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AMETEK, Inc.: A $3.58 Billion Backlog Faces Conversion Uncertainty!

AMETEK, Inc. reported a strong finish to fiscal year 2025, setting new records in sales, orders, operating income, EBITDA, earnings per share, and cash flow. Fourth-quarter sales reached $2 billion, a 13% year-over-year increase, driven by 5% organic growth, 7% from acquisitions, and a small favorable currency impact. Orders were robust at $2 billion, up 18%, leading to a record backlog of $3.58 billion. Operating income rose 12% to $523 million with core operating margins expanding 100 basis points to 27.6%. EBITDA margins were strong at 30.9%, and free cash flow was a record $527 million, representing 132% of net income for the quarter. Full-year 2025 sales increased 7% to $7.4 billion, with earnings per diluted share up 9% to $7.43 and operating margins improving by 10 basis points. The company’s two main operating segments showed divergent organic growth patterns.