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Call sheet · Q4'25

Ametek (AME)

Q4'25 earnings call · held February 3, 2026 · compared with the Q3'25 call · management-credibility review
10/12
Disclosure score
2 medium, 4 low flags
Financial quality
Bottom line
The real story is European defense becoming a material growth driver with specific contract wins while everyone focuses on US data centers. Management delivered across the board but the organic growth deceleration into 2026 (5% in Q4 to low-mid single digits guided) suggests the easy comps are behind them. The binding constraint is FARO integration taking longer than promised - they're still in 'beginning stages' despite paying 2.7x sales. Zapico's most telling quote: 'December was the strongest record quarter for us in one month' yet they're guiding for slower growth. My view changes if Process organic growth accelerates above low single digits in Q1 or if they provide specific FARO margin improvement milestones.

The 30-second version

  • The sleeper story: European defense spending is becoming a material growth driver while everyone obsesses over US data centers
  • Record everything sounds great, but the guidance math reveals slowing organic momentum
  • FARO integration costs are running higher than disclosed and the path to 30% EBITDA is getting pushed out

What changed this quarter

MetricQ3'25Q4'25Change
Total Revenue$1.89B (+11% YoY in Q3)$2.0B (+13% YoY)Accelerated 200bps vs Q3
Organic Revenue4% YoY growth in Q35% YoY growth100bps acceleration
EPS$1.89 (+14% YoY in Q3)$2.01 (+7% YoY)700bps deceleration in growth
Operating Margin26.2% (up 90bps in Q3)26.2%Flat sequentially
Core Operating Margin27.0% (up 90bps in Q3)27.6%60bps expansion
EMG Operating Margin25.4% (up 250bps YoY in Q3)22.7%270bps sequential decline
EIG Organic GrowthFlat YoY in Q32% YoY growthFirst positive organic since recovery
EMG Organic Growth12% YoY in Q314% YoY growth200bps acceleration
Backlog$3.54B (record in Q3)$3.58BNew record, up $40M
Free Cash Flow$420M in Q3$527M25% sequential increase

Accountability tracked

7 new promises made4 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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