AMETEK, Inc. (AME) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: AMETEK, Inc.

Updated on October 12, 2026 · accounts published on August 4, 2026

A highly profitable industrial with record margins and a very solid balance sheet

AMETEK trades at a P/E of 35.3 over the last 12 months, 18 % above its ten-year median of 30.0 and higher than in 89 % of the past decade.

• Is AMETEK expensive or cheap? AMETEK's P/E is 37 % above its sector median, and the stock has traded lower than today in 89 % of the past decade.
• How is the business doing? The operating margin reached 26.2 % in fiscal 2025, the highest in 12 years and above the 23.3 % average for 2014-2025.
• How strong is the balance sheet? Net debt was $8.54 per share in fiscal 2025, just 3.5 % of the share price, and the Altman Z of 7.2 is in the safe zone.
• Does AMETEK turn its margin into cash, and at what multiple of the cycle does it trade? AMETEK converted 113 % of its fiscal 2025 net income into free cash flow, well above the 85 % considered healthy for industrials.
• What to expect from the next earnings? Analysts expect EPS of $2.11 on October 29, 2026; AMETEK has beaten EPS estimates in each of its last 8 quarters.

Is AMETEK expensive or cheap?

Over the last 12 months AMETEK trades at a P/E of 35.3. That is 18 % above its ten-year median of 30.0 and close to the decade high of 40.2. The low was 16.8. The sector median P/E is 25.8, so investors pay a 37 % premium for this business. EV/EBITDA of 23.6× is above its seven-year average of 20.3×, and the free cash flow yield is only 3.0 %. The stock has gained 22 % in a year and sits 7 % below its 52-week high of $258.52. The market is already paying for the quality, which leaves little room for a disappointment.

How is the business doing?

Revenue grew 6.6 % and EPS 7.9 % over the last 12 months. That is steady growth in the mid-single digits, and profitability is the real strength. The operating margin of 26.1 % over the last 12 months compares with a 2014-2025 average of 23.3 %, and fiscal 2025 set a 12-year record at 26.2 %. ROIC of 11.3 % beats the sector median of 8.8 % by 2.5 points. It has stayed above 10 % in 7 of the last 10 fiscal years, with the weakest year at 8.8 % in 2020. A Piotroski score of 8 out of 9 points to broad improvement in the fundamentals.

How strong is the balance sheet?

Debt poses no threat to AMETEK. Debt-to-equity stands at 0.21 over the last 12 months. Net debt was 0.8× EBITDA in fiscal 2025, well below the 3.0× ceiling considered healthy for industrials. The Altman Z of 7.2 sits far above the 2.99 safe-zone threshold. The current ratio of 1.21 is adequate but not generous. Shareholders get their return mainly from growth rather than income: the dividend yield is 0.6 %. Still, the payout was only 19 % of fiscal 2025 earnings, and the dividend per share has risen for 9 consecutive fiscal years, so there is plenty of room to keep raising it.

Does AMETEK turn its margin into cash, and at what multiple of the cycle does it trade?

Industrials are semi-cyclical, so operating margin and cash conversion say more than one year's earnings. AMETEK passes most of the tests. Revenue per share grew 10.2 % a year in fiscal 2020-2025, against a healthy bar of 6 %. Its 26.2 % operating margin is more than double the 12 % threshold, and free cash flow reached 112.9 % of net income. Two checks fail: ROIC of 11.3 % falls short of 15 %, and capex of 1.8 % of revenue is below the usual 4-8 % range. The P/E of 35.3 and cycle-adjusted EV/EBITDA of 23.6× are both more than 10 % above their own averages of 29.6× and 20.3×.

What to expect from the next earnings?

AMETEK reports on October 29, 2026, and consensus expects quarterly EPS of $2.11. Its track record favours a beat: it has topped estimates in 8 of the last 8 quarters. The most recent was on August 4, 2026, with $2.09 against $1.99 expected, 5.0 % higher. The 2026 EPS consensus has barely moved in 27 days, from $8.34 to $8.36, while 2026 revenue estimates rose 4.1 %. Of 30 analysts, 20 recommend buying, 10 holding and none selling. With the P/E near the top of its decade range, the market already counts on a beat, and a miss would weigh on the shares.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.