Teledyne Technologies Inc
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+ FollowMarket Cap$30.51B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Record performance + guidance raised again (strong “good” headline)
- Teledyne reported Q3 sales and operating earnings the strongest in company history; back-to-back confidence with guidance increases for a 3rd straight quarter.
- 2026 full-year guidance raised:
- Sales: $6.625B (was $6.37B in January) ⇒ +8.3% YoY (vs earlier +4.2% plan).
- Non-GAAP EPS: $25.45 (was $23.65) ⇒ +~8% vs January, and +16% YoY vs last year.
- Execution/outlook framing: growth described as balanced across defense and commercial, backed by growing backlog and operating discipline.
Backlog visibility is strong (and supports 2027 delivery), but not unlimited
- Total backlog: $5.3B, with orders exceeding sales for 12 consecutive quarters.
- Revenue conversion visibility: ~72% of backlog expected to be recognized within the next 12 months (management notes this is roughly half of 2026 revenue).
- Book-to-bill: company-level described as supportive; in at least one segment (Instrumentation) book-to-bill ~1.07x, and overall confidence is tied to backlog quality rather than “easy comps.”
- Unmanned/space concern specifically addressed: management said Q3-to-Q4 orders don’t show unusual budget-driven purchasing behavior and they don’t expect disruption for 2027 even with potential US budget reconciliation uncertainty.
Segment highlights: Digital Imaging acceleration + improving margins (core opportunity)
- Digital Imaging (key driver): +14.3% organic Q3, led by infrared detectors/systems for space and unmanned.
- Infrared detectors for space-based imaging: +25%+ YoY.
- Infrared subsystems/cameras for unmanned air and maritime: also strong.
- Book-to-bill for Digital Imaging: about 1.22x (legacy + FLIR combined), described as broad-based across major commercial end markets.
- Margin improvement: Digital Imaging non-GAAP operating margin +376 bps to 25.4% YoY.
- Management expects continued margin lift: previously guided to ~+150 bps; now implies ~+225 bps margin growth for the full year.
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$517.79
18.1% downside
Current Fair Value
18.1% downsideOvervalued by 18.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $30.51 Billion |
|---|---|
| Enterprise Value | $31.98 Billion |
| Earnings per Share | $18.88 |
| Beta | 0.9 |
| Outstanding Shares | 46,900,000 |
Return
| Return on Equity | 9.22% |
|---|---|
| Return on Assets | 6.60% |
| Return on Invested Capital | 9.31% |
Valuation & Multiples
| P/E Ratio | 30.08 |
|---|---|
| PEG | 127.44 |
| Price to Sales | 4.55 |
| Price to Book Ratio | 2.67 |
| Enterprise Value to Revenue | 4.9 |
| Enterprise Value to EBIT | 24.45 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 0.18 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$6.16
Consensus analyst estimateRevenue Estimate
$1.65 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 20, 2027
EPS Estimate
$6.68
Consensus analyst estimateRevenue Estimate
$1.72 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 77.17% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.78%▼ 94.33% |
|---|---|
| Total Invested | $783.00M▼ 97.41% |
| Investors Holding | 278▼ 625.00% |
About Teledyne Technologies Inc
11,790 employees
CEO: Aldo Pichelli
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne's operations are primarily located in the United Sta...