AMETEK is a global industrial-technology manufacturer serving specialized industrial, aerospace, defense, medical and research markets. Its Electronic Instruments Group supplies measurement, analytical, precision-manufacturing and power technologies; its Electromechanical Group supplies engineered components, motion-control products, medical components and aviation maintenance services.
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A snapshot of what AMETEK INC/ owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001037868-24-000009 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001037868-25-000012 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001037868-26-000016 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
AMETEK combines specialized products, substantial operating margins and relatively modest cash capital expenditure with an acquisition-led capital-allocation model. Its 2025 recovery was uneven: EMG improved, while EIG’s reported growth depended on acquisitions and its margin declined. First-half 2026 brought stronger organic sales and orders, better cash conversion and continued EMG improvement, although acquisition costs and mix still weighed on EIG. The major subsequent development was the completed $5.0 billion Indicor Instrumentation acquisition announced August 26, 2026, expanding both segments. That completion is established, but the supplied disclosures do not establish actual closing borrowings or post-acquisition leverage. June liquidity figures therefore describe the business before Indicor funding, while management’s expected acquisition contribution remains prospective rather than realized earnings.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-06-09 · EX-99.1 · 2026-08-26
AMETEK sells instruments, components and services into technically demanding niches rather than one broad equipment market. EIG generated $4.919 billion of 2025 revenue, principally from process and analytical instrumentation, with aerospace and power supplying the balance. EMG generated $2.482 billion from automation, engineered solutions and aerospace activities, including medical components and aviation maintenance. Customer concentration was higher in EMG: its five largest customers represented approximately 15% of sales, versus 4% in EIG. Management emphasizes differentiation, engineering and service, but these positions remain exposed to customer capital budgets, competition and inventory cycles.
The economics combine substantial operating margins with modest cash expenditure on fixed assets. Acquisitions, rather than factories alone, are the principal capital-deployment priority. Product investment also matters: 2025 research, development and engineering expense was $382.8 million, including—not additional to—$236.1 million of narrower R&D expense. Management reported that approximately 27% of sales came from products introduced within three years. Its through-cycle growth objectives are strategic aspirations, not annual guidance.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, sales reached $7.401 billion and GAAP net income $1.480 billion. Management attributed sales growth to approximately 4% acquisitions, 2% organic growth and 1% currency translation; the rounded components are not an exact bridge. Consolidated operating margin improved to 25.8%. EMG’s 8% organic sales growth and operating efficiencies supported recovery, also helped by the comparison against $29.2 million of Paragon integration costs in 2024. EIG instead recorded a 1% organic sales decline and acquisition-related margin pressure. Lower interest expense supported earnings, while a higher tax rate and other expense provided offsets. A smaller diluted share denominator modestly supported EPS.
Sources: 10-K · 2025-12-31
The June 30, 2026 quarterly report, filed August 4, showed first-half revenue of $3.973 billion, GAAP net income of $806.3 million and diluted EPS of $3.51. Management reported 8% organic sales growth and 5% acquisition growth; second-quarter organic growth was 10%. First-half orders reached $4.502 billion and backlog $4.110 billion. These measures indicate stronger demand, not guaranteed revenue or cash. EMG’s first-half margin expanded to 26.0%, while EIG’s declined to 28.8% amid acquisition dilution and integration costs. Lower EMG amortization also supported reported profit, but its cause was not disclosed.
On August 26, AMETEK announced completion of the Indicor Instrumentation portfolio acquisition in an all-cash transaction valued at $5.0 billion. The acquired industrial and scientific businesses join both existing segments. Management expects approximately $350 million of 2026 sales contribution and modest adjusted-earnings accretion. Those are forecasts, not realized contributions or quantified GAAP accretion; the release supplies no revised consolidated EPS range.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-08-26 · EX-99.1 · 2026-08-26
Operating cash flow was $1.802 billion in 2025, below 2024 despite higher profit because working-capital investment increased. First-half 2026 operating cash flow improved to $935.2 million as earnings rose and working capital absorbed less cash; it did not become a cash release. Company-defined free cash flow was $877.7 million after $57.5 million of capital expenditure, before acquisitions and shareholder distributions. LKC and First Aviation together consumed $424.5 million net of acquired cash. June cash was $495.4 million and debt carrying value $2.036 billion, both before the subsequent Indicor closing.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The June 9 financing agreements expanded the revolver to $3.5 billion and extended maturity to June 9, 2031, alongside a separate, closing-dependent term facility of up to $4.0 billion. Within the aggregate revolver commitment, up to $1.0 billion of revolving-loan proceeds may be used for Indicor consideration and associated fees, costs and expenses; the full $3.5 billion is not permitted Indicor funding. The former $5.0 billion bridge commitment terminated in full. Both replacement facilities were undrawn at June 30. The commercial-paper ceiling increased to $3.5 billion on August 7, but management’s combined revolver/commercial-paper constraint remains $3.5 billion, not $7.0 billion. The supplied completion disclosure does not establish funded principal, financing mix or post-closing covenant headroom.
Sources: 8-K · 2026-06-09 · 10-Q · 2026-06-30 · 8-K · 2026-08-07 · EX-99.1 · 2026-08-26
Goodwill and net intangibles represented approximately 70% of assets at year-end 2025, making acquisition execution and valuation assumptions important. Nearly half of revenue came from international customers, creating tariff, currency, tax and export-control exposure. Management reported no material tariff impact in 2025 or first-half 2026, not immunity from future effects. Supplier constraints, cybersecurity, uncertain tax positions and environmental and asbestos matters remain relevant. Management’s dated covenant-compliance statements do not establish post-Indicor compliance or independently measured borrowing headroom.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 7.401116 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 7.401116 bn | 6.6% |
| 2024 | USD 6.94118 bn | 5.2% |
| 2023 | USD 6.59695 bn | — |
Consolidated net sales after intercompany eliminations.
Sources: 10-K · 2025-12-31
USD 1.480142 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.480142 bn | 7.6% |
| 2024 | USD 1.376124 bn | 4.8% |
| 2023 | USD 1.313188 bn | — |
Consolidated income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.801763 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.801763 bn | -1.5% |
| 2024 | USD 1.828848 bn | 5.4% |
| 2023 | USD 1.735296 bn | — |
Net cash from operating activities in the consolidated statement of cash flows.
Sources: 10-K · 2025-12-31
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