Full-Year Sales and Organic Growth
2025 reported sales grew 8% to $1,854,000,000 and organic sales grew 6% year-over-year, demonstrating broad-based revenue strength.
Adjusted EPS and Net Income Expansion
Full-year 2025 adjusted net income increased 23% to $226,000,000 and adjusted earnings per share rose 21% to $6.40, driven by higher sales, improved profitability, and lower interest expense.
Margin Expansion and EBITDA Growth
Full-year adjusted EBITDA increased 12% to $402,000,000 and adjusted operating income grew 13%; adjusted operating margin expanded ~76 basis points to 17.3% for the year (Q4 margin 17.6%, +74 bps).
Quarterly Performance (Q4 2025)
Q4 sales were $472,000,000 (up 5% reported, up 2% organic). Q4 adjusted EBITDA was $106,000,000 (+11% YoY); Q4 adjusted EPS was $1.76 (+23% YoY).
Strong Free Cash Flow and Disciplined CapEx
Full-year cash flow from operations was $196,000,000; CapEx was $91,000,000 (~5% of sales); free cash flow was $105,000,000, up $5,000,000 versus prior year.
Capital Allocation and Share Repurchases
Repurchased $50,000,000 of common stock in Q4 and announced an additional $50,000,000 accelerated share repurchase (ASR), reflecting confidence in cash generation and capital allocation discipline.
Balanced Leverage Position
Net total debt at Q4 end was $1,190,000,000 with net leverage at 3.0x trailing four-quarter adjusted EBITDA, at the midpoint of the 2.5x–3.5x strategic target range.
Robust Product Development Pipeline
Product development sales have increased >300% since 2017; ~80% of development sales are in higher-growth markets. Sales from customers in introduction/launch phases grew from $10M (2018) to ~$125M (2024) and are expected to grow at a 15%–20% CAGR over 3–5 years.
Strategic Capability Investments and M&A
Ongoing investments in automation, laser processing, micromachining, prototyping and facility expansions (e.g., Salem, VA; Alden, NY). Tuck-in acquisitions (InNeuroQo, Pulse Technologies, 2025 coating acquisitions) expanded capabilities in neurovascular, micromachining, and coatings.
2026 Financial Outlook Provided and Tightened
Company maintained the midpoint of prior sales guidance while narrowing ranges: 2026 reported sales expected down 1% to up 1%; organic sales flat to up 3%; adjusted EPS guidance $6.29–$6.78 (down 2% to up 6%).