Ametek — Financial Results
Record Sales and Profits Across the Board in 2025
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Sales | $6,941.2M | $7,401.1M | +6.6% |
| Net Income | $1,376.1M | $1,480.1M | +7.6% |
| Diluted EPS | $5.93 | $6.40 | +7.9% |
| EBITDA | $2,151.7M | $2,296.9M | +6.8% |
AMETEK set records on every major financial measure in 2025. Sales growth came from a mix of acquisitions (4%), organic demand (2%), and currency tailwinds (1%). Profitability kept pace with revenue, meaning the company is not just growing — it is growing efficiently.
Orders and Backlog Hit New Highs, Signaling Strong Near-Term Demand
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Orders | $6,810.3M | $7,579.4M | +11.3% |
| Backlog | $3,403.2M | $3,581.5M | +5.2% |
Orders — customer commitments to buy — grew faster than sales, which is a healthy sign. Importantly, 4% of that order growth was organic (existing businesses winning new business), not just from acquisitions. A record backlog (unfilled orders already on the books) of $3.58 billion gives the company a head start on future revenue.
Two Acquisitions Totaling $933 Million Expand the Product Portfolio
AMETEK spent $933.2 million acquiring Kern Microtechnik (high-precision machining and optical inspection) in January and FARO Technologies (3D measurement and imaging) in July. These deals added 4% to sales and orders but temporarily weighed on profit margins — dragging segment operating margins down by about 60 basis points (a basis point is one-hundredth of a percent). Excluding acquisition drag, underlying margins actually improved 70 basis points, showing the core business is getting more efficient.
EMG Segment Delivered a Standout Year with Margins Jumping 330 Basis Points
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| EMG Net Sales | $2,281.3M | $2,482.0M | +8.8% |
| EMG Operating Income | $456.5M | $578.9M | +26.8% |
| EMG Operating Margin | 20.0% | 23.3% | +330 bps |
The Electromechanical Group (EMG) segment was the performance highlight. Its 8% sales growth was entirely organic — no acquisition help — and operating income jumped nearly 27%. Much of the 2024 margin was held back by one-time integration costs from a prior deal; with those behind it, EMG's true earning power is showing through.
Strong Cash Generation Funds Buybacks and a Dividend Increase
Free cash flow (operating cash minus capital spending) was $1.67 billion, and the company returned meaningful cash to shareholders: $443 million in share repurchases (more than double 2024's $212 million) and $285.3 million in dividends. The board also approved an 11% dividend increase in February 2025 and a further 10% raise in February 2026, signaling confidence in ongoing cash generation.
Tariffs Are a Watched Risk, but Have Not Hurt Results Yet
The filing notes that new U.S. tariffs and trade restrictions were announced during 2025. Management responded with pricing adjustments, supply chain shifts, and localizing production where possible. The tariffs did not materially impact 2025 results, but the company openly acknowledges the situation is still evolving and could affect costs, customers, and demand going forward. This is a genuine uncertainty worth monitoring.