# Scientific & Technical Instruments — company-by-company sector analysis

> Scientific & Technical Instruments: Garmin Ltd. owns the largest revenue base; ESCO Technologies Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Scientific & Technical Instruments has outperformed S&P 500 by 5.8% over 52 weeks and 1.6% over 13 weeks. 13 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 19 beat the sector itself. Garmin Ltd. leads with revenue of $7,464 million, based on 11 of 19 comparable companies through Mar 2026.

### Is the Scientific & Technical Instruments sector outperforming S&P 500?

Scientific & Technical Instruments has outperformed S&P 500 by 5.8% over 52 weeks and 1.6% over 13 weeks. 13 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 19 beat the sector itself.

### Which Scientific & Technical Instruments company is largest by revenue?

Garmin Ltd. leads with revenue of $7,464 million, based on 11 of 19 comparable companies through Mar 2026.

### Which Scientific & Technical Instruments company is growing fastest?

ESCO Technologies Inc. has the fastest current revenue growth at 30.7%, across 10 of 19 comparable companies.

### Which Scientific & Technical Instruments company has the strongest 4-Factor Sector Score?

Keysight Technologies, Inc. ranks first at 67.8/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Scientific & Technical Instruments company reports the most CAPEX?

Coherent Corp. reports the largest latest CAPEX at $290 million, with 19 of 19 companies comparable.

### Which Scientific & Technical Instruments company has the least gross debt?

Badger Meter, Inc. has the lowest comparable gross debt at $0 million. MKS Inc. has the highest at $4,292 million.

### Which Scientific & Technical Instruments company has the lowest comparable PEG?

Sensata Technologies Holding plc has the lowest comparable Guarded PEG at 0.3, among 7 of 19 companies that pass the metric’s comparability rules.

### How much history does this Scientific & Technical Instruments comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Scientific & Technical Instruments has outperformed S&P 500 by 5.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.6%. 13 of 19 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Vishay Precision Group, Inc. is the strongest against the sector itself at +48.7%.

13-week sector return versus NIFTY 500: -1.6%
52-week sector return versus NIFTY 500: 5.8%
Stocks leading NIFTY: 13/19
Stocks leading sector: 10/19

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 19
Combined market value: ₹2.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Keysight Technologies, Inc. (KEYS): 68/100 — Favorable setup; evidence 86%
   - Growth & earnings 30.7/35 | Capital efficiency 14.3/25 | Valuation 10.6/20 | Relative strength 12.2/20
   - Exact sum: 30.7 + 14.3 + 10.6 + 12.2 = 67.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Garmin Ltd. (GRMN): 62/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.6/35 | Capital efficiency 18.1/25 | Valuation 11.0/20 | Relative strength 10.0/20
   - Exact sum: 22.6 + 18.1 + 11 + 10 = 61.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Cognex Corporation (CGNX): 61/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.1/35 | Capital efficiency 16.3/25 | Valuation 9.4/20 | Relative strength 12.5/20
   - Exact sum: 23.1 + 16.3 + 9.4 + 12.5 = 61.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Ituran Location and Control Ltd. (ITRN): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.2/35 | Capital efficiency 18.2/25 | Valuation 9.3/20 | Relative strength 13.3/20
   - Exact sum: 16.2 + 18.2 + 9.3 + 13.3 = 57
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. MKS Inc. (MKSI): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.4/35 | Capital efficiency 7.9/25 | Valuation 12.3/20 | Relative strength 14.0/20
   - Exact sum: 22.4 + 7.9 + 12.3 + 14 = 56.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Novanta Inc. (NOVT): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.3/35 | Capital efficiency 11.2/25 | Valuation 9.0/20 | Relative strength 11.9/20
   - Exact sum: 22.3 + 11.2 + 9 + 11.9 = 54.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Sensata Technologies Holding plc (ST): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 11.9/35 | Capital efficiency 9.6/25 | Valuation 13.7/20 | Relative strength 17.0/20
   - Exact sum: 11.9 + 9.6 + 13.7 + 17 = 52.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Teledyne Technologies Incorporated (TDY): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.1/35 | Capital efficiency 14.3/25 | Valuation 10.6/20 | Relative strength 9.0/20
   - Exact sum: 18.1 + 14.3 + 10.6 + 9 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. ESCO Technologies Inc. (ESE): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.1/35 | Capital efficiency 14.8/25 | Valuation 4.7/20 | Relative strength 13.3/20
   - Exact sum: 19.1 + 14.8 + 4.7 + 13.3 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Fortive Corporation (FTV): 51/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 14.9/35 | Capital efficiency 10.8/25 | Valuation 10.4/20 | Relative strength 15.0/20
   - Exact sum: 14.9 + 10.8 + 10.4 + 15 = 51.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Coherent Corp. (COHR): 51/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 26.9/35 | Capital efficiency 8.0/25 | Valuation 8.5/20 | Relative strength 7.2/20
   - Exact sum: 26.9 + 8 + 8.5 + 7.2 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Vishay Precision Group, Inc. (VPG): 49/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.9/35 | Capital efficiency 8.0/25 | Valuation 8.9/20 | Relative strength 19.0/20
   - Exact sum: 12.9 + 8 + 8.9 + 19 = 48.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Badger Meter, Inc. (BMI): 48/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.0/35 | Capital efficiency 17.6/25 | Valuation 10.1/20 | Relative strength 7.3/20
   - Exact sum: 13 + 17.6 + 10.1 + 7.3 = 48
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Vontier Corporation (VNT): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.1/35 | Capital efficiency 13.7/25 | Valuation 11.3/20 | Relative strength 5.2/20
   - Exact sum: 16.1 + 13.7 + 11.3 + 5.2 = 46.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Mesa Laboratories, Inc. (MLAB): 46/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 16.3/35 | Capital efficiency 5.5/25 | Valuation 9.2/20 | Relative strength 14.7/20
   - Exact sum: 16.3 + 5.5 + 9.2 + 14.7 = 45.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. Trimble Inc. (TRMB): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.0/35 | Capital efficiency 11.6/25 | Valuation 10.3/20 | Relative strength 2.6/20
   - Exact sum: 21 + 11.6 + 10.3 + 2.6 = 45.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Itron, Inc. (ITRI): 43/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.6/35 | Capital efficiency 9.0/25 | Valuation 14.6/20 | Relative strength 9.3/20
   - Exact sum: 9.6 + 9 + 14.6 + 9.3 = 42.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
18. MicroVision, Inc. (MVIS): 25/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 6.7/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 6.7 + 4.9 + 10 + 3 = 24.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. USBC, Inc. (USBC): 46/100 — Thin evidence · provisional; evidence 24%
   - Growth & earnings 17.1/35 | Capital efficiency 13.5/25 | Valuation 11.5/20 | Relative strength 3.5/20
   - Exact sum: 17.1 + 13.5 + 11.5 + 3.5 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Garmin Ltd. is the scale leader at $7,464 million, 13.1% ahead of Coherent Corp.. ESCO Technologies Inc.'s growth is 30.7% from a $1,248 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Garmin Ltd. is the scale benchmark; ESCO Technologies Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Garmin Ltd.'s growth falls below ESCO Technologies Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Garmin Ltd. · $7,464 million | 13.1% versus #2 · Coherent Corp. | 8/8 recent comparable periods | 11/19 companies · 346 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Garmin Ltd. (GRMN): ₹7.5K Cr
2. Coherent Corp. (COHR): ₹6.6K Cr
3. Keysight Technologies, Inc. (KEYS): ₹6.1K Cr
4. MKS Inc. (MKSI): ₹4.1K Cr
5. Sensata Technologies Holding plc (ST): ₹3.7K Cr

### Revenue growth — fastest growers
1. ESCO Technologies Inc. (ESE): 31%
2. Keysight Technologies, Inc. (KEYS): 19%
3. Coherent Corp. (COHR): 18%
4. Garmin Ltd. (GRMN): 16%
5. MKS Inc. (MKSI): 12%

### 20-quarter Revenue history
- KEYS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.7K Cr
- GRMN: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- COHR: Sep 2021 ₹795 Cr | Dec 2021 ₹807 Cr | Mar 2022 ₹828 Cr | Jun 2022 ₹887 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- TDY: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- FTV: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 — | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 — | Mar 2026 — | Jun 2026 ₹2.1K Cr
- MKSI: Sep 2021 ₹742 Cr | Dec 2021 ₹764 Cr | Mar 2022 ₹742 Cr | Jun 2022 ₹765 Cr | Sep 2022 ₹954 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹794 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹932 Cr | Dec 2023 ₹892 Cr | Mar 2024 ₹868 Cr | Jun 2024 ₹887 Cr | Sep 2024 ₹896 Cr | Dec 2024 ₹934 Cr | Mar 2025 ₹936 Cr | Jun 2025 ₹973 Cr | Sep 2025 ₹988 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- TRMB: Sep 2021 ₹945 Cr | Dec 2021 ₹901 Cr | Mar 2022 — | Jun 2022 ₹994 Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹857 Cr | Mar 2023 ₹915 Cr | Jun 2023 ₹994 Cr | Sep 2023 ₹957 Cr | Dec 2023 ₹932 Cr | Mar 2024 ₹953 Cr | Jun 2024 ₹871 Cr | Sep 2024 ₹876 Cr | Dec 2024 — | Mar 2025 ₹983 Cr | Jun 2025 ₹841 Cr | Sep 2025 ₹876 Cr | Dec 2025 ₹901 Cr | Mar 2026 ₹970 Cr | Jun 2026 ₹940 Cr
- CGNX: Sep 2021 ₹269 Cr | Dec 2021 ₹285 Cr | Mar 2022 — | Jun 2022 ₹282 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹210 Cr | Mar 2023 — | Jun 2023 ₹201 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹216 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹252 Cr | Mar 2026 — | Jun 2026 ₹268 Cr
- ESE: Sep 2021 ₹205 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹219 Cr | Sep 2022 ₹256 Cr | Dec 2022 ₹206 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹249 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹249 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹274 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹353 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- ST: Sep 2021 ₹951 Cr | Dec 2021 ₹935 Cr | Mar 2022 ₹976 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹998 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹992 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹983 Cr | Dec 2024 ₹908 Cr | Mar 2025 ₹911 Cr | Jun 2025 ₹943 Cr | Sep 2025 ₹932 Cr | Dec 2025 ₹918 Cr | Mar 2026 ₹935 Cr | Jun 2026 —
- NOVT: Sep 2021 ₹168 Cr | Dec 2021 ₹178 Cr | Mar 2022 — | Jun 2022 ₹204 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹218 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹231 Cr | Jun 2024 ₹236 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹258 Cr | Mar 2026 — | Jun 2026 ₹258 Cr
- ITRI: Sep 2021 ₹487 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹475 Cr | Jun 2022 ₹432 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹467 Cr | Mar 2023 ₹495 Cr | Jun 2023 ₹541 Cr | Sep 2023 ₹561 Cr | Dec 2023 ₹577 Cr | Mar 2024 ₹603 Cr | Jun 2024 ₹609 Cr | Sep 2024 ₹615 Cr | Dec 2024 ₹613 Cr | Mar 2025 ₹607 Cr | Jun 2025 ₹607 Cr | Sep 2025 ₹582 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹587 Cr | Jun 2026 —
- VNT: Sep 2021 ₹725 Cr | Dec 2021 ₹769 Cr | Mar 2022 — | Jun 2022 ₹748 Cr | Sep 2022 ₹776 Cr | Dec 2022 ₹872 Cr | Mar 2023 ₹776 Cr | Jun 2023 ₹764 Cr | Sep 2023 ₹765 Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹756 Cr | Jun 2024 ₹696 Cr | Sep 2024 ₹750 Cr | Dec 2024 ₹777 Cr | Mar 2025 ₹741 Cr | Jun 2025 ₹774 Cr | Sep 2025 ₹753 Cr | Dec 2025 ₹809 Cr | Mar 2026 — | Jun 2026 ₹751 Cr
- BMI: Sep 2021 ₹129 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹159 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹202 Cr | Jun 2026 —
- VPG: Sep 2021 ₹75 Cr | Dec 2021 ₹82 Cr | Mar 2022 — | Jun 2022 ₹88 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹90 Cr | Mar 2023 — | Jun 2023 ₹89 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹81 Cr | Mar 2026 — | Jun 2026 ₹84 Cr
- ITRN: Sep 2021 ₹66 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- MLAB: Sep 2021 ₹36 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- USBC: Sep 2021 ₹-5 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- KEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 12% | Mar 2023 10% | Jun 2023 2.9% | Sep 2023 0.4% | Dec 2023 -9.2% | Mar 2024 -8.8% | Jun 2024 -13% | Sep 2024 -12% | Dec 2024 -1.8% | Mar 2025 3.1% | Jun 2025 7.4% | Sep 2025 11% | Dec 2025 10% | Mar 2026 23% | Jun 2026 31%
- GRMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.5% | Sep 2022 -4.4% | Dec 2022 -6.2% | Mar 2023 — | Jun 2023 -7.6% | Sep 2023 16% | Dec 2023 14% | Mar 2024 — | Jun 2024 31% | Sep 2024 20% | Dec 2024 23% | Mar 2025 11% | Jun 2025 20% | Sep 2025 12% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- COHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.8% | Sep 2022 69% | Dec 2022 70% | Mar 2023 50% | Jun 2023 36% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 -2.5% | Jun 2024 9.1% | Sep 2024 28% | Dec 2024 27% | Mar 2025 24% | Jun 2025 16% | Sep 2025 17% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 4.0% | Mar 2023 3.1% | Jun 2023 4.7% | Sep 2023 5.1% | Dec 2023 2.9% | Mar 2024 -4.8% | Jun 2024 -0.7% | Sep 2024 1.3% | Dec 2024 7.1% | Mar 2025 7.4% | Jun 2025 10% | Sep 2025 6.7% | Dec 2025 7.3% | Mar 2026 7.6% | Jun 2026 —
- FTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 18% | Mar 2023 — | Jun 2023 11% | Sep 2023 2.2% | Dec 2023 — | Mar 2024 4.4% | Jun 2024 1.7% | Sep 2024 -33% | Dec 2024 — | Mar 2025 30% | Jun 2025 -2.1% | Sep 2025 2.3% | Dec 2025 — | Mar 2026 — | Jun 2026 41%
- MKSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.0% | Sep 2022 29% | Dec 2022 42% | Mar 2023 7.0% | Jun 2023 31% | Sep 2023 -2.3% | Dec 2023 -18% | Mar 2024 9.3% | Jun 2024 -12% | Sep 2024 -3.9% | Dec 2024 4.7% | Mar 2025 7.8% | Jun 2025 9.7% | Sep 2025 10% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.4% | Dec 2022 -4.9% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 1.7% | Dec 2023 8.8% | Mar 2024 4.2% | Jun 2024 -12% | Sep 2024 -8.5% | Dec 2024 — | Mar 2025 3.2% | Jun 2025 -3.4% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 -1.3% | Jun 2026 12%
- CGNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.2% | Dec 2022 -26% | Mar 2023 — | Jun 2023 -29% | Sep 2023 -12% | Dec 2023 -6.2% | Mar 2024 — | Jun 2024 19% | Sep 2024 -3.3% | Dec 2024 17% | Mar 2025 2.4% | Jun 2025 4.2% | Sep 2025 18% | Dec 2025 9.6% | Mar 2026 — | Jun 2026 7.6%
- ESE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 25% | Dec 2022 16% | Mar 2023 12% | Jun 2023 14% | Sep 2023 6.6% | Dec 2023 5.8% | Mar 2024 8.7% | Jun 2024 -6.0% | Sep 2024 0.4% | Dec 2024 -1.4% | Mar 2025 -6.8% | Jun 2025 27% | Sep 2025 29% | Dec 2025 35% | Mar 2026 33% | Jun 2026 —
- ST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 7.1% | Dec 2022 8.6% | Mar 2023 2.3% | Jun 2023 4.0% | Sep 2023 -1.7% | Dec 2023 -2.3% | Mar 2024 0.9% | Jun 2024 -2.5% | Sep 2024 -1.8% | Dec 2024 -8.5% | Mar 2025 -9.5% | Jun 2025 -9.0% | Sep 2025 -5.2% | Dec 2025 1.1% | Mar 2026 2.6% | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 22% | Mar 2023 — | Jun 2023 12% | Sep 2023 3.3% | Dec 2023 -2.8% | Mar 2024 5.5% | Jun 2024 3.1% | Sep 2024 9.9% | Dec 2024 12% | Mar 2025 0.9% | Jun 2025 2.1% | Sep 2025 1.6% | Dec 2025 8.4% | Mar 2026 — | Jun 2026 7.1%
- ITRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -14% | Dec 2022 -3.9% | Mar 2023 4.2% | Jun 2023 25% | Sep 2023 33% | Dec 2023 24% | Mar 2024 22% | Jun 2024 13% | Sep 2024 9.6% | Dec 2024 6.2% | Mar 2025 0.7% | Jun 2025 -0.3% | Sep 2025 -5.4% | Dec 2025 -6.7% | Mar 2026 -3.3% | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.0% | Dec 2022 13% | Mar 2023 — | Jun 2023 2.1% | Sep 2023 -1.4% | Dec 2023 -9.5% | Mar 2024 -2.6% | Jun 2024 -8.9% | Sep 2024 -2.0% | Dec 2024 -1.5% | Mar 2025 -2.0% | Jun 2025 11% | Sep 2025 0.4% | Dec 2025 4.1% | Mar 2026 — | Jun 2026 -3.0%
- BMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 15% | Dec 2022 8.1% | Mar 2023 20% | Jun 2023 28% | Sep 2023 26% | Dec 2023 24% | Mar 2024 23% | Jun 2024 23% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 9.7% | Sep 2025 13% | Dec 2025 7.8% | Mar 2026 -9.0% | Jun 2026 —
- VPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 9.8% | Mar 2023 — | Jun 2023 1.1% | Sep 2023 2.3% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 -13% | Sep 2024 -16% | Dec 2024 -19% | Mar 2025 -11% | Jun 2025 -2.6% | Sep 2025 5.3% | Dec 2025 11% | Mar 2026 — | Jun 2026 12%
- ITRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.0% | Sep 2022 11% | Dec 2022 7.1% | Mar 2023 9.7% | Jun 2023 12% | Sep 2023 11% | Dec 2023 4.0% | Mar 2024 7.6% | Jun 2024 3.7% | Sep 2024 2.5% | Dec 2024 6.4% | Mar 2025 1.2% | Jun 2025 2.4% | Sep 2025 11% | Dec 2025 12% | Mar 2026 20% | Jun 2026 —
- MLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 64% | Dec 2022 -1.8% | Mar 2023 -5.1% | Jun 2023 2.0% | Sep 2023 -10% | Dec 2023 -1.9% | Mar 2024 5.4% | Jun 2024 14% | Sep 2024 9.4% | Dec 2024 19% | Mar 2025 5.1% | Jun 2025 3.5% | Sep 2025 5.2% | Dec 2025 3.2% | Mar 2026 3.2% | Jun 2026 —
- USBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 -100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 -100% | Dec 2024 -60% | Mar 2025 0.0% | Jun 2025 -100% | Sep 2025 — | Dec 2025 -100% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Garmin Ltd. leads opm at 24.6%; Keysight Technologies, Inc. leads margin change at +7.9 percentage points.

Investor read: Garmin Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Garmin Ltd. · 24.6% | 3.8% versus #2 · Keysight Technologies, Inc. | 7/8 recent comparable periods | 17/19 companies · 314 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Garmin Ltd. (GRMN): 25%
2. Keysight Technologies, Inc. (KEYS): 24%
3. Cognex Corporation (CGNX): 22%
4. Ituran Location and Control Ltd. (ITRN): 22%
5. Teledyne Technologies Incorporated (TDY): 19%

### Margin change — fastest expanders
1. Keysight Technologies, Inc. (KEYS): +7.9 pp
2. Coherent Corp. (COHR): +6.3 pp
3. Cognex Corporation (CGNX): +4.9 pp
4. Novanta Inc. (NOVT): +4.5 pp
5. Trimble Inc. (TRMB): +3.7 pp

### 20-quarter OPM history
- KEYS: Sep 2021 23% | Dec 2021 27% | Mar 2022 22% | Jun 2022 24% | Sep 2022 26% | Dec 2022 26% | Mar 2023 23% | Jun 2023 26% | Sep 2023 26% | Dec 2023 24% | Mar 2024 18% | Jun 2024 15% | Sep 2024 17% | Dec 2024 18% | Mar 2025 17% | Jun 2025 16% | Sep 2025 17% | Dec 2025 15% | Mar 2026 16% | Jun 2026 24%
- GRMN: Sep 2021 24% | Dec 2021 23% | Mar 2022 20% | Jun 2022 24% | Sep 2022 21% | Dec 2022 21% | Mar 2023 — | Jun 2023 17% | Sep 2023 22% | Dec 2023 42% | Mar 2024 22% | Jun 2024 23% | Sep 2024 28% | Dec 2024 45% | Mar 2025 22% | Jun 2025 26% | Sep 2025 26% | Dec 2025 45% | Mar 2026 25% | Jun 2026 —
- COHR: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 13% | Sep 2022 3.2% | Dec 2022 0.6% | Mar 2023 5.4% | Jun 2023 -13% | Sep 2023 -2.0% | Dec 2023 2.8% | Mar 2024 1.8% | Jun 2024 4.8% | Sep 2024 5.6% | Dec 2024 9.5% | Mar 2025 4.8% | Jun 2025 0.4% | Sep 2025 16% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- TDY: Sep 2021 9.3% | Dec 2021 15% | Mar 2022 14% | Jun 2022 17% | Sep 2022 17% | Dec 2022 18% | Mar 2023 19% | Jun 2023 18% | Sep 2023 18% | Dec 2023 19% | Mar 2024 17% | Jun 2024 18% | Sep 2024 19% | Dec 2024 16% | Mar 2025 18% | Jun 2025 18% | Sep 2025 18% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- FTV: Sep 2021 16% | Dec 2021 16% | Mar 2022 — | Jun 2022 15% | Sep 2022 16% | Dec 2022 19% | Mar 2023 17% | Jun 2023 19% | Sep 2023 20% | Dec 2023 — | Mar 2024 20% | Jun 2024 19% | Sep 2024 17% | Dec 2024 19% | Mar 2025 8.3% | Jun 2025 15% | Sep 2025 16% | Dec 2025 — | Mar 2026 — | Jun 2026 9.0%
- MKSI: Sep 2021 24% | Dec 2021 24% | Mar 2022 23% | Jun 2022 21% | Sep 2022 12% | Dec 2022 15% | Mar 2023 0.1% | Jun 2023 -169% | Sep 2023 13% | Dec 2023 2.7% | Mar 2024 12% | Jun 2024 14% | Sep 2024 14% | Dec 2024 15% | Mar 2025 12% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- TRMB: Sep 2021 15% | Dec 2021 16% | Mar 2022 — | Jun 2022 16% | Sep 2022 14% | Dec 2022 11% | Mar 2023 15% | Jun 2023 9.4% | Sep 2023 13% | Dec 2023 10% | Mar 2024 12% | Jun 2024 7.1% | Sep 2024 13% | Dec 2024 — | Mar 2025 18% | Jun 2025 12% | Sep 2025 15% | Dec 2025 17% | Mar 2026 22% | Jun 2026 15%
- CGNX: Sep 2021 34% | Dec 2021 31% | Mar 2022 — | Jun 2022 31% | Sep 2022 24% | Dec 2022 19% | Mar 2023 — | Jun 2023 11% | Sep 2023 27% | Dec 2023 16% | Mar 2024 6.7% | Jun 2024 16% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 17% | Sep 2025 21% | Dec 2025 14% | Mar 2026 — | Jun 2026 22%
- ESE: Sep 2021 13% | Dec 2021 8.8% | Mar 2022 11% | Jun 2022 14% | Sep 2022 17% | Dec 2022 10% | Mar 2023 11% | Jun 2023 16% | Sep 2023 16% | Dec 2023 10% | Mar 2024 13% | Jun 2024 17% | Sep 2024 21% | Dec 2024 13% | Mar 2025 16% | Jun 2025 15% | Sep 2025 19% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- ST: Sep 2021 17% | Dec 2021 16% | Mar 2022 13% | Jun 2022 14% | Sep 2022 25% | Dec 2022 15% | Mar 2023 15% | Jun 2023 11% | Sep 2023 12% | Dec 2023 -20% | Mar 2024 14% | Jun 2024 13% | Sep 2024 -20% | Dec 2024 8.1% | Mar 2025 13% | Jun 2025 15% | Sep 2025 -13% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- NOVT: Sep 2021 9.5% | Dec 2021 8.6% | Mar 2022 — | Jun 2022 12% | Sep 2022 11% | Dec 2022 12% | Mar 2023 12% | Jun 2023 14% | Sep 2023 14% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 14% | Jun 2025 6.2% | Sep 2025 8.8% | Dec 2025 9.6% | Mar 2026 — | Jun 2026 11%
- ITRI: Sep 2021 0.9% | Dec 2021 -22% | Mar 2022 1.4% | Jun 2022 -7.8% | Sep 2022 1.6% | Dec 2022 2.6% | Mar 2023 -2.1% | Jun 2023 6.5% | Sep 2023 9.8% | Dec 2023 8.5% | Mar 2024 10% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- VNT: Sep 2021 17% | Dec 2021 22% | Mar 2022 — | Jun 2022 18% | Sep 2022 18% | Dec 2022 18% | Mar 2023 17% | Jun 2023 16% | Sep 2023 19% | Dec 2023 19% | Mar 2024 19% | Jun 2024 16% | Sep 2024 18% | Dec 2024 19% | Mar 2025 18% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 — | Jun 2026 18%
- BMI: Sep 2021 15% | Dec 2021 17% | Mar 2022 14% | Jun 2022 16% | Sep 2022 16% | Dec 2022 15% | Mar 2023 16% | Jun 2023 17% | Sep 2023 17% | Dec 2023 18% | Mar 2024 19% | Jun 2024 19% | Sep 2024 20% | Dec 2024 19% | Mar 2025 22% | Jun 2025 19% | Sep 2025 20% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- VPG: Sep 2021 6.5% | Dec 2021 8.9% | Mar 2022 — | Jun 2022 9.5% | Sep 2022 12% | Dec 2022 13% | Mar 2023 — | Jun 2023 11% | Sep 2023 13% | Dec 2023 13% | Mar 2024 8.6% | Jun 2024 7.6% | Sep 2024 5.1% | Dec 2024 0.3% | Mar 2025 -0.1% | Jun 2025 3.6% | Sep 2025 13% | Dec 2025 1.3% | Mar 2026 — | Jun 2026 0.4%
- ITRN: Sep 2021 21% | Dec 2021 20% | Mar 2022 20% | Jun 2022 20% | Sep 2022 20% | Dec 2022 20% | Mar 2023 20% | Jun 2023 20% | Sep 2023 21% | Dec 2023 21% | Mar 2024 20% | Jun 2024 21% | Sep 2024 22% | Dec 2024 22% | Mar 2025 22% | Jun 2025 21% | Sep 2025 21% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- MLAB: Sep 2021 12% | Dec 2021 -4.6% | Mar 2022 -0.2% | Jun 2022 -9.1% | Sep 2022 6.8% | Dec 2022 6.3% | Mar 2023 0.9% | Jun 2023 -1.3% | Sep 2023 -0.1% | Dec 2023 -0.1% | Mar 2024 -461% | Jun 2024 9.6% | Sep 2024 6.1% | Dec 2024 9.2% | Mar 2025 2.4% | Jun 2025 5.1% | Sep 2025 7.8% | Dec 2025 12% | Mar 2026 4.3% | Jun 2026 —
- MVIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -390% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- KEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 −0.7 pp | Mar 2023 +1.6 pp | Jun 2023 +1.3 pp | Sep 2023 +0.5 pp | Dec 2023 −2.1 pp | Mar 2024 −5.7 pp | Jun 2024 −10.9 pp | Sep 2024 −9.6 pp | Dec 2024 −6.3 pp | Mar 2025 −0.8 pp | Jun 2025 +1.2 pp | Sep 2025 +0.5 pp | Dec 2025 −2.6 pp | Mar 2026 −1.3 pp | Jun 2026 +7.9 pp
- GRMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.4 pp | Sep 2022 −2.7 pp | Dec 2022 −2.1 pp | Mar 2023 — | Jun 2023 −6.4 pp | Sep 2023 +0.5 pp | Dec 2023 +21.8 pp | Mar 2024 — | Jun 2024 +5.5 pp | Sep 2024 +6.1 pp | Dec 2024 +2.8 pp | Mar 2025 +0.1 pp | Jun 2025 +3.3 pp | Sep 2025 −1.8 pp | Dec 2025 +0.2 pp | Mar 2026 +2.9 pp | Jun 2026 —
- COHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.7 pp | Sep 2022 −8.8 pp | Dec 2022 −11.6 pp | Mar 2023 −7.5 pp | Jun 2023 −25.8 pp | Sep 2023 −5.2 pp | Dec 2023 +2.2 pp | Mar 2024 −3.6 pp | Jun 2024 +17.7 pp | Sep 2024 +7.6 pp | Dec 2024 +6.7 pp | Mar 2025 +3.0 pp | Jun 2025 −4.4 pp | Sep 2025 +10.8 pp | Dec 2025 +1.4 pp | Mar 2026 +6.3 pp | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.6 pp | Dec 2022 +3.5 pp | Mar 2023 +5.1 pp | Jun 2023 +0.6 pp | Sep 2023 +1.1 pp | Dec 2023 +0.8 pp | Mar 2024 −1.9 pp | Jun 2024 +0.5 pp | Sep 2024 +0.8 pp | Dec 2024 −3.0 pp | Mar 2025 +0.5 pp | Jun 2025 +0.4 pp | Sep 2025 −0.4 pp | Dec 2025 +4.6 pp | Mar 2026 +1.0 pp | Jun 2026 —
- FTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +3.5 pp | Mar 2023 — | Jun 2023 +3.7 pp | Sep 2023 +3.6 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 +0.3 pp | Sep 2024 −2.4 pp | Dec 2024 — | Mar 2025 −11.5 pp | Jun 2025 −4.8 pp | Sep 2025 −1.6 pp | Dec 2025 — | Mar 2026 — | Jun 2026 −5.6 pp
- MKSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 −11.2 pp | Dec 2022 −8.8 pp | Mar 2023 −23.1 pp | Jun 2023 −190.5 pp | Sep 2023 +0.3 pp | Dec 2023 −12.3 pp | Mar 2024 +12.1 pp | Jun 2024 +183.4 pp | Sep 2024 +1.6 pp | Dec 2024 +11.9 pp | Mar 2025 −0.3 pp | Jun 2025 −0.4 pp | Sep 2025 −0.3 pp | Dec 2025 −0.8 pp | Mar 2026 +1.9 pp | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −5.1 pp | Mar 2023 — | Jun 2023 −6.4 pp | Sep 2023 −1.6 pp | Dec 2023 −0.9 pp | Mar 2024 −3.5 pp | Jun 2024 −2.3 pp | Sep 2024 +0.6 pp | Dec 2024 — | Mar 2025 +6.1 pp | Jun 2025 +4.5 pp | Sep 2025 +1.3 pp | Dec 2025 — | Mar 2026 +4.7 pp | Jun 2026 +3.7 pp
- CGNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.7 pp | Dec 2022 −11.6 pp | Mar 2023 — | Jun 2023 −19.7 pp | Sep 2023 +3.2 pp | Dec 2023 −3.6 pp | Mar 2024 — | Jun 2024 +5.1 pp | Sep 2024 −13.5 pp | Dec 2024 −2.1 pp | Mar 2025 +5.4 pp | Jun 2025 +1.3 pp | Sep 2025 +7.5 pp | Dec 2025 +0.6 pp | Mar 2026 — | Jun 2026 +4.9 pp
- ESE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.0 pp | Sep 2022 +3.8 pp | Dec 2022 +1.4 pp | Mar 2023 +0.5 pp | Jun 2023 +1.7 pp | Sep 2023 −0.6 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +5.0 pp | Dec 2024 +2.6 pp | Mar 2025 +2.7 pp | Jun 2025 −2.1 pp | Sep 2025 −2.4 pp | Dec 2025 +0.5 pp | Mar 2026 −0.5 pp | Jun 2026 —
- ST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 +7.8 pp | Dec 2022 −1.0 pp | Mar 2023 +2.0 pp | Jun 2023 −2.5 pp | Sep 2023 −13.2 pp | Dec 2023 −35.3 pp | Mar 2024 −0.5 pp | Jun 2024 +1.4 pp | Sep 2024 −31.9 pp | Dec 2024 +28.4 pp | Mar 2025 −1.0 pp | Jun 2025 +2.1 pp | Sep 2025 +7.1 pp | Dec 2025 +2.8 pp | Mar 2026 +1.7 pp | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +3.7 pp | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 +2.9 pp | Dec 2023 −2.1 pp | Mar 2024 −0.9 pp | Jun 2024 −3.1 pp | Sep 2024 −0.4 pp | Dec 2024 +1.0 pp | Mar 2025 +2.8 pp | Jun 2025 −4.7 pp | Sep 2025 −4.5 pp | Dec 2025 −1.6 pp | Mar 2026 — | Jun 2026 +4.5 pp
- ITRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 +0.7 pp | Dec 2022 +24.7 pp | Mar 2023 −3.5 pp | Jun 2023 +14.3 pp | Sep 2023 +8.2 pp | Dec 2023 +5.9 pp | Mar 2024 +12.5 pp | Jun 2024 +4.1 pp | Sep 2024 +2.2 pp | Dec 2024 +1.7 pp | Mar 2025 +2.2 pp | Jun 2025 +2.0 pp | Sep 2025 +2.1 pp | Dec 2025 +3.6 pp | Mar 2026 −1.1 pp | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −3.9 pp | Mar 2023 — | Jun 2023 −2.2 pp | Sep 2023 +1.0 pp | Dec 2023 +0.7 pp | Mar 2024 +1.6 pp | Jun 2024 +0.6 pp | Sep 2024 −1.1 pp | Dec 2024 +0.6 pp | Mar 2025 −1.2 pp | Jun 2025 +1.2 pp | Sep 2025 +1.4 pp | Dec 2025 −0.3 pp | Mar 2026 — | Jun 2026 +0.4 pp
- BMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.8 pp | Sep 2022 +1.0 pp | Dec 2022 −1.5 pp | Mar 2023 +1.5 pp | Jun 2023 +0.8 pp | Sep 2023 +0.8 pp | Dec 2023 +2.3 pp | Mar 2024 +2.9 pp | Jun 2024 +2.4 pp | Sep 2024 +2.6 pp | Dec 2024 +1.5 pp | Mar 2025 +3.6 pp | Jun 2025 −0.4 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 −4.8 pp | Jun 2026 —
- VPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.4 pp | Dec 2022 +4.3 pp | Mar 2023 — | Jun 2023 +1.7 pp | Sep 2023 +1.1 pp | Dec 2023 +0.2 pp | Mar 2024 — | Jun 2024 −3.6 pp | Sep 2024 −7.9 pp | Dec 2024 −13.1 pp | Mar 2025 −8.7 pp | Jun 2025 −4.0 pp | Sep 2025 +7.6 pp | Dec 2025 +1.0 pp | Mar 2026 — | Jun 2026 −3.2 pp
- ITRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 −0.9 pp | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +0.6 pp | Dec 2023 +0.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.5 pp | Sep 2024 +1.2 pp | Dec 2024 +0.6 pp | Mar 2025 +1.6 pp | Jun 2025 +0.2 pp | Sep 2025 −0.7 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- MLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.0 pp | Sep 2022 −4.9 pp | Dec 2022 +10.9 pp | Mar 2023 +1.1 pp | Jun 2023 +7.8 pp | Sep 2023 −6.9 pp | Dec 2023 −6.4 pp | Mar 2024 −461.5 pp | Jun 2024 +10.9 pp | Sep 2024 +6.2 pp | Dec 2024 +9.3 pp | Mar 2025 +463.0 pp | Jun 2025 −4.5 pp | Sep 2025 +1.7 pp | Dec 2025 +3.0 pp | Mar 2026 +1.9 pp | Jun 2026 —
- MVIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2,348.6 pp | Sep 2022 — | Dec 2022 — | Mar 2023 +1,039.8 pp | Jun 2023 −2,911.2 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −84.0 pp | Jun 2024 +5,968.0 pp | Sep 2024 −5,984.1 pp | Dec 2024 −729.6 pp | Mar 2025 +410.2 pp | Jun 2025 −8,159.1 pp | Sep 2025 +2,987.9 pp | Dec 2025 −17,450.5 pp | Mar 2026 −129.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Garmin Ltd. leads with $1,737 million of TTM profit, 61.9% above Keysight Technologies, Inc.. Coherent Corp. shows ≥100% on the scoring scale (469.5% uncapped) growth from a $467 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Garmin Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Garmin Ltd. · $1,737 million | 61.9% versus #2 · Keysight Technologies, Inc. | 7/8 recent comparable periods | 11/19 companies · 349 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Garmin Ltd. (GRMN): ₹1.7K Cr
2. Keysight Technologies, Inc. (KEYS): ₹1.1K Cr
3. Coherent Corp. (COHR): ₹467 Cr
4. Trimble Inc. (TRMB): ₹457 Cr
5. MKS Inc. (MKSI): ₹327 Cr

### Profit growth — fastest growers
1. Coherent Corp. (COHR): 100%
2. Keysight Technologies, Inc. (KEYS): 45%
3. MKS Inc. (MKSI): 43%
4. Garmin Ltd. (GRMN): 18%
5. ESCO Technologies Inc. (ESE): 17%

### 20-quarter Net profit history
- KEYS: Sep 2021 ₹254 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹283 Cr | Sep 2023 ₹288 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹-73 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹257 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹281 Cr | Jun 2026 ₹349 Cr
- GRMN: Sep 2021 ₹259 Cr | Dec 2021 ₹286 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹211 Cr | Dec 2022 ₹293 Cr | Mar 2023 — | Jun 2023 ₹202 Cr | Sep 2023 ₹288 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹276 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹399 Cr | Dec 2024 ₹436 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹401 Cr | Sep 2025 ₹402 Cr | Dec 2025 ₹529 Cr | Mar 2026 ₹405 Cr | Jun 2026 —
- COHR: Sep 2021 ₹74 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹-39 Cr | Dec 2022 ₹-45 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-233 Cr | Sep 2023 ₹-68 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-84 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹182 Cr | Jun 2026 —
- TDY: Sep 2021 ₹65 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- FTV: Sep 2021 ₹182 Cr | Dec 2021 ₹153 Cr | Mar 2022 — | Jun 2022 ₹165 Cr | Sep 2022 ₹173 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹192 Cr | Mar 2026 — | Jun 2026 ₹136 Cr
- MKSI: Sep 2021 ₹132 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹143 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹-69 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹107 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- TRMB: Sep 2021 ₹139 Cr | Dec 2021 ₹124 Cr | Mar 2022 — | Jun 2022 ₹110 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹41 Cr | Dec 2024 — | Mar 2025 ₹90 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹157 Cr | Jun 2026 ₹99 Cr
- CGNX: Sep 2021 ₹78 Cr | Dec 2021 ₹79 Cr | Mar 2022 — | Jun 2022 ₹67 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹34 Cr | Mar 2023 — | Jun 2023 ₹26 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹33 Cr | Mar 2026 — | Jun 2026 ₹52 Cr
- ESE: Sep 2021 ₹21 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- ST: Sep 2021 ₹85 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹-163 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- NOVT: Sep 2021 ₹12 Cr | Dec 2021 ₹14 Cr | Mar 2022 — | Jun 2022 ₹19 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 ₹21 Cr
- ITRI: Sep 2021 ₹-1 Cr | Dec 2021 ₹-58 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- VNT: Sep 2021 ₹82 Cr | Dec 2021 ₹127 Cr | Mar 2022 — | Jun 2022 ₹250 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹124 Cr | Mar 2026 — | Jun 2026 ₹94 Cr
- BMI: Sep 2021 ₹16 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- VPG: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 — | Jun 2022 ₹7 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹10 Cr | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹-2 Cr | Mar 2026 — | Jun 2026 ₹0 Cr
- ITRN: Sep 2021 ₹8 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- MLAB: Sep 2021 ₹4 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-255 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- USBC: Sep 2021 ₹-8 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-5 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-27 Cr | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 ₹-9 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-31 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-38 Cr | Mar 2026 ₹-25 Cr | Jun 2026 —

### 20-quarter Profit growth history
- KEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 33% | Dec 2022 6.0% | Mar 2023 14% | Jun 2023 9.7% | Sep 2023 -15% | Dec 2023 -24% | Mar 2024 -34% | Jun 2024 -55% | Sep 2024 35% | Dec 2024 -132% | Mar 2025 -1.7% | Jun 2025 104% | Sep 2025 -51% | Dec 2025 — | Mar 2026 66% | Jun 2026 36%
- GRMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -19% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 -22% | Sep 2023 36% | Dec 2023 85% | Mar 2024 — | Jun 2024 49% | Sep 2024 39% | Dec 2024 -20% | Mar 2025 21% | Jun 2025 33% | Sep 2025 0.8% | Dec 2025 21% | Mar 2026 22% | Jun 2026 —
- COHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -153% | Dec 2022 -166% | Mar 2023 -94% | Jun 2023 -630% | Sep 2023 — | Dec 2023 — | Mar 2024 -633% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 800% | Dec 2025 41% | Mar 2026 9,000% | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 163% | Dec 2022 33% | Mar 2023 40% | Jun 2023 -16% | Sep 2023 8.8% | Dec 2023 12% | Mar 2024 -21% | Jun 2024 0.6% | Sep 2024 41% | Dec 2024 0.0% | Mar 2025 5.6% | Jun 2025 17% | Sep 2025 -16% | Dec 2025 39% | Mar 2026 20% | Jun 2026 —
- FTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.0% | Dec 2022 48% | Mar 2023 — | Jun 2023 27% | Sep 2023 26% | Dec 2023 17% | Mar 2024 19% | Jun 2024 -6.7% | Sep 2024 -49% | Dec 2024 -27% | Mar 2025 -45% | Jun 2025 -14% | Sep 2025 4.5% | Dec 2025 -0.5% | Mar 2026 — | Jun 2026 -19%
- MKSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -95% | Dec 2022 -64% | Mar 2023 -129% | Jun 2023 -1,461% | Sep 2023 550% | Dec 2023 -228% | Mar 2024 — | Jun 2024 — | Sep 2024 59% | Dec 2024 — | Mar 2025 247% | Jun 2025 170% | Sep 2025 19% | Dec 2025 18% | Mar 2026 62% | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 -31% | Mar 2023 — | Jun 2023 -59% | Sep 2023 -55% | Dec 2023 -27% | Mar 2024 -56% | Jun 2024 2,824% | Sep 2024 -45% | Dec 2024 — | Mar 2025 58% | Jun 2025 -95% | Sep 2025 117% | Dec 2025 — | Mar 2026 74% | Jun 2026 48%
- CGNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -24% | Dec 2022 -57% | Mar 2023 — | Jun 2023 -61% | Sep 2023 -3.4% | Dec 2023 -44% | Mar 2024 — | Jun 2024 38% | Sep 2024 -47% | Dec 2024 47% | Mar 2025 100% | Jun 2025 14% | Sep 2025 -40% | Dec 2025 18% | Mar 2026 — | Jun 2026 27%
- ESE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 48% | Dec 2022 25% | Mar 2023 5.9% | Jun 2023 22% | Sep 2023 3.2% | Dec 2023 0.0% | Mar 2024 28% | Jun 2024 0.0% | Sep 2024 25% | Dec 2024 33% | Mar 2025 13% | Jun 2025 -11% | Sep 2025 13% | Dec 2025 45% | Mar 2026 31% | Jun 2026 —
- ST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -69% | Sep 2022 65% | Dec 2022 0.9% | Mar 2023 291% | Jun 2023 40% | Sep 2023 -55% | Dec 2023 -279% | Mar 2024 -12% | Jun 2024 47% | Sep 2024 -140% | Dec 2024 — | Mar 2025 -7.9% | Jun 2025 -15% | Sep 2025 — | Dec 2025 950% | Mar 2026 24% | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 42% | Dec 2022 7.1% | Mar 2023 — | Jun 2023 11% | Sep 2023 24% | Dec 2023 -13% | Mar 2024 -17% | Jun 2024 -33% | Sep 2024 -9.5% | Dec 2024 23% | Mar 2025 40% | Jun 2025 -71% | Sep 2025 -42% | Dec 2025 6.3% | Mar 2026 — | Jun 2026 425%
- ITRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -1,300% | Jun 2023 — | Sep 2023 900% | Dec 2023 105% | Mar 2024 — | Jun 2024 108% | Sep 2024 98% | Dec 2024 31% | Mar 2025 25% | Jun 2025 33% | Sep 2025 -16% | Dec 2025 75% | Mar 2026 -17% | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -60% | Dec 2022 -46% | Mar 2023 — | Jun 2023 -61% | Sep 2023 176% | Dec 2023 56% | Mar 2024 65% | Jun 2024 -28% | Sep 2024 1.1% | Dec 2024 17% | Mar 2025 -36% | Jun 2025 31% | Sep 2025 12% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 2.2%
- BMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 13% | Dec 2022 5.9% | Mar 2023 36% | Jun 2023 29% | Sep 2023 44% | Dec 2023 39% | Mar 2024 53% | Jun 2024 50% | Sep 2024 23% | Dec 2024 24% | Mar 2025 31% | Jun 2025 6.1% | Sep 2025 9.4% | Dec 2025 9.7% | Mar 2026 -29% | Jun 2026 —
- VPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 175% | Dec 2022 100% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -27% | Dec 2023 -60% | Mar 2024 — | Jun 2024 -29% | Sep 2024 -113% | Dec 2024 -75% | Mar 2025 -117% | Jun 2025 -100% | Sep 2025 — | Dec 2025 -300% | Mar 2026 — | Jun 2026 —
- ITRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 38% | Dec 2022 0.0% | Mar 2023 33% | Jun 2023 30% | Sep 2023 18% | Dec 2023 20% | Mar 2024 17% | Jun 2024 7.7% | Sep 2024 7.7% | Dec 2024 25% | Mar 2025 7.1% | Jun 2025 0.0% | Sep 2025 7.1% | Dec 2025 6.7% | Mar 2026 13% | Jun 2026 —
- MLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 -75% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -200% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -200% | Mar 2025 — | Jun 2025 67% | Sep 2025 -33% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Coherent Corp. reports $290 million of CAPEX; Coherent Corp. has the highest covered intensity at 16.1%. Coverage is only 19 of 19 companies and 338 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Coherent Corp. · $290 million | 332.8% versus #2 · Garmin Ltd. | 8/8 recent comparable periods | 19/19 companies · 338 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Coherent Corp. (COHR): ₹290 Cr
2. Garmin Ltd. (GRMN): ₹67 Cr
3. Teledyne Technologies Incorporated (TDY): ₹31 Cr
4. Keysight Technologies, Inc. (KEYS): ₹29 Cr
5. Fortive Corporation (FTV): ₹27 Cr

### CAPEX intensity — highest reinvestment intensity
1. Coherent Corp. (COHR): 16%
2. Ituran Location and Control Ltd. (ITRN): 4.9%
3. Garmin Ltd. (GRMN): 3.8%
4. Vishay Precision Group, Inc. (VPG): 3.6%
5. Vontier Corporation (VNT): 2.9%

### 20-quarter CAPEX history
- KEYS: Sep 2021 ₹40 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹34 Cr | Jun 2026 ₹29 Cr
- GRMN: Sep 2021 ₹41 Cr | Dec 2021 — | Mar 2022 ₹60 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹59 Cr | Mar 2023 — | Jun 2023 ₹47 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- COHR: Sep 2021 ₹48 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹290 Cr | Jun 2026 —
- TDY: Sep 2021 ₹21 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹31 Cr
- FTV: Sep 2021 ₹9 Cr | Dec 2021 ₹11 Cr | Mar 2022 — | Jun 2022 ₹19 Cr | Sep 2022 ₹18 Cr | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹28 Cr | Dec 2023 — | Mar 2024 ₹26 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹30 Cr | Mar 2026 — | Jun 2026 ₹27 Cr
- MKSI: Sep 2021 ₹20 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹15 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹6 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹6 Cr
- CGNX: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 — | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 — | Jun 2026 ₹3 Cr
- ESE: Sep 2021 ₹9 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ST: Sep 2021 ₹37 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹45 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹33 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹18 Cr | Jun 2026 —
- NOVT: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 ₹4 Cr
- ITRI: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- VNT: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 — | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 ₹22 Cr
- BMI: Sep 2021 ₹4 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹5 Cr
- VPG: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 — | Jun 2022 ₹4 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹7 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 — | Jun 2026 ₹3 Cr
- ITRN: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- MLAB: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- USBC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- KEYS: Sep 2021 3.2% | Dec 2021 5.6% | Mar 2022 3.4% | Jun 2022 3.9% | Sep 2022 2.3% | Dec 2022 4.0% | Mar 2023 4.3% | Jun 2023 3.8% | Sep 2023 3.3% | Dec 2023 3.0% | Mar 2024 3.7% | Jun 2024 3.0% | Sep 2024 2.7% | Dec 2024 3.0% | Mar 2025 2.5% | Jun 2025 2.1% | Sep 2025 2.3% | Dec 2025 2.7% | Mar 2026 2.1% | Jun 2026 1.7%
- GRMN: Sep 2021 3.4% | Dec 2021 — | Mar 2022 5.1% | Jun 2022 6.0% | Sep 2022 4.4% | Dec 2022 4.5% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 4.0% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 4.7% | Mar 2025 2.6% | Jun 2025 2.5% | Sep 2025 3.4% | Dec 2025 5.8% | Mar 2026 3.8% | Jun 2026 —
- COHR: Sep 2021 6.0% | Dec 2021 6.7% | Mar 2022 11% | Jun 2022 13% | Sep 2022 10% | Dec 2022 7.8% | Mar 2023 7.8% | Jun 2023 7.7% | Sep 2023 5.9% | Dec 2023 8.0% | Mar 2024 7.7% | Jun 2024 7.6% | Sep 2024 6.8% | Dec 2024 7.4% | Mar 2025 7.5% | Jun 2025 8.6% | Sep 2025 6.6% | Dec 2025 9.1% | Mar 2026 16% | Jun 2026 —
- TDY: Sep 2021 1.9% | Dec 2021 2.2% | Mar 2022 2.5% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.2% | Mar 2023 2.4% | Jun 2023 1.7% | Sep 2023 1.9% | Dec 2023 1.6% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 1.5% | Dec 2024 1.9% | Mar 2025 1.2% | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 2.5% | Mar 2026 1.9% | Jun 2026 —
- FTV: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 — | Jun 2022 1.4% | Sep 2022 1.2% | Dec 2022 — | Mar 2023 1.7% | Jun 2023 1.4% | Sep 2023 1.9% | Dec 2023 — | Mar 2024 1.7% | Jun 2024 1.9% | Sep 2024 0.8% | Dec 2024 — | Mar 2025 1.1% | Jun 2025 2.4% | Sep 2025 1.1% | Dec 2025 — | Mar 2026 — | Jun 2026 1.3%
- MKSI: Sep 2021 2.7% | Dec 2021 3.1% | Mar 2022 2.6% | Jun 2022 8.4% | Sep 2022 2.7% | Dec 2022 5.1% | Mar 2023 2.1% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 3.8% | Mar 2024 2.1% | Jun 2024 3.0% | Sep 2024 2.5% | Dec 2024 5.5% | Mar 2025 1.9% | Jun 2025 3.0% | Sep 2025 5.2% | Dec 2025 4.8% | Mar 2026 2.3% | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5% | Sep 2022 — | Dec 2022 — | Mar 2023 0.7% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 0.7% | Jun 2024 1.6% | Sep 2024 0.7% | Dec 2024 — | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.8% | Mar 2026 0.6% | Jun 2026 0.6%
- CGNX: Sep 2021 1.5% | Dec 2021 1.4% | Mar 2022 — | Jun 2022 1.8% | Sep 2022 2.5% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 2.1% | Dec 2023 3.0% | Mar 2024 1.9% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 0.9% | Mar 2025 1.4% | Jun 2025 0.8% | Sep 2025 0.4% | Dec 2025 1.2% | Mar 2026 — | Jun 2026 1.1%
- ESE: Sep 2021 4.4% | Dec 2021 7.9% | Mar 2022 3.4% | Jun 2022 2.3% | Sep 2022 2.3% | Dec 2022 2.4% | Mar 2023 2.6% | Jun 2023 2.8% | Sep 2023 1.8% | Dec 2023 3.7% | Mar 2024 3.2% | Jun 2024 3.8% | Sep 2024 3.3% | Dec 2024 2.3% | Mar 2025 4.3% | Jun 2025 3.0% | Sep 2025 3.4% | Dec 2025 2.1% | Mar 2026 2.3% | Jun 2026 —
- ST: Sep 2021 3.9% | Dec 2021 4.7% | Mar 2022 3.7% | Jun 2022 3.7% | Sep 2022 3.5% | Dec 2022 3.9% | Mar 2023 3.7% | Jun 2023 4.5% | Sep 2023 5.2% | Dec 2023 4.8% | Mar 2024 4.2% | Jun 2024 4.3% | Sep 2024 — | Dec 2024 — | Mar 2025 3.6% | Jun 2025 2.7% | Sep 2025 2.6% | Dec 2025 — | Mar 2026 1.9% | Jun 2026 —
- NOVT: Sep 2021 3.0% | Dec 2021 3.4% | Mar 2022 — | Jun 2022 2.9% | Sep 2022 2.8% | Dec 2022 1.8% | Mar 2023 1.8% | Jun 2023 1.3% | Sep 2023 3.2% | Dec 2023 2.8% | Mar 2024 2.6% | Jun 2024 2.1% | Sep 2024 1.6% | Dec 2024 0.8% | Mar 2025 1.7% | Jun 2025 1.2% | Sep 2025 1.6% | Dec 2025 1.6% | Mar 2026 — | Jun 2026 1.6%
- ITRI: Sep 2021 1.4% | Dec 2021 1.4% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.0% | Dec 2022 1.1% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.6% | Mar 2024 1.2% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.6% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 0.7% | Dec 2025 1.4% | Mar 2026 1.2% | Jun 2026 —
- VNT: Sep 2021 1.5% | Dec 2021 1.4% | Mar 2022 — | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 1.9% | Mar 2023 1.8% | Jun 2023 1.6% | Sep 2023 2.2% | Dec 2023 2.2% | Mar 2024 2.6% | Jun 2024 3.4% | Sep 2024 2.5% | Dec 2024 2.6% | Mar 2025 2.4% | Jun 2025 2.2% | Sep 2025 2.7% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 2.9%
- BMI: Sep 2021 3.1% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 1.4% | Sep 2022 1.4% | Dec 2022 0.7% | Mar 2023 2.5% | Jun 2023 1.7% | Sep 2023 1.6% | Dec 2023 1.1% | Mar 2024 1.5% | Jun 2024 0.9% | Sep 2024 1.4% | Dec 2024 2.4% | Mar 2025 1.4% | Jun 2025 1.7% | Sep 2025 1.3% | Dec 2025 1.8% | Mar 2026 2.0% | Jun 2026 —
- VPG: Sep 2021 4.0% | Dec 2021 3.7% | Mar 2022 — | Jun 2022 4.5% | Sep 2022 5.6% | Dec 2022 7.8% | Mar 2023 — | Jun 2023 4.5% | Sep 2023 3.3% | Dec 2023 5.6% | Mar 2024 3.7% | Jun 2024 3.9% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 2.8% | Jun 2025 1.3% | Sep 2025 2.5% | Dec 2025 3.7% | Mar 2026 — | Jun 2026 3.6%
- ITRN: Sep 2021 6.1% | Dec 2021 7.1% | Mar 2022 8.3% | Jun 2022 12% | Sep 2022 5.5% | Dec 2022 11% | Mar 2023 3.8% | Jun 2023 3.7% | Sep 2023 4.9% | Dec 2023 5.1% | Mar 2024 3.5% | Jun 2024 3.5% | Sep 2024 3.6% | Dec 2024 4.8% | Mar 2025 8.1% | Jun 2025 5.7% | Sep 2025 5.4% | Dec 2025 5.4% | Mar 2026 4.9% | Jun 2026 —
- MLAB: Sep 2021 2.8% | Dec 2021 3.6% | Mar 2022 1.7% | Jun 2022 0.0% | Sep 2022 3.4% | Dec 2022 3.7% | Mar 2023 1.8% | Jun 2023 0.0% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 3.4% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 0.0% | Jun 2026 —
- USBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Garmin Ltd. has the clearest covered balance-sheet capacity with $2,533 million net cash and gross debt of $168 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Badger Meter, Inc. · $0 million | null versus #2 · USBC, Inc. | 8/8 recent comparable periods | 19/19 companies · 353 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Badger Meter, Inc. (BMI): ₹0 Cr
2. USBC, Inc. (USBC): ₹0 Cr — older report
3. Ituran Location and Control Ltd. (ITRN): ₹4 Cr
4. Vishay Precision Group, Inc. (VPG): ₹44 Cr
5. MicroVision, Inc. (MVIS): ₹53 Cr

### Net debt — lowest net debt
1. Garmin Ltd. (GRMN): ₹-2.5K Cr
2. Cognex Corporation (CGNX): ₹-223 Cr
3. Ituran Location and Control Ltd. (ITRN): ₹-104 Cr
4. Novanta Inc. (NOVT): ₹-101 Cr
5. Badger Meter, Inc. (BMI): ₹-96 Cr

### 20-quarter Gross debt history
- KEYS: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.8K Cr
- GRMN: Sep 2021 ₹72 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹100 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹111 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- COHR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- TDY: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.0K Cr
- FTV: Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 — | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹376 Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹900 Cr | Mar 2026 — | Jun 2026 ₹900 Cr
- MKSI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 —
- TRMB: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 — | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.4K Cr
- CGNX: Sep 2021 ₹24 Cr | Dec 2021 ₹27 Cr | Mar 2022 — | Jun 2022 ₹35 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹40 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹77 Cr | Mar 2026 — | Jun 2026 ₹74 Cr
- ESE: Sep 2021 ₹182 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹569 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- ST: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- NOVT: Sep 2021 ₹231 Cr | Dec 2021 ₹495 Cr | Mar 2022 — | Jun 2022 ₹469 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹484 Cr | Mar 2023 ₹471 Cr | Jun 2023 ₹457 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹400 Cr | Mar 2024 ₹566 Cr | Jun 2024 ₹533 Cr | Sep 2024 ₹510 Cr | Dec 2024 ₹467 Cr | Mar 2025 ₹439 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹300 Cr | Mar 2026 — | Jun 2026 ₹288 Cr
- ITRI: Sep 2021 ₹509 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹505 Cr | Jun 2022 ₹501 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹497 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹490 Cr | Sep 2023 ₹487 Cr | Dec 2023 ₹487 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- VNT: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 — | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 — | Jun 2026 ₹1.6K Cr
- BMI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- VPG: Sep 2021 ₹87 Cr | Dec 2021 ₹90 Cr | Mar 2022 — | Jun 2022 ₹89 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹85 Cr | Mar 2023 — | Jun 2023 ₹85 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹44 Cr | Mar 2026 — | Jun 2026 ₹44 Cr
- ITRN: Sep 2021 ₹36 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- MLAB: Sep 2021 ₹169 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹217 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹189 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹151 Cr | Jun 2026 —
- USBC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 ₹2 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹53 Cr | Jun 2026 —

### 20-quarter Net debt history
- KEYS: Sep 2021 ₹-125 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹-24 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-475 Cr | Sep 2023 ₹-550 Cr | Dec 2023 ₹-446 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹404 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-353 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹905 Cr | Mar 2026 ₹594 Cr | Jun 2026 ₹347 Cr
- GRMN: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.8K Cr | Mar 2022 ₹-1.7K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-1.9K Cr | Mar 2024 ₹-2.1K Cr | Jun 2024 ₹-2.1K Cr | Sep 2024 ₹-2.3K Cr | Dec 2024 ₹-2.4K Cr | Mar 2025 ₹-2.5K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-2.4K Cr | Dec 2025 ₹-2.6K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 —
- COHR: Sep 2021 ₹-31 Cr | Dec 2021 ₹-181 Cr | Mar 2022 ₹-144 Cr | Jun 2022 ₹-144 Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- TDY: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.7K Cr
- FTV: Sep 2021 ₹1.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 — | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹-1.9K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹-437 Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹524 Cr | Mar 2026 — | Jun 2026 ₹544 Cr
- MKSI: Sep 2021 ₹149 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- TRMB: Sep 2021 ₹994 Cr | Dec 2021 ₹937 Cr | Mar 2022 — | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹957 Cr | Sep 2024 ₹875 Cr | Dec 2024 — | Mar 2025 ₹652 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- CGNX: Sep 2021 ₹-384 Cr | Dec 2021 ₹-366 Cr | Mar 2022 — | Jun 2022 ₹-280 Cr | Sep 2022 ₹-326 Cr | Dec 2022 ₹-441 Cr | Mar 2023 — | Jun 2023 ₹-341 Cr | Sep 2023 ₹-299 Cr | Dec 2023 ₹-445 Cr | Mar 2024 ₹-201 Cr | Jun 2024 ₹-215 Cr | Sep 2024 ₹-211 Cr | Dec 2024 ₹-176 Cr | Mar 2025 ₹-126 Cr | Jun 2025 ₹-145 Cr | Sep 2025 ₹-221 Cr | Dec 2025 ₹-260 Cr | Mar 2026 — | Jun 2026 ₹-223 Cr
- ESE: Sep 2021 ₹126 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- ST: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- NOVT: Sep 2021 ₹97 Cr | Dec 2021 ₹393 Cr | Mar 2022 — | Jun 2022 ₹370 Cr | Sep 2022 ₹357 Cr | Dec 2022 ₹384 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹366 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹401 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹-81 Cr | Mar 2026 — | Jun 2026 ₹-101 Cr
- ITRI: Sep 2021 ₹320 Cr | Dec 2021 ₹345 Cr | Mar 2022 ₹301 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹257 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹347 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹-62 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹889 Cr | Jun 2026 —
- VNT: Sep 2021 ₹1.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 — | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 ₹1.4K Cr
- BMI: Sep 2021 ₹-67 Cr | Dec 2021 ₹-87 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-115 Cr | Dec 2022 ₹-138 Cr | Mar 2023 ₹-128 Cr | Jun 2023 ₹-142 Cr | Sep 2023 ₹-163 Cr | Dec 2023 ₹-192 Cr | Mar 2024 ₹-199 Cr | Jun 2024 ₹-226 Cr | Sep 2024 ₹-259 Cr | Dec 2024 ₹-295 Cr | Mar 2025 ₹-131 Cr | Jun 2025 ₹-165 Cr | Sep 2025 ₹-202 Cr | Dec 2025 ₹-226 Cr | Mar 2026 ₹-205 Cr | Jun 2026 ₹-96 Cr
- VPG: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 — | Jun 2022 ₹11 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹5 Cr | Mar 2023 — | Jun 2023 ₹-8 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-43 Cr | Mar 2026 — | Jun 2026 ₹-38 Cr
- ITRN: Sep 2021 ₹-31 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-49 Cr | Jun 2024 ₹-58 Cr | Sep 2024 ₹-62 Cr | Dec 2024 ₹-71 Cr | Mar 2025 ₹-71 Cr | Jun 2025 ₹-84 Cr | Sep 2025 ₹-88 Cr | Dec 2025 ₹-103 Cr | Mar 2026 ₹-104 Cr | Jun 2026 —
- MLAB: Sep 2021 ₹-109 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- USBC: Sep 2021 ₹-12 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-4 Cr | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 ₹-123 Cr | Dec 2021 ₹-109 Cr | Mar 2022 ₹-97 Cr | Jun 2022 ₹-87 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-67 Cr | Mar 2023 ₹-55 Cr | Jun 2023 ₹-81 Cr | Sep 2023 ₹-66 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-58 Cr | Jun 2024 ₹-43 Cr | Sep 2024 ₹-29 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-38 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Ituran Location and Control Ltd. leads ROCE at 8.6%, 3.8 percentage points above Badger Meter, Inc.. Keysight Technologies, Inc. has the strongest latest improvement at +1.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Ituran Location and Control Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Ituran Location and Control Ltd. · 8.6% | 79.2% versus #2 · Badger Meter, Inc. | 1/8 recent comparable periods | 18/19 companies · 328 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Ituran Location and Control Ltd. (ITRN): 8.6%
2. Badger Meter, Inc. (BMI): 4.8%
3. Garmin Ltd. (GRMN): 4.8%
4. Keysight Technologies, Inc. (KEYS): 4.5%
5. Vontier Corporation (VNT): 3.6%

### ROCE change — fastest improvers
1. Keysight Technologies, Inc. (KEYS): +1.9 pp
2. Cognex Corporation (CGNX): +1.0 pp
3. Coherent Corp. (COHR): +0.9 pp
4. Novanta Inc. (NOVT): +0.8 pp
5. Ituran Location and Control Ltd. (ITRN): +0.7 pp

### 20-quarter ROCE history
- KEYS: Sep 2021 — | Dec 2021 5.5% | Mar 2022 4.2% | Jun 2022 5.1% | Sep 2022 5.4% | Dec 2022 5.8% | Mar 2023 4.8% | Jun 2023 5.2% | Sep 2023 5.2% | Dec 2023 4.8% | Mar 2024 3.2% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 3.2% | Mar 2025 2.9% | Jun 2025 2.6% | Sep 2025 2.8% | Dec 2025 2.5% | Mar 2026 2.8% | Jun 2026 4.5%
- GRMN: Sep 2021 4.9% | Dec 2021 5.1% | Mar 2022 3.6% | Jun 2022 4.8% | Sep 2022 3.9% | Dec 2022 8.3% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 4.5% | Dec 2023 9.3% | Mar 2024 4.2% | Jun 2024 5.0% | Sep 2024 6.1% | Dec 2024 6.7% | Mar 2025 4.2% | Jun 2025 6.0% | Sep 2025 5.5% | Dec 2025 7.1% | Mar 2026 4.8% | Jun 2026 —
- COHR: Sep 2021 1.8% | Dec 2021 1.9% | Mar 2022 1.9% | Jun 2022 1.8% | Sep 2022 0.5% | Dec 2022 0.1% | Mar 2023 0.7% | Jun 2023 -1.6% | Sep 2023 -0.2% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 1.0% | Mar 2025 0.5% | Jun 2025 0.0% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 2.2% | Mar 2022 2.3% | Jun 2022 2.3% | Sep 2022 1.8% | Dec 2022 1.9% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 2.1% | Dec 2024 1.8% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 2.5% | Mar 2026 2.2% | Jun 2026 2.5%
- FTV: Sep 2021 — | Dec 2021 1.5% | Mar 2022 — | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 2.2% | Mar 2023 1.8% | Jun 2023 2.2% | Sep 2023 2.2% | Dec 2023 2.2% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 1.2% | Dec 2024 2.1% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 1.6%
- MKSI: Sep 2021 4.8% | Dec 2021 4.8% | Mar 2022 4.4% | Jun 2022 4.1% | Sep 2022 1.7% | Dec 2022 2.2% | Mar 2023 0.0% | Jun 2023 -27% | Sep 2023 1.3% | Dec 2023 0.3% | Mar 2024 1.1% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 1.7% | Mar 2025 1.4% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.8% | Mar 2026 2.1% | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 2.6% | Mar 2022 — | Jun 2022 2.7% | Sep 2022 2.4% | Dec 2022 1.7% | Mar 2023 2.2% | Jun 2023 1.4% | Sep 2023 1.8% | Dec 2023 1.4% | Mar 2024 1.6% | Jun 2024 0.8% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 2.3% | Jun 2025 1.3% | Sep 2025 1.7% | Dec 2025 1.9% | Mar 2026 2.8% | Jun 2026 1.9%
- CGNX: Sep 2021 — | Dec 2021 4.6% | Mar 2022 — | Jun 2022 5.0% | Sep 2022 3.6% | Dec 2022 2.2% | Mar 2023 — | Jun 2023 1.3% | Sep 2023 3.7% | Dec 2023 1.7% | Mar 2024 0.8% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.7% | Mar 2025 1.5% | Jun 2025 2.4% | Sep 2025 3.1% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 3.4%
- ESE: Sep 2021 2.2% | Dec 2021 1.3% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 3.2% | Dec 2022 1.6% | Mar 2023 1.9% | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 1.6% | Mar 2024 2.3% | Jun 2024 2.7% | Sep 2024 4.0% | Dec 2024 1.9% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 3.9% | Dec 2025 2.3% | Mar 2026 2.8% | Jun 2026 —
- ST: Sep 2021 2.3% | Dec 2021 2.1% | Mar 2022 1.7% | Jun 2022 1.8% | Sep 2022 3.3% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 -2.8% | Mar 2024 2.0% | Jun 2024 1.8% | Sep 2024 -2.8% | Dec 2024 1.1% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 -1.9% | Dec 2025 1.6% | Mar 2026 2.3% | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 1.7% | Mar 2022 — | Jun 2022 2.8% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 2.5% | Jun 2023 3.1% | Sep 2023 2.9% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 2.8% | Dec 2024 2.3% | Mar 2025 2.6% | Jun 2025 1.2% | Sep 2025 1.7% | Dec 2025 1.8% | Mar 2026 — | Jun 2026 2.0%
- ITRI: Sep 2021 0.2% | Dec 2021 -5.4% | Mar 2022 0.3% | Jun 2022 -1.8% | Sep 2022 0.4% | Dec 2022 0.7% | Mar 2023 -0.5% | Jun 2023 1.9% | Sep 2023 2.9% | Dec 2023 2.5% | Mar 2024 3.1% | Jun 2024 2.8% | Sep 2024 3.1% | Dec 2024 2.5% | Mar 2025 3.3% | Jun 2025 2.8% | Sep 2025 2.9% | Dec 2025 2.8% | Mar 2026 2.3% | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 6.4% | Mar 2022 — | Jun 2022 4.5% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 3.9% | Jun 2023 3.6% | Sep 2023 4.2% | Dec 2023 4.3% | Mar 2024 4.2% | Jun 2024 3.3% | Sep 2024 3.8% | Dec 2024 3.9% | Mar 2025 3.8% | Jun 2025 4.2% | Sep 2025 4.3% | Dec 2025 3.5% | Mar 2026 — | Jun 2026 3.6%
- BMI: Sep 2021 4.7% | Dec 2021 5.4% | Mar 2022 4.3% | Jun 2022 5.0% | Sep 2022 5.2% | Dec 2022 4.8% | Mar 2023 5.1% | Jun 2023 5.9% | Sep 2023 6.1% | Dec 2023 6.0% | Mar 2024 6.5% | Jun 2024 7.0% | Sep 2024 6.6% | Dec 2024 6.1% | Mar 2025 7.2% | Jun 2025 6.2% | Sep 2025 6.2% | Dec 2025 5.7% | Mar 2026 4.5% | Jun 2026 4.8%
- VPG: Sep 2021 — | Dec 2021 2.0% | Mar 2022 — | Jun 2022 2.2% | Sep 2022 2.7% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 2.4% | Sep 2023 2.9% | Dec 2023 2.9% | Mar 2024 1.7% | Jun 2024 1.5% | Sep 2024 0.9% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.7% | Sep 2025 2.5% | Dec 2025 0.3% | Mar 2026 — | Jun 2026 0.1%
- ITRN: Sep 2021 7.3% | Dec 2021 7.3% | Mar 2022 7.4% | Jun 2022 7.5% | Sep 2022 7.7% | Dec 2022 7.9% | Mar 2023 7.8% | Jun 2023 8.3% | Sep 2023 8.4% | Dec 2023 7.8% | Mar 2024 7.9% | Jun 2024 8.1% | Sep 2024 8.2% | Dec 2024 7.8% | Mar 2025 7.9% | Jun 2025 7.4% | Sep 2025 7.7% | Dec 2025 7.8% | Mar 2026 8.6% | Jun 2026 —
- MLAB: Sep 2021 0.7% | Dec 2021 -0.4% | Mar 2022 0.0% | Jun 2022 -0.8% | Sep 2022 0.7% | Dec 2022 0.5% | Mar 2023 0.1% | Jun 2023 -0.1% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -53% | Jun 2024 1.1% | Sep 2024 0.8% | Dec 2024 1.2% | Mar 2025 0.4% | Jun 2025 0.9% | Sep 2025 1.4% | Dec 2025 2.4% | Mar 2026 0.9% | Jun 2026 —
- MVIS: Sep 2021 -17% | Dec 2021 -20% | Mar 2022 -15% | Jun 2022 -12% | Sep 2022 -12% | Dec 2022 -13% | Mar 2023 -20% | Jun 2023 -21% | Sep 2023 -23% | Dec 2023 -19% | Mar 2024 -26% | Jun 2024 -23% | Sep 2024 -17% | Dec 2024 -20% | Mar 2025 -16% | Jun 2025 -16% | Sep 2025 -14% | Dec 2025 -56% | Mar 2026 -35% | Jun 2026 —

### 20-quarter ROCE change history
- KEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +0.6 pp | Jun 2023 +0.1 pp | Sep 2023 −0.2 pp | Dec 2023 −1.0 pp | Mar 2024 −1.6 pp | Jun 2024 −2.7 pp | Sep 2024 −2.4 pp | Dec 2024 −1.6 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 −0.1 pp | Jun 2026 +1.9 pp
- GRMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +3.2 pp | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 +0.6 pp | Dec 2023 +1.0 pp | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 +1.6 pp | Dec 2024 −2.6 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −0.6 pp | Dec 2025 +0.4 pp | Mar 2026 +0.6 pp | Jun 2026 —
- COHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −1.8 pp | Mar 2023 −1.2 pp | Jun 2023 −3.4 pp | Sep 2023 −0.7 pp | Dec 2023 +0.1 pp | Mar 2024 −0.5 pp | Jun 2024 +2.1 pp | Sep 2024 +0.8 pp | Dec 2024 +0.8 pp | Mar 2025 +0.3 pp | Jun 2025 −0.5 pp | Sep 2025 +1.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.9 pp | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.2 pp | Jun 2023 −0.4 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.3 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.7 pp | Mar 2026 +0.2 pp | Jun 2026 +0.4 pp
- FTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 +0.5 pp | Sep 2023 +0.4 pp | Dec 2023 0.0 pp | Mar 2024 +0.3 pp | Jun 2024 −0.1 pp | Sep 2024 −1.0 pp | Dec 2024 −0.1 pp | Mar 2025 −1.0 pp | Jun 2025 −0.6 pp | Sep 2025 +0.1 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 +0.1 pp
- MKSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 −2.6 pp | Mar 2023 −4.4 pp | Jun 2023 −30.8 pp | Sep 2023 −0.4 pp | Dec 2023 −1.9 pp | Mar 2024 +1.1 pp | Jun 2024 +28.2 pp | Sep 2024 +0.2 pp | Dec 2024 +1.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.7 pp | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 −1.3 pp | Sep 2023 −0.6 pp | Dec 2023 −0.3 pp | Mar 2024 −0.6 pp | Jun 2024 −0.6 pp | Sep 2024 −0.3 pp | Dec 2024 — | Mar 2025 +0.7 pp | Jun 2025 +0.5 pp | Sep 2025 +0.2 pp | Dec 2025 — | Mar 2026 +0.5 pp | Jun 2026 +0.6 pp
- CGNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.4 pp | Mar 2023 — | Jun 2023 −3.7 pp | Sep 2023 +0.1 pp | Dec 2023 −0.5 pp | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +1.4 pp | Dec 2025 +0.2 pp | Mar 2026 — | Jun 2026 +1.0 pp
- ESE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.4 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.8 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −0.1 pp | Mar 2023 +0.3 pp | Jun 2023 −0.3 pp | Sep 2023 −1.8 pp | Dec 2023 −4.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 −4.3 pp | Dec 2024 +3.9 pp | Mar 2025 −0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.9 pp | Dec 2025 +0.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 — | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 −0.5 pp | Mar 2024 −0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.4 pp | Jun 2025 −1.0 pp | Sep 2025 −1.1 pp | Dec 2025 −0.5 pp | Mar 2026 — | Jun 2026 +0.8 pp
- ITRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +6.1 pp | Mar 2023 −0.8 pp | Jun 2023 +3.7 pp | Sep 2023 +2.5 pp | Dec 2023 +1.8 pp | Mar 2024 +3.6 pp | Jun 2024 +0.9 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 −0.2 pp | Dec 2025 +0.3 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.8 pp | Mar 2023 — | Jun 2023 −0.9 pp | Sep 2023 −0.4 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.4 pp | Jun 2025 +0.9 pp | Sep 2025 +0.5 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 −0.6 pp
- BMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.6 pp | Mar 2023 +0.8 pp | Jun 2023 +0.9 pp | Sep 2023 +0.9 pp | Dec 2023 +1.2 pp | Mar 2024 +1.4 pp | Jun 2024 +1.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.1 pp | Mar 2025 +0.7 pp | Jun 2025 −0.8 pp | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 −2.7 pp | Jun 2026 −1.4 pp
- VPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.0 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 −0.9 pp | Sep 2024 −2.0 pp | Dec 2024 −2.9 pp | Mar 2025 −1.7 pp | Jun 2025 −0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 −0.6 pp
- ITRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 +0.4 pp | Jun 2023 +0.8 pp | Sep 2023 +0.7 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.7 pp | Sep 2025 −0.5 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- MLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.9 pp | Mar 2023 +0.1 pp | Jun 2023 +0.7 pp | Sep 2023 −0.7 pp | Dec 2023 −0.5 pp | Mar 2024 −53.2 pp | Jun 2024 +1.2 pp | Sep 2024 +0.8 pp | Dec 2024 +1.2 pp | Mar 2025 +53.5 pp | Jun 2025 −0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +1.2 pp | Mar 2026 +0.5 pp | Jun 2026 —
- MVIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 +7.0 pp | Mar 2023 −5.4 pp | Jun 2023 −9.3 pp | Sep 2023 −10.8 pp | Dec 2023 −6.1 pp | Mar 2024 −5.5 pp | Jun 2024 −1.5 pp | Sep 2024 +6.0 pp | Dec 2024 −1.3 pp | Mar 2025 +10.2 pp | Jun 2025 +7.2 pp | Sep 2025 +3.1 pp | Dec 2025 −35.9 pp | Mar 2026 −19.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sensata Technologies Holding plc has the lowest comparable Guarded PEG at 0.3×, 69.7% below Itron, Inc.. Only 7 of 19 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sensata Technologies Holding plc · 0.3× | 69.7% versus #2 · Itron, Inc. | 0/8 recent comparable periods | 7/19 companies · 70 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sensata Technologies Holding plc (ST): 0.3
2. Itron, Inc. (ITRI): 1.0
3. MKS Inc. (MKSI): 1.1
4. Keysight Technologies, Inc. (KEYS): 1.4
5. Garmin Ltd. (GRMN): 1.4

### P/E — lowest P/E
1. USBC, Inc. (USBC): 1.0 — older report
2. Vontier Corporation (VNT): 12.5
3. Itron, Inc. (ITRI): 14.3
4. Ituran Location and Control Ltd. (ITRN): 16.2
5. Garmin Ltd. (GRMN): 25.7

### 20-quarter Guarded PEG history
- KEYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 1.4
- GRMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.4 | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.9 | Sep 2023 2.0 | Dec 2023 2.9 | Mar 2024 — | Jun 2024 — | Sep 2024 3.2 | Dec 2024 — | Mar 2025 2.2 | Jun 2025 1.6 | Sep 2025 — | Dec 2025 2.8 | Mar 2026 2.3 | Jun 2026 —
- FTV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.1 | Jun 2024 1.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MKSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.7 | Mar 2026 1.1 | Jun 2026 —
- CGNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.0 | Dec 2025 5.4 | Mar 2026 — | Jun 2026 —
- ESE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 2.2 | Dec 2023 3.5 | Mar 2024 2.0 | Jun 2024 2.9 | Sep 2024 2.1 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 2.1 | Sep 2025 1.1 | Dec 2025 2.9 | Mar 2026 6.0 | Jun 2026 —
- ST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ITRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 1.6 | Dec 2025 0.6 | Mar 2026 1.0 | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.1 | Jun 2023 2.8 | Sep 2023 1.8 | Dec 2023 1.3 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 2.7 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 —
- ITRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.9 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —

### 20-quarter P/E history
- KEYS: Sep 2021 — | Dec 2021 37.7 | Mar 2022 33.0 | Jun 2022 25.4 | Sep 2022 26.9 | Dec 2022 28.2 | Mar 2023 28.1 | Jun 2023 22.1 | Sep 2023 25.6 | Dec 2023 20.7 | Mar 2024 28.1 | Jun 2024 32.2 | Sep 2024 26.8 | Dec 2024 42.5 | Mar 2025 51.1 | Jun 2025 34.1 | Sep 2025 52.2 | Dec 2025 37.3 | Mar 2026 39.0 | Jun 2026 57.6
- GRMN: Sep 2021 29.5 | Dec 2021 24.0 | Mar 2022 21.0 | Jun 2022 19.1 | Sep 2022 16.6 | Dec 2022 18.3 | Mar 2023 — | Jun 2023 20.2 | Sep 2023 20.2 | Dec 2023 19.2 | Mar 2024 21.0 | Jun 2024 22.8 | Sep 2024 22.1 | Dec 2024 28.7 | Mar 2025 28.1 | Jun 2025 25.7 | Sep 2025 29.6 | Dec 2025 23.9 | Mar 2026 25.7 | Jun 2026 —
- COHR: Sep 2021 23.9 | Dec 2021 31.2 | Mar 2022 40.1 | Jun 2022 35.1 | Sep 2022 89.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 156.1 | Dec 2025 182.7 | Mar 2026 114.0 | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 43.7 | Mar 2022 43.5 | Jun 2022 39.1 | Sep 2022 26.6 | Dec 2022 22.9 | Mar 2023 24.2 | Jun 2023 28.3 | Sep 2023 25.6 | Dec 2023 24.8 | Mar 2024 23.2 | Jun 2024 21.1 | Sep 2024 22.0 | Dec 2024 27.4 | Mar 2025 28.3 | Jun 2025 28.1 | Sep 2025 33.4 | Dec 2025 27.4 | Mar 2026 30.0 | Jun 2026 30.1
- FTV: Sep 2021 — | Dec 2021 11.8 | Mar 2022 — | Jun 2022 25.4 | Sep 2022 23.0 | Dec 2022 55.0 | Mar 2023 24.0 | Jun 2023 25.0 | Sep 2023 24.0 | Dec 2023 22.8 | Mar 2024 25.6 | Jun 2024 22.4 | Sep 2024 27.1 | Dec 2024 23.9 | Mar 2025 27.8 | Jun 2025 28.2 | Sep 2025 25.0 | Dec 2025 31.9 | Mar 2026 — | Jun 2026 30.2
- MKSI: Sep 2021 16.2 | Dec 2021 17.6 | Mar 2022 14.6 | Jun 2022 10.3 | Sep 2022 10.8 | Dec 2022 15.2 | Mar 2023 34.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,187.1 | Sep 2024 241.6 | Dec 2024 37.2 | Mar 2025 23.9 | Jun 2025 25.2 | Sep 2025 30.0 | Dec 2025 36.6 | Mar 2026 48.1 | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 38.1 | Mar 2022 — | Jun 2022 37.7 | Sep 2022 28.3 | Dec 2022 27.8 | Mar 2023 27.7 | Jun 2023 38.1 | Sep 2023 40.1 | Dec 2023 42.3 | Mar 2024 66.4 | Jun 2024 9.1 | Sep 2024 10.3 | Dec 2024 — | Mar 2025 11.6 | Jun 2025 8.9 | Sep 2025 68.0 | Dec 2025 53.7 | Mar 2026 43.6 | Jun 2026 33.1
- CGNX: Sep 2021 — | Dec 2021 49.3 | Mar 2022 — | Jun 2022 50.4 | Sep 2022 29.8 | Dec 2022 34.3 | Mar 2023 — | Jun 2023 49.6 | Sep 2023 56.6 | Dec 2023 46.6 | Mar 2024 73.1 | Jun 2024 101.7 | Sep 2024 77.4 | Dec 2024 57.8 | Mar 2025 44.1 | Jun 2025 44.3 | Sep 2025 71.6 | Dec 2025 52.9 | Mar 2026 — | Jun 2026 58.5
- ESE: Sep 2021 31.8 | Dec 2021 37.8 | Mar 2022 28.8 | Jun 2022 24.9 | Sep 2022 23.2 | Dec 2022 26.6 | Mar 2023 28.6 | Jun 2023 29.4 | Sep 2023 29.2 | Dec 2023 32.5 | Mar 2024 28.1 | Jun 2024 27.2 | Sep 2024 32.7 | Dec 2024 29.9 | Mar 2025 33.4 | Jun 2025 41.4 | Sep 2025 18.3 | Dec 2025 38.7 | Mar 2026 54.2 | Jun 2026 —
- ST: Sep 2021 23.3 | Dec 2021 27.1 | Mar 2022 24.5 | Jun 2022 26.0 | Sep 2022 18.9 | Dec 2022 20.3 | Mar 2023 20.6 | Jun 2023 17.8 | Sep 2023 18.6 | Dec 2023 — | Mar 2024 — | Jun 2024 934.8 | Sep 2024 — | Dec 2024 33.4 | Mar 2025 30.0 | Jun 2025 40.2 | Sep 2025 — | Dec 2025 72.4 | Mar 2026 113.6 | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 111.1 | Mar 2022 — | Jun 2022 87.2 | Sep 2022 67.2 | Dec 2022 66.0 | Mar 2023 77.6 | Jun 2023 86.0 | Sep 2023 68.3 | Dec 2023 83.4 | Mar 2024 90.6 | Jun 2024 94.3 | Sep 2024 105.7 | Dec 2024 86.3 | Mar 2025 65.9 | Jun 2025 76.5 | Sep 2025 68.7 | Dec 2025 81.0 | Mar 2026 — | Jun 2026 84.8
- ITRI: Sep 2021 1,260.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 84.8 | Sep 2023 37.2 | Dec 2023 35.8 | Mar 2024 26.6 | Jun 2024 24.4 | Sep 2024 21.9 | Dec 2024 21.0 | Mar 2025 19.1 | Jun 2025 22.5 | Sep 2025 22.4 | Dec 2025 14.3 | Mar 2026 14.3 | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 13.2 | Mar 2022 — | Jun 2022 7.4 | Sep 2022 7.4 | Dec 2022 7.8 | Mar 2023 18.4 | Jun 2023 17.0 | Sep 2023 14.3 | Dec 2023 14.3 | Mar 2024 16.4 | Jun 2024 14.8 | Sep 2024 13.0 | Dec 2024 13.3 | Mar 2025 13.3 | Jun 2025 14.1 | Sep 2025 15.4 | Dec 2025 13.5 | Mar 2026 — | Jun 2026 12.5
- BMI: Sep 2021 52.1 | Dec 2021 51.2 | Mar 2022 47.5 | Jun 2022 36.9 | Sep 2022 40.9 | Dec 2022 48.2 | Mar 2023 49.9 | Jun 2023 56.1 | Sep 2023 49.6 | Dec 2023 49.2 | Mar 2024 46.6 | Jun 2024 48.7 | Sep 2024 54.2 | Dec 2024 50.2 | Mar 2025 41.9 | Jun 2025 53.4 | Sep 2025 38.0 | Dec 2025 36.4 | Mar 2026 34.4 | Jun 2026 34.7
- VPG: Sep 2021 — | Dec 2021 33.6 | Mar 2022 — | Jun 2022 20.4 | Sep 2022 13.6 | Dec 2022 12.2 | Mar 2023 — | Jun 2023 15.5 | Sep 2023 14.9 | Dec 2023 18.1 | Mar 2024 19.5 | Jun 2024 19.6 | Sep 2024 25.8 | Dec 2024 31.7 | Mar 2025 104.7 | Jun 2025 — | Sep 2025 53.7 | Dec 2025 96.3 | Mar 2026 — | Jun 2026 99.5
- ITRN: Sep 2021 16.7 | Dec 2021 16.2 | Mar 2022 13.7 | Jun 2022 14.7 | Sep 2022 12.9 | Dec 2022 11.6 | Mar 2023 11.2 | Jun 2023 11.0 | Sep 2023 13.2 | Dec 2023 11.3 | Mar 2024 11.2 | Jun 2024 9.7 | Sep 2024 10.2 | Dec 2024 11.5 | Mar 2025 13.0 | Jun 2025 13.9 | Sep 2025 12.6 | Dec 2025 14.7 | Mar 2026 16.2 | Jun 2026 —
- MLAB: Sep 2021 325.1 | Dec 2021 229.4 | Mar 2022 728.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,027.8 | Jun 2023 389.4 | Sep 2023 — | Dec 2023 616.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 122.7 | Mar 2026 73.1 | Jun 2026 —
- USBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.9 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Ituran Location and Control Ltd. leads ev/ebitda at 8.77×; Vishay Precision Group, Inc. leads p/bv at 1.78×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Ituran Location and Control Ltd. · 8.77× | 5.2% versus #2 · Vontier Corporation | 0/8 recent comparable periods | 18/19 companies · 315 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Ituran Location and Control Ltd. (ITRN): 8.8
2. Vontier Corporation (VNT): 9.3
3. Itron, Inc. (ITRI): 13.5
4. Fortive Corporation (FTV): 14.6
5. Mesa Laboratories, Inc. (MLAB): 14.7

### P/BV — lowest P/BV
1. Vishay Precision Group, Inc. (VPG): 1.8
2. Sensata Technologies Holding plc (ST): 1.8
3. Itron, Inc. (ITRI): 2.5
4. Teledyne Technologies Incorporated (TDY): 2.6
5. Mesa Laboratories, Inc. (MLAB): 2.6

### 20-quarter EV/EBITDA history
- KEYS: Sep 2021 — | Dec 2021 23.9 | Mar 2022 21.9 | Jun 2022 17.3 | Sep 2022 19.1 | Dec 2022 19.9 | Mar 2023 19.8 | Jun 2023 15.5 | Sep 2023 17.1 | Dec 2023 13.3 | Mar 2024 18.2 | Jun 2024 19.8 | Sep 2024 21.0 | Dec 2024 23.5 | Mar 2025 28.0 | Jun 2025 21.9 | Sep 2025 24.4 | Dec 2025 28.0 | Mar 2026 30.9 | Jun 2026 41.2
- GRMN: Sep 2021 22.0 | Dec 2021 19.8 | Mar 2022 17.4 | Jun 2022 15.9 | Sep 2022 13.5 | Dec 2022 14.8 | Mar 2023 — | Jun 2023 15.4 | Sep 2023 15.9 | Dec 2023 9.7 | Mar 2024 19.3 | Jun 2024 20.4 | Sep 2024 19.5 | Dec 2024 11.3 | Mar 2025 21.4 | Jun 2025 19.4 | Sep 2025 22.3 | Dec 2025 9.4 | Mar 2026 19.3 | Jun 2026 —
- COHR: Sep 2021 11.8 | Dec 2021 13.4 | Mar 2022 13.7 | Jun 2022 9.3 | Sep 2022 15.6 | Dec 2022 15.3 | Mar 2023 14.9 | Jun 2023 20.9 | Sep 2023 15.5 | Dec 2023 18.7 | Mar 2024 30.8 | Jun 2024 26.1 | Sep 2024 24.6 | Dec 2024 24.2 | Mar 2025 17.6 | Jun 2025 23.4 | Sep 2025 22.6 | Dec 2025 36.2 | Mar 2026 46.0 | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 29.1 | Mar 2022 24.1 | Jun 2022 22.9 | Sep 2022 17.1 | Dec 2022 15.6 | Mar 2023 16.9 | Jun 2023 18.4 | Sep 2023 16.7 | Dec 2023 16.2 | Mar 2024 17.0 | Jun 2024 15.5 | Sep 2024 16.9 | Dec 2024 18.5 | Mar 2025 19.4 | Jun 2025 19.2 | Sep 2025 21.0 | Dec 2025 17.5 | Mar 2026 19.3 | Jun 2026 19.4
- FTV: Sep 2021 — | Dec 2021 18.1 | Mar 2022 — | Jun 2022 15.6 | Sep 2022 13.8 | Dec 2022 13.5 | Mar 2023 14.0 | Jun 2023 14.4 | Sep 2023 13.8 | Dec 2023 17.6 | Mar 2024 15.6 | Jun 2024 13.3 | Sep 2024 14.8 | Dec 2024 16.4 | Mar 2025 15.0 | Jun 2025 15.7 | Sep 2025 14.5 | Dec 2025 15.4 | Mar 2026 — | Jun 2026 14.6
- MKSI: Sep 2021 11.2 | Dec 2021 12.0 | Mar 2022 10.1 | Jun 2022 7.0 | Sep 2022 12.6 | Dec 2022 11.9 | Mar 2023 13.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17.6 | Sep 2024 15.5 | Dec 2024 13.1 | Mar 2025 11.1 | Jun 2025 12.5 | Sep 2025 14.1 | Dec 2025 16.6 | Mar 2026 21.1 | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 39.7 | Mar 2022 — | Jun 2022 33.4 | Sep 2022 27.2 | Dec 2022 20.3 | Mar 2023 28.8 | Jun 2023 36.0 | Sep 2023 36.4 | Dec 2023 23.0 | Mar 2024 27.0 | Jun 2024 22.6 | Sep 2024 25.4 | Dec 2024 — | Mar 2025 26.0 | Jun 2025 21.8 | Sep 2025 27.8 | Dec 2025 27.1 | Mar 2026 24.8 | Jun 2026 19.4
- CGNX: Sep 2021 — | Dec 2021 41.3 | Mar 2022 — | Jun 2022 38.7 | Sep 2022 22.9 | Dec 2022 25.1 | Mar 2023 — | Jun 2023 40.8 | Sep 2023 46.4 | Dec 2023 35.7 | Mar 2024 47.9 | Jun 2024 62.9 | Sep 2024 52.0 | Dec 2024 40.2 | Mar 2025 30.8 | Jun 2025 31.2 | Sep 2025 39.3 | Dec 2025 29.7 | Mar 2026 — | Jun 2026 35.2
- ESE: Sep 2021 17.2 | Dec 2021 20.1 | Mar 2022 15.2 | Jun 2022 13.6 | Sep 2022 12.4 | Dec 2022 14.4 | Mar 2023 15.4 | Jun 2023 15.7 | Sep 2023 16.6 | Dec 2023 17.4 | Mar 2024 15.3 | Jun 2024 14.8 | Sep 2024 17.1 | Dec 2024 16.6 | Mar 2025 19.5 | Jun 2025 24.2 | Sep 2025 22.5 | Dec 2025 19.0 | Mar 2026 25.0 | Jun 2026 —
- ST: Sep 2021 12.2 | Dec 2021 13.7 | Mar 2022 12.3 | Jun 2022 10.8 | Sep 2022 9.4 | Dec 2022 9.6 | Mar 2023 10.8 | Jun 2023 10.1 | Sep 2023 10.3 | Dec 2023 17.5 | Mar 2024 17.5 | Jun 2024 17.6 | Sep 2024 — | Dec 2024 19.5 | Mar 2025 48.6 | Jun 2025 51.4 | Sep 2025 14.7 | Dec 2025 14.0 | Mar 2026 15.2 | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 58.5 | Mar 2022 — | Jun 2022 43.3 | Sep 2022 33.9 | Dec 2022 33.5 | Mar 2023 39.0 | Jun 2023 42.7 | Sep 2023 33.5 | Dec 2023 40.3 | Mar 2024 42.8 | Jun 2024 41.0 | Sep 2024 42.7 | Dec 2024 35.2 | Mar 2025 28.7 | Jun 2025 30.9 | Sep 2025 26.0 | Dec 2025 26.7 | Mar 2026 — | Jun 2026 26.8
- ITRI: Sep 2021 25.1 | Dec 2021 713.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 43.9 | Mar 2023 71.4 | Jun 2023 33.6 | Sep 2023 20.0 | Dec 2023 19.7 | Mar 2024 17.4 | Jun 2024 16.9 | Sep 2024 16.8 | Dec 2024 16.0 | Mar 2025 14.8 | Jun 2025 17.7 | Sep 2025 16.2 | Dec 2025 12.3 | Mar 2026 13.6 | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 11.7 | Mar 2022 — | Jun 2022 9.7 | Sep 2022 8.9 | Dec 2022 6.9 | Mar 2023 10.4 | Jun 2023 12.2 | Sep 2023 12.5 | Dec 2023 11.0 | Mar 2024 13.2 | Jun 2024 11.6 | Sep 2024 10.7 | Dec 2024 10.9 | Mar 2025 10.2 | Jun 2025 10.7 | Sep 2025 11.4 | Dec 2025 9.4 | Mar 2026 — | Jun 2026 9.3
- BMI: Sep 2021 28.8 | Dec 2021 28.4 | Mar 2022 26.3 | Jun 2022 20.5 | Sep 2022 22.6 | Dec 2022 26.9 | Mar 2023 28.7 | Jun 2023 32.8 | Sep 2023 30.0 | Dec 2023 29.7 | Mar 2024 28.7 | Jun 2024 30.6 | Sep 2024 33.9 | Dec 2024 31.3 | Mar 2025 26.9 | Jun 2025 34.0 | Sep 2025 23.7 | Dec 2025 22.5 | Mar 2026 20.7 | Jun 2026 21.0
- VPG: Sep 2021 — | Dec 2021 12.8 | Mar 2022 — | Jun 2022 10.1 | Sep 2022 7.8 | Dec 2022 7.5 | Mar 2023 — | Jun 2023 9.2 | Sep 2023 7.9 | Dec 2023 7.5 | Mar 2024 8.2 | Jun 2024 7.8 | Sep 2024 7.0 | Dec 2024 7.2 | Mar 2025 11.3 | Jun 2025 15.1 | Sep 2025 13.3 | Dec 2025 15.7 | Mar 2026 — | Jun 2026 18.4
- ITRN: Sep 2021 7.1 | Dec 2021 7.3 | Mar 2022 6.3 | Jun 2022 6.6 | Sep 2022 6.2 | Dec 2022 5.4 | Mar 2023 5.3 | Jun 2023 5.5 | Sep 2023 6.7 | Dec 2023 5.7 | Mar 2024 5.8 | Jun 2024 4.9 | Sep 2024 5.2 | Dec 2024 6.1 | Mar 2025 7.1 | Jun 2025 7.5 | Sep 2025 6.7 | Dec 2025 7.9 | Mar 2026 8.8 | Jun 2026 —
- MLAB: Sep 2021 49.3 | Dec 2021 64.3 | Mar 2022 33.2 | Jun 2022 77.2 | Sep 2022 46.3 | Dec 2022 55.7 | Mar 2023 20.7 | Jun 2023 54.6 | Sep 2023 219.6 | Dec 2023 23.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 19.5 | Jun 2025 17.5 | Sep 2025 13.2 | Dec 2025 13.5 | Mar 2026 14.7 | Jun 2026 —
- USBC: Sep 2021 438.2 | Dec 2021 346.3 | Mar 2022 438.2 | Jun 2022 408.0 | Sep 2022 274.6 | Dec 2022 180.7 | Mar 2023 86.2 | Jun 2023 115.5 | Sep 2023 44.1 | Dec 2023 110.8 | Mar 2024 159.8 | Jun 2024 111.3 | Sep 2024 117.6 | Dec 2024 78.1 | Mar 2025 14.2 | Jun 2025 94.5 | Sep 2025 3,453.7 | Dec 2025 1,637.4 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- KEYS: Sep 2021 — | Dec 2021 8.7 | Mar 2022 8.1 | Jun 2022 6.7 | Sep 2022 7.4 | Dec 2022 7.5 | Mar 2023 7.3 | Jun 2023 5.5 | Sep 2023 5.8 | Dec 2023 4.6 | Mar 2024 5.6 | Jun 2024 5.3 | Sep 2024 4.6 | Dec 2024 5.0 | Mar 2025 5.9 | Jun 2025 4.6 | Sep 2025 5.0 | Dec 2025 5.3 | Mar 2026 6.0 | Jun 2026 9.5
- GRMN: Sep 2021 5.7 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 3.3 | Sep 2022 2.7 | Dec 2022 — | Mar 2023 — | Jun 2023 3.0 | Sep 2023 3.3 | Dec 2023 3.5 | Mar 2024 4.0 | Jun 2024 4.5 | Sep 2024 4.5 | Dec 2024 5.1 | Mar 2025 5.0 | Jun 2025 4.9 | Sep 2025 5.5 | Dec 2025 4.4 | Mar 2026 4.8 | Jun 2026 —
- COHR: Sep 2021 1.8 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 1.5 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 0.7 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.7 | Jun 2024 2.1 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 1.9 | Jun 2025 2.5 | Sep 2025 1.4 | Dec 2025 4.1 | Mar 2026 4.4 | Jun 2026 —
- TDY: Sep 2021 — | Dec 2021 2.8 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 2.3 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.5 | Sep 2023 2.3 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.3 | Mar 2025 2.3 | Jun 2025 2.3 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.6 | Jun 2026 —
- FTV: Sep 2021 — | Dec 2021 2.1 | Mar 2022 — | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 2.2 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 2.4 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 2.8
- MKSI: Sep 2021 3.1 | Dec 2021 3.4 | Mar 2022 2.8 | Jun 2022 1.8 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 2.9 | Sep 2023 2.3 | Dec 2023 2.8 | Mar 2024 3.7 | Jun 2024 3.9 | Sep 2024 3.1 | Dec 2024 3.0 | Mar 2025 2.3 | Jun 2025 2.6 | Sep 2025 3.2 | Dec 2025 4.0 | Mar 2026 5.5 | Jun 2026 —
- TRMB: Sep 2021 — | Dec 2021 5.4 | Mar 2022 — | Jun 2022 4.6 | Sep 2022 3.7 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 3.0 | Sep 2023 3.1 | Dec 2023 2.9 | Mar 2024 3.6 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 — | Mar 2025 3.0 | Jun 2025 2.5 | Sep 2025 3.3 | Dec 2025 3.3 | Mar 2026 3.2 | Jun 2026 2.7
- CGNX: Sep 2021 — | Dec 2021 9.6 | Mar 2022 — | Jun 2022 10.0 | Sep 2022 5.4 | Dec 2022 5.2 | Mar 2023 — | Jun 2023 5.9 | Sep 2023 6.5 | Dec 2023 4.9 | Mar 2024 4.9 | Jun 2024 5.3 | Sep 2024 4.4 | Dec 2024 4.0 | Mar 2025 3.5 | Jun 2025 3.5 | Sep 2025 5.2 | Dec 2025 4.0 | Mar 2026 — | Jun 2026 5.5
- ESE: Sep 2021 2.0 | Dec 2021 2.3 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.4 | Dec 2023 2.6 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.8 | Mar 2025 3.2 | Jun 2025 3.7 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 4.6 | Jun 2026 —
- ST: Sep 2021 2.9 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 2.4 | Jun 2023 2.1 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 1.8 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- NOVT: Sep 2021 — | Dec 2021 10.9 | Mar 2022 — | Jun 2022 9.4 | Sep 2022 8.0 | Dec 2022 8.4 | Mar 2023 9.5 | Jun 2023 10.5 | Sep 2023 8.0 | Dec 2023 9.0 | Mar 2024 9.2 | Jun 2024 8.3 | Sep 2024 8.5 | Dec 2024 7.4 | Mar 2025 6.0 | Jun 2025 5.8 | Sep 2025 4.5 | Dec 2025 3.2 | Mar 2026 — | Jun 2026 3.2
- ITRI: Sep 2021 2.9 | Dec 2021 2.8 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.2 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.6 | Mar 2024 3.1 | Jun 2024 3.6 | Sep 2024 3.6 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 3.7 | Sep 2025 3.4 | Dec 2025 2.4 | Mar 2026 2.5 | Jun 2026 —
- VNT: Sep 2021 — | Dec 2021 12.2 | Mar 2022 — | Jun 2022 7.4 | Sep 2022 7.3 | Dec 2022 5.2 | Mar 2023 6.7 | Jun 2023 7.2 | Sep 2023 6.3 | Dec 2023 6.0 | Mar 2024 7.1 | Jun 2024 5.8 | Sep 2024 4.9 | Dec 2024 5.2 | Mar 2025 4.4 | Jun 2025 4.5 | Sep 2025 5.0 | Dec 2025 4.3 | Mar 2026 — | Jun 2026 4.0
- BMI: Sep 2021 7.5 | Dec 2021 7.7 | Mar 2022 7.1 | Jun 2022 5.7 | Sep 2022 6.4 | Dec 2022 7.2 | Mar 2023 7.8 | Jun 2023 9.1 | Sep 2023 8.6 | Dec 2023 8.8 | Mar 2024 8.9 | Jun 2024 9.7 | Sep 2024 10.9 | Dec 2024 10.3 | Mar 2025 8.7 | Jun 2025 10.7 | Sep 2025 7.5 | Dec 2025 7.2 | Mar 2026 6.4 | Jun 2026 6.3
- VPG: Sep 2021 — | Dec 2021 1.8 | Mar 2022 — | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 — | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 — | Jun 2026 1.8
- ITRN: Sep 2021 4.0 | Dec 2021 4.1 | Mar 2022 3.3 | Jun 2022 3.7 | Sep 2022 3.4 | Dec 2022 2.9 | Mar 2023 2.9 | Jun 2023 3.0 | Sep 2023 3.7 | Dec 2023 3.1 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 3.4 | Mar 2025 3.8 | Jun 2025 3.7 | Sep 2025 3.4 | Dec 2025 3.9 | Mar 2026 4.7 | Jun 2026 —
- MLAB: Sep 2021 4.0 | Dec 2021 4.3 | Mar 2022 3.4 | Jun 2022 2.8 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.4 | Jun 2023 1.8 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 4.1 | Jun 2024 3.1 | Sep 2024 4.4 | Dec 2024 4.6 | Mar 2025 4.1 | Jun 2025 3.0 | Sep 2025 2.1 | Dec 2025 2.3 | Mar 2026 2.6 | Jun 2026 —
- USBC: Sep 2021 70.5 | Dec 2021 -19.5 | Mar 2022 12.3 | Jun 2022 21.0 | Sep 2022 8.9 | Dec 2022 11.0 | Mar 2023 12.6 | Jun 2023 73.9 | Sep 2023 5.4 | Dec 2023 33.8 | Mar 2024 -29.6 | Jun 2024 -16.4 | Sep 2024 -14.5 | Dec 2024 -4.8 | Mar 2025 -0.4 | Jun 2025 0.2 | Sep 2025 5.4 | Dec 2025 3.0 | Mar 2026 — | Jun 2026 —
- MVIS: Sep 2021 14.8 | Dec 2021 7.3 | Mar 2022 7.4 | Jun 2022 6.8 | Sep 2022 7.0 | Dec 2022 4.5 | Mar 2023 5.4 | Jun 2023 7.6 | Sep 2023 4.2 | Dec 2023 5.4 | Mar 2024 4.0 | Jun 2024 2.9 | Sep 2024 3.7 | Dec 2024 6.0 | Mar 2025 5.7 | Jun 2025 4.1 | Sep 2025 4.1 | Dec 2025 4.6 | Mar 2026 5.2 | Jun 2026 —

## Market action

Vishay Precision Group, Inc. has the strongest one-year price move in Scientific & Technical Instruments at +256.1%. It also leads on Mansfield relative strength against the S&P 500 at +51.7%. 13 of 19 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Vishay Precision Group, Inc. (VPG): 256%
2. MKS Inc. (MKSI): 208%
3. Coherent Corp. (COHR): 137%
4. Keysight Technologies, Inc. (KEYS): 92%
5. ESCO Technologies Inc. (ESE): 65%

### Strongest relative strength versus NIFTY 500
1. Vishay Precision Group, Inc. (VPG): 52%
2. MKS Inc. (MKSI): 23%
3. Sensata Technologies Holding plc (ST): 17%
4. ESCO Technologies Inc. (ESE): 16%
5. Keysight Technologies, Inc. (KEYS): 15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Keysight Technologies, Inc. (KEYS) — market value ₹52.2K Cr; latest fundamentals Jun 2026
- Garmin Ltd. (GRMN) — market value ₹48.9K Cr; latest fundamentals Mar 2026
- Coherent Corp. (COHR) — market value ₹47.6K Cr; latest fundamentals Mar 2026
- Teledyne Technologies Incorporated (TDY) — market value ₹30.1K Cr; latest fundamentals Jun 2026
- Fortive Corporation (FTV) — market value ₹19.4K Cr; latest fundamentals Jun 2026
- MKS Inc. (MKSI) — market value ₹19.3K Cr; latest fundamentals Mar 2026
- Trimble Inc. (TRMB) — market value ₹13.6K Cr; latest fundamentals Jun 2026
- Cognex Corporation (CGNX) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- ESCO Technologies Inc. (ESE) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Sensata Technologies Holding plc (ST) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- Novanta Inc. (NOVT) — market value ₹5.3K Cr; latest fundamentals Jun 2026
- Itron, Inc. (ITRI) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- Vontier Corporation (VNT) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Badger Meter, Inc. (BMI) — market value ₹3.9K Cr; latest fundamentals Jun 2026
- Vishay Precision Group, Inc. (VPG) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Ituran Location and Control Ltd. (ITRN) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Mesa Laboratories, Inc. (MLAB) — market value ₹566 Cr; latest fundamentals Mar 2026
- USBC, Inc. (USBC) — market value ₹124 Cr; latest fundamentals Dec 2025
- MicroVision, Inc. (MVIS) — market value ₹95 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Scientific & Technical Instruments company is the biggest?

Garmin Ltd. is the largest, with trailing-twelve-month revenue of $7,464 million, ahead of Coherent Corp. at $6,602 million. That covers 11 of 19 companies with comparable reporting through Mar 2026.

### Which Scientific & Technical Instruments company is growing fastest?

ESCO Technologies Inc. has the fastest revenue growth at 30.7% year on year, across 10 of 19 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Scientific & Technical Instruments company has the best profit margins?

Garmin Ltd. has the highest operating margin at 24.6%, from 17 of 19 comparable companies. Keysight Technologies, Inc. shows the biggest recent improvement, at +7.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Scientific & Technical Instruments company makes the most profit?

Garmin Ltd. earns the most, at $1,737 million of trailing-twelve-month net profit, from 11 of 19 comparable companies. Coherent Corp. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Scientific & Technical Instruments company earns the highest return on capital?

Ituran Location and Control Ltd. leads on return on capital employed at 8.6%, across 18 of 19 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Scientific & Technical Instruments stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sensata Technologies Holding plc screens cheapest at 0.3×. Only 7 of 19 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Scientific & Technical Instruments company has the strongest balance sheet?

Badger Meter, Inc. carries the lowest comparable gross debt at $0 million, from 19 of 19 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Scientific & Technical Instruments company is investing most in new capacity?

Coherent Corp. reports the largest capital spending at $290 million, across 19 of 19 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Scientific & Technical Instruments sector beating the market?

Scientific & Technical Instruments has outperformed S&P 500 by 5.8% over the last 52 weeks and 1.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Scientific & Technical Instruments stock has the strongest price momentum?

Vishay Precision Group, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Scientific & Technical Instruments company scores highest for research priority?

Keysight Technologies, Inc. scores 67.8 out of 100 with 86.2% evidence confidence, from 30.7 points on growth and earnings, 14.3 on capital efficiency, 10.6 on valuation and 12.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Scientific & Technical Instruments companies does this comparison cover, and over what period?

It compares 19 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Scientific & Technical Instruments sector?

The 19 Scientific & Technical Instruments companies on this page carry $277,783 million of combined market value. Keysight Technologies, Inc. is the largest at $52,152 million, about 19% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Scientific & Technical Instruments sector's P/E ratio?

The median price-to-earnings ratio across the 19 Scientific & Technical Instruments companies on this page is 48.1×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Scientific & Technical Instruments sector performing?

13 of the 19 covered Scientific & Technical Instruments companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Scientific & Technical Instruments stocks are listed in the US?

This comparison covers 19 listed Scientific & Technical Instruments companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/scientific-technical-instruments