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Call sheet · Q3'26

AMETEK (AME)

Q3'26 earnings call · held November 3, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
5 medium, 4 low flags
Financial quality
Bottom line
The market will read this as a clean beat-and-raise with record sales, orders, margins, and cash flow, but the sleeper story is the silence: last quarter's detailed AI pilot program update and capacity utilization commentary both disappeared this quarter with zero analyst pushback, right as organic orders decelerated from 25% to 17% behind a headline 35% orders number inflated by Indicor. The binding constraint here isn't demand, it's now balance sheet capacity: net debt/EBITDA jumped from 0.6x to 2.1x in a single quarter, and management still won't give Matt Somerville a 2027 Indicor number, saying only "we'll share a detailed outlook with you next year". My view changes if Q4 shows organic orders reaccelerating back above 20% and management actually quantifies FARO's margin upside and the Indicor 2027 synergy run-rate instead of deferring both to future calls.

The 30-second version

  • The AI narrative went quiet and nobody asked why
  • Beat-and-raise headline masks organic order deceleration
  • Capacity utilization disappeared right when they'd need it most

What changed this quarter

MetricQ2'26Q3'26Change
Total Sales$2.04B, +15% YoY$2.22B, +17% YoYAccelerating, record quarter
Organic Sales Growth+10%+10%Flat, holding at double digits
Diluted EPS$2.09, +17%$2.21, +17%Same growth rate, beat guidance again
Overall Orders Growth+28% YoY+35% YoYAccelerating on headline, but M&A-driven
Organic Orders Growth+25%+17%-800bps deceleration, the real signal
Backlog$4.11B$4.54B, +27% from year startRecord, still building
Operating Margin26.6%, +60bps26.8%, +60bpsStable expansion pace
Core Margin27.1%, +110bps27.3%, +110bpsIdentical bps expansion
EMG Core Margin26.2%, +290bps27.5%, +210bpsStill strong but decelerating bps gain
Free Cash Flow$452M, +37%, 111% conversion$527M, +26%, 124% conversionGrowth rate decelerated, conversion improved

Accountability tracked

8 new promises made5 narrative shifts flagged6 prior promises scored
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.
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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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