Companies / ESCO Technologies COMPANY FILINGS
ESCO Technologies ESE In fiscal 2025, ESCO Technologies supplied engineered components and systems for aviation and naval customers, diagnostic instruments and services for electricity and renewable-energy markets, and radio-frequency measurement and control systems.
Business description: FY2025 CIK 0000866706 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 ESCO completed its acquisition of the business renamed ESCO Maritime Solutions on April 25, 2025, for approximately $472 million in cash, net of cash acquired. Maritime contributed $95.2 million in revenue from the acquisition date through fiscal year-end.
Source: 2025 ESCO completed the sale of VACCO on July 18, 2025, exiting the Space business. It reported approximately $270 million in net proceeds and a $172.6 million after-tax gain; VACCO is presented as discontinued operations (results reported separately from continuing businesses) for all periods shown.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Continuing operations Fiscal 2025 sales from continuing operations were $1,095.4 million and net earnings from continuing operations were $116.3 million, compared with $919.1 million and $102.6 million, respectively, in fiscal 2024.
Source: 2025 Order backlog Backlog (unfilled firm orders) was $1,133.6 million at September 30, 2025, compared with continuing-operations backlog of $664.2 million a year earlier. Reported fiscal 2025 orders included $364.2 million of acquired Maritime backlog, so the order figures were not solely new customer orders won during the year.
Source: 2025 Business context Funding risk A significant portion of sales at ESCO's Globe and Westland businesses involved major U.S. government programs, including Navy submarines. ESCO warned that spending reductions or delays on these programs could significantly harm financial results for more than one year; this was a conditional risk, not a reported program cancellation.
Source: 2025 Business in fiscal 2025 In fiscal 2025, ESCO Technologies supplied engineered components and systems for aviation and naval customers, diagnostic instruments and services for electricity and renewable-energy markets, and radio-frequency measurement and control systems.
Source: 2025
5-year changes FY2021–FY2025 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
USG growth slowed Following the acquisitions of Altanova and the Phenix assets in the fourth quarter of FY2021, ESCO's Utility Solutions Group (USG) reported net-sales increases of $75.5 million in FY2022, $63.9 million in FY2023, $26.8 million in FY2024 and $10.9 million in FY2025, each compared with the preceding fiscal year. The FY2022 increase included $46.9 million from those 2021 acquisitions, rather than solely growth in existing businesses. In FY2025, Doble's net sales rose $17.8 million, while NRG's fell $7.0 million. ESCO attributed NRG's decline to lower shipments of solar and wind products amid renewables market weakness.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Portfolio reshaped In its FY2024 report, ESCO was reviewing VACCO's Space business, with a sale of VACCO or its Space business among the possible outcomes; the Signature Management & Power (SM&P) acquisition also remained subject to closing conditions. ESCO completed the SM&P acquisition on April 25, 2025, renamed the business ESCO Maritime Solutions and included it in Aerospace & Defense. On July 18, 2025, ESCO completed the sale of VACCO to RBC Bearings, describing the sale as a strategic exit from the Space business. Its FY2025 report presents VACCO as discontinued operations—business results separated from continuing operations—for all periods presented. Earlier report totals therefore should not be treated as comparisons with unchanged business scope. This comparison uses selected original blocks and neighboring context, not an exhaustive review of all five reports.
Source: 2024 , 2025 Request a correction Fiscal 2024 sales reached $1,026.8 million and net earnings reached $101.9 million, compared with $956.0 million and $92.5 million, respectively, in fiscal 2023.
Source: 2024 ESCO agreed to acquire Ultra’s Signature Management & Power business for approximately $550 million, subject to customary adjustments. At filing, completion remained conditional, including UK national-security clearance; the acquisition was not yet completed.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals MPE contribution ESCO acquired MPE on November 9, 2023, during fiscal 2024. Included in the Test segment, MPE contributed $10 million of revenue in fiscal 2024 from the acquisition date.
Source: 2024 Negative signals Contract estimates Changes in contract estimates reduced fiscal 2024 earnings before income tax by approximately $13 million and diluted earnings per share (allowing for potential additional shares) by approximately $0.38. These were recognized effects, not merely potential future cost-overrun risks.
Source: 2024 Test sales RF (radio-frequency) Test & Measurement net sales declined by $11.8 million, or 5.3%, in fiscal 2024 compared with fiscal 2023, contrasting with the company's overall sales growth.
Source: 2024 Business context Space review ESCO announced a strategic review of VACCO’s Space business in August 2024. At filing, management identified a sale of VACCO or its Space business as possible outcomes, not completed transactions.
Source: 2024 Government funding Approximately 27% of fiscal 2024 revenue came from sales to the U.S. Government or its contractors, primarily within Aerospace & Defense. ESCO warned that reduced or delayed funding for major programs, including NASA’s Space Launch System and U.S. Navy submarines, could adversely affect financial results for more than one year.
Source: 2024 Business in fiscal 2024 In fiscal 2024, ESCO Technologies supplied aerospace filtration and fluid-control products, diagnostic testing solutions for electric grids, and equipment to measure and control electromagnetic and acoustic energy.
Source: 2024
5-year changes FY2020–FY2024 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
Utility expansion ESCO's Utility Solutions Group (USG) reported net sales of $191.7 million in fiscal 2020 and $369.1 million in fiscal 2024. The intervening expansion included acquisitions: ESCO acquired Altanova on July 29, 2021 and Phenix's assets on August 9, 2021, including their operating results in USG from their acquisition dates. In fiscal 2022, ESCO attributed $46.9 million of USG's $75.5 million year-over-year net-sales increase to those 2021 acquisitions. USG subsequently reported year-over-year net-sales increases of $63.9 million in fiscal 2023 and $26.8 million in fiscal 2024. These figures therefore should not be read as growth solely from businesses already owned in 2020.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Test sales reversal ESCO's Test segment moved from a $30.0 million year-over-year net-sales increase in fiscal 2022 to declines of $6.4 million in fiscal 2023 and $11.8 million in fiscal 2024. The 2024 decline occurred despite $10 million of revenue contributed by MPE after its acquisition. ESCO completed the MPE acquisition on November 9, 2023, during fiscal 2024, and included its operating results within ETS-Lindgren in the Test segment from that date. The acquired revenue did not prevent the segment's second consecutive annual sales decline.
Source: 2022 , 2023 , 2024 Request a correction Fiscal 2023 net sales rose 11.5% to $956.0 million from $857.5 million in fiscal 2022. Utility Solutions Group contributed the largest segment sales increase, at $63.9 million.
Source: 2023 Contract-estimate adjustments reduced fiscal 2023 earnings before income tax by approximately $14.0 million and diluted earnings per share (allowing for potential additional shares) by $0.43. These were recognized effects, not merely potential future contract risks.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Operating cash Net cash provided by operating activities fell to $76.9 million in fiscal 2023 from $135.3 million in fiscal 2022. Management attributed the decline mainly to higher cash requirements for day-to-day operations, including inventory and amounts customers owed, and higher tax and interest payments.
Source: 2023 Test sales RF Test & Measurement sales declined $6.4 million, or 2.8%, in fiscal 2023 versus fiscal 2022. Management reported lower Asian sales due to COVID-19 disruptions in China and lower U.S. sales, partly offset by higher European sales tied to chamber-project timing.
Source: 2023 Business context CMT acquisition On February 1, 2023, ESCO acquired CMT Materials and its affiliate Engineered Syntactic Systems for approximately $18 million, net of cash acquired. CMT supplies syntactic materials for buoyancy and specialty applications; its results were included within Globe in Aerospace & Defense from the acquisition date.
Source: 2023 Supply exposure The filing identified supplier concentration as a conditional operating risk: one supplier produced approximately 23% of Doble’s products at a single U.S. location. ESCO warned that a significant disruption in products supplied by a small number of vendors could delay deliveries, increase costs and reduce margins; this disclosure does not establish that such a disruption occurred.
Source: 2023 Business in fiscal 2023 In fiscal 2023, ESCO Technologies supplied filtration and fluid-control products, diagnostic instruments and services for electric utilities and renewable energy, and radio-frequency (RF) shielding and electromagnetic compatibility testing products.
Source: 2023
5-year changes FY2019–FY2023 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
Packaging exit This comparison uses selected original blocks and neighboring context, not a full review of all five reports. ESCO's 2019 report described an agreement entered into after fiscal year-end to sell its Technical Packaging segment. Its 2021 report confirmed completion in December 2019, within fiscal 2020, and presented that business separately as discontinued operations—a business ESCO had sold. The 2020 report said sale proceeds were used to repay debt.
Source: 2019 , 2020 , 2021 Utility expansion ESCO added Altanova and the assets of Phenix to its Utility Solutions Group (USG) in the fourth quarter of fiscal 2021. USG net sales were $202.9 million in 2021, $278.4 million in 2022 and $342.3 million in 2023. ESCO attributed $46.9 million of USG's 2022 sales increase to those 2021 acquisitions; this does not mean all of the segment's subsequent growth came from acquisitions.
Source: 2021 , 2022 , 2023 Cash-flow reversal ESCO's net cash provided by operating activities—the cash generated by running the business—rose from $108.5 million in 2020 to $123.1 million in 2021 and $135.3 million in 2022, then fell to $76.9 million in 2023. The 2020 and 2021 amounts are explicitly for continuing operations. ESCO attributed the 2023 decline mainly to more cash needed for inventories and amounts customers owed, together with higher tax and interest payments.
Source: 2020 , 2021 , 2022 , 2023 Request a correction Fiscal 2022 net sales rose 19.9% to $857.5 million from $715.4 million in fiscal 2021. Management reported $90 million of organic sales growth (growth in existing businesses) and approximately $52 million of growth from recent acquisitions.
Source: 2022 On November 4, 2021, during fiscal 2022, ESCO acquired Networks Electronic Company for approximately $15.4 million, net of cash acquired. NEco supplies miniature electro-explosive devices for mission-critical defense and aerospace applications and was incorporated into PTI within Aerospace & Defense.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Order backlog Order backlog reached $695.0 million at September 30, 2022, compared with $592.0 million a year earlier. ESCO records orders in backlog when it receives firm purchase commitments; these amounts are not already recognized sales.
Source: 2022 Business context Supplier exposure Doble relied on one supplier producing approximately 23% of its products at a single U.S. location. ESCO warned that a significant disruption involving products supplied by a small number of vendors could delay customer deliveries, affect future sales, increase costs and reduce margins; it did not report that this specific disruption had occurred.
Source: 2022 Business in fiscal 2022 In fiscal 2022, ESCO Technologies supplied filtration and fluid-control products for aviation, naval, space and process markets; radio-frequency (RF) shielding and electromagnetic compatibility test products; and diagnostic instruments, software and services for industrial power users, electric utilities and renewable energy industries.
Source: 2022
5-year changes FY2018–FY2022 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
Packaging exit ESCO's Technical Packaging segment accounted for approximately 11% of company revenue in fiscal 2018. After fiscal 2019 ended, ESCO agreed to sell the segment; it completed the sale in December 2019, during fiscal 2020. The 2021 report presented that business as discontinued operations—separately from the businesses ESCO continued to operate—for all periods shown. This comparison uses selected original passages and neighboring context, not an exhaustive review of the five reports.
Source: 2018 , 2019 , 2021 USG acquisitions ESCO acquired Altanova on July 29, 2021 and the assets of Phenix on August 9, 2021, adding both businesses to its Utility Solutions Group (USG). The purchases contributed $4.4 million of sales in fiscal 2021, when they closed in the fourth quarter. In fiscal 2022, ESCO attributed $46.9 million of USG's sales increase to those 2021 acquisitions. It also reported a $20 million increase in core Doble products and services and an $8.2 million increase at NRG driven by renewable energy products. The $46.9 million was an increase in sales, not the acquired businesses' total sales.
Source: 2021 , 2022 Doble suppliers In its 2018 report, ESCO said Doble used four manufacturers supplying substantially all its end-products, with one supplier producing approximately 50% of Doble's products from a single U.S. location. The 2020 report described six manufacturers supplying a substantial portion and one supplier producing approximately 35% from a single U.S. location. In 2022, the disclosed manufacturer count remained six, while the reported share for one supplier was approximately 23%, again from a single U.S. location. ESCO still warned that a significant disruption among suppliers serving these concentrated arrangements could delay customer deliveries, increase costs and reduce margins—the share of sales left after costs.
Source: 2018 , 2020 , 2022 Request a correction Fiscal 2021 net sales declined 2.1% to $715.4 million from $730.5 million in fiscal 2020. Aerospace & Defense net sales decreased 10.5% over the same period.
Source: 2021 Management concluded that financial-reporting controls were ineffective at September 30, 2021 because of material weaknesses at an Aerospace & Defense reporting unit involving revenue recognition and inventory accounting. Material weaknesses are control deficiencies creating a reasonable possibility that significant financial-statement errors will not be prevented or detected promptly. KPMG issued an adverse (negative) opinion on internal control over financial reporting. Separately, KPMG said the consolidated financial statements were fairly presented, in all material respects, under U.S. accounting standards (an unqualified opinion).
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Supply delays In its fiscal 2021 report, management said Doble had experienced COVID-related short-term supply-chain disruptions that periodically extended lead times and increased costs; the long-term effects remained uncertain.
Source: 2021 Supplier dependence The filing identified a conditional production risk at PTI: a single supplier provided critical electronic components for a significant aircraft production program, and discontinuation would require securing another source.
Source: 2021 Business context Acquisitions ESCO acquired Altanova on July 29, 2021 for approximately $115 million, net of cash acquired, and Phenix Technologies' assets on August 9, 2021 for approximately $47.2 million in cash.
Source: 2021 Business in fiscal 2021 In fiscal 2021, ESCO Technologies supplied engineered filtration and fluid-control products, radio-frequency shielding and electromagnetic compatibility test products, and diagnostic instruments, software and services for power users, utilities and renewable energy industries.
Source: 2021
5-year changes FY2017–FY2021 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
Packaging exit ESCO's Technical Packaging segment accounted for approximately 12% of total company revenue in fiscal 2017 and 11% in fiscal 2018. The 2019 report disclosed an agreement to sell the business after fiscal year-end, not a completed sale at that year-end. The 2021 report confirms that the sale was completed in December 2019, during fiscal 2020. In that report, Technical Packaging's results, financial position and cash flows were presented as discontinued operations—separately from the ongoing businesses—for all periods presented. ESCO reported three operating segments in 2021: Aerospace & Defense, Utility Solutions Group, and RF Shielding and Test.
Source: 2017 , 2018 , 2019 , 2021 Doble supply In 2017, ESCO reported that Doble used four manufacturers supplying substantially all its end-products; one supplier produced more than 50% of Doble's products at a single location. In 2019, it reported six manufacturers supplying a substantial portion of Doble's end-products, with one supplier producing approximately 35% at one U.S. site. The 2020 and 2021 selections continued to report that approximately 35% single-site share. These disclosures do not establish that supply risk was resolved. In 2021, ESCO reported that Doble had experienced COVID-related short-term supply-chain disruptions, periodically extending lead times and increasing costs; the long-term effects remained uncertain.
Source: 2017 , 2019 , 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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