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Teledyne Technologies
(NYSE:TDY)
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Rating:76Outperform
Price Target:
$701.00
▲(11.82% Upside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by strong financial fundamentals (durable margins, improving leverage, and solid free-cash-flow generation) and a notably upbeat earnings call featuring repeated guidance raises and strong backlog/order trends. Offsetting these positives are a mixed technical picture (below longer-term moving averages) and a relatively rich valuation (P/E ~30) without dividend yield support.
Positive Factors
Strong backlog and order momentum
A $5.3 billion funded backlog and orders exceeding sales for 12 consecutive quarters provide durable revenue visibility. With about 72% of backlog expected to convert within 12 months, this supports planning confidence, capacity utilization, and continued sales momentum.
Negative Factors
Weakness in electronic test and measurement
The decline in electronic test and measurement sales exposes a weaker portion of the portfolio and may weigh on near-term segment growth. Management also does not expect the segment to return to 2025 margins in the fourth quarter, limiting consolidated margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong backlog and order momentum
A $5.3 billion funded backlog and orders exceeding sales for 12 consecutive quarters provide durable revenue visibility. With about 72% of backlog expected to convert within 12 months, this supports planning confidence, capacity utilization, and continued sales momentum.
Read all positive factors
Teledyne Technologies Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Profit produced by each of Teledyne’s business units, revealing which segments drive overall earnings and which are dragging margins. Helps investors see where management is most efficient, where capital and cost control are working, and which parts of the company are most exposed to cyclicality or margin pressure.
Profit produced by each of Teledyne’s business units, revealing which segments drive overall earnings and which are dragging margins. Helps investors see where management is most efficient, where capital and cost control are working, and which parts of the company are most exposed to cyclicality or margin pressure.
Data provided by:
The Fly
The FlyTeledyne Technologies (TDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.15B
Dividend YieldN/A
Average Volume (3M)326.10K
Price to Earnings (P/E)29.9
Beta (1Y)0.85
Revenue Growth8.43%
EPS Growth26.65%
CountryUS
Employees15,800
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)21.88
Shares Outstanding46,036,415
10 Day Avg. Volume423,124
30 Day Avg. Volume326,098
Financial Highlights & Ratios
PEG Ratio3.29
Price to Book (P/B)2.33
Price to Sales (P/S)4.00
P/FCF Ratio22.79
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue4.64
Enterprise Value/Gross Profit12.04
Enterprise Value/Ebitda18.37
Forecast
1Y Price Target
$767.89Price Target Upside22.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)25.46
Revenue Forecast (FY)$6.62B
Teledyne Technologies Business Overview & Revenue Model
Company Description
Teledyne Technologies Incorporated develops and supplies advanced technologies primarily for industrial sectors experiencing growth, serving customers across the United States, Canada, the United Kingdom, Belgium, the Netherlands, and other intern...
How the Company Makes Money
Teledyne primarily makes money by selling specialized, high-performance hardware and related solutions across its operating segments, supplemented by recurring revenue from aftermarket parts, consumables, services, and long-term program work. A la...
Teledyne Technologies Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was strongly positive. Teledyne reported record third-quarter sales and operating earnings, raised full-year sales and earnings guidance for the third consecutive quarter, delivered broad-based growth across its portfolio, expanded Digital Imaging margins, generated record quarterly free cash flow, and maintained a strong backlog and balance sheet. The main challenges were declines in electronic test and measurement sales, lower commercial aerospace sales, supply-related inflation and shortages, relatively flat Varex revenue, and uncertainty beyond 2027, but these issues were outweighed by the reported growth, bookings, guidance increases, and operating momentum.Positive Updates
Record Third-Quarter Results and Raised 2026 Guidance
Management said third-quarter sales and operating earnings were the strongest in Teledyne's history. Full-year 2026 sales guidance was raised to $6.625 billion, an 8.3% year-over-year increase versus the $6.37 billion forecast in January, while non-GAAP earnings guidance was raised to $25.45 per share, $1.80 per share or almost 8% above the January forecast and a 16% increase compared with last year.
Negative Updates
Electronic Test and Measurement Sales Declined
Electronic test and measurement systems sales decreased 6.3% in the third quarter, due in part to the timing of orders. Instrumentation's non-GAAP operating margin decreased modestly because of product mix, and management did not expect the segment to return to 2025 margins in the fourth quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Third-Quarter Results and Raised 2026 Guidance
Management said third-quarter sales and operating earnings were the strongest in Teledyne's history. Full-year 2026 sales guidance was raised to $6.625 billion, an 8.3% year-over-year increase versus the $6.37 billion forecast in January, while non-GAAP earnings guidance was raised to $25.45 per share, $1.80 per share or almost 8% above the January forecast and a 16% increase compared with last year.
Read all positive updates
Company Guidance
Management’s 2026 outlook is sales of $6.625 billion, a year over year increase of 8.3%, and non GAAP earnings of $25.45 per share, $1.80 per share or almost 8% higher than forecast in January and a 16% increase compared to last year; fourth quarter GAAP earnings per share are expected to be in the range of $5.68 to $5.83 and non GAAP earnings per share in the range of $6.60 to $6.70, while full year GAAP earnings per share are expected to be in the range of $21.71 to $21.87 and non GAAP earnings per share in the range of $25.40 to $25.50. Fourth quarter total company organic revenue growth is expected to be 7% to 8%, may be a little higher, and 8% is a good number; digital imaging revenue is expected to grow 10% organically, with 0.6 of acquisition, it is 10.6%, closer to 11%, with revenue around $2.5 billion, FLIR year-over-year growth of 12%, and full year digital imaging margin growth of 225 basis points; unmanned growth is expected to be 15% year over year, while the broader domain is expected to grow 11.3%-11.5%. For 2027, growth is expected to be better than low single digits, with Mid to higher single digits anticipated; digital imaging is projected at 5% to 8%, with higher single digit growth also described as a possibility.Teledyne Technologies Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
85
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.52B | 6.12B | 5.67B | 5.64B | 5.46B | 4.61B |
| Gross Profit | 2.51B | 2.40B | 2.43B | 2.44B | 2.33B | 1.84B |
| EBITDA | 1.65B | 1.49B | 1.31B | 1.35B | 1.33B | 996.40M |
| Net Income | 1.03B | 894.80M | 819.20M | 885.70M | 788.60M | 445.30M |
Balance Sheet | ||||||
| Total Assets | 15.56B | 15.29B | 14.20B | 14.53B | 14.35B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 562.40M | 352.40M | 649.80M | 648.30M | 638.10M | 474.70M |
| Total Debt | 2.03B | 2.64B | 2.79B | 3.24B | 3.92B | 4.10B |
| Total Liabilities | 4.43B | 4.77B | 4.65B | 5.30B | 6.18B | 6.81B |
| Stockholders Equity | 11.14B | 10.51B | 9.55B | 9.22B | 8.17B | 7.62B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 1.07B | 1.11B | 721.20M | 394.20M | 723.00M |
| Operating Cash Flow | 1.28B | 1.19B | 1.19B | 836.10M | 486.80M | 824.60M |
| Investing Cash Flow | -230.20M | -937.90M | -207.20M | -190.30M | -175.40M | -3.82B |
| Financing Cash Flow | -1.02B | -555.20M | -945.80M | -651.50M | -110.00M | 2.81B |
Teledyne Technologies Technical Analysis
Positive
626.90
Price Trends
617.13
Positive
630.65
Positive
632.08
Positive
Market Momentum
6.35
Negative
69.13
Neutral
78.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDY, the sentiment is Positive. The current price of 626.9 is above the 20-day moving average (MA) of 620.09, above the 50-day MA of 617.13, and below the 200-day MA of 632.08, indicating a bullish trend. The MACD of 6.35 indicates Negative momentum. The RSI at 69.13 is Neutral, neither overbought nor oversold. The STOCH value of 78.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TDY.
Teledyne Technologies Risk Analysis
Teledyne Technologies disclosed 43 risk factors in its most recent earnings report. Teledyne Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Teledyne Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $30.15B | 29.94 | 9.49% | ― | 8.43% | 26.65% | |
75 Outperform | $57.22B | 46.29 | 20.11% | ― | 25.54% | 131.92% | |
71 Outperform | $9.79B | 55.45 | 11.48% | 0.58% | 17.15% | 45.49% | |
66 Neutral | $18.61B | 35.83 | 8.52% | 0.50% | -29.80% | -23.46% | |
63 Neutral | $14.35B | 32.44 | 15.83% | 0.46% | 16.23% | 65.58% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $46.43B | 54.20 | 8.37% | 5.73% | 22.51% | ― |
* Technology Sector Average
TDY
Teledyne Technologies
665.56
150.23
29.15%
CGNX
Cognex
58.43
11.30
23.97%
COHR
Coherent Corp
239.59
101.53
73.54%
MKSI
MKS
218.24
77.43
54.99%
KEYS
Keysight Technologies
336.10
165.63
97.16%
FTV
Fortive
61.62
11.50
22.95%
Teledyne Technologies Corporate Events
Business Operations and StrategyM&A Transactions
Teledyne to Acquire Varex Imaging in $1.1B Deal
Positive
Aug 10, 2026
On August 10, 2026, Teledyne Technologies and Varex Imaging announced a definitive agreement for Teledyne to acquire all outstanding Varex shares for $18.90 per share in cash, valuing the deal at about $1.1 billion including equity awards and net ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.