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Saia (SAIA - Free Report) came out with quarterly earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.82 per share. This compares to earnings of $1.86 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.07%. A quarter ago, it was expected that this trucking company would post earnings of $1.9 per share when it actually produced earnings of $1.77, delivering a surprise of -6.84%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Saia, which belongs to the Zacks Transportation - Truck industry, posted revenues of $806.23 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.37%. This compares to year-ago revenues of $787.58 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Saia shares have added about 29.3% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for Saia?While Saia has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Saia was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.91 on $875.87 million in revenues for the coming quarter and $10.60 on $3.41 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Transportation sector, Pangaea Logistics (PANL - Free Report) , is yet to report results for the quarter ended March 2026.

This maritime logistics company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +266.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Pangaea Logistics' revenues are expected to be $159.45 million, up 29.9% from the year-ago quarter.

On April 30, 2026, Saia Inc SAIA shares rose 6.3% today, currently trading at $448.82. The stock has experienced significant price movements over the past year, with a 52-week range between $229.17 and $454.88.

GF Value™ verdict indicates that the current price is $448.82, which is 5.2% above the estimated fair value of $426.65.GF Score™ of 98/100 suggests that the company has strong overall performance attributes.Notable insider activity shows that insiders sold $6.2 million worth of shares in the last three months, with no buying activity reported. Is SAIA Overvalued or Undervalued? According to the GF Value™, Saia Inc is currently overvalued, trading at a price of $448.82 which is 5.2% above its fair value estimate of $426.65. This indicates a lack of margin of safety for potential investors looking to enter the stock at its current price. The GF Valuation label indicates that the stock is fairly valued, but given its current price in relation to the GF Value™, there is a risk that it may be subject to corrections should market sentiments shift.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. When a stock is overvalued, it may not provide sufficient returns, and investors could face a downward adjustment if the market corrects itself or if the company does not meet growth expectations.

How Does SAIA's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 47.1x 29.8x Forward P/E 42.3x N/A Saia Inc's current P/E (TTM) of 47.1x is significantly above its 5-year median P/E of 29.8x, indicating that the stock is trading at a higher valuation compared to its historical levels. This analysis aligns with the GF Value™ verdict, further substantiating the notion that the stock may be overvalued at its current price.

What Does SAIA's GF Score™ Tell Us? Metric Rating GF Score™ 98 Financial Strength 8/10 Profitability 9/10 Growth 10/10 Valuation 9/10 Momentum 10/10 Saia Inc’s GF Score™ of 98/100 reflects exceptional performance across multiple dimensions, particularly in Growth (10/10) and Momentum (10/10), indicating strong revenue growth and price movement. The company also scores high in Profitability (9/10) and Valuation (9/10), which enhances its attractiveness to potential investors. However, the Financial Strength score of 8/10 suggests that while it is strong, it may have areas for improvement compared to peers.

What Are Insiders Doing with SAIA Stock? Insider activity in Saia Inc has shown a trend of selling, with insiders having sold $6.2 million worth of shares over the last three months. This level of selling without any buying may indicate a lack of confidence among insiders about the future performance of the stock. The absence of buying signals from insiders could be interpreted as a cautious approach to the stock’s current valuation and performance outlook.

What This Means for Investors Based on the GF Value™ assessment, Saia Inc is currently overvalued at $448.82, which is 5.2% above its intrinsic value of $426.65. Investors may want to consider this valuation in their decision-making process.

For the complete analysis, visit the Saia Inc SAIA stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is SAIA's GF Score™?

Saia Inc has a GF Score™ of 98 out of 100, indicating strong overall performance attributes that suggest the stock could generate favorable long-term returns.

Is SAIA overvalued or undervalued?

Saia Inc is currently overvalued, trading 5.2% above its estimated fair value according to GF Value™, which could pose risks for potential investors.

What is SAIA's P/E ratio?

Saia Inc has a P/E (TTM) of 47.1x, which is significantly higher than its 5-year median P/E of 29.8x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Saia, Inc. demonstrates resilience in the LTL market, posting Q1 2026 revenue growth and benefiting from market undercapacity. Despite robust liquidity and strong pricing power, SAIA faces margin pressure from inflation and elevated oil prices, with operating margin down to 8.3%. Valuation appears stretched: SAIA trades at 46.35x P/E and is considered fully priced, limiting upside potential and supporting a hold rating.

JOHNS CREEK, Ga., May 21, 2026 (GLOBE NEWSWIRE) -- Saia Inc. (NASDAQ: SAIA) a leading provider of less-than-truckload (LTL) transportation services, announced the opening of two new terminals in Marysville, Washington, and Edinburgh, Indiana, as part of its continued investment in network growth across the U.S. The Marysville facility opened on May 4, and the Edinburgh terminal began operations this week.

The Marysville terminal is strategically positioned to support freight movement throughout the Pacific Northwest, offering ample acreage and capacity to accommodate ongoing growth in the region. The Edinburgh facility is designed to strengthen service across the Midwest, providing the space and scalability needed to support increasing freight demand.

“These openings reflect our focus on getting closer to the customer and building density in the right places to better support shipper needs,” said Saia Executive Vice President of Operations Patrick Sugar. “By adding capacity in both the Pacific Northwest and the Midwest, we’re able to create more efficient routing opportunities and deliver a more consistent service experience.”

The Marysville terminal enhances Saia’s ability to move freight across Washington and into neighboring markets, while the Edinburgh location strengthens coverage in a high-traffic logistics corridor south of Indianapolis. Together, the new facilities improve network flexibility and help reduce transit variability for customers shipping in and out of these regions.

“Saia continues to invest in its infrastructure to support long-term growth, aligning its network to evolving customer demand and reinforcing our commitment to saying ‘Yes’ to the needs of those we serve,” stated Sugar.

For more information about Saia and its freight and logistics capabilities, visit saia.com.

About Saia Inc.

Saia Inc. (NASDAQ: SAIA) is a full-service freight and logistics provider with a national footprint built to deliver reliable, flexible shipping solutions. With industry-leading operations and a strong emphasis on the customer experience, the company helps keep freight - and businesses - moving. Saia offers customers a wide range of less-than-truckload, brokered truckload, expedited transportation, and other logistics services. Headquartered in Johns Creek, Georgia, the company operates 216 terminals providing national service. Saia has repeatedly been recognized for its people-centric, safety-driven, and sustainability-minded focus. For more information on Saia Inc., visit saia.com.

For more information, contact:
Jeannie S. Jump
Senior Marketing and Corporate Affairs Specialist
Phone: 770-232-4069 Email: [email protected]

Bamco Inc. NY acquired a new stake in shares of Mirion Technologies, Inc. (NYSE: MIR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 500,000 shares of the company's stock, valued at approximately $11,630,000. Bamco Inc. NY owned 0.20% of Mirion Technologies

-

ATLANTA--(BUSINESS WIRE)--Mirion (NYSE: MIR) announced today that it will release financial results for first quarter 2026 after market close on Tuesday, April 28, 2026. Following the news release, the company will host a conference call the next day, Wednesday, April 29, 2026, at 10:00 am ET to discuss the results.

Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.

A telephonic replay will be available shortly after the conclusion of the call and until May 13, 2026. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671 with access code 13760000. An archived replay of the call will also be available on the Investors portion of the Mirion website at https://ir.mirion.com/.

About Mirion

Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Nuclear & Safety group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA – USA), Mirion employs approximately 3,200 people and operates in 12 countries. Learn more at mirion.com.

More News From Mirion Technologies, Inc.

Back to Newsroom

ATLANTA--(BUSINESS WIRE)--Mirion (“we” or the “company”) (NYSE: MIR), a global provider of radiation detection, measurement, analysis, and monitoring solutions to the nuclear, medical, defense, and research end markets, today announced results for the first quarter ended March 31, 2026.

“Our first quarter performance showcased substantial orders growth led by nuclear power demand and as-expected Adjusted EBITDA performance and margins,” commented Mirion’s Chairman and Chief Executive Officer Thomas Logan. “Record capital spending commitments by power plant operators are driving accelerating momentum in the sector, which is translating into significant Nuclear Power demand.”

Logan continued, “Our strong performance also reflects Paragon’s contributions in its first full quarter with Mirion. Paragon is the ‘tip of the spear’ for growing installed base dynamics. Integration is on-pace, and we are already realizing commercial synergies.”

2026 Guidance

Commenting on Mirion’s full year 2026 guidance, Logan said, “We remain on track for 2026 revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance. Our business continues to capture momentum in Nuclear Power and Cancer Care markets. Additionally, we are bringing new products to market and enhancing our current offerings to meet customers where they are headed.”

Mirion reaffirmed 2026 total revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance for the fiscal year ending December 31, 2026, while revising Adjusted EPS guidance to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026.

Revenue growth of approximately 22.0% – 24.0%; includes foreign exchange rate and acquisition-related tailwinds. Organic Revenue growth of approximately 5.0% – 7.0%. Adjusted EBITDA and Adjusted EBITDA margin of approximately $285 million – $300 million; Adjusted EBITDA margin of approximately 25.0% – 26.0%. Adjusted Free Cash Flow of approximately $155 million – $175 million; Adjusted Free Cash Flow Conversion of approximately 54% – 58% of Adjusted EBITDA. Adjusted EPS of approximately $0.48 – $0.55 per share (previously $0.50 - $0.57 per share); adjusted to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026. Additional modeling and guidance assumptions are included in the appendix of the earnings presentation on the Company’s investor relations page.

The Company’s guidance contains forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion’s control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Organic Revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Adjusted Free Cash Flow and Adjusted Free Cash Flow conversion are not available without unreasonable effort.

Conference Call

Mirion will host a conference call tomorrow, April 29, 2026 at 10:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.

A telephonic replay will be available shortly after the conclusion of the call and until May 13, 2026. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671, and enter access code 13760000. An archived replay of the call and an accompanying presentation will also be available on the Investors section of the Mirion website at https://ir.mirion.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “seeks”, “plans”, “would”, “will”, “understand” and similar words are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East (including the U.S.-Israel-Iran conflict), tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government’s failure to raise the debt ceiling; risks related to the public’s perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries; risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; our ability to predict our future operational results; and the effects of health epidemics, pandemics and similar outbreaks may have on our business, results of operations or financial condition. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the United States Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC.

You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Information

In addition to our results determined in accordance with GAAP, we believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Reconciliation of Non-GAAP Financial Measures” section of this press release. Non-GAAP financial information is not a substitute for GAAP financial information and undue reliance should not be placed on such non-GAAP financial information. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined.

Channels for Disclosure of Information

Mirion intends to announce material information to the public through the Mirion Investor Relations website ir.mirion.com, SEC filings, press releases, public conference calls and public webcasts. Mirion uses these channels, as well as social media, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information Mirion posts on social media could be deemed to be material information. As such, Mirion encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on Mirion’s investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which Mirion will announce information will be posted on the investor relations page on Mirion’s website.

About Mirion

Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Nuclear & Safety group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA – USA), Mirion employs approximately 2,800 people and operates in 12 countries. Learn more at mirion.com.

  Mirion Technologies, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions, except share data)

March 31, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

397.9

$

412.3

Accounts receivable, net of allowance for doubtful accounts

181.5

181.6

Costs in excess of billings on uncompleted contracts

98.9

93.8

Inventories

157.9

152.6

Prepaid expenses and other current assets

54.7

53.4

Total current assets

890.9

893.7

Property, plant, and equipment, net

152.6

154.9

Operating lease right-of-use assets

30.8

32.1

Goodwill

1,860.4

1,872.4

Intangible assets, net

576.0

606.3

Other assets

25.2

28.7

Total assets

$

3,535.9

$

3,588.1

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

66.1

$

57.4

Deferred contract revenue

108.1

112.3

Debt, current

1.6

1.6

Operating lease liability, current

7.7

7.7

Derivative liabilities, current

—

20.7

Accrued expenses and other current liabilities

95.7

116.4

Total current liabilities

279.2

316.1

Debt, non-current

443.5

443.1

Convertible debt

755.6

754.5

Operating lease liability, non-current

25.5

26.8

Deferred income taxes, non-current

68.1

70.0

Other liabilities

75.5

60.7

Total liabilities

1,647.4

1,671.2

Commitments and contingencies (Note 11)

Stockholders’ equity (deficit):

Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 244,395,666 shares issued and outstanding at March 31, 2026; 244,662,792 shares issued and outstanding at December 31, 2025

—

—

Class B common stock; $0.0001 par value, 100,000,000 shares authorized; 5,864,555 shares issued and outstanding at March 31, 2026; 5,869,555 shares issued and outstanding at December 31, 2025

—

—

Treasury stock, at cost; 4,376,586 shares at March 31, 2026 and 3,492,619 shares December 31, 2025

(78.1

)

(58.4

)

Additional paid-in capital

2,495.1

2,490.1

Accumulated deficit

(516.1

)

(512.7

)

Accumulated other comprehensive loss

(62.6

)

(52.6

)

Mirion Technologies, Inc. stockholders’ equity

1,838.3

1,866.4

Noncontrolling interests

50.2

50.5

Total stockholders’ equity

1,888.5

1,916.9

Total liabilities and stockholders’ equity

$

3,535.9

$

3,588.1

Mirion Technologies, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

  Three Months Ended
March 31, 2026

Three Months Ended
March 31, 2025

Revenues:

Product

$

197.0

$

147.9

Service

60.6

54.1

Total revenues

257.6

202.0

Cost of revenues:

Product

112.9

81.7

Service

25.6

24.2

Total cost of revenues

138.5

105.9

Gross profit

119.1

96.1

Operating expenses:

Selling, general and administrative

105.8

78.7

Research and development

9.6

8.7

Total operating expenses

115.4

87.4

Income from operations

3.7

8.7

Other expense (income):

Interest expense

8.4

12.5

Interest income

(3.4

)

(1.9

)

Foreign currency loss (gain), net

3.7

(2.8

)

Other expense, net

0.2

0.3

(Loss) income before income taxes

(5.2

)

0.6

Income tax (benefit) expense

(1.8

)

0.2

Net (loss) income

(3.4

)

0.4

Income attributable to noncontrolling interests

—

0.1

Net (loss) income attributable to Mirion Technologies, Inc.

$

(3.4

)

$

0.3

(Loss) earnings per common share attributable to Mirion Technologies, Inc.:

Basic

$

(0.01

)

$

0.00

Diluted

$

(0.01

)

$

0.00

Weighted average common shares outstanding:

Basic

244.663

225.655

Diluted

244.663

226.918

Mirion Technologies, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In millions)

  Three Months Ended
March 31, 2026

Three Months Ended
March 31, 2025

OPERATING ACTIVITIES:

Net (loss) income

$

(3.4

)

$

0.4

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

40.8

33.7

Stock-based compensation expense

4.3

3.4

Amortization of debt issuance costs

1.5

0.9

Provision for doubtful accounts

0.6

0.7

Inventory obsolescence write down

0.3

0.5

Change in deferred income taxes

(2.6

)

(5.7

)

Loss on disposal of property, plant and equipment

0.1

0.1

(Gain) loss on foreign currency transactions

3.7

(2.8

)

Amortization of inventory step-up

0.8

—

Changes in operating assets and liabilities:

Accounts receivable

(1.8

)

31.1

Costs in excess of billings on uncompleted contracts

(4.7

)

(2.1

)

Inventories

(6.5

)

(8.3

)

Prepaid expenses and other current assets

(1.9

)

(0.5

)

Accounts payable

9.9

(2.3

)

Accrued expenses and other current liabilities

(19.6

)

(5.7

)

Deferred contract revenue and liabilities

(4.2

)

(4.4

)

Other assets

(0.2

)

0.3

Other liabilities

1.8

(3.7

)

Net cash provided by operating activities

18.9

35.6

INVESTING ACTIVITIES:

Purchases of property, plant, and equipment and badges

(9.5

)

(8.5

)

Proceeds from net investment hedge derivative contracts

0.3

0.9

Net cash used in investing activities

(9.2

)

(7.6

)

FINANCING ACTIVITIES:

Stock repurchased to satisfy tax withholding for vesting restricted stock units

(4.1

)

(1.9

)

Purchases of stock for treasury

(16.0

)

(18.6

)

Financing costs

—

(0.5

)

Proceeds from cash flow hedge derivative contracts

0.1

0.1

Other financing

0.1

(0.3

)

Net cash used in financing activities

(19.9

)

(21.2

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(4.2

)

3.8

Net (decrease) increase in cash, cash equivalents, and restricted cash

(14.4

)

10.6

Cash, cash equivalents, and restricted cash at beginning of period

415.2

175.6

Cash, cash equivalents, and restricted cash at end of period

$

400.8

$

186.2

  Share Count

244,395,666 shares of Class A common stock were outstanding as of March 31, 2026. This excludes (1) 5,864,555 shares of Class B common stock outstanding as of March 31, 2026, (2) 1,068,248 shares of Class A common stock underlying restricted stock units and 2,055,997 shares of Class A common stock underlying performance stock units; and (3) any other shares issuable from future equity awards under our 2021 Omnibus Incentive Plan, which had 45,800,089 shares reserved (subject to annual automatic increases) as of March 31, 2026. The 5,864,555 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is as of March 31, 2026, unless otherwise noted.

Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.

Organic revenues is defined as Revenues excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in the period.

Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue.

Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.

Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding — basic and diluted.

Adjusted Free Cash Flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities.

Adjusted Free Cash Flow Conversion is defined as adjusted free cash flow divided by adjusted EBITDA.

Free cash flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment, purchases of badges and proceeds from derivative contracts.

Net leverage is defined as Net Debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITDA if acquisitions made during the applicable period had been made before the start of the applicable period.

Operating Metrics

Order and orders growth are defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period.

The following tables present reconciliations of certain non-GAAP financial measures for the applicable periods.

  Mirion Technologies, Inc.

Reconciliation of Adjusted EBITDA

(In millions)

  Three Months Ended

March 31,

2026

2025

Income from operations

$

3.7

$

8.7

Amortization

31.0

25.4

Depreciation

9.8

8.3

Stock-based compensation

4.3

3.4

Cost of revenues impact from inventory valuation purchase accounting

0.8

—

Non-operating expenses

4.9

1.2

Other expense / income

(0.2

)

(0.3

)

Adjusted EBITDA

$

54.3

$

46.7

Income from operations margin

1.4

%

4.3

%

Adjusted EBITDA margin

21.1

%

23.1

%

Mirion Technologies, Inc.

Reconciliation of Adjusted Earnings per Share

(In millions, except per share values)

  Three Months Ended

March 31,

2026

2025

Net (loss) income attributable to Mirion Technologies, Inc.

$

(3.4

)

$

0.3

Income attributable to non-controlling interests

—

0.1

GAAP net (loss) income

$

(3.4

)

$

0.4

Foreign currency loss (gain), net

3.7

(2.8

)

Amortization of acquired intangibles

31.0

25.4

Stock-based compensation(1)

—

3.4

Cost of revenues impact from inventory valuation purchase accounting

0.8

—

Non-operating expenses

4.9

1.2

Tax impact of adjustments above

(10.3

)

(5.2

)

Adjusted net income

$

26.7

$

22.4

Weighted average common shares outstanding — basic

244.663

225.655

Dilutive potential common shares - stock-based awards

0.589

1.263

Dilutive potential common shares - convertible debt

30.321

—

Adjusted weighted average common shares — diluted

275.573

226.918

GAAP loss per share

$

(0.01

)

$

—

Adjusted earnings per share

$

0.10

$

0.10

(1) The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation.

More News From Mirion Technologies, Inc.

Mirion Technologies, Inc. (MIR - Free Report) reported $257.6 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 27.5%. EPS of $0.10 for the same period compares to $0.10 a year ago.

The reported revenue represents a surprise of +3.89% over the Zacks Consensus Estimate of $247.95 million. With the consensus EPS estimate being $0.10, the company has not delivered EPS surprise.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Mirion Technologies performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Nuclear & Safety: $185.5 million compared to the $182.54 million average estimate based on two analysts.Revenues- Medical: $72.1 million versus the two-analyst average estimate of $71.35 million.Adjusted EBITDA- Medical: $24.6 million compared to the $24.68 million average estimate based on two analysts.Adjusted EBITDA- Corporate & Other: $-17.1 million versus $-18.35 million estimated by two analysts on average.Adjusted EBITDA- Nuclear & Safety: $46.8 million versus the two-analyst average estimate of $51.65 million.View all Key Company Metrics for Mirion Technologies here>>>

Shares of Mirion Technologies have returned +11.1% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Key Takeaways BWX Technologies and Mirion are gaining from rising nuclear demand tied to AI-driven energy needs.BWXT is expanding via acquisitions and uranium enrichment plans to boost capacity and meet demand.Mirion posted strong Q1 growth and secured a role in NASA's Artemis II mission with radiation tech. Mirion Technologies (MIR - Free Report) and BWX Technologies (BWXT - Free Report) are drawing strong investor interest as nuclear energy gains momentum. The sector is increasingly in focus due to the rapid expansion of Artificial Intelligence (AI)-driven data centers, which require large amounts of energy to operate. This growing power demand is positioning nuclear energy as one of the fastest-growing and most talked-about industries today.

Mirion focuses on radiation detection, measurement and monitoring solutions. It serves customers across North America, Europe and the Asia-Pacific region, with applications in healthcare, defense and nuclear safety.

BWX Technologies manufactures and supplies nuclear components and fuel. The company plays an important role in supporting both defense programs and commercial nuclear power projects in the United States, Canada and other international markets.

Both companies are benefiting from the growing focus on clean and reliable energy sources. However, they also face challenges such as regulatory requirements, project delays and cost pressures.

With this background, let’s take a closer look at their fundamentals, growth opportunities and key risks.

Tailwinds for MIRMIR is benefiting from strong operational performance and growing demand for its radiation safety solutions, which are supporting investor confidence. In April 2026, the company reported solid first-quarter results, with sales rising 27.5% year over year and adjusted earnings per share increasing 11.1%, reflecting steady business momentum.

In March 2026, Mirion highlighted a major milestone as its advanced radiation monitoring technology was selected for Artemis II. The company’s Crew Active Dosimeters (CAD) will be carried by astronauts during the mission, providing real-time radiation exposure data. This achievement underscores Mirion’s strong position in high-reliability applications, particularly in space and defense.

Artemis II, led by NASA, will be a roughly 10-day mission around the Moon and represents a key step in future deep-space exploration. Mirion’s involvement not only highlights the importance of its technology in ensuring astronaut safety but also strengthens its growth prospects in advanced and mission-critical environments.

Tailwinds for BWXTBWXT is benefiting from strategic expansion efforts and rising demand for nuclear energy, which are strengthening its long-term growth outlook. In April 2026, the company announced a definitive agreement to acquire Precision Components Group (“PCG”), including its subsidiaries Precision Custom Components (PCC) and DC Fabricators (DCF). This acquisition is expected to expand BWXT’s heavy manufacturing capabilities and increase its commercial nuclear production capacity in the United States, helping it better serve growing domestic demand.

In another key development in April, BWXT informed the U.S. Nuclear Regulatory Commission (NRC) of its plans to apply for a uranium enrichment license. The proposed facility will be located near its Nuclear Fuel Services site in Erwin, TN, and is expected to support future fuel supply needs. The company plans to submit the license application in early 2027.

These initiatives highlight BWXT’s focus on expanding its capabilities and strengthening its position in the nuclear energy market, particularly as demand for reliable and clean energy continues to grow.

How Does the Zacks Consensus Estimate Compare for MIR & BWXT?The Zacks Consensus Estimate for MIR’s 2026 sales and EPS implies a year-over-year improvement of 22.7% and 19.6%, respectively.  EPS estimates for 2026 have moved north over the past 60 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for BWXT’s 2026 sales and EPS implies a year-over-year improvement of 17.3% and 14.7%, respectively. EPS estimates for 2026 and 2027 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

Stock Price Performance: BWXT & MIRIn the past year, BWXT has outperformed MIR. While BWXT’s shares surged 87.3%, MIR surged 18.5%.

Image Source: Zacks Investment Research

Valuation for BWXT & MIRMIR is trading at a forward sales multiple (P/S F12M) of 4.02, below BWXT’s forward sales multiple of 4.94.

Image Source: Zacks Investment Research

BWXT & MIR’s Return on Equity (ROE)ROE measures how efficiently a company is utilizing its shareholders’ funds to generate profits. BWXT’s current ROE is 30.94% compared with MIR’s 6.55%.

End NoteWhile both Mirion and BWX Technologies are well-positioned to benefit from rising demand for nuclear energy, the latter currently stands out in several key areas. The company has delivered a stronger stock price performance over the past year and continues to show solid profitability, supported by a higher return on equity and an improving earnings outlook.

BWXT is also actively expanding its capabilities through acquisitions and new facility plans, which could support long-term growth. Meanwhile, Mirion is showing steady operational momentum and remains well placed in niche, high-reliability markets like space and radiation safety.

Considering these factors, BWXT appears to be the stronger pick at the moment, although both companies offer exposure to the growing nuclear energy space.

Both BWXT and MIR currently carry a Zacks Rank #2 (Buy).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The nuclear industry has seen a recent flurry of announcements, headlined by two major industry partnerships to rapidly deploy new reactors. These exciting developments come against the backdrop of a new national poll showing increased positive sentiment towards nuclear energy. This all adds to the positive tailwinds for nuclear development in the U.S.

Brookfield Asset Management (BAM) and The Nuclear Company (TNC, private) have formed a new partnership to deploy Westinghouse AP1000 and AP300 reactors, while Blue Energy (private) has teamed with GE Vernova (GEV) to pioneer a gas-plus-nuclear hybrid approach. These developments arrive as a new Gallup poll revealed record public support for nuclear energy alongside declining enthusiasm for solar and wind. Together, the announcements highlight how private-sector execution expertise and innovative deployment models are translating policy momentum and shifting sentiment into tangible project progress.

The VettaFi Nuclear Renaissance Index (NUKZX) provides exposure to companies that will benefit from these tailwinds. The index includes key reactor technology owners, equipment providers, and service firms positioned to generate revenue from these projects. NUKZX serves as the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ).

Brookfield and TNC Target Westinghouse Revival Brookfield, a global infrastructure investment firm with more than $1 trillion in assets under management, has partnered with TNC to create a new nuclear project execution company. TNC was founded by veterans of the Vogtle Units 3 and 4 project in Georgia, which were the last large reactors built in the U.S. The new entity will specialize in end-to-end project management, licensing support, engineering, procurement, construction, and commissioning for Westinghouse’s AP1000 large reactors and the smaller AP300 design.

Dive deeper on Westinghouse’s reactor lineup

TNC looks to utilize the experience of their team from the previous AP1000 projects at the Vogtle nuclear plant to successfully deploy Westinghouse technology across the United States and abroad, starting with South Carolina. 

The partnership has already secured a lead role for the partially completed V.C. Summer AP1000 units in South Carolina. The project was previously abandoned due to significant cost overruns. Subject to due diligence, regulatory approvals, and a final investment decision, the new company will oversee completion of the two units.

This builds directly on the U.S. government’s $80 billion strategic partnership with Brookfield and Cameco (CCJ) to deploy AP1000 technology nationwide. Cameco holds a 49% stake in Westinghouse alongside Brookfield’s 51% ownership. The collaboration leverages TNC’s AI-driven system to deliver projects on predictable timelines and budgets.

Blue Energy and GE Vernova Introduce Gas-Plus-Nuclear Hybrid In parallel, Blue Energy and GE Vernova (GEV) announced a collaboration to build the world’s first gas-plus-nuclear power plant in Texas. The approach pairs GE Vernova’s industry-leading gas turbines for initial power generation with their BWRX-300 small modular reactor (SMR) for long-term baseload output.

Read further on GE Vernova’s SMR design

The hybrid model enables early site energization with approximately 1 gigawatt (GW) of gas-fired power as soon as 2030, followed by the switch to roughly 1.5 GW of nuclear capacity from an array of BWRX-300s as early as 2032. Initial site work is targeted for 2026, with a final investment decision and NRC construction permit application planned for 2027. The plant will supply a nearby data center campus, meeting surging electricity demand from artificial intelligence and advanced manufacturing.

By using a natural-gas bridge and offsite prefabrication of modules, the partnership aims to cut time-to-power in half compared with traditional nuclear timelines while lowering capital costs and avoiding ratepayer burdens. GE Vernova’s BWRX-300 is one of the only SMRs currently under construction in the Western world, and this project further de-risks the technology through resequenced construction phases recently approved by the NRC.

Gallup Poll Reflects Shifting Public Sentiment A Gallup survey released in late April 2026 shows nuclear energy gaining ground with the American public. Support for greater emphasis on nuclear power reached 46%, its highest level in the 13 years Gallup has asked the question, and up seven points since 2021. Nuclear now holds a leading popularity among six major energy sources, including renewables.

By contrast, support for solar and wind dropped to their lowest levels in more than a decade. The narrower partisan divide on nuclear compared with renewables suggests growing bipartisan recognition of nuclear’s role in delivering reliable, dispatchable power. While some local opposition to nearby plants persists, the national trend points to stronger tailwinds for new nuclear development.

Clear Wins Across the NUKZX Value Chain These projects directly benefit NUKZX constituents already embedded in the nuclear supply chain.

Cameco stands to gain through its ownership in Westinghouse and its fuel supply capabilities. GE Vernova benefits as the technology provider for the Texas hybrid plant and as a leader in SMR commercialization.

Engineering, procurement, and construction firms such as Fluor (FLR) are well positioned for the complex project management and site work required. Component and systems providers including Curtiss-Wright (CW) and BWX Technologies (BWXT) supply critical pumps, valves, instrumentation, and fuel-related hardware essential to both large reactors and SMRs. Mirion Technologies (MIR) and other instrumentation specialists also stand to secure orders as construction ramps.

NUKZX includes companies across the full nuclear value chain, from fuel and components to engineering, construction, and utilities. For investors interested in the global growth opportunity for nuclear power, NUKZX offers a diversified group of companies positioned to benefit from the full spectrum of the nuclear renaissance. 

Related Research: Profiling Reactor Technology: Nano Nuclear & GE Vernova

Profiling Reactor Technology: Westinghouse and Oklo

Not All Nuclear Exposure Is Created Equally

From Silicon to Power: AI’s Next Bottleneck

Looking for nuclear insights in your inbox? Subscribe here to keep a pulse on nuclear investing through our weekly research.

For more news, information, and analysis, visit the Nuclear Energy Content Hub.

vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.

On May 22, 2026, Mirion Technologies Inc MIR shares rose 4.2% to a current price of $18.35. This increase comes amid a 52-week range of $16.84 to $30.28, reflecting a volatile trading period for the stock.

GF Value™ verdict: Current price is $18.35, which is 40.4% overvalued compared to the GF Value™ of $13.07.GF Score™ is 54/100, indicating an average performance relative to other stocks.Most notable signal: Insiders have sold $0.2M of stock in the last 3 months with no buying activity. Is MIR Overvalued or Undervalued? According to the GF Value™, Mirion Technologies Inc is currently significantly overvalued. The current share price of $18.35 is 40.4% higher than the estimated fair value of $13.07. This substantial premium raises concerns about the stock's margin of safety, suggesting that potential investors may be exposing themselves to heightened risk. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

The overvaluation indicates that investors are paying a premium for MIR shares, which may not be justified by the company’s current financial performance or growth prospects. As the market adjusts to reflect more realistic value estimates, there could be downward pressure on the stock price, thus cautioning potential investors against entering the stock at this inflated valuation.

How Does MIR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 203.9x 226.4x Forward P/E 34.1x N/A The current P/E (TTM) of 203.9x is below its 5-year median P/E of 226.4x, indicating that the stock is trading at a relatively lower valuation compared to its historical levels. However, the forward P/E of 34.1x suggests a more optimistic outlook for future earnings, which may not fully align with the GF Value™ verdict. This analysis generally agrees with the GF Value™ assessment, confirming that despite a lower historical P/E, the stock remains overvalued based on intrinsic value calculations.

What Does MIR's GF Score™ Tell Us? Metric Rating GF Score™ 54 Financial Strength 5/10 Profitability 3/10 Growth 0/10 Valuation 5/10 Momentum 5/10 The GF Score™ of 54/100 indicates that Mirion Technologies Inc has a mixed performance across various financial metrics. Its strongest area is Financial Strength, rated at 5/10, while the weakest area is Growth, which is rated at 0/10. The average rating in Valuation and Momentum further underscores the need for caution among potential investors, as the lack of growth may diminish future potential and returns.

What Are Insiders Doing with MIR Stock? Recent insider activity for Mirion Technologies Inc reveals a concerning trend, as insiders have sold $0.2 million worth of shares over the past three months without any buying activity. This selling activity may indicate a lack of confidence among insiders regarding the company's future prospects or current valuation, which could be viewed as a bearish signal for outside investors.

When insiders sell shares, it can often raise red flags regarding the health of the company or its future performance. In this case, the absence of insider buying reinforces the notion of overvaluation and suggests that those closest to the company may not foresee significant upside in the near term.

What This Means for Investors Based on the GF Value™ assessment, Mirion Technologies Inc is currently overvalued with a significant gap between its market price and intrinsic value. This overvaluation, coupled with mixed financial metrics and insider selling, suggests that potential investors should proceed with caution when considering an investment in MIR.

For the complete analysis, visit the Mirion Technologies Inc MIR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MIR's GF Score™?

MIR's GF Score™ is 54/100, indicating an average performance across key metrics, suggesting that while the stock has some strengths, it may not outperform in the long term.

Is MIR overvalued or undervalued?

MIR is currently overvalued with a GF Value™ of $13.07, indicating that the current price of $18.35 presents a significant premium over its estimated intrinsic value.

What is MIR's P/E ratio?

MIR's P/E ratio is 203.9x (TTM), which is below its 5-year median P/E of 226.4x, suggesting a lower valuation relative to its historical average, yet still aligning with the overvaluation indicated by the GF Value™.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

On May 27, 2026, Mirion Technologies Inc MIR shares fell 5.8% today, bringing the current price to $16.96. Over the past year, the stock has experienced a decline of 12.8%, with a year-to-date drop of 27.6%. The stock has traded within a 52-week range of $16.84 to $30.28.

GF Value™ verdict: Current price of $16.96 is 29.3% above GF Value™ of $13.12, indicating that the stock is overvalued.GF Score™ is 54/100, suggesting an average performance based on key financial metrics.Notable signal: Insiders sold $0.2M worth of shares in the last 3 months, indicating a lack of confidence from those within the company. Is MIR Overvalued or Undervalued? Mirion Technologies Inc MIR is currently trading at $16.96, which is significantly above the GF Value™ estimate of $13.12, representing a 29.3% overvaluation. This disparity indicates that investors may be paying a premium for the stock compared to its intrinsic value. With the GF Valuation label identifying the stock as "Modestly Overvalued," it suggests that the current market price does not adequately reflect the company's underlying fundamentals.

Given that the stock is trading above its GF Value™, there is a risk for potential investors, as overvaluation can lead to price corrections. The margin of safety is limited, and investors may want to exercise caution before entering a position in MIR, as the stock may not provide a favorable risk-reward profile at this time. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does MIR's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)188.4x225.9x (5-Year Median) Forward P/E31.5xN/A The current P/E (TTM) of 188.4x is significantly below its 5-year median of 225.9x, indicating that the stock is trading at a lower valuation relative to its historical performance. Additionally, the forward P/E of 31.5x shows a more favorable outlook compared to the current P/E. This analysis aligns with the GF Value™ verdict, suggesting that while the stock is overvalued, it may not be as stretched compared to its historical averages. Investors should take this into consideration when evaluating the stock's potential.

What Does MIR's GF Score™ Tell Us? MetricRating GF Score™54 Financial Strength5/10 Profitability3/10 Growth0/10 Valuation5/10 Momentum5/10 The GF Score™ of 54/100 indicates a performance level that is average when compared to other stocks. The strongest area is Financial Strength, which scored 5/10, suggesting a decent foundation. However, the weakest area is Growth, with a score of 0/10, indicating that the company has not demonstrated significant growth potential recently. The scores collectively highlight the need for caution, particularly in terms of profitability and growth, which are critical for long-term success.

What Are Insiders Doing with MIR Stock? In the past three months, insiders at Mirion Technologies have sold approximately $0.2 million worth of shares, with no reported insider buying during this period. This trend of selling may suggest that those closest to the company lack confidence in its near-term prospects or believe that the stock is currently overvalued. Such activity can serve as a warning signal for potential investors, indicating that insiders may not see opportunities for significant appreciation in the short term.

What This Means for Investors Based on the assessment of GF Value™, Mirion Technologies Inc MIR is considered overvalued at its current price of $16.96. This overvaluation, combined with average GF Score™ metrics and recent insider selling, suggests that investors may want to be cautious. Without a clear margin of safety, the stock may not provide an attractive entry point at present.

For the complete analysis, visit the Mirion Technologies Inc MIR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MIR's GF Score™?

MIR's GF Score™ is 54/100, indicating an average performance based on key financial metrics.

Is MIR overvalued or undervalued?

MIR is currently overvalued with a GF Value™ estimate of $13.12 compared to its market price of $16.96.

What is MIR's P/E ratio?

MIR's P/E (TTM) is 188.4x, which is below its 5-year median of 225.9x, suggesting it is trading at a lower valuation relative to its historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

A month has gone by since the last earnings report for IonQ, Inc. (IONQ - Free Report) . Shares have added about 37.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is IonQ due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

IONQ Q1 Earnings Miss & Revenue BeatIonQ posted an adjusted loss of 34 cents per share compared with the Zacks Consensus Estimate of a loss of 26 cents. It delivered a negative earnings surprise of 44.8% for the quarter.  

Revenue Momentum Revenues totaled $64.7 million, up 755% year over year. The top line beat the Zacks Consensus Estimate by 30.2%.

IONQ’s first-quarter revenue strength was supported by an expanding commercial footprint. Management said approximately 60% of revenues came from commercial customers, while international customers accounted for 35%.

The quarter also highlighted IonQ’s push beyond standalone computing. More than one-third of the top-line figure was generated from multi-product sales, reflecting traction across its platform that spans computing, networking, sensing and security.

Margin Gross profit was $15.41 million for the first quarter of 2026, up 374.2% from $3.25 million a year ago. Gross margin contracted 1,913 bps to 23.8%, caused by a 1,041.4% surge in the cost of revenues. 

Sales and marketing expense rose 241.9% year over year to $29.4 million. General and administrative expense increased 272.2% to $88.6 million, while research and development costs climbed 214.7% to $125.7 million.

IONQ reported an operating loss of $271.51 million, wider than the year-ago quarter’s $75.68 million loss.

Profitability Picture Remains Investment-HeavyDespite the top-line beat, profitability metrics reflected continued investment levels. IonQ reported an adjusted EBITDA loss of $96.8 million for the first quarter. Management noted that adjusted EBITDA included costs associated with its commercial relationship with SkyWater, while the transaction remains pending. Excluding the SkyWater spend, the adjusted EBITDA loss would have been $85.0 million.

Financial DetailsIonQ ended the first quarter with substantial financial flexibility. Cash, cash equivalents, and investments totaled $3.1 billion as of March 31, 2026, providing ample capacity to support manufacturing expansion, deployments, and continued R&D and go-to-market investment tied to its quantum platform strategy.

Cumulative net cash used in operating activities reached $151 million in the first quarter compared with $33 million in the year-ago period.

IONQ Raises 2026 Revenue ViewIONQ raised its full-year 2026 revenue outlook to a range of $260-$270 million (from $225-$245 million). The Zacks Consensus Estimate for revenues is currently pegged at $236.9 million. 

IonQ reaffirmed its full-year adjusted EBITDA loss guidance of ($330) million to ($310 million).

The company also provided a second-quarter 2026 revenue view of $65 million to $68 million as it heads into the next phase of platform execution and go-to-market scaling. The Zacks Consensus Estimate for revenues is currently pegged at $55.2 million.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -19.39% due to these changes.

VGM ScoresAt this time, IonQ has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock has a grade of F on the value side, putting it in the fifth quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise IonQ has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry PlayerIonQ is part of the Zacks Computer - Integrated Systems industry. Over the past month, IBM (IBM - Free Report) , a stock from the same industry, has gained 30.5%. The company reported its results for the quarter ended March 2026 more than a month ago.

IBM reported revenues of $15.92 billion in the last reported quarter, representing a year-over-year change of +9.5%. EPS of $1.91 for the same period compares with $1.60 a year ago.

For the current quarter, IBM is expected to post earnings of $2.95 per share, indicating a change of +5.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

IBM has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Let's take a look at what these Wall Street heavyweights have to say about IonQ, Inc. (IONQ - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

IonQ currently has an average brokerage recommendation (ABR) of 1.58, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 12 brokerage firms. An ABR of 1.58 approximates between Strong Buy and Buy.

Of the 12 recommendations that derive the current ABR, eight are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 66.7% and 8.3% of all recommendations.

Brokerage Recommendation Trends for IONQ

Check price target & stock forecast for IonQ here>>>

The ABR suggests buying IonQ, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is IONQ Worth Investing In?Looking at the earnings estimate revisions for IonQ, the Zacks Consensus Estimate for the current year has declined 15.6% over the past month to -$1.04.

Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for IonQ. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, it could be wise to take the Buy-equivalent ABR for IonQ with a grain of salt.

While many crave high-profile IPOs like SpaceX, Anthropic, or OpenAI, you'd be amazed at the gems you can find among smaller issues that came public in recent months. Infleqtion, which started trading in 2/26, is one such stock-market newbie. It's in quantum computing. It uses an approach called "neutral atoms." Philosophically, INFQ is similar to better-known IonQ. But INFQ's use of non-charged atoms, as opposed to IONQ's electrically charged ions, gives INFQ more flexibility.

HomeStock IdeasLong IdeasTech 

SummaryIonQ reported record Q1 FY26 revenues of $65M, raised full-year guidance to $260–270M, and achieved 554% YoY RPO growth to $470M.IONQ’s acquisitions of Oxford Ionics and pending SkyWater Technology position it for exponential scalability, targeting 10,000–20,000 qubits by 2027–2028.With $3B in cash, IONQ is pursuing vertical integration across quantum computing, networking, security, and manufacturing, aiming for a dominant industry lead.Trading at a forward P/S of 79.5 with projected 104% FY25–26 revenue growth, IONQ is viewed as an attractive entry for long-term quantum exposure.PonyWang/iStock via Getty Images

Investment Thesis IonQ (IONQ) is a market leader in the quantum computing industry and leverages trapped-ion technology to build qubits. IonQ reported record revenues of $65 million in Q1 FY26 and raised its full-year guidance

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of IONQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

At $56.69, IonQ (NYSE:IONQ | IONQ Price Prediction) looks fully valued, with a more compelling risk/reward setup emerging only at $50.00 or below.

Quantinuum (QNT 2.08%), formed from the merger of Honeywell's (HON +1.87%) quantum computing division and UK-based Cambridge Quantum, went public at $60 per share on June 4. But as of this writing, its stock trades at about $51. Let's see why this quantum stock fizzled out -- and if it's worth buying as the bulls look the other way.

What does Quantinuum do? Quantinuum, like its chief competitor IonQ (IONQ 0.09%), uses trapped-ion systems to power its quantum systems. Unlike older electron-driven systems, which require cryogenic refrigeration and exhibit high error rates, trapped-ion systems exhibit higher fidelity and don't require refrigeration.

Image source: Getty Images.

Quantinuum and IonQ are scaling their trapped-ion systems in different ways. Quantinuum uses a "shuttling" system that moves individual ions through a grid, while IonQ connects multiple ions via quantum-entangled fiber-optic cables known as photonic links.

Both companies use their own proprietary metrics to gauge their quantum computing power, making direct comparisons difficult. They both market themselves as "full-stack" quantum computing companies that serve the software, hardware, and application markets.

However, Quantinuum tries to lock developers into its own ecosystem through TKET, its proprietary compiler. IonQ supports a wider range of open-source quantum frameworks.

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Why isn't Quantinuum attracting much interest? In 2025, Quantinuum's revenue rose 34% to $30.9 million, but its net loss widened from $144.1 million to $192.6 million. Most of its revenue came from leases, which are highly concentrated and volatile (a single lease accounted for $16.5 million in revenue in 2025). The rest of its revenue mainly comes from its cloud-based quantum computing services.

Over the long term, Quantinuum expects to sell more quantum software to commercial customers in the cybersecurity, chemistry, and materials sciences markets. But at its current market cap of $14.3 billion, it trades at 463 times last year's sales. IonQ, which more than doubled its revenue to $269 million in 2025, is worth $21.2 billion -- or 79 times its trailing sales.

Quantinuum's sky-high valuation made it a tough stock to buy, especially when IonQ was bigger, growing faster, and locking in more high-profile contracts. The market's current obsession with upcoming IPOs such as SpaceX, Anthropic, and OpenAI exacerbated that pressure.

Quantinuum recently drew significant attention when it secured up to $100 million in funding from the Department of Commerce as part of the CHIPS and Science Act. But for now, it's still a speculative quantum stock that simply isn't as attractive as IonQ or the other market leaders.

After a rough stretch, quantum computing stocks are hot once again. Though they've retreated somewhat in the last week, shares of IonQ (IONQ 0.09%), Rigetti Computing (RGTI +3.08%), and D-Wave Quantum (QBTS 1.09%) have gained 50% or more from the end of March.

So, what's going on? And is now the time to buy?

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Quantum computing could prove revolutionary The computer or smartphone that you're likely reading this article on is a classical machine. Every piece of data that it stores and processes is held in binary bits, which can only have two states: 1 or 0. Quantum computers process information using qubits, which eventually land in one of those two states. But during the computational phase, qubits exist in a state of quantum superposition, in which their values are neither 1 nor 0, but probability amplitudes that can be positive or negative. This property allows them to perform calculations in a way that is entirely different from how traditional computers do, and could one day let these machines rapidly solve certain types of extremely complex problems that would take even today's best supercomputers thousands of years. 

And some of the applications could have major implications for cybersecurity and national defense.

The federal government is betting on this, and on May 21, the Department of Commerce announced it was distributing $2 billion in funding to the quantum industry that had been allocated under the CHIPS and Science Act. Nine companies -- including D-Wave and Rigetti -- will receive direct funds in exchange for equity stakes.

Though IonQ wasn't among that group, the news sent quantum computing stocks flying across the board. Bulls took it as proof positive that the technology is real and perhaps ready for prime time.

"Real" and "investable" may be a decade or more apart The truth might be more complicated. As it stands, quantum computing still has a long way to go before it matures into a stable, commercially viable technology.

I see this influx of federal investments as more a validation of the strategic importance of quantum computing than of the technology's maturation. Technology advances in fits and starts, and while there have been exciting developments in this one recently, the players involved are still a long way from turning it into a practical reality.

Image source: Getty Images.

Many researchers in the field think that useful, fault-tolerant quantum computing at scale -- the kind that would justify the current market capitalizations of these quantum computing pure plays -- could be a decade or more away.

These stocks are about as speculative as it gets Even if I'm wrong on the timeline and commercially useful quantum computers are only a few years away, there's a second problem that has nothing to do with the science.

These three companies are some of the most speculative names in the entire market -- all of them trade at extreme valuations. With little revenue and no profits to anchor them, their share prices move almost entirely based on sentiment, which makes them violently sensitive to the mood of the broader market.

Check out their current valuations and basic financials.

MetricIonQD-Wave QuantumRigettiMarket cap$21.2 billion$8.7 billion$6.5 billionPrice-to-sales ratio95.7645.4632.2Revenue (TTM)$187.1 million$12.4 million$10.0 millionEBITDA (TTM)($711.0 million)($386.5 million)($211.6 million) TTM = Trailing 12 months.

When investors' spirits are high, money floods into exactly these kinds of "moonshot" stocks, but when the mood on Wall Street turns -- and it always turns eventually -- the most speculative names are the first ones sold and the hardest hit.

So in a real correction -- whether it's triggered by the AI trade unwinding, a plain old recession, or something else -- companies with steady earnings would take their lumps and move on. Speculative quantum computing names would get absolutely crushed.

The bottom line To be clear, I'm not betting against quantum computing itself. It may well turn out to be one of the defining technologies of the 21st century, and I'd be glad to be proven too cautious. But at today's prices, buyers of these stocks have to pay for optimistic outcomes that may be 10 or 20 years away -- if they come at all.

I wouldn't buy quantum computing pure-play stocks at these levels.

Posted by Defense World Staff on Mar 30th, 2026

SG Americas Securities LLC raised its stake in shares of Fortive Corporation (NYSE:FTV – Free Report) by 116.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 174,386 shares of the technology company’s stock after acquiring an additional 93,896 shares during the quarter. SG Americas Securities LLC owned approximately 0.05% of Fortive worth $9,628,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co. increased its position in shares of Fortive by 48.7% in the 4th quarter. Diversified Trust Co. now owns 17,213 shares of the technology company’s stock worth $950,000 after purchasing an additional 5,641 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Fortive by 3.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 38,427 shares of the technology company’s stock valued at $2,131,000 after purchasing an additional 1,410 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Fortive by 2.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 46,705 shares of the technology company’s stock valued at $2,579,000 after purchasing an additional 1,007 shares in the last quarter. Board of the Pension Protection Fund lifted its position in shares of Fortive by 10.3% during the fourth quarter. Board of the Pension Protection Fund now owns 3,200 shares of the technology company’s stock worth $177,000 after purchasing an additional 300 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its position in shares of Fortive by 2.5% during the fourth quarter. Park Avenue Securities LLC now owns 8,401 shares of the technology company’s stock worth $464,000 after purchasing an additional 208 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In Several analysts recently weighed in on FTV shares. JPMorgan Chase & Co. boosted their price objective on Fortive from $57.00 to $63.00 and gave the company an “underweight” rating in a report on Wednesday, February 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fortive in a report on Monday, December 29th. Zacks Research upgraded Fortive from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. Robert W. Baird set a $65.00 price target on Fortive in a report on Thursday, February 5th. Finally, Mizuho reissued an “underperform” rating and set a $51.00 price target (down from $54.00) on shares of Fortive in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fortive currently has a consensus rating of “Hold” and a consensus price target of $61.23.

View Our Latest Report on Fortive

Fortive Price Performance FTV opened at $53.95 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.71 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $56.34 and its 200 day moving average price is $53.44. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $74.67. The firm has a market cap of $16.61 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 2.91 and a beta of 1.10.

Fortive (NYSE:FTV – Get Free Report) last issued its earnings results on Wednesday, February 4th. The technology company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.09 billion. Fortive had a return on equity of 11.98% and a net margin of 12.48%.Fortive’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.17 earnings per share. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. As a group, sell-side analysts expect that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were given a dividend of $0.06 per share. The ex-dividend date was Friday, March 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. Fortive’s payout ratio is currently 13.87%.

Insider Buying and Selling In other Fortive news, Director Kate Mitchell sold 7,131 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $58.34, for a total value of $416,022.54. Following the sale, the director directly owned 31,775 shares of the company’s stock, valued at $1,853,753.50. This trade represents a 18.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is currently owned by insiders.

Fortive Company Profile (Free Report)

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.

See Also Five stocks we like better than Fortive

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Posted by Defense World Staff on Apr 7th, 2026

Aberdeen Group plc grew its holdings in shares of Fortive Corporation (NYSE:FTV – Free Report) by 12.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 353,520 shares of the technology company’s stock after buying an additional 37,828 shares during the quarter. Aberdeen Group plc owned 0.11% of Fortive worth $19,518,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FTV. Dodge & Cox grew its holdings in shares of Fortive by 28.4% during the third quarter. Dodge & Cox now owns 42,595,794 shares of the technology company’s stock valued at $2,086,768,000 after buying an additional 9,422,189 shares during the last quarter. Viking Global Investors LP grew its holdings in shares of Fortive by 28.7% during the third quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock valued at $1,003,495,000 after buying an additional 4,571,056 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Fortive by 55.2% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,709,913 shares of the technology company’s stock valued at $426,699,000 after buying an additional 3,096,711 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Fortive by 205.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 3,719,200 shares of the technology company’s stock valued at $182,204,000 after buying an additional 2,502,300 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Fortive by 132.8% during the third quarter. Pacer Advisors Inc. now owns 3,222,299 shares of the technology company’s stock valued at $157,860,000 after buying an additional 1,838,120 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Stock Performance Fortive stock opened at $56.74 on Tuesday. The firm’s 50 day simple moving average is $56.49 and its 200 day simple moving average is $53.72. The company has a current ratio of 0.71, a quick ratio of 0.58 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $17.47 billion, a PE ratio of 32.80, a price-to-earnings-growth ratio of 3.03 and a beta of 1.09. Fortive Corporation has a 1-year low of $46.34 and a 1-year high of $74.67.

Fortive (NYSE:FTV – Get Free Report) last posted its earnings results on Wednesday, February 4th. The technology company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.09 billion. Fortive had a net margin of 12.48% and a return on equity of 11.98%. Fortive’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 EPS. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. As a group, analysts expect that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, March 13th. Fortive’s payout ratio is currently 13.87%.

Insider Buying and Selling In other Fortive news, Director Kate Mitchell sold 7,131 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $58.34, for a total value of $416,022.54. Following the completion of the transaction, the director owned 31,775 shares of the company’s stock, valued at $1,853,753.50. The trade was a 18.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes A number of research firms recently weighed in on FTV. Citigroup raised their price target on shares of Fortive from $59.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Barclays raised their price target on shares of Fortive from $56.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday, February 9th. Robert W. Baird set a $65.00 price target on shares of Fortive in a report on Thursday, February 5th. Zacks Research upgraded shares of Fortive from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Mizuho restated an “underperform” rating and set a $51.00 price target (down from $54.00) on shares of Fortive in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.69.

Read Our Latest Research Report on Fortive

About Fortive (Free Report)

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.

Featured Articles Five stocks we like better than Fortive Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corporation (NYSE:FTV – Free Report).

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NEW YORK--(BUSINESS WIRE)--CD&R (or the “Firm”) today announced that Jim Lico, former President and Chief Executive Officer of Fortive Corporation (NYSE: FTV), a diversified industrial growth company, has been engaged as an Operating Advisor to CD&R funds. Jim will work with the Firm’s industrials team to help source new investments and advise the funds’ industrials businesses.

Jim served as founding President and CEO of Fortive from 2016 to 2025, leading the company's separation from Danaher Corporation (NYSE: DHR), growing its market capitalization from $16 billion to $25 billion and delivering safety and productivity solutions across the industrial and healthcare sectors. During his tenure, Fortive delivered strong financial results — generating annual revenues exceeding $6 billion — while executing a disciplined portfolio strategy that included the separation of Ralliant Corporation (NYSE: RAL) to sharpen the company’s focus on its core markets.

"We are pleased to have Jim engaged as an Operating Advisor to CD&R funds. Jim has spent nearly three decades building and running leading global technology and industrial businesses and brings deep operational and strategic experience across key sectors that are important to our investment footprint and strategy,” said CD&R CEO Nate Sleeper.

Prior to Fortive, Jim spent two decades at Danaher in senior leadership roles, most recently as Operational Executive Vice President. He held broad operating responsibility across multiple business units, led the Danaher Business System office and played an instrumental role in expanding the company’s presence in Asia and the Middle East. Earlier in his career, Jim held senior positions at AlliedSignal and General Motors (NYSE: GM).

“CD&R has built a distinctive model, one that pairs rigorous investment discipline with genuine operating partnership,” said Jim. “I believe that approach creates real value, and I look forward to contributing to the next phase of growth for the Firm’s portfolio companies.”

Jim currently sits on the boards of DuPont (NYSE: DD), Fred Hutch and PTC (NASDAQ: PTC). He holds a B.S. from the University of Michigan-Dearborn and an M.M. in General Management from Northwestern University – Kellogg School of Management.

About CD&R

Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

Analysts on Wall Street project that Fortive (FTV - Free Report) will announce quarterly earnings of $0.64 per share in its forthcoming report, representing a decline of 24.7% year over year. Revenues are projected to reach $1.03 billion, declining 29.9% from the same quarter last year.

The current level reflects an upward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Bearing this in mind, let's now explore the average estimates of specific Fortive metrics that are commonly monitored and projected by Wall Street analysts.

Based on the collective assessment of analysts, 'Sales- Advanced Healthcare Solutions' should arrive at $312.92 million. The estimate suggests a change of +3.6% year over year.

The collective assessment of analysts points to an estimated 'Sales- Intelligent Operating Solutions' of $728.82 million. The estimate suggests a change of +8.6% year over year.

It is projected by analysts that the 'Operating Profit- Intelligent Operating Solutions' will reach $189.56 million. Compared to the current estimate, the company reported $173.70 million in the same quarter of the previous year.

Analysts predict that the 'Operating Profit- Advanced Healthcare Solutions' will reach $22.91 million. Compared to the current estimate, the company reported $26.30 million in the same quarter of the previous year.

Analysts' assessment points toward 'Adjusted Operating Profit (Non-GAAP)- Advanced Healthcare Solutions' reaching $71.41 million. Compared to the present estimate, the company reported $70.90 million in the same quarter last year.

The consensus among analysts is that 'Adjusted Operating Profit (Non-GAAP)- Intelligent Operating Solutions' will reach $245.93 million. The estimate compares to the year-ago value of $223.70 million.

View all Key Company Metrics for Fortive here>>>

Over the past month, shares of Fortive have returned +11.7% versus the Zacks S&P 500 composite's +12.2% change. Currently, FTV carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) today announced financial results for the first quarter of 2026.

“Q1 represented a strong start to the year and another quarter of solid execution by our team. We delivered core revenue growth of ~5%, adjusted EBITDA growth of ~13%, and adjusted EPS growth of ~25%. This solid performance reflects underlying strength in demand for our market-leading products, encouraging progress in the execution of our Fortive Accelerated strategy, and a continued focus on financial discipline and Fortive Business System (FBS) operational rigor. We continued to deliver on our commitment to disciplined capital allocation by completing an additional ~$500 million of share repurchases in the quarter, bringing our total buybacks in the three quarters since launching new Fortive to ~$1.8 billion,” said Olumide Soroye, President and CEO.

“Looking ahead, we are reaffirming our full-year 2026 adjusted EPS guidance range of $2.90 to $3.00, and we are currently trending toward the upper half of the range. We are encouraged by early progress on all three pillars of our Fortive Accelerated strategy: profitable organic growth acceleration powered by FBS Amplified, disciplined capital allocation with a focus on best relative returns, and a commitment to building and maintaining investor trust. We remain firmly on track to deliver on our medium-term financial framework and our progress to date boosts our excitement about the significant shareholder value creation opportunity in front of us,” Mr. Soroye concluded.

Financial Highlights for First Quarter 2026, Continuing Operations

Revenue of $1.07 billion, up 7.7% year-over-year; core revenue up 5.3% GAAP net earnings of $136 million, up 21.1% year-over-year, GAAP net earnings margin of 12.8%; adjusted EBITDA of $314 million, up 13.2% year-over-year, adjusted EBITDA margin of 29.3% GAAP diluted net EPS of $0.44, up 33.3% year-over-year; adjusted diluted net EPS of $0.70, up 25.4% year-over-year GAAP operating cash flow of $220 million; Free Cash Flow of $194 million Deployed ~$500 million towards share repurchases FY 2026 Guidance

For FY 2026, Fortive continues to expect adjusted diluted net earnings per share of $2.90 to $3.00.

Summary Financial Results, Continuing Operations

Fortive Continuing Operations

Q1-26

Q1-25

Variance

Revenue

$1,069M

$993M

7.7% / 5.3% (reported / core)

GAAP Net Earnings

$136M

$113M

21.1%

GAAP Net Earnings margin

12.8%

11.3%

150 bps

Adj. EBITDA

$314M

$277M

13.2%

Adj. EBITDA margin

29.3%

27.9%

140 bps

GAAP diluted net earnings per share

$0.44

$0.33

33.3%

Adj. diluted net earnings per share

$0.70

$0.55

25.4%

GAAP Operating cash flow

$220M

$192M

14.9%

Free cash flow

$194M

$171M

13.5%

Percentages presented may not recalculate based on the amounts shown due to rounding.

Summary Financial Results by Segment, Continuing Operations

Intelligent Operating Solutions

Q1-26

Q1-25

Variance

Revenue

$743M

$691M

7.6% / 5.2% (reported / core)

GAAP Operating profit

$186M

$175M

6.6%

GAAP Operating margin

25.1%

25.3%

(20) bps

Adj. EBITDA

$255M

$236M

8.0%

Adj. EBITDA margin

34.3%

34.2%

10 bps

Advanced Healthcare Solutions

Q1-26

Q1-25

Variance

Revenue

$326M

$302M

7.9% / 5.8% (reported / core)

GAAP Operating profit

$33M

$22M

50.7%

GAAP Operating margin

10.0%

7.2%

280 bps

Adj. EBITDA

$84M

$71M

17.7%

Adj. EBITDA margin

25.7%

23.6%

210 bps

PRECISION TECHNOLOGIES SEPARATION

On June 28, 2025 (the “Distribution Date”), the Company completed the separation (the “Separation” or the “PT Separation”) of its former Precision Technologies segment by distributing to Fortive shareholders on a pro rata basis all of the issued and outstanding common stock of Ralliant Corporation (“Ralliant”), the entity incorporated to hold the PT businesses. The requirements for reporting the Ralliant business as discontinued operations were met upon completion of the PT Separation. Unless otherwise indicated, all amounts herein refer to continuing operations.

CONFERENCE CALL DETAILS

Fortive will discuss results and outlook during its quarterly investor conference call today starting at 12:00 p.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Fortive’s website, www.fortive.com, under “News & Events.” A replay of the webcast will be available at the same location shortly after the conclusion of the presentation.

The conference call can be accessed by dialing 877-407-3110 within the U.S. or by dialing +1 215-268-9915 outside the U.S. a few minutes before 12:00 p.m. ET and notifying the operator that you are dialing in for Fortive’s earnings conference call. You can access a replay of the conference call on the “Investors” section of Fortive’s website, www.fortive.com, under “News & Events.”

ABOUT FORTIVE

Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.

NON-GAAP FINANCIAL MEASURES

In addition to the financial measures prepared in accordance with United States generally accepted accounting principles (GAAP), this earnings release also references “adjusted net earnings,” “adjusted diluted net earnings per share,” “adjusted EBITDA,” “adjusted EBITDA margin,” “free cash flow,” and “core revenue growth,” which are non-GAAP financial measures. The reasons why we believe these measures, when used in conjunction with the GAAP financial measures, provide useful information to investors, how management uses such non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached. The non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures, but should instead be read in conjunction with the GAAP financial measures. The non-GAAP financial measures used by Fortive in this release may be different from similarly-titled non-GAAP measures used by other companies. With respect to forward-looking non-GAAP measures, we have not reconciled with, or presented, corresponding forward-looking GAAP measures since doing so would require us to make assumptions with precision about acquisitions, currency translations, capital and other expenses and other similar adjustments during the future periods.

FORWARD-LOOKING STATEMENTS

Statements in this presentation that are not strictly historical, including statements regarding anticipated financial results, industry trends, the ability to execute the planned strategies, future prospects, shareholder value, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” “target,” or “will” or other words of similar meaning, are “forward-looking statements" within the meaning of the United States federal securities laws. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: deterioration of or instability in the economy, the markets we serve, international trade policies and deteriorating trade relations with other countries, including imposition of tariffs and retaliatory tariffs between United States and China and other countries, responsive economic nationalism, trade restrictions, and enhanced regulation, impact of any prolonged government shutdown, the financial markets, geopolitical conditions and conflicts including in the Middle East and in Ukraine, security breaches, data exfiltration, or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to manage leadership transitions and recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions or otherwise effectively deploy our capital, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our separation into two independent, publicly-traded companies, risk related to tax treatment of our prior separations, impact of our indemnification obligation to Ralliant and Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the subsequent quarters. These forward-looking statements speak only as of the date of this presentation, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)

  Three Months Ended

April 3, 2026

March 28, 2025

Sales

1,069.4

993.1

Cost of sales

(393.9

)

(355.6

)

Gross profit

675.5

637.5

Operating costs:

Selling, general and administrative

(417.3

)

(408.2

)

Research and development

(66.5

)

(64.0

)

Operating profit

191.7

165.3

Non-operating income (expense), net:

Interest expense, net

(31.6

)

(32.0

)

Other non-operating income, net

3.5

0.4

Earnings from continuing operations before income taxes

163.6

133.7

Income taxes

(27.2

)

(21.1

)

Net earnings from continuing operations

136.4

112.6

Net earnings from discontinued operations

—

59.3

Net earnings

$

136.4

$

171.9

Net earnings per common share from continuing operations:

Basic

$

0.44

$

0.33

Diluted

$

0.44

$

0.33

Net earnings per common share from discontinued operations:

Basic

$

—

$

0.17

Diluted

$

—

$

0.17

Net earnings per share:

Basic

$

0.44

$

0.50

Diluted

$

0.44

$

0.50

Average common stock and common equivalent shares outstanding:

Basic

309.6

341.1

Diluted

312.8

344.6

  This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).

  FORTIVE CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION

($ in millions)

(unaudited)

  Three Months Ended

April 3, 2026

March 28, 2025

Sales:

Intelligent Operating Solutions

$

743.2

$

690.9

Advanced Healthcare Solutions

326.2

302.2

Total

$

1,069.4

$

993.1

Operating Profit:

Intelligent Operating Solutions

$

186.2

$

174.6

Advanced Healthcare Solutions

32.7

21.7

Other (a)

(27.2

)

(31.0

)

Total

$

191.7

$

165.3

Operating Margins:

Intelligent Operating Solutions

25.1 %

25.3 %

Advanced Healthcare Solutions

10.0 %

7.2 %

Total

17.9 %

16.6 %

(a) Operating profit amounts in the Other category consist of unallocated corporate costs and other costs not considered part of our evaluation of reportable segment operating performance.

This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).

FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

($ and shares in millions, except per share amounts)

  As of

April 3, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and equivalents

$

356.1

$

375.5

Accounts receivable less allowance for doubtful accounts of $18.4 and $18.8, respectively

647.0

683.6

Inventories:

Finished goods

175.0

169.9

Work in process

13.9

12.3

Raw materials

116.6

109.6

Inventories

305.5

291.8

Prepaid expenses and other current assets

233.8

234.0

Current assets, discontinued operations

4.8

20.8

Total current assets

1,547.2

1,605.7

Property, plant and equipment, net of accumulated depreciation of $447.0 and $430.2, respectively

276.3

269.8

Other assets

378.6

375.5

Goodwill

7,288.5

7,298.3

Other intangible assets, net

2,093.5

2,188.4

Total assets

$

11,584.1

$

11,737.7

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

$

899.8

$

899.5

Trade accounts payable

415.9

436.4

Accrued expenses and other current liabilities

869.6

910.7

Total current liabilities

2,185.3

2,246.6

Other long-term liabilities

718.1

723.5

Long-term debt

2,589.3

2,306.5

Equity:

Common stock: $0.01 par value, 2,000 shares authorized; 371.3 and 366.6 issued; 305.6 and 313.4 outstanding; respectively

3.7

3.7

Additional paid-in capital

4,225.7

4,210.0

Treasury shares, at cost

(3,734.3

)

(3,229.8

)

Retained earnings

5,546.5

5,428.5

Accumulated other comprehensive income (loss)

41.5

41.0

Total Fortive stockholders’ equity

6,083.1

6,453.4

Noncontrolling interests

8.3

7.7

Total stockholders’ equity

6,091.4

6,461.1

Total liabilities and equity

$

11,584.1

$

11,737.7

  This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).

  FORTIVE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)

(unaudited)

Three Months Ended

April 3, 2026

March 28, 2025

Cash flows from operating activities:

Net earnings

$

136.4

$

171.9

Less: net earnings from discontinued operations

—

(59.3

)

Net earnings from continuing operations

136.4

112.6

Adjustments to reconcile net earnings to net cash provided by operating activities:

Amortization

93.2

91.2

Depreciation

20.4

16.8

Stock-based compensation

21.3

23.4

Change in certain assets and liabilities:

Change in accounts receivable, net

34.8

25.9

Change in inventories

(14.8

)

(12.7

)

Change in trade accounts payable

(19.8

)

5.2

Change in prepaid expenses and other assets

(4.4

)

(15.4

)

Change in accrued expenses and other liabilities

(46.7

)

(55.2

)

Total operating cash provided by continuing operations

220.4

191.8

Total operating cash provided by discontinued operations

14.4

49.9

Net cash provided by operating activities

234.8

241.7

Cash flows from investing activities:

Purchases of property, plant and equipment

(26.6

)

(21.1

)

All other investing activities

(0.1

)

(1.0

)

Total investing cash used in continuing operations

(26.7

)

(22.1

)

Total investing cash used in discontinued operations

—

(4.1

)

Net cash used in investing activities

(26.7

)

(26.2

)

Cash flows from financing activities:

Net proceeds from commercial paper borrowings

591.7

80.7

Repurchase of common shares

(500.2

)

(202.6

)

Payment of dividends

(18.4

)

(27.2

)

Repayment of borrowings (maturities greater than 90 days)

(292.9

)

—

All other financing activities

(8.7

)

8.1

Total financing cash used in continuing operations

(228.5

)

(141.0

)

Total financing cash used in discontinued operations

—

—

Net cash used in financing activities

(228.5

)

(141.0

)

Effect of exchange rate changes on cash and equivalents

1.0

4.3

Net change in cash and equivalents

(19.4

)

78.8

Beginning balance of cash and equivalents

375.5

813.3

Ending balance of cash and equivalents

$

356.1

$

892.1

  This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).

FORTIVE CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AND OTHER INFORMATION

Management believes that each of the non-GAAP financial measures described below provide useful information to investors by reflecting additional ways of viewing aspects of our operations that, when reconciled to the corresponding GAAP measure, help our investors to understand the long-term profitability trends of our business, and facilitate comparisons of our operational performance and profitability to prior and future periods and to our peers.

The information presented below reflect GAAP to non-GAAP reconciliations for the non-GAAP measures of Fortive on a continuing operations basis.

These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Adjusted Net Earnings, Adjusted Diluted Net Earnings per Share, Adjusted EBITDA, and Adjusted EBITDA Margin

We disclose the consolidated non-GAAP measures of adjusted net earnings, adjusted diluted net earnings per share, and the non-GAAP measures of adjusted earnings before income taxes, interest, depreciation, and amortization (“adjusted EBITDA”), and adjusted EBITDA margin, which to the extent applicable, make the following adjustments to GAAP net earnings, and GAAP diluted net earnings per share:

Excluding on a pretax basis amortization of acquisition related intangible assets; Excluding on a pretax basis acquisition, divestiture, and Separation related items; Excluding on a pretax basis the costs incurred pursuant to discrete restructuring plans that are fundamentally different from ongoing productivity improvements in terms of the size, strategic nature, planning requirements and the inconsistent frequency of such plans as well as the associated macroeconomic drivers which underlie such plans (the “Discrete Restructuring Charges”); Excluding on a pretax basis the effect of foreign currency transaction gains and losses related to Euro-denominated debt; In addition to the adjustments noted above, with respect to the consolidated non-GAAP measures of adjusted EBITDA and adjusted EBITDA margin, we make the following adjustments to GAAP net earnings before income taxes:

Excluding on a pretax basis net interest expense; Excluding on a pretax basis depreciation expense; and Excluding income taxes. In addition to the adjustments noted above, with respect to the non-GAAP measures of adjusted net earnings and adjusted diluted net earnings per share, we make the following adjustments to GAAP net earnings and GAAP diluted net earnings per share:

Excluding the tax effect (to the extent tax deductible) of the pretax adjustments noted above. The tax effect of such adjustments was calculated by applying our overall estimated effective tax rate to the pretax amount of each adjustment (unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment). We also disclose for each segment of Fortive, the non-GAAP measures of adjusted EBITDA and adjusted EBITDA margin, which to the extent applicable, make the following adjustments to GAAP operating profit for the corresponding segment, which is deemed to be the most comparable GAAP measure given interest and taxes are not incurred at the segment level:

Excluding on a pretax basis amortization of acquisition related intangible assets; Excluding on a pretax basis acquisition and divestiture related items; Excluding on a pretax basis Discrete Restructuring Charges; and Excluding on a pretax basis depreciation expense. Amortization of Acquisition Related Intangible Assets

As a result of our acquisition activity, we have significant amortization expense associated with definite-lived intangible assets. We adjust for amortization expense of acquisition related intangible assets incurred in each period, and impairment charges incurred, if any. We believe that this adjustment provides our investors with additional insight into our operational performance and profitability as such impacts are not related to our core business performance.

Acquisition, Divestiture, and Separation Related Items

While we have a history of acquisition and divestiture activity, we do not acquire and divest businesses or assets on a predictable cycle. The amount of an acquisition’s purchase price allocated to inventory fair value adjustments are unique to each acquisition and can vary significantly from acquisition to acquisition. In addition, transaction costs, which include acquisition, divestiture, integration, restructuring, and separation costs related to completed or announced transactions are unique to each transaction and are impacted from period to period depending on the number of acquisitions or divestitures evaluated, pending, or completed during such period, and the complexity of such transactions. We adjust for transaction costs, incremental costs related to the Separation, integration costs and corresponding restructuring charges related to acquisitions, in each case, incurred in a given period. Restructuring costs related to the Separation are not included in this adjustment but are instead included in Discrete Restructuring Costs.

Discrete Restructuring Costs

We will exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements that result from application of the Fortive Business System or from execution of general cost saving strategies. These discrete restructuring plans differ in terms of the size, strategic nature and planning requirements, and are often triggered by significant macroeconomic shifts, significant divestitures such as the Separation, or material operational, economic or capital market disruptions. Because these restructuring plans will be incremental to the fundamental activities that arise in the ordinary course of our business and we believe are not indicative of our ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Restructuring costs related primarily to an acquisition as opposed to dispositions are not included in this adjustment but are instead included in acquisition related items. In the fourth quarter of 2024, we initiated a discrete restructuring plan related to the Separation that is expected to be completed by the second half of 2026.

Foreign Currency Transaction Gains and Losses Related to Euro-denominated Debt

We adjust for the effect of unrealized foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt that are not designated as hedging instruments for accounting purpose. As the fluctuations in foreign currency exchange rates continue to remain volatile, we believe this adjustment facilitates comparison of our performance with prior and future periods and provides our investors with additional insight into our operational performance.

Core Revenue Growth

We use the term “core revenue growth” when referring to a corresponding year-over-year GAAP revenue measure, excluding (1) the impact from acquired or divested businesses and (2) the impact of foreign currency translation. References to sales attributable to acquisitions or acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested businesses or product lines that have been divested or, at the time of reporting, are pending divestiture but are not, and will not be, considered discontinued operations prior to the first anniversary of the divestiture. The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales impact from acquired businesses) and (b) the period-to-period change in sales (excluding sales impact from acquired businesses) after applying the current period foreign exchange rates to the prior year period. This non-GAAP measure should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

Management believes that this non-GAAP measure provides useful information to investors by helping identify underlying growth trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers. We exclude the effect of acquisition and divestiture-related items because the nature, size and number of such transactions can vary dramatically from period to period and between us and our peers. We exclude the effect of currency translation from sales measures because currency translation is not under management’s control and is subject to volatility. We believe that such exclusions, when presented with the corresponding GAAP measures, may assist in assessing the business trends and making comparisons of long-term performance.

Free Cash Flow

We use the term “free cash flow” when referring to net cash provided by operating activities calculated according to GAAP less payments for capital expenditures.

Management believes that such non-GAAP measure provides useful information to investors in assessing our ability to generate cash without external financing, fund acquisitions and other investments and, in the absence of refinancing, repay our debt obligations. However, it should be noted that free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that we have committed to, such as debt service requirements and other non-discretionary expenditures. Such non-GAAP measure should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

Core Revenue Growth (unaudited)

Three Months Ended

April 3, 2026

Intelligent Operating Solutions

Advanced Healthcare Solutions

Total Fortive

Total Revenue Growth (GAAP)

7.6 %

7.9 %

7.7 %

Excluding impact of:

Acquisitions and divestitures

0.1 %

— %

— %

Currency exchange rates

(2.5)%

(2.1)%

(2.4)%

Core Revenue Growth (Non-GAAP)

5.2 %

5.8 %

5.3 %

  Adjusted EBITDA and Adjusted EBITDA Margin from Continuing Operations (unaudited)

Three Months Ended

$ in millions

April 3, 2026

March 28, 2025

Revenue (GAAP)

$

1,069.4

$

993.1

Net Earnings from Continuing Operations (GAAP)

$

136.4

$

112.6

Interest expense, net

31.6

32.0

Income taxes

27.2

21.1

Depreciation

20.4

16.8

Amortization

93.2

91.2

EBITDA (Non-GAAP)

308.8

273.7

Pretax acquisition, divestiture, and Separation related items (a)

1.9

—

Pretax discrete restructuring charges

6.3

3.4

Pretax foreign currency transaction (gains) and losses related to Euro-denominated debt

(3.3

)

—

Adjusted EBITDA (Non-GAAP)

$

313.7

$

277.1

Net Earnings Margin from Continuing Operations (GAAP)

12.8 %

11.3 %

Adjusted EBITDA Margin (Non-GAAP)

29.3 %

27.9 %

(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Net earnings from continuing operations.

Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin (unaudited)

Three Months Ended April 3, 2026

Three Months Ended March 28, 2025

$ in millions

Intelligent Operating Solutions

Advanced Healthcare Solutions

Intelligent Operating Solutions

Advanced Healthcare Solutions

Revenue (GAAP)

$

743.2

$

326.2

$

690.9

$

302.2

Operating Profit (GAAP)

$

186.2

$

32.7

$

174.6

$

21.7

Amortization of acquisition-related intangible assets

47.7

45.5

46.6

44.6

Acquisition, divestiture, and Separation related items (a)

0.5

—

—

—

Discrete restructuring charges

6.0

0.3

3.4

—

Adjusted Operating Profit (Non-GAAP)

240.4

78.5

224.6

66.3

Depreciation

14.7

5.3

11.6

4.9

Adjusted EBITDA (Non-GAAP)

$

255.1

$

83.8

$

236.2

$

71.2

Operating Profit Margin (GAAP)

25.1

%

10.0

%

25.3

%

7.2

%

Adjusted Operating Profit Margin (Non-GAAP)

32.3

%

24.1

%

32.5

%

21.9

%

Adjusted EBITDA Margin (Non-GAAP)

34.3

%

25.7

%

34.2

%

23.6

%

(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Operating profit.

Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share from Continuing Operations (unaudited)

Three Months Ended

($ in millions, except per share amounts)

April 3, 2026

March 28, 2025

Per share values

Per share values

Net Earnings and Net Earnings Per Share from Continuing Operations (GAAP)

$

136.4

$

0.44

$

112.6

$

0.33

Pretax amortization of acquisition related intangible assets

93.2

0.30

91.2

0.26

Pretax acquisition, divestiture, and Separation related items (a)

1.9

0.01

—

—

Pretax discrete restructuring charges

6.3

0.02

3.4

0.01

Pretax foreign currency transaction (gains) and losses related to Euro-denominated debt

(3.3

)

(0.01

)

—

—

Tax effect of the adjustments reflected above

(17.0

)

(0.06

)

(16.1

)

(0.05

)

Adjusted Net Earnings and Adjusted Net Earnings Per Share from Continuing Operations (Non-GAAP)

$

217.5

$

0.70

$

191.1

$

0.55

Average Common Diluted Stock Outstanding (shares in millions)

312.8

344.6

(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Net earnings from continuing operations.

Percentages presented elsewhere may not recalculate based on the amounts shown due to rounding.

Free Cash Flow from Continuing Operations - Trailing Twelve Months (unaudited)

Three Months Ended

Trailing Twelve
Months

($ in millions)

April 3, 2026

December 31, 2025

September 26, 2025

June 27, 2025

Operating Cash Flows from Continuing Operations (GAAP)

$

220.4

$

344.2

$

294.7

$

205.0

$

1,064.3

Less: Purchases of property, plant & equipment (capital expenditures) (GAAP)

(26.6

)

(30.4

)

(28.6

)

(25.0

)

(110.6

)

Free Cash Flow (Non-GAAP)

$

193.8

$

313.8

$

266.1

$

180.0

$

953.7

Three Months Ended

Trailing Twelve
Months

($ in millions)

March 28, 2025

December 31, 2024

September 27, 2024

June 28, 2024

Operating Cash Flows from Continuing Operations (GAAP)

$

191.8

$

327.7

$

304.7

$

217.5

$

1,041.7

Less: Purchases of property, plant & equipment (capital expenditures) (GAAP)

(21.1

)

(22.6

)

(21.6

)

(19.6

)

(84.9

)

Free Cash Flow (Non-GAAP)

$

170.7

$

305.1

$

283.1

$

197.9

$

956.8

Key Takeaways Fortive reported Q1 EPS of 70 cents, beating estimates and rising 25.4% year over year.FTV revenues rose 7.7% to $1.07B, driven by strength across both operating segments.FTV saw margin expansion and continued buybacks, with $1.8B repurchased since strategy launch. Fortive Corporation (FTV - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 70 cents from continuing operations, which surpassed the Zacks Consensus Estimate of 64 cents. The bottom line increased 25.4% year over year.

Revenues increased 7.7% year over year to $1069.4 million. The top line beat the Zacks Consensus Estimate by 3.8%. Core revenues jumped 5.3%.

After the announcement, Fortive’s shares jumped around 1.5% in the pre-market trading session today. The stock has gained 24.2% in the past year compared with the Zacks Electronics - Testing Equipment industry's growth of 35.1%.

Image Source: Zacks Investment Research

Management stated that the company’s strong performance reflects robust demand for its market-leading products, steady progress in executing the Fortive Accelerated strategy and a continued focus on financial discipline supported by the operational rigor of the Fortive Business System (FBS). It added that the company remained committed to disciplined capital allocation, completing approximately $500 million in additional share repurchases during the quarter, bringing total buybacks to around $1.8 billion over the three quarters since the launch of the new Fortive.

Top Line in DetailFortive operates under the following two organized segments:

Intelligent Operating Solutions: The segment generated revenues of $743.2 million (contributing 69.5% to total revenues), which increased 7.6% on a year-over-year basis.

Advanced Healthcare Solutions: This segment registered revenues of $326.2 million (30.5%), up 7.9% year over year.

Operating DetailsIn the reported quarter, adjusted gross profit increased 5.8% to $676.3 million on a year-over-year basis.

Adjusted operating margin was 27.4%, which expanded 120 basis points (bps) on a year-over-year basis.

Segment-wise, the adjusted operating margins of Intelligent Operating Solutions were 32.3%, contracting 20 bps year over year.

Adjusted operating margins of Advanced Healthcare Solutions were 24.1%, up 220 bps.

Balance Sheet & Cash FlowAs of April 3, 2026, cash and cash equivalents were $356.1 million compared with $375.5 million as of Dec. 31, 2025.

FTV generated an operating cash flow of $220.4 million for the first quarter compared with $344.2 million in the previous quarter. Non-GAAP free cash flow was $193.8 million compared with $313.8 million in the prior quarter.

Fortive’s OutlookFor full-year 2026, Fortive still expects adjusted earnings per share in the range of $2.90-$3.00.

Management highlighted that it is currently trending toward the upper half of its guidance. Management expressed confidence in the early progress made across the three pillars of its Fortive Accelerated strategy, driving profitable organic growth through FBS Amplified, maintaining disciplined capital allocation with a focus on achieving the best relative returns, and reinforcing its commitment to building and sustaining investor trust. The company remains firmly on track to meet its medium-term financial framework, and the progress achieved so far strengthens its optimism about the meaningful shareholder value creation opportunity.

Zacks Rank

Currently, Fortive has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Performance of Other FirmsBadger Meter, Inc. (BMI - Free Report) reported EPS of 93 cents for first-quarter 2026, which missed the Zacks Consensus Estimate by 22.5%. The bottom line compared unfavorably with the year-ago quarter’s EPS of $1.30.

Quarterly net sales were $202.3 million, down 9% from $222.2 million in the year-ago quarter due to delayed project deployments and weaker-than-expected short-cycle order activity. The Zacks Consensus Estimate was pegged at $230.1 million.

SAP SE (SAP - Free Report) reported first-quarter 2026 non-IFRS EPS of €1.72 ($2.01), which increased 20% from the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.92.

Driven by momentum in the cloud business, SAP reported total revenues on a non-IFRS basis of €9.56 billion ($11.2 billion), which increased 6% year over year (up 12% at constant currency or cc). The Zacks Consensus Estimate was pegged at $11.3 billion.

Sensata Technologies Holding plc (ST - Free Report) reported first-quarter 2026 adjusted EPS of 86 cents, up from 78 cents a year ago. The bottom line beat the Zacks Consensus Estimate by 2.4%.

Revenues for the quarter reached $934.8 million, up 2.6% from a year ago. The figure came near to the upper end of management’s expectations ($917-$937 million) and beat the consensus estimate by 0.7%. Strength Aerospace, Defense and Commercial Equipment segments drove the top-line performance.