# Scientific & Technical Instruments — company-by-company sector analysis > Scientific & Technical Instruments: Coherent Corp. owns the largest revenue base; ESCO Technologies Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Scientific & Technical Instruments has outperformed S&P 500 by 11.4% over 52 weeks and 2.3% over 13 weeks. 12 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 19 beat the sector itself. Coherent Corp. leads with revenue of $6,602 million, based on 8 of 19 comparable companies through Mar 2026. ## Sector relative strength Scientific & Technical Instruments has outperformed S&P 500 by 11.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.3%. 12 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 +48.6%. 13-week sector return versus NIFTY 500: 2.3% 52-week sector return versus NIFTY 500: 11% Stocks leading NIFTY: 12/19 Stocks leading sector: 9/19 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: ₹3.2 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): 67/100 — Favorable setup; evidence 81% - Growth & earnings 28.4/35 | Capital efficiency 15.0/25 | Valuation 11.3/20 | Relative strength 12.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 28.4 + 15 + 11.3 + 12.5 = 67.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Garmin Ltd. (GRMN): 66/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 21.3/35 | Capital efficiency 17.0/25 | Valuation 10.8/20 | Relative strength 17.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 21.3 + 17 + 10.8 + 17.2 = 66.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Cognex Corporation (CGNX): 60/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 22.3/35 | Capital efficiency 14.9/25 | Valuation 9.4/20 | Relative strength 13.3/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 22.3 + 14.9 + 9.4 + 13.3 = 59.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. MKS Inc. (MKSI): 56/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 19.6/35 | Capital efficiency 10.2/25 | Valuation 12.8/20 | Relative strength 13.8/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 19.6 + 10.2 + 12.8 + 13.8 = 56.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Novanta Inc. (NOVT): 54/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 21.4/35 | Capital efficiency 9.8/25 | Valuation 8.9/20 | Relative strength 14.2/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 21.4 + 9.8 + 8.9 + 14.2 = 54.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Ituran Location and Control Ltd. (ITRN): 53/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 15.8/35 | Capital efficiency 15.9/25 | Valuation 10.5/20 | Relative strength 10.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 15.8 + 15.9 + 10.5 + 10.9 = 53.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Coherent Corp. (COHR): 52/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 23.2/35 | Capital efficiency 7.7/25 | Valuation 8.5/20 | Relative strength 13.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 23.2 + 7.7 + 8.5 + 13 = 52.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Teledyne Technologies Incorporated (TDY): 51/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 17.8/35 | Capital efficiency 13.0/25 | Valuation 10.6/20 | Relative strength 9.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 17.8 + 13 + 10.6 + 9.9 = 51.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Sensata Technologies Holding plc (ST): 51/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 18.2/35 | Capital efficiency 11.0/25 | Valuation 9.0/20 | Relative strength 12.5/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 18.2 + 11 + 9 + 12.5 = 50.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Vontier Corporation (VNT): 49/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 16.1/35 | Capital efficiency 14.7/25 | Valuation 11.3/20 | Relative strength 7.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16.1 + 14.7 + 11.3 + 7.2 = 49.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. ESCO Technologies Inc. (ESE): 47/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 17.7/35 | Capital efficiency 13.1/25 | Valuation 4.7/20 | Relative strength 11.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 17.7 + 13.1 + 4.7 + 11.5 = 47 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Trimble Inc. (TRMB): 46/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 20.2/35 | Capital efficiency 10.5/25 | Valuation 10.4/20 | Relative strength 5.1/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 20.2 + 10.5 + 10.4 + 5.1 = 46.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Badger Meter, Inc. (BMI): 46/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 13.7/35 | Capital efficiency 15.4/25 | Valuation 10.1/20 | Relative strength 7.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 13.7 + 15.4 + 10.1 + 7 = 46.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Itron, Inc. (ITRI): 44/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 14.6/35 | Capital efficiency 9.8/25 | Valuation 11.1/20 | Relative strength 8.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 14.6 + 9.8 + 11.1 + 8.7 = 44.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. Vishay Precision Group, Inc. (VPG): 43/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 13.3/35 | Capital efficiency 4.5/25 | Valuation 8.7/20 | Relative strength 16.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 13.3 + 4.5 + 8.7 + 16 = 42.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Fortive Corporation (FTV): 42/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 15.8/35 | Capital efficiency 8.6/25 | Valuation 10.3/20 | Relative strength 6.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 15.8 + 8.6 + 10.3 + 6.8 = 41.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Mesa Laboratories, Inc. (MLAB): 40/100 — Thin evidence · provisional; evidence 51% - Growth & earnings 16.1/35 | Capital efficiency 6.3/25 | Valuation 9.2/20 | Relative strength 8.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 16.1 + 6.3 + 9.2 + 8.2 = 39.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. USBC, Inc. (USBC): 43/100 — Thin evidence · provisional; evidence 20% - Growth & earnings 17.3/35 | Capital efficiency 11.1/25 | Valuation 11.5/20 | Relative strength 3.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.3 + 11.1 + 11.5 + 3.5 = 43.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. MicroVision, Inc. (MVIS): 30/100 — Thin evidence · provisional; evidence 39% - Growth & earnings 10.6/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 3.0/20 - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12 - Exact sum: 10.6 + 6.8 + 10 + 3 = 30.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Vishay Precision Group, Inc. has the strongest one-year price move in Scientific & Technical Instruments at +271.3%. It also leads on Mansfield relative strength against the S&P 500 at +56.9%. 12 of 19 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Vishay Precision Group, Inc. (VPG): 271% 2. MKS Inc. (MKSI): 223% 3. Coherent Corp. (COHR): 180% 4. Keysight Technologies, Inc. (KEYS): 107% 5. Cognex Corporation (CGNX): 75% ### Strongest relative strength versus NIFTY 500 1. Vishay Precision Group, Inc. (VPG): 57% 2. MKS Inc. (MKSI): 30% 3. Coherent Corp. (COHR): 29% 4. Cognex Corporation (CGNX): 28% 5. Keysight Technologies, Inc. (KEYS): 23% ## Revenue Scale & Growth Durability What the numbers say: Coherent Corp. is the scale leader at $6,602 million, 8.4% ahead of Keysight Technologies, Inc.. ESCO Technologies Inc.'s growth is 30.7% from a $1,248 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Coherent Corp. 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: Coherent Corp.'s growth falls below ESCO Technologies Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Coherent Corp. · $6,602 million | 8.4% versus #2 · Keysight Technologies, Inc. | 8/8 recent comparable periods | 8/19 companies · 327 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. Coherent Corp. (COHR): ₹6.6K Cr — older report 2. Keysight Technologies, Inc. (KEYS): ₹6.1K Cr 3. MKS Inc. (MKSI): ₹4.1K Cr — older report 4. Trimble Inc. (TRMB): ₹3.7K Cr 5. ESCO Technologies Inc. (ESE): ₹1.2K Cr — older report ### Revenue growth — fastest growers 1. ESCO Technologies Inc. (ESE): 31% — older report 2. Keysight Technologies, Inc. (KEYS): 19% 3. Coherent Corp. (COHR): 18% — older report 4. MKS Inc. (MKSI): 12% — older report 5. Ituran Location and Control Ltd. (ITRN): 11% — older report ### 20-quarter Revenue history - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 | Sep 2026 — - TRMB: 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 | Sep 2026 — - CGNX: 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 | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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 | Sep 2026 — - VNT: 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 | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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 | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - USBC: 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 — | Sep 2026 — - MVIS: 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 — | Sep 2026 — ### 20-quarter Revenue growth history - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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% | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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% | Sep 2026 — - TRMB: 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% | Sep 2026 — - CGNX: 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% | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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% | Sep 2026 — - VNT: 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% | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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% | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - USBC: 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 — | Sep 2026 — - MVIS: 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 — | Sep 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 · 297 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% — older report 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 — older report 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 - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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% | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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% | Sep 2026 — - TRMB: 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% | Sep 2026 — - CGNX: 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% | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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% | Sep 2026 — - VNT: 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% | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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% | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - MVIS: 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 — | Sep 2026 — ### 20-quarter Margin change history - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 | Sep 2026 — - TRMB: 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 | Sep 2026 — - CGNX: 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 | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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 | Sep 2026 — - VNT: 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 | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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 | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - MVIS: 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 — | Sep 2026 — ## Profit Scale & Acceleration What the numbers say: Keysight Technologies, Inc. leads with $1,073 million of TTM profit, 129.8% above Coherent Corp.. 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: Keysight Technologies, Inc. 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: Keysight Technologies, Inc. · $1,073 million | 129.8% versus #2 · Coherent Corp. | 4/8 recent comparable periods | 8/19 companies · 330 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. Keysight Technologies, Inc. (KEYS): ₹1.1K Cr 2. Coherent Corp. (COHR): ₹467 Cr — older report 3. Trimble Inc. (TRMB): ₹457 Cr 4. MKS Inc. (MKSI): ₹327 Cr — older report 5. ESCO Technologies Inc. (ESE): ₹133 Cr — older report ### Profit growth — fastest growers 1. Coherent Corp. (COHR): 100% — older report 2. Keysight Technologies, Inc. (KEYS): 45% 3. MKS Inc. (MKSI): 43% — older report 4. ESCO Technologies Inc. (ESE): 17% — older report 5. Ituran Location and Control Ltd. (ITRN): 6.9% — older report ### 20-quarter Net profit history - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 | Sep 2026 — - TRMB: 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 | Sep 2026 — - CGNX: 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 | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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 | Sep 2026 — - VNT: 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 | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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 | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - USBC: 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 — | Sep 2026 — - MVIS: 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 — | Sep 2026 — ### 20-quarter Profit growth history - COHR: 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 — | Sep 2026 — - GRMN: 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 — | Sep 2026 — - KEYS: 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% | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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% | Sep 2026 — - TRMB: 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% | Sep 2026 — - CGNX: 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% | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - NOVT: 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% | Sep 2026 — - VNT: 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% | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - VPG: 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 — | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — ## Return On Capital Employed What the numbers say: Ituran Location and Control Ltd. leads ROCE at 8.6%, 1.7 percentage points above Garmin Ltd.. 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% | 24.6% versus #2 · Garmin Ltd. | 1/8 recent comparable periods | 18/19 companies · 322 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% — older report 2. Garmin Ltd. (GRMN): 6.9% 3. Badger Meter, Inc. (BMI): 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 — older report 4. Garmin Ltd. (GRMN): +0.9 pp 5. Novanta Inc. (NOVT): +0.8 pp ### 20-quarter ROCE history - COHR: 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 — | Sep 2026 — - GRMN: Dec 2021 5.1% | Mar 2022 3.6% | Jun 2022 4.8% | Sep 2022 3.9% | Dec 2022 4.1% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 4.5% | Dec 2023 4.9% | 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 6.9% | Sep 2026 — - KEYS: 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% | Sep 2026 — - TDY: 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% | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 1.1% | Sep 2025 1.3% | Dec 2025 1.9% | Mar 2026 — | Jun 2026 1.6% | Sep 2026 1.7% - TRMB: 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% | Sep 2026 — - CGNX: 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% | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 2.7% | Sep 2026 — - NOVT: 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% | Sep 2026 — - VNT: 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% | Sep 2026 — - ITRI: 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 2.5% | Sep 2026 — - BMI: 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% | Sep 2026 — - VPG: 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% | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - MVIS: 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 — | Sep 2026 — ### 20-quarter ROCE change history - COHR: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - GRMN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.0 pp | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 +0.6 pp | Dec 2023 +0.8 pp | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 +1.6 pp | Dec 2024 +1.8 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 +0.9 pp | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 | Sep 2026 — - MKSI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - FTV: 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 −1.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 +0.5 pp | Sep 2026 +0.4 pp - TRMB: 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 | Sep 2026 — - CGNX: 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 | Sep 2026 — - ESE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - ST: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +0.6 pp | Sep 2026 — - NOVT: 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 | Sep 2026 — - VNT: 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 | Sep 2026 — - ITRI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 −0.3 pp | Sep 2026 — - BMI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Sep 2026 — - VPG: 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 | Sep 2026 — - ITRN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - MLAB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - MVIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — ## Valuation Against Growth & Quality What the numbers say: MKS Inc. has the lowest comparable PEG at 1.13×, 16.3% below Keysight Technologies, Inc.. Only 4 of 19 companies have earnings and growth steady enough for the ratio to mean anything, 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: MKS Inc. · 1.13× | 16.3% versus #2 · Keysight Technologies, Inc. | 0/8 recent comparable periods | 4/19 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. MKS Inc. (MKSI): 1.1 — older report 2. Keysight Technologies, Inc. (KEYS): 1.4 3. Ituran Location and Control Ltd. (ITRN): 1.8 — older report 4. ESCO Technologies Inc. (ESE): 6.0 — older report ### P/E — lowest P/E 1. USBC, Inc. (USBC): 1.0 — older report 2. Vontier Corporation (VNT): 12.5 3. Itron, Inc. (ITRI): 14.4 4. Ituran Location and Control Ltd. (ITRN): 16.2 — older report 5. Garmin Ltd. (GRMN): 24.0 ### 20-quarter PEG history - GRMN: 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 — | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 — | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 — | Sep 2026 — - CGNX: 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 — | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 — | Sep 2026 — - VNT: 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 — | Sep 2026 — - ITRI: 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 — | Sep 2026 — - BMI: 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 — | Sep 2026 — - ITRN: 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 — | Sep 2026 — ### 20-quarter P/E history - COHR: 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 — | Sep 2026 — - GRMN: 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 24.0 | Sep 2026 — - KEYS: 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 | Sep 2026 — - TDY: 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 | Sep 2026 — - MKSI: 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 — | Sep 2026 — - FTV: 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 | Sep 2026 33.3 - TRMB: 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 | Sep 2026 — - CGNX: 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 | Sep 2026 — - ESE: 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 — | Sep 2026 — - ST: 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 79.6 | Sep 2026 — - NOVT: 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 | Sep 2026 — - VNT: 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 | Sep 2026 — - ITRI: 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 14.5 | Sep 2026 — - BMI: 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 | Sep 2026 — - VPG: 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 | Sep 2026 — - ITRN: 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 — | Sep 2026 — - MLAB: 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 — | Sep 2026 — - USBC: 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 — | Sep 2026 — ## 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. - 7 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. ## Every company - Coherent Corp. (COHR) — market value ₹63.3K Cr; latest fundamentals Mar 2026 - Garmin Ltd. (GRMN) — market value ₹59.3K Cr; latest fundamentals Jun 2026 - Keysight Technologies, Inc. (KEYS) — market value ₹58.3K Cr; latest fundamentals Jun 2026 - Teledyne Technologies Incorporated (TDY) — market value ₹31.7K Cr; latest fundamentals Jun 2026 - MKS Inc. (MKSI) — market value ₹21.7K Cr; latest fundamentals Mar 2026 - Fortive Corporation (FTV) — market value ₹18.3K Cr; latest fundamentals Sep 2026 - Trimble Inc. (TRMB) — market value ₹13.9K Cr; latest fundamentals Jun 2026 - Cognex Corporation (CGNX) — market value ₹11.9K Cr; latest fundamentals Jun 2026 - ESCO Technologies Inc. (ESE) — market value ₹8.5K Cr; latest fundamentals Mar 2026 - Sensata Technologies Holding plc (ST) — market value ₹7.1K Cr; latest fundamentals Jun 2026 - Novanta Inc. (NOVT) — market value ₹6.0K Cr; latest fundamentals Jun 2026 - Vontier Corporation (VNT) — market value ₹4.8K Cr; latest fundamentals Jun 2026 - Itron, Inc. (ITRI) — market value ₹4.7K Cr; latest fundamentals Jun 2026 - Badger Meter, Inc. (BMI) — market value ₹4.1K Cr; latest fundamentals Jun 2026 - Vishay Precision Group, Inc. (VPG) — market value ₹1.3K 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 ₹137 Cr; latest fundamentals Dec 2025 - MicroVision, Inc. (MVIS) — market value ₹95 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Sep 2026; prices through 2026-08-04. 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 ### Is the Scientific & Technical Instruments sector outperforming S&P 500? Scientific & Technical Instruments has outperformed S&P 500 by 11.4% over 52 weeks and 2.3% over 13 weeks. 12 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 19 beat the sector itself. ### Which Scientific & Technical Instruments company is largest by revenue? Coherent Corp. leads with revenue of $6,602 million, based on 8 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 7 of 19 comparable companies. ### Which Scientific & Technical Instruments company has the strongest 4-Factor Sector Score? Keysight Technologies, Inc. ranks first at 67.2/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Scientific & Technical Instruments company has the lowest comparable PEG? MKS Inc. has the lowest comparable PEG at 1.13, among 4 of 19 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Scientific & Technical Instruments comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 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. ### Which Scientific & Technical Instruments company is the biggest? Coherent Corp. is the largest, with trailing-twelve-month revenue of $6,602 million, ahead of Keysight Technologies, Inc. at $6,088 million. That covers 8 of 19 companies with comparable reporting through Mar 2026. ### 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? Keysight Technologies, Inc. earns the most, at $1,073 million of trailing-twelve-month net profit, from 8 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 PEG — where a LOWER number is cheaper — MKS Inc. screens cheapest at 1.13×. Only 4 of 19 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Scientific & Technical Instruments sector beating the market? Scientific & Technical Instruments has outperformed S&P 500 by 11.4% over the last 52 weeks and 2.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 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 67.2 out of 100 with 81.1% evidence confidence, from 28.4 points on growth and earnings, 15 on capital efficiency, 11.3 on valuation and 12.5 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, ending Sep 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 $316,757 million of combined market value. Coherent Corp. is the largest at $63,334 million, about 20% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 2026-08-04. ### How is the Scientific & Technical Instruments sector performing? 12 of the 19 covered Scientific & Technical Instruments companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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 Sep 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.