| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | August 26, 2026 | 8/12 | 2 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q2'26 | May 28, 2026 | 7/12 | 2 high, 3 medium, 1 low flags | 4 | 0 | Call sheet → |
| Q1'26 | February 26, 2026 | 7/12 | 4 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q4'25 | December 19, 2025 | 8/12 | 1 medium, 7 low flags | 6 | 0 | Call sheet → |
| Q3'25 | 2025-08-26 | 11/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | ETG full year margins 22-24% On track at 23.2% for H1, but Q2 surge may not repeat |
| Q2'26 | Delivered | FSG margins in 24-26% range Hit 26.2% but included 60bp one-time benefit |
| Q2'26 | Delivered | Maintain disciplined acquisition approach Completed 4 deals while keeping leverage below 1.8x |
| Q2'26 | Pending | Ethos acquisition to be accretive within a year Just closed in Q1, too early to assess |
| Q2'26 | Delivered | Continued sales momentum in both FSG and ETG FSG +21% and ETG +34% growth clearly delivered |
| Q2'26 | Exceeded | ETG margins to improve as year progresses, particularly in second half Delivered 26.5% GAAP margin in Q2 vs 19.8% in Q1, massive beat |
| Q1'26 | Exceeded | Continue pursuing selective acquisition opportunities (Q4) Completed multiple acquisitions and have more pending, teams described as 'busier than ever.' |
| Q1'26 | Delivered | Anticipate both Ethos acquisitions should close in Q1 calendar '26 (Q4) Ethos closed in February, other acquisition expected to close in Q2 fiscal '26. |
| Q1'26 | Delivered | Only pursue acquisitions meeting strict financial and strategic criteria (Q4) Completed three acquisitions in Q1, all described as accretive and strategic fits. |
| Q1'26 | Delivered | Disciplined financial management focused on long-term shareholder value (Q4) Maintained leverage at 1.79x, continued dividend payments, completed accretive acquisitions. |
| Q1'26 | Delivered | Continue net sales growth across both segments driven by organic growth (Q4) FSG up 15%, ETG up 12%, both with solid organic components of 12% and 6% respectively. |
| Q1'26 | Missed | ETG margins expected to be in 22% to 24% GAAP range (Q4 guidance) Q1 came in at 19.8%, well below guidance range. Victor blamed mix but acknowledged dissatisfaction. |
| Q4'25 | Pending | PMA development 'consistent with historical levels' around 500 parts Management stopped giving specific numbers, only said 'consistent' without quantifying |
| Q4'25 | Delivered | Cash generation funding organic growth without debt Cash from operations 130% of net income, deleveraged while acquiring |
| Q4'25 | Exceeded | 15-20% net income growth aspirational target Net income up 35% YoY, well above aspirational range |
| Q4'25 | Delivered | Defense business meaningful expansion from pipeline Specialty products defense grew, missile defense showing 'very significant growth' |
| Q4'25 | Exceeded | Strong acquisition pipeline under evaluation Completed 5 acquisitions in fiscal 2025, announced 2 more for Q1 2026 |
| Q4'25 | Delivered | Continued margin expansion opportunities FSG maintained 24%+ margins, ETG EBITA margins expanded to 27.3% |
| Q4'25 | Exceeded | Net sales growth across both FSG and ETG segments driven by organic growth FSG hit 16% organic (vs 13% Q3), ETG organic improved across most products |
| Q3'25 | Delivered | Focus on identifying complementary acquisition opportunities Completed Gables acquisition in July, described as strategic fit |
| Q3'25 | Delivered | Strong cash generation to support future acquisitions Operating cash flow $231M, 130% of net income |
| Q3'25 | Delivered | Continued net sales growth across both FSG and ETG segments FSG 18%, ETG 10% growth achieved |
| Q3'25 | Pending | Gables expected to be accretive within first year Only one month of ownership, too early to assess |
| Q3'25 | Exceeded | Other electronics optimistic for remainder of 2025 after destocking 16% organic growth vs mid-single digit expectation |
| Q3'25 | Delivered | ETG defense expected to be robust during second half with significant backlogs Defense organic up 6%+ and record backlog maintained |
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