could fuel a new AI‑infrastructure revenue stream. The binding constraint is the **unshipped 20% of the backlog and the opaque organic‑orders metric**, which together cap near‑term margin expansion. My view changes if the backlog ship‑rate falls below 75% or AI‑related revenue fails to materialize.

The 30-second version

  • Sleeper: Power‑grid simulation wins are the hidden growth engine
  • Headline: Record sales mask a backlog constraint
  • Red flag: Organic orders metric vanished

What changed this quarter

MetricQ1'26Q2'26Change
Revenue (sales)$1.93 bn, +11% YoY$2.04 bn, +15% YoY+$110 m (+5.7% absolute) acceleration
Operating Income$517 m, +14% YoY$544 m, +18% YoY+$27 m (+5% pts) acceleration
Operating Margin26.8%26.6%-0.2 pts, slight compression
Core Margin27.9%27.1%-0.8 pts, modest dip
Free Cash Flow$426 m, +8% YoY$452 m, +37% YoY+$26 m (+6% pts) acceleration
Operating Cash Flow$452 m, +8% YoY$484 m, +35% YoY+$32 m (+7% pts) acceleration
Backlog$3.87 bn, +21% YoY$4.11 bn, +21% YoY+$240 m, steady growth
Orders (record)$2.2 bn, +23% YoY$2.3 bn, +28% YoY+$100 m (+4% pts) acceleration
New Product Vitality25% (Q1)25% (Q2)flat, no acceleration
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full AME Q2'26 report Subscribe
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This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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