Teledyne Technologies Inc.
Industrials · Aerospace & Defense
Structural: post-FLIR Teledyne is a four-segment platform - Digital Imaging (~55% of sales, thermal/visible/X-ray sensors), Instrumentation (marine, test & measurement, environmental), Aerospace & Defense Electronics, and Engineered Systems.
Defense + government exposure ~50% of revenue; rest is industrial/scientific/medical. Long-cycle programs, sticky sensor IP, and a build-to-print backlog give visibility.
- FLIR cross-sell + thermal imaging tailwind from drones, perimeter security, automotive ADAS night vision
- Defense electronics backlog grinding higher with Western re-armament + Ukraine resupply
- High-margin scientific imaging (X-ray, electron, machine vision) levered to semicap recovery $AMAT $LRCX cycle
- Capital allocation discipline - historic M&A roll-up at sub-10x EBITDA, deleveraging post-FLIR
- Bipartisan defense budget floor; UAV/ISR sensor content per platform rising
- Cyclical exposure in marine, test & measurement, and machine vision (industrial capex sensitive)
- Defense concentration cuts both ways - CR/shutdown risk + program timing lumpiness
- FLIR integration synergies largely banked; next leg of growth needs organic execution
- Valuation ~22x fwd P/E prices in clean execution; little cushion on misses
- FX + Europe industrial drag on imaging segment
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