阿美特克 (AME) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2025 AMETEK, Inc., earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 AMETEK 公司 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker, Kevin Coleman, VP of Investor Relations and Treasurer. Please go ahead.

現在我謹將會議交給第一位發言人，投資人關係副總裁兼財務長凱文‧科爾曼。請繼續。

Thank you, Crystal. Good morning, and welcome to AMETEK's fourth quarter 2025 earnings conference call. Joining me today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, Executive Vice President and Chief Financial Officer.

謝謝你，克麗絲塔爾。早安，歡迎參加AMETEK 2025年第四季財報電話會議。今天與我一同出席的有董事長兼執行長戴夫·札皮科，以及執行副總裁兼財務長達利普·普里。

During the course of today's call, we will be making forward-looking statements, which are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明可能會根據各種風險因素和不確定性而發生變化，導致實際結果與預期結果有重大差異。AMETEK 向美國證券交易委員會提交的文件中包含了可能影響我們未來業績的風險和不確定性的詳細討論。AMETEK公司聲明，其沒有更新或修改任何前瞻性聲明的意圖或義務。

Any references made on this call to historical results will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization and excluding acquisition-related costs. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website. We'll begin today's call with prepared remarks, and then we'll open it up for questions.

本次電話會議中提及的歷史績效將以調整後為基礎，不包括稅後收購相關無形資產攤提及收購相關成本。有關 GAAP 與調整後指標之間的調整表，請參閱我們的新聞稿和我們網站的投資者關係部分。今天的電話會議將首先由我作準備好的發言，然後開放提問環節。

I'll now turn the meeting over to Dave.

現在我將會議交給戴夫主持。

Thank you, Kevin, and good morning, everyone. AMETEK completed a strong year with excellent results in the fourth quarter, highlighted by double-digit growth in sales, orders, and operating profit, robust core margin expansion, strong cash flow growth, and earnings per share ahead of our expectations. In the quarter, we established records for sales, orders, operating income, EBITDA, diluted earnings per share, operating cash flow, and free cash flow. We also ended the quarter with a record backlog.

謝謝你，凱文，大家早安。AMETEK 以強勁的業績結束了這一年，第四季度業績尤為出色，銷售額、訂單量和營業利潤均實現了兩位數增長，核心利潤率大幅提升，現金流強勁增長，每股收益也超出預期。本季度，我們在銷售額、訂單量、營業收入、EBITDA、稀釋後每股收益、經營現金流量和自由現金流方面均創下歷史新高。本季末，我們的積壓訂單數量也創下了歷史新高。

And today, we announced the acquisition of LKC Technologies, an attractive technology acquisition, which broadens our MedTech exposure. I'll provide more details on LKC shortly.

今天，我們宣布收購 LKC Technologies，這是一項極具吸引力的技術收購，擴大了我們在醫療技術領域的業務。我稍後會提供更多關於李光前的資訊。

Now let me turn to our fourth-quarter results. Fourth-quarter sales were a record $2 billion, up 13% from the same period in 2024. Organic sales were up 5%. Acquisitions added 7 points in the quarter and foreign currency was a 1-point tailwind.

現在讓我來看看我們第四季的業績。第四季銷售額創下20億美元的紀錄，比2024年同期成長13%。有機產品銷售額成長了5%。本季收購貢獻了 7 個百分點，外匯匯率帶來了 1 個百分點的利好。

Orders were very strong in the quarter with overall orders up 18% to a record $2 billion and organic orders up 7% versus the prior year, leading to a record backlog of $3.58 billion. Sales and orders growth consistently improved throughout the year, with the fourth quarter growth the strongest of the year.

本季訂單表現非常強勁，總訂單金額成長 18% 至創紀錄的 20 億美元，有機訂單金額較上年同期成長 7%，導致積壓訂單金額達到創紀錄的 35.8 億美元。全年銷售額和訂單成長持續改善，其中第四季成長最為強勁。

AMETEK delivered excellent operating results in the quarter. Operating income was a record $523 million, a 12% increase over the fourth quarter of 2024. Operating margins were 26.2% in the quarter. Core margins were an impressive 27.6%, up 100 basis points. EBITDA in the quarter was a record $618 million, up 10% versus the prior year and EBITDA margins a strong 30.9%.

AMETEK本季取得了優異的經營業績。營業收入創下 5.23 億美元的紀錄，比 2024 年第四季成長 12%。本季營業利益率為 26.2%。核心利潤率達到令人矚目的 27.6%，成長了 100 個基點。本季 EBITDA 創下 6.18 億美元的紀錄，比去年同期成長 10%，EBITDA 利潤率高達 30.9%。

Our excellent operating performance led to strong cash generation with free cash flow, a record $527 million in the quarter, up 6% versus last year's fourth quarter and free cash flow to net income conversion of 132%.

我們出色的經營業績帶來了強勁的現金流，本季自由現金流達到創紀錄的 5.27 億美元，比去年第四季成長 6%，自由現金流與淨利的轉換率為 132%。

Diluted earnings per share were a record $2.01, up 7% versus the fourth quarter of 2024 and above our guidance range of $1.90 to $1.95 per share. Adjusting for an abnormally low tax rate in last year's fourth quarter, diluted earnings per share would have increased 11% in the quarter on a 5% increase in organic sales, reflecting strong incremental margins.

稀釋後每股盈餘創下 2.01 美元的歷史新高，比 2024 年第四季成長 7%，高於我們先前給出的每股 1.90 美元至 1.95 美元的預期範圍。考慮到去年第四季異常低的稅率，當季稀釋後每股盈餘將成長 11%，有機銷售額成長 5%，反映出強勁的增量利潤率。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. EIG delivered excellent operating performance in the fourth quarter with record sales and operating profit along with impressive core margin expansion. EIG sales were $1.37 billion, up 13% from last year's fourth quarter.

現在讓我提供一些營運組層面的更多細節。首先是電子儀器組。EIG第四季業績表現出色，銷售額和營業利潤均創歷史新高，核心利潤率也實現了顯著增長。EIG 的銷售額為 13.7 億美元，比去年第四季成長了 13%。

Organic sales were up 2%. Acquisitions added 10 points. Foreign currency was a 1 point tailwind.

有機產品銷售額成長了2%。收購增加了10分。外匯匯率帶來1個百分點的利多。

We were encouraged by the organic sales growth in the quarter and the steady improvement in EIG growth rates throughout 2025. EIG's fourth-quarter operating income was a record $413.7 million, up 7% versus the prior year. Core operating margins were a robust 32.3%, up 50 basis points from the prior year.

本季有機銷售成長以及 EIG 在 2025 年全年成長率的穩定提高都令我們感到鼓舞。EIG 第四季營業收入創下 4.137 億美元的紀錄，比去年同期成長 7%。核心營業利益率達到強勁的 32.3%，比上年同期成長 50 個基點。

The Electromechanical Group completed an outstanding year with very strong broad-based growth and excellent operating performance in the fourth quarter. EMG's fourth-quarter sales were $629 million, up 15% versus the prior year. Organic sales were up an impressive 14%, and foreign currency was a 1 point tailwind. Sales growth was strong across all EMG divisions with each growing double digits organically in the quarter. EMG's operating income in the fourth quarter was $142.5 million, up a sizable 28% compared to the prior year period, while EMG's fourth-quarter operating margins were 22.7%, up 240 basis points versus the fourth quarter of 2024.

機電集團在第四季度實現了強勁的全面成長和優異的營運業績，圓滿結束了這一年。EMG第四季銷售額為6.29億美元，比上年同期成長15%。有機銷售額成長了令人矚目的 14%，外匯匯率也帶來了 1 個百分點的利好。EMG 各部門的銷售成長強勁，本季均實現了兩位數的有機成長。EMG 第四季的營業收入為 1.425 億美元，比上年同期大幅成長 28%；EMG 第四季的營業利潤率為 22.7%，比 2024 年第四季成長 240 個基點。

Now for the full-year results. AMETEK delivered excellent overall results in 2025, establishing annual records for sales, operating income, operating margin, EBITDA, and diluted earnings per share. Overall sales for the year were $7.4 billion, up 7% from 2024. Operating income for 2025 was $1.94 billion, up 7%, and operating margins were 26.2%, up 10 basis points from the prior year period, while core margins were up a very strong 80 basis points. EBITDA for the year was $2.33 billion, up 7%, with EBITDA margins of very strong 31.5%.

接下來公佈全年業績。AMETEK 在 2025 年取得了優異的整體業績，在銷售額、營業收入、營業利潤率、EBITDA 和稀釋後每股收益方面均創下了年度紀錄。全年總銷售額為 74 億美元，比 2024 年成長 7%。2025 年營業收入為 19.4 億美元，成長 7%；營業利益率為 26.2%，較上年同期成長 10 個基點；核心利潤率更為強勁成長 80 個基點。今年 EBITDA 為 23.3 億美元，成長 7%，EBITDA 利潤率非常強勁，達到 31.5%。

Full year 2025 earnings were $7.43 per diluted share, up 9% versus the prior year. We also delivered strong cash flows in 2025, providing us with significant capital to deploy on strategic acquisitions with free cash flow to net income conversion of 113%.

2025 年全年每股攤薄收益為 7.43 美元，較上年增長 9%。2025 年，我們也實現了強勁的現金流，為我們提供了大量資金用於策略性收購，自由現金流到淨收入的轉換率為 113%。

I'm very proud of our performance in 2025. Our businesses successfully navigated through sluggish industrial markets and ongoing macroeconomic uncertainty and delivered excellent results. Thank you to all AMETEK colleagues for your outstanding contributions and hard work in delivering on our commitments to our customers and shareholders. AMETEK is well positioned for continued long-term success, given your efforts.

我對我們2025年的表現感到非常自豪。我們的業務成功克服了工業市場低迷和宏觀經濟持續不確定性的挑戰，並取得了優異的業績。感謝 AMETEK 的所有同事，感謝你們為履行我們對客戶和股東的承諾所做的傑出貢獻和辛勤工作。鑑於你們的努力，AMETEK 已做好長期持續成功的準備。

Now turning to acquisitions and capital deployment. In 2025, we completed the acquisitions of FARO Technologies and Kern Microtechnik for approximately $1 billion, acquiring approximately $400 million in annual sales. The integration of both businesses is going well as they integrate the AMETEK growth model into their businesses.

現在來談談收購和資本部署。2025 年，我們完成了 FARO Technologies 和 Kern Microtechnik 的收購，收購金額約 10 億美元，並獲得了約 4 億美元的年銷售額。兩家公司的整合進展順利，他們將 AMETEK 的成長模式融入各自的業務中。

Now switching to our most recent acquisition, LKC Technologies. LKC is a leading provider of innovative technologies that enable effective diagnosis and management of ophthalmic conditions. Their advanced technology solutions help doctors test and monitor eye health and are designed to detect early signs of diabetic retinopathy and other serious eye conditions that can lead to vision loss. The combination of LKC with our Ultra Precision Technologies record business provides attractive market expansion opportunities and creates a broader ophthalmic portfolio.

現在讓我們來談談我們最近收購的公司—LKC Technologies。LKC是領先的創新技術供應商，致力於有效診斷和治療眼科疾病。他們的先進技術解決方案可幫助醫生檢測和監測眼部健康，旨在檢測糖尿病視網膜病變和其他可能導致視力喪失的嚴重眼部疾病的早期跡象。LKC 與我們的超精密技術記錄業務相結合，提供了有吸引力的市場擴張機會，並創造了更廣泛的眼科產品組合。

LKC was privately held and headquartered in Germantown, Maryland. I'm excited to welcome all LKC Technologies colleagues to the AMETEK family.

LKC是一家私人公司，總部位於馬裡蘭州日耳曼敦。我非常高興地歡迎所有 LKC Technologies 的同事加入 AMETEK 大家庭。

With our robust balance sheet, strong cash flows, and disciplined approach to capital deployment, AMETEK is well positioned to continue driving long-term value through our acquisition strategy. We are encouraged by our strong pipeline of high-quality acquisition candidates and our significant financial capacity provides us with the flexibility to deploy over $5 billion in capital while maintaining an investment-grade credit rating. Our top priority for capital deployment remains acquisitions, while our strong cash flow provides us with the flexibility to opportunistically repurchase shares and pay a consistently increasing dividend.

憑藉穩健的資產負債表、強勁的現金流和嚴謹的資本部署方式，AMETEK 已做好充分準備，透過收購策略持續推動長期價值成長。我們擁有大量優質收購目標，這令我們倍感鼓舞；同時，我們雄厚的財力也使我們能夠靈活地部署超過 50 億美元的資金，並保持投資級信用評級。我們資本部署的首要任務仍然是收購，同時我們強勁的現金流使我們能夠靈活地擇機回購股票並持續支付不斷增長的股息。

We also continue to focus on ensuring AMETEK is strategically positioned for long-term sustainable growth through continued investments back into our business. These investments have strengthened our leadership position within our niche markets, helped open up new growth markets and attractive adjacencies, and accelerated our new product development and technology innovation.

我們將繼續致力於確保 AMETEK 透過持續投資於自身業務，在策略上佔據有利地位，實現長期可持續成長。這些投資鞏固了我們在細分市場的領導地位，幫助我們開拓了新的成長市場和有吸引力的鄰近領域，並加速了我們的新產品開發和技術創新。

For all of 2025, we invested an incremental $90 million in support of these growth initiatives, with the majority of these going into our research, development, engineering, sales and marketing, and digital initiatives. And in 2026, we expect to invest an incremental $100 million.

2025 年全年，我們額外投資 9,000 萬美元用於支持這些成長計劃，其中大部分將用於我們的研究、開發、工程、銷售和行銷以及數位化計劃。預計到 2026 年，我們將追加投資 1 億美元。

We are seeing great results from these investments. In the fourth quarter, our Vitality Index, which measures sales of new products introduced over the last three years was an outstanding 30%. This is an impressive result and reflects the great work of our businesses and colleagues.

這些投資已經取得了顯著成效。在第四季度，我們的活力指數（衡量過去三年推出的新產品的銷售額）達到了驚人的 30%。這是一個令人矚目的成果，體現了我們公司和同事們的出色工作。

I wanted to highlight a couple of examples of how our businesses are leveraging their technology innovation efforts and product portfolios to help strategically expand their presence within attractive market segments. The first business is AMETEK SPECTRO. SPECTRO is a leading provider of advanced analytical instrumentation for use in critical industrial, environmental, research, and academia applications.

我想重點介紹幾個例子，說明我們的企業如何利用其技術創新努力和產品組合，來幫助其在有吸引力的細分市場中策略性地擴大市場份額。第一家企業是 AMETEK SPECTRO。SPECTRO 是領先的先進分析儀器供應商，其產品廣泛應用於關鍵的工業、環境、研究和學術領域。

SPECTRO's products and solutions provide highly accurate, reliable, and efficient elemental analysis. SPECTRO has recently introduced a new product family of elemental analysis instruments, broadening their technology, product capabilities, and market reach. These new products, the SPECTROMAXx and xSORT have seen outstanding demand as rapidly rising commodity prices have increased the importance of precise and accurate metals analysis within a wide range of applications.

SPECTRO 的產品和解決方案提供高度準確、可靠和高效的元素分析。SPECTRO 最近推出了一系列新的元素分析儀器產品，拓展了其技術、產品功能和市場覆蓋範圍。隨著大宗商品價格的快速上漲，在各種應用領域中，精確的金屬分析變得日益重要，因此，SPECTROMAXx 和 xSORT 這兩款新產品的需求量非常大。

We are also seeing growing demand across our defense businesses, in particular, within our European defense businesses as our differentiated technology capabilities and product portfolio are well positioned to benefit from the expanding defense spending in the region. Our defense businesses provide a wide range of ruggedized high-performance solutions for a diverse set of mission-critical defense applications, and we continue to win content on new programs, given our strong design and engineering capabilities.

我們也看到，我們的國防業務，特別是歐洲國防業務，需求正在不斷增長，因為我們差異化的技術能力和產品組合能夠很好地受益於該地區不斷增長的國防開支。我們的國防業務為各種關鍵任務型國防應用提供廣泛的堅固耐用的高性能解決方案，憑藉我們強大的設計和工程能力，我們不斷贏得新項目的內容。

To share a few examples, AMETEK's Rotron and Airtechnology businesses are providing advanced cooling solutions for use on a number of European air defense systems. Our Abaco business is providing integrated high-performance computing systems for European aircraft and communications platforms and our power and data systems businesses is supplying power generation systems for a number of UAV platforms. Great work by our businesses in developing the critical products and technologies needed by our customers.

舉幾個例子來說，AMETEK 旗下的 Rotron 和 Airtechnology 業務部門正在為許多歐洲防空系統提供先進的冷卻解決方案。我們的 Abaco 業務為歐洲飛機和通訊平台提供整合式高性能運算系統，而我們的電力和數據系統業務則為多個無人機平台提供發電系統。我們的業務部門在開發客戶所需的關鍵產品和技術方面做得非常出色。

Now shifting to our outlook for the year ahead. For 2026, we expect overall sales to be up mid- to high single digits on a percentage basis with organic sales expected to increase low to mid-single digits versus the prior year. Diluted earnings per share for the year are expected to be in the range of $7.87 to $8.07, up 6% to 9% compared to last year's results. For the first quarter, we anticipate overall sales to be up approximately 10% versus the prior year's first quarter with adjusted earnings of $1.90 to $1.95 per share, up 6% to 9% versus the prior year.

現在讓我們展望一下未來一年的情況。預計 2026 年整體銷售額將實現中高個位數百分比的成長，其中有機銷售額預計將比上一年實現低至中個位數的成長。預計全年稀釋後每股收益將在 7.87 美元至 8.07 美元之間，比去年的業績增加 6% 至 9%。我們預計第一季總銷售額將比上年同期增長約 10%，調整後每股收益為 1.90 美元至 1.95 美元，比上年同期增長 6% 至 9%。

To summarize, AMETEK delivered a strong finish to the year with excellent performance in the fourth quarter, reflecting the strength of our portfolio and our ability to execute our growth strategy. We entered 2026 with a record backlog and solid momentum, given the strong sales and orders growth we saw in the second half of 2025. Our differentiated technologies and deep industry expertise continue to position us well in attractive niche markets.

總而言之，AMETEK 在第四季度取得了優異的業績，為這一年畫上了圓滿的句號，這反映了我們產品組合的實力以及我們執行成長策略的能力。鑑於我們在 2025 年下半年看到的強勁銷售和訂單成長，我們以創紀錄的積壓訂單和穩健的發展勢頭進入了 2026 年。我們憑藉差異化的技術和深厚的行業專業知識，在極具吸引力的細分市場中保持著良好的地位。

Additionally, we have significant capital to deploy on strategic acquisitions and a track record of delivering strong returns on capital. Lastly, our proven operating capabilities allow us to deliver strong incremental margins and manage through economic or geopolitical uncertainties. With a focus on innovation, operational excellence, and disciplined capital allocation, we are confident in our ability to drive continued growth and create long-term value for our shareholders in 2026 and beyond.

此外，我們擁有大量資金可用於策略性收購，並且在實現強勁的資本回報方面有著良好的記錄。最後，我們成熟的營運能力使我們能夠實現強勁的利潤成長，並應對經濟或地緣政治的不確定性。我們專注於創新、卓越營運和嚴謹的資本配置，我們有信心在 2026 年及以後推動持續成長，並為股東創造長期價值。

I will now turn it over to Dalip Puri, who will cover some of the financial details of the quarter. Then we'll be glad to take your questions. Dalip?

現在我將把發言權交給達利普·普里，他將介紹本季的一些財務細節。那我們很樂意回答您的問題。達利普？

Thank you, Dave, and good morning, everyone. As Dave noted, AMETEK had an excellent finish to the year, establishing records for orders, sales, operating income, earnings per share, and free cash flow in the quarter.

謝謝你，戴夫，大家早安。正如戴夫指出的那樣，AMETEK 在這一年中取得了優異的成績，本季訂單量、銷售額、營業收入、每股收益和自由現金流均創下歷史新高。

Now let me provide some additional financial highlights for the fourth quarter, the full year as well as some additional guidance for 2026. Fourth-quarter general and administrative expenses were $33 million, up $4 million from the prior year due to higher charitable donations in the period. For the full year, general and administrative expenses were up $10 million. As a percentage of sales, full-year G&A expense was 1.6%, up slightly from 2024 levels. For 2026, general and administrative expenses are expected to be approximately 1.5% of sales.

現在，我將提供第四季度、全年的一些財務亮點，以及對 2026 年的一些額外展望。第四季一般及行政費用為 3,300 萬美元，較上年同期增加 400 萬美元，原因是該期間慈善捐款增加。全年一般及行政開支增加了1000萬美元。全年一般及行政費用佔銷售額的百分比為 1.6%，略高於 2024 年的水準。預計到 2026 年，一般及行政費用將佔銷售額的 1.5% 左右。

Fourth-quarter other expenses were up $6 million compared to the fourth quarter of 2024. For 2026, we expect other operating expenses to be largely in line with 2025 levels. The effective tax rate in the quarter was 16.3%, up from 12.8% in the fourth quarter of 2024. For the full year, the effective tax rate was 17.8%. For 2026, we anticipate our effective tax rate to be between 18.5% and 19.5%. As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

與 2024 年第四季相比，第四季其他支出增加了 600 萬美元。我們預計 2026 年其他營運費用將與 2025 年的水準基本持平。本季實際稅率為 16.3%，高於 2024 年第四季的 12.8%。全年實際稅率為 17.8%。我們預計 2026 年的實際稅率將在 18.5% 至 19.5% 之間。正如我們過去所指出的，實際季度稅率可能與全年預估稅率有巨大差異，可能更高，也可能更低。

Capital expenditures were $57 million in the fourth quarter and $130 million for the full year. Capital expenditures in 2026 are expected to be approximately $160 million or about 2% of sales.

第四季資本支出為 5,700 萬美元，全年資本支出為 1.3 億美元。預計 2026 年資本支出約 1.6 億美元，約佔銷售額的 2%。

Depreciation and amortization expense in the quarter was $106 million and for the full year was $423 million. In 2026, we expect depreciation and amortization to be approximately $430 million, including after-tax acquisition-related intangible amortization of approximately $210 million or $0.91 per diluted share.

本季折舊和攤提費用為 1.06 億美元，全年折舊和攤提費用為 4.23 億美元。預計 2026 年折舊和攤銷約為 4.3 億美元，其中包括稅後收購相關無形資產攤銷約 2.1 億美元，即每股攤薄收益 0.91 美元。

For the quarter, operating working capital was 16.5% of sales, a 30 basis point improvement versus the fourth quarter of 2024. Operating cash flow in the quarter was a record $584 million, up 6% versus the fourth quarter of 2024.

本季度，營運資金佔銷售額的 16.5%，比 2024 年第四季改善了 30 個基點。本季經營現金流達到創紀錄的 5.84 億美元，比 2024 年第四季成長 6%。

Free cash flow was also a record in the quarter, up 6% to $527 million, with outstanding free cash flow conversion of 132% for the quarter. Free cash flow for 2025 was $1.7 billion, with full-year free cash flow conversion also very strong at 113% of net income. For 2026, we expect free cash flow conversion to be between 110% and 115% of net income.

本季自由現金流也創下紀錄，成長 6% 至 5.27 億美元，本季自由現金流轉換率高達 132%。2025 年自由現金流為 17 億美元，全年自由現金流轉換率也非常強勁，達到淨收入的 113%。我們預計 2026 年自由現金流轉換率將達到淨收入的 110% 至 115%。

Total debt at year-end was $2.3 billion, up $200 million from the end of 2024 due to the acquisition of FARO Technologies. Offsetting this debt is cash and cash equivalents of $458 million.

由於收購了 FARO Technologies，截至年底的總債務為 23 億美元，比 2024 年底增加了 2 億美元。為抵銷這筆債務，該公司擁有 4.58 億美元的現金及現金等價物。

During the quarter, we spent approximately $285 million on share repurchases, bringing our total share repurchases for the year to approximately $443 million. We continue to have significant financial capacity and flexibility to support our growth initiatives and capital deployment strategies. We demonstrated our financial flexibility in 2025 by deploying over $1.8 billion on acquisitions, share repurchases, and dividends, all while maintaining our financial capacity and a conservative balance sheet. At the end of 2025, our gross debt-to-EBITDA ratio was 1 times, and our net debt-to-EBITDA ratio was 0.8 times, essentially unchanged from the end of 2024.

本季度，我們花了約 2.85 億美元用於股票回購，使我們全年的股票回購總額達到約 4.43 億美元。我們依然擁有雄厚的財力和靈活性，以支持我們的成長計畫和資本部署策略。2025 年，我們透過投入超過 18 億美元用於收購、股票回購和分紅，展現了我們的財務靈活性，同時保持了我們的財務實力和穩健的資產負債表。截至 2025 年底，我們的總負債與 EBITDA 比率為 1 倍，淨負債與 EBITDA 比率為 0.8 倍，與 2024 年底基本持平。

In summary, we delivered strong fourth quarter and full year operating results, highlighted by full year operating results highlighted by record revenue, record earnings, robust margin growth and excellent cash flow generation. With a proven strategy, significant capital deployment capacity, and a strong track record of execution, we are well positioned to continue delivering exceptional results in 2026. Kevin?

總而言之，我們第四季度和全年經營業績表現強勁，全年經營業績的亮點包括創紀錄的收入、創紀錄的盈利、強勁的利潤率增長和出色的現金流生成。憑藉成熟的策略、雄厚的資本部署能力和出色的執行力，我們完全有能力在 2026 年繼續取得卓越的表現。凱文？

Thanks, Dalip. Crystal, could we please open the lines for questions?

謝謝你，達利普。Crystal，我們可以開始接受提問了嗎？

(Operator Instructions) Matt Summerville, DA Davidson.

（操作說明）Matt Summerville，DA Davidson。

David, I was hoping you could drill deeper into the medical portfolio and their performance there in across both EIG and EMG and how we should be thinking about kind of the medium- to long-term algorithm associated with Paragon and Rauland and some of the bigger buckets in medical? And then I have a follow-up.

David，我希望你能更深入地分析醫療保健投資組合及其在 EIG 和 EMG 中的表現，以及我們應該如何看待 Paragon 和 Rauland 相關的中長期演算法，以及醫療保健領域的一些較大板塊？然後我還有一個後續問題。

Sure. It's about 21% of our business now, the broader health care exposure. If you look at the health -- across both groups, Paragon and Rauland driving the results, they were up low double digits in Q4. So that was a very good quarter, up low double digits. And for the full year '25, they were up high single digits.

當然。目前，醫療保健領域的業務占我們總業務的約 21%。從健康角度來看，Paragon 和 Rauland 這兩個集團的業績在第四季度均實現了兩位數的低成長。所以這個季度表現非常好，實現了兩位數的低成長。2025 年全年，他們的增幅都達到了個位數。

And we're thinking for '26, that will be up mid-single digits. So our initial guide is mid-single digits, more challenging comps, but still very healthy businesses and performing well. And what's the follow-up, Matt?

我們認為 2026 年，這個數字將會上升到個位數中段。因此，我們最初的預期是中個位數，比較基數較大，但企業依然非常健康，表現良好。接下來呢，馬特？

I was wondering if you could talk about how you're thinking about strategic price capture kind of going forward after passing through this multiyear period where you had pretty meaningful inflation. And then obviously, you had the tariff pressure. So what's kind of the go-forward price algorithm? What does that look like for AMETEK now?

我想請您談談，在經歷了多年通貨膨脹較為嚴重的時期之後，您是如何考慮未來策略性價格控制的。然後，很顯然，還有關稅壓力。那麼，未來的價格走勢演算法大概是什麼呢？AMETEK 目前面臨的情況如何？

For the fourth quarter of '25, we had a positive price/cost spread. So we -- our pricing offset both inflation and tariffs. So we think that that is going to be what's going to happen in '26. So for the full year '26, we're confident we can offset inflation and the existing known tariffs. So we're getting -- we have highly differentiated businesses of AMETEK product portfolio, leadership in niche markets around the globe. These are mission-critical products. And the pricing is not going backwards; it's going to stick. The vast, vast majority of it is price increases, not just kind of offsets.

2025 年第四季度，我們的價格/成本差為正。因此，我們的定價策略可以抵消通貨膨脹和關稅的影響。所以我們認為2026年就會發生這種情況。因此，我們有信心在 2026 年全年抵消通貨膨脹和現有的已知關稅。因此，我們擁有高度差異化的 AMETEK 產品組合，並在全球細分市場中處於領先地位。這些都是任務關鍵型產品。而且價格不會下降，將會維持不變。絕大部分都是價格上漲，而不是單純的抵銷。

So we had a good pricing situation. As I mentioned in my prepared remarks, we have a refreshed product portfolio, 30% vitality, mission-critical products. So we really have done this for quite a while and don't see any change. So I think we'll be positive when you take into account inflation and tariffs for the year.

所以我們的價格策略很有利。正如我在準備好的演講稿中提到的，我們擁有煥然一新的產品組合，活力提升了 30%，並且是關鍵任務型產品。所以我們已經這樣做了相當長一段時間，但並沒有看到任何改變。所以，考慮到今年的通貨膨脹和關稅因素，我認為我們會取得積極的成果。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Maybe we can step back and Dave, do your typical run through the end markets, key platforms. It sounds like everything in medical, we're certainly hitting expectations. And if you could touch on any kind of regional dynamics as well?

或許我們可以退後一步，讓戴夫像往常一樣，對終端市場和關鍵平台進行一番梳理。聽起來醫療領域的一切都在預期中進行。如果您還能談談任何區域動態方面的內容嗎？

Sure, Deane. The Process business, I'll start there. Overall sales for our Process businesses were up mid-teens in the fourth quarter, driven by the contribution from recent acquisitions. So we acquired the FARO business, the current business, and we bring those in, they're lower margins, and we're improving them as we go. But that group grew low single digits organically in that quarter.

當然可以，迪恩。流程業務，我就從這裡開始。第四季度，我們流程業務的整體銷售額成長了兩位數以上，主要得益於近期收購帶來的貢獻。所以我們收購了 FARO 業務，也就是目前的業務，我們把這些業務也納入進來，它們的利潤率較低，但我們會逐步改善它們。但該群體當季的自然成長率僅為個位數。

So that's the first time we saw a low single-digit organic growth in process. We're pretty happy with that. We saw continued improvements throughout the whole year. As I said, the most positive in the fourth quarter. We're encouraged by that finish to the year.

所以這是我們第一次看到流程中出現個位數低水準的有機成長。我們對此相當滿意。我們看到全年都在持續進步。正如我所說，第四季最為積極。我們對今年的收官表現感到鼓舞。

And we talked about before, we see a very strong pipeline of growing opportunities in our broader process and analytical instrumentation markets. For the full year 2026, we expect organic sales for our Process segment to be up low single digits. Talk about our Aerospace and Defense businesses, they completed an outstanding year with low double-digit growth in both overall and organic sales in the quarter.

正如我們之前討論過的，我們在更廣泛的流程和分析儀器市場中看到了非常強勁的成長機會。預計到 2026 年全年，我們流程業務部門的有機銷售額將實現個位數低成長。再說說我們的航空航太和國防業務，它們在過去一年中表現出色，本季整體銷售額和有機銷售額均實現了兩位數的低成長。

Similar to the full-year growth was broad-based, strongest orders, strongest growth across our commercial OE and aftermarket businesses in the quarter. Our businesses are well positioned with strong and expanding content on a wide variety of aerospace and defense platforms. And looking ahead, we expect another strong year high single-digit organic growth in 2026 and really balanced across both our commercial and defense businesses.

與全年成長類似，本季訂單量成長強勁，商業OE和售後市場業務的成長最為顯著。我們的業務憑藉在各種航空航太和國防平台上的強大且不斷擴展的內容，佔據了有利地位。展望未來，我們預計 2026 年將再次實現強勁的個位數有機成長，並且我們的商業和國防業務將真正實現平衡。

Jumping next to our Power business, delivered solid growth in the quarter, both overall and organic sales were up mid-single digits. Growth in the quarter was strongest within our RTDS and Power instruments businesses. It's driven by global grid modernization and applications supporting the data center buildout. Talked a little bit in the last meeting, we have applications in power generation, backup power, micro grids, power system simulation services, all supporting their broader data center ecosystem and delivering power to the ecosystem. Looking ahead to 2026, we expect organic sales for our Power businesses to be up mid-single digits.

緊隨其後的是我們的電力業務，該季度實現了穩健成長，整體銷售額和有機銷售額均實現了中等個位數的成長。本季成長最強勁的業務來自我們的即時數據系統 (RTDS) 和電力儀器業務。這是由全球電網現代化和支援資料中心建設的應用所驅動的。上次會議中我們稍微談了一下，我們的應用領域包括發電、備用電源、微電網、電力系統模擬服務，所有這些都支援他們更廣泛的資料中心生態系統，並為該生態系統提供電力。展望 2026 年，我們預期電力業務的有機銷售額將實現中等個位數的成長。

And finally, our Automation & Engineered Solutions businesses delivered another outstanding quarter with low double-digit overall and organic sales growth. Growth was again broad-based across our Automation & Engineered Solutions businesses with our Paragon Medical businesses delivering the strongest growth. For 2026, we expect sales for Automation & Engineered Solutions businesses to be up mid-single digits organically.

最後，我們的自動化和工程解決方案業務又迎來了一個出色的季度，整體銷售額和有機銷售額均實現了兩位數的低成長。我們的自動化和工程解決方案業務再次全面成長，其中 Paragon Medical 業務成長最為強勁。預計到 2026 年，自動化和工程解決方案業務的銷售額將實現中等個位數的自然成長。

And I think you asked about the geography also, Deane.

迪恩，我想你也問過地理方面的問題。

Yeah.

是的。

Yeah. We have -- both US and international sales were up mid-single digits. So it's kind of good strength across the board. In the US, we were up MSD, mid-single digits, driven by strength in our Automation & Engineered Solutions business. In Europe, we were up low single digits driven by strength in Aerospace and our Automation businesses.

是的。美國和國際銷售額均實現了中等個位數的成長。所以整體實力相當不錯。在美國，由於自動化和工程解決方案業務的強勁表現，我們的MSD實現了中等個位數的成長。在歐洲，受航空航太和自動化業務強勁成長的推動，我們實現了個位數的小幅成長。

And Asia was up 10%. We were very pleased that China was up low double digits for us, driven by our Process, Power, and Automation businesses. And again, Asia was up 10%. If we take China out of Asia, Asia was up high single digits. So Asia was pretty much strong across the board.

亞洲股市上漲10%。我們很高興看到，在中國的業務實現了兩位數的低成長，這主要得益於我們的流程、電力和自動化業務。亞洲股市再次上漲10%。如果將中國從亞洲剔除，亞洲的成長幅度將達到接近兩位數。所以亞洲整體表現相當強勁。

So pretty good performance geographically across the board.

所以從地理分佈來看，整體表現都相當不錯。

That's all good to hear. Just a quick follow-up. You talk about record backlog. What kind of conversion should we expect in 2026 of backlog? I mean, I know typically, you're at like a 30% conversion, but with the recent kind of expansion that's been closer to 50%, how does that shape up for '26?

聽到這些真是太好了。再補充一點。你談到了唱片積壓問題。到 2026 年，我們應該預期積壓訂單會轉化成什麼樣子？我的意思是，我知道通常轉換率在 30% 左右，但最近這種擴張已經接近 50%，那麼 2026 年的情況如何？

It's in the same ballpark. With our long-cycle businesses, our aerospace and defense business with our process businesses, some of those are multiyear. But there's plenty for us to ship near term. So we're pretty optimistic about the order pipelines. We had good orders throughout the quarter.

差不多。我們的長週期業務，如航空航太和國防業務以及流程業務，其中一些業務週期長達數年。但我們近期有許多產品需要出貨。所以我們對訂單管道相當樂觀。整個季度我們的訂單狀況都很好。

December was the strongest quarter. December was the strongest record quarter for us in one month, and we also started the year strong. So orders are good. Again, the backlog is with our multiple industries, it's a little bit difficult. But you're right, it's between that 30% and 50% number. But we're in good shape and is feeling good with the strength.

12月是表現最好的一個季度。12 月是我們有史以來業績最好的一個季度，而且我們今年的開局也很強勁。所以訂單情況良好。再次強調，積壓的工作涉及我們多個行業，這有點困難。但你說得對，這個數字介於 30% 和 50% 之間。但我們狀態良好，感覺精力充沛。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

I was hoping to focus on EIG, just that it sounds like that organic growth of 2%, a little bit below kind of what you had expected because you expected the full year to grow year over year. So I imagine in Process and Analytical Instrumentation that maybe didn't come -- growth didn't come to fruition the way you thought it would. What are your expectations into 2026 for that segment or subsegment and project activity converting?

我原本希望重點關注EIG，但聽起來它的有機成長率只有2%，比你預期的要低一些，因為你預期全年都會比去年同期成長。所以我認為在過程和分析儀器領域，這種情況可能並沒有發生——成長並沒有像你想像的那樣實現。您對2026年該細分市場或次細分市場以及專案活動的轉換有何預期？

Yeah. Just if you go back to the beginning of 2025, we actually had negative organic growth in the first couple of quarters in our Process businesses and those improved. So we actually were positive in Q4. So we're pretty pleased with the performance of EIG turning positive in Q4 on the back of the process of business performance. If I look at 2026, we have -- our overall sales, I already mentioned in the prepared remarks, is up mid- to high single digits with organic up low to mid-single digits.

是的。如果回顧 2025 年初，我們流程業務的前幾季實際上出現了負成長，但後來情況有所改善。所以我們在第四季度實際上實現了盈利。因此，我們對 EIG 在第四季業績轉正感到非常滿意，這得益於其業務表現的提升。展望 2026 年，正如我在準備好的發言稿中提到的，我們的整體銷售額將實現中高個位數成長，而有機成長將達到低個位數到中個位數。

And we think both of our businesses will have low to mid-single-digit organic growth. So both EIG and EMG, overall will be up mid- to high single digits and both will have organic growth of low to mid-single digits.

我們認為我們兩家公司的自然成長率都將處於個位數低至中等水平。因此，EIG 和 EMG 的整體漲幅將達到個位數中高段，而兩者的自然成長率都將達到個位數低段至中段。

Okay. Got it. And that outlook in EMG, your sales were so strong in Q4. Was there something out of the ordinary, unusual that would drive that 15% growth that just won't repeat going forward?

好的。知道了。EMG 的前景也十分樂觀，你們第四季的銷售額非常強勁。是否存在一些非同尋常的、不尋常的因素，導致了15%的成長，而這種成長在未來將無法重現？

No, I think that, as I mentioned in the prepared remarks, every division within EMG had double-digit growth in sales. So there's really a lot of strength there. I mean, there's -- if you going to get some tougher comps next year, but we're performing well. We have strong execution, disciplined operations. We're gaining momentum in the portfolio.

不，我認為，正如我在準備好的發言稿中提到的那樣，EMG 的每個部門的銷售額都實現了兩位數的成長。所以那裡確實蘊藏著很大的力量。我的意思是，明年可能會遇到一些更強大的對手，但我們目前的表現很好。我們擁有強大的執行力和嚴謹的營運。我們的投資組合正在穩步成長。

EMG recovered nicely, Automation and MedTech are solid. A&D remains strong with good backlogs. So I think what you might be seeing there is the guide is a little bit prudent this early in the year, but we feel good about EMG in 2026.

肌電圖恢復良好，自動化和醫療技術方面表現穩健。航空航太與國防業務依然強勁，訂單儲備充足。所以我覺得你可能看到的是，今年年初的這份指南有點謹慎，但我們對 2026 年的 EMG 市場充滿信心。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

I wanted to just come back to the kind of the pricing dynamic. I know there's a lot of fits and starts on tariffs last year and subsequent pricing. Any signs of prebuy or prebuild in some of those channels as maybe some of that destock has turned to restock and customers are maybe looking to get ahead of some of the price last year?

我只想回到定價機制這個主題上來。我知道去年關稅政策和後續定價經歷了許多波折。某些通路是否有預購或預建的跡象？或許部分清倉商品已經轉為補貨，顧客可能希望趕在去年價格下跌前入手一些商品？

No, I think it seems like we've -- there's a lot of macroeconomic things we're dealing with and uncertainties and related to the broader deglobalization. But I think all that stuff happened in 2025. And I think we're more of a more normalized -- it feels like it's more normalized now where you're not -- you don't have buy ahead, you don't have things like that. And so it feels more normal than it did in '25 at the beginning of '26.

不，我認為我們似乎——我們正在處理許多宏觀經濟問題和不確定性，而這些問題都與更廣泛的去全球化有關。但我認為所有這些事情都發生在 2025 年。我覺得我們現在的情況變得更加正常化了——感覺現在的情況更加正常化了，你不再需要提前購買，不再有類似的事情發生。所以感覺比 2025 年到 2026 年初的時候要正常得多。

Okay. Great. And then just a follow-up on price and cost. Maybe discuss your actual pricing expectation for 2026. And then how are you thinking about price cost spread for the year? I know we're getting a little bit of metals inflation here.

好的。偉大的。最後再補充一下價格和成本方面的問題。或許可以討論一下您對 2026 年的實際價格預期。那麼，您如何看待今年的價格成本差？我知道這裡出現了一些金屬通膨。

Yeah. We're not giving a specific target, but what we will say is in the fourth quarter, as I mentioned to Matt, we offset -- price to offset inflation plus tariffs plus and about 50 basis points. So it was very strong. And I expect a similar kind of performance next year. That's our target.

是的。我們不給出具體目標，但正如我跟馬特提到的，在第四季度，我們將抵消——價格上漲以抵消通貨膨脹，加上關稅，再加上大約 50 個基點。所以它非常強大。我預計明年也會有類似的表現。這就是我們的目標。

So there's -- in our different businesses or different levels of inflation, there's dynamics. But we have a strong history of -- because of the product portfolio and the special place in the value chain we have with our customers being able to offset price -- offset inflation and tariffs with price. So that's going to continue.

所以，在我們不同的產業或不同的通貨膨脹水準下，存在著動態變化。但我們擁有強大的歷史優勢——因為我們的產品組合以及我們在價值鏈中的特殊地位，我們的客戶能夠用價格抵消通貨膨脹和關稅。所以這種情況還會持續下去。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Can we just get an update on FARO acquisition? What are you seeing? What's the progress has been? What are the key learnings?

能否提供一下FARO收購案的最新進展？你看到了什麼？進展如何？主要收穫是什麼？

Good question. Remember, everybody, it's designs and develops advanced 3D metrology and digital reality solutions. These include product families like measurement arms, laser scanners, laser trackers, integrated process, and analytics software, and it's an excellent strategic fit with our Creaform business. So we have a business that's complementary to it and complements our metrology capabilities.

問得好。記住，各位，它是設計和開發先進的 3D 計量和數位現實解決方案的公司。這些產品系列包括測量臂、雷射掃描器、雷射追蹤器、整合流程和分析軟體，與我們的 Creaform 業務有著極佳的策略契合度。因此，我們的業務與它互補，並補充了我們的計量能力。

So it's -- and we acquired the business, and we think we can add meaningful value to FARO. So along with the elimination of the public company costs and the integration of -- into AMETEK's global infrastructure, we think there's a tremendous amount of synergies. So we acquired the business for about 2.7 times, and we feel that the cost synergies will allow us to more than double EBITDA margins from the current mid-teens level to a 30% level and achieve a 10% return on invested capital by year three. And that was the plan going in, and it's still -- we're more confident than ever. We're going to be able to do that.

所以——我們收購了這家公司，我們認為我們可以為 FARO 增添有意義的價值。因此，除了消除上市公司成本和整合到 AMETEK 的全球基礎設施中之外，我們認為這將產生巨大的協同效應。因此，我們以大約 2.7 倍的價格收購了這家公司，我們認為成本協同效應將使我們能夠將 EBITDA 利潤率從目前的 15% 左右提高到 30% 以上，並在第三年實現 10% 的投資資本回報率。這就是我們最初的計劃，而且我們現在比以往任何時候都更有信心。我們一定能做到。

We have made moves on integrating the business. We formed two business units. One is more of the Metrology business unit, and one is more the Digital Reality business. So those are people coming from legacy AMETEK and FARO in both businesses, and that's going extremely well.

我們已採取措施整合業務。我們成立了兩個業務部門。一個更偏向計量業務部門，另一個更偏向數位現實業務部門。所以，這兩個部門的人員都來自原 AMETEK 和 FARO 公司，而且進展非常順利。

You'll see in the press release we put out. We have some onetime charges with that. It was about $17.6 million, I believe. So that's allowing us to get the kinds of improvements that we're getting in the business. And that's why there's quite a big gap between the -- our core margins that I mentioned and the reported margins.

您會在我們發布的新聞稿中看到。這其中有一些一次性費用。我記得大概是1760萬美元。所以，這使得我們能夠在業務上取得這樣的進步。這就是為什麼我提到的我們的核心利潤率和公佈的利潤率之間存在相當大的差距。

You got the -- along with being a less profitable business, and we're doing some work on improving the business. But I'm very, very bullish with the business. I mean, there's a great coverage throughout the world. We didn't have overlapping capability. They're really complementary and the team is extremely motivated. So the AMETEK leadership style is having a positive effect on FARO. So we're very pleased with it.

你們的情況是——而且業務盈利能力下降，我們正在努力改善業務。但我對公司的前景非常非常看好。我的意思是，它的全球覆蓋範圍很廣。我們沒有重疊的能力。他們彼此互補，團隊士氣高昂。因此，AMETEK 的領導風格對 FARO 產生了正面的影響。所以我們對此非常滿意。

Thank you. And then last, '25 was a year where I think we're all waited for a short cycle recovery that never happened. And you've clearly stressed that your orders improved into the year and then continue to be strong in January. What kind of conversations are you having with your customers? Do you feel better that what's happening right now is not maybe a flash in the pan, but maybe more of a substantive recovery? Would appreciate any color.

謝謝。最後，2025 年，我認為我們都在等待一個短暫的復甦週期，但這個週期從未發生。您已明確強調，您的訂單在今年年初有所改善，並在1月份繼續保持強勁勢頭。你和客戶之間都在進行哪些類型的對話？你是否感覺好些了，覺得現在發生的一切可能不是曇花一現，而是實質的復甦？任何顏色都可以。

Yeah. If you go back and listen to our last couple of conference calls, we were feeling better through the quarters, too. We could see momentum building and it seems to continue to build. And we've had a fantastic pipeline of opportunities and more of those are starting to happen. And I just -- you had three years of negative PMI prints and I think it's changing. It feels good for us. And you have a lot of -- we got the positive segments that we talked about.

是的。如果你回聽我們最近幾次電話會議，你會發現我們整個季度的情況也都在好轉。我們可以看到勢頭正在增強，而且似乎還在繼續增強。我們一直擁有大量絕佳的機會，而且越來越多的機會正在出現。我只是覺得——你們經歷了三年的 PMI 負成長，但我認為這種情況正在改變。這讓我們感覺很好。而且我們有很多——我們談到了積極的方面。

And we got the Power business now is well positioned, and it's going to benefit from the build-out of power capacity. The Process business is seeing steady improvements, and we're managing a strong pipeline. Our future project activity remains extremely healthy.

我們現在的電力業務處於有利地位，並將受益於電力產能的建設。流程業務正在穩步改善，我們正在管理一個強大的專案儲備。我們未來的專案活動依然非常健康。

You look at the -- a little bit of macro uncertainty around the broader deglobalization, but at the same time, conditions remain constructive. Interest rate policies are positive. M&A environment looks favorable. The industrial renaissance across the west should help us offset any kind of drag from the tariffs.

儘管存在一些宏觀層面的不確定性，例如更廣泛的去全球化，但同時，情況仍具有建設性。利率政策是正面的。併購環境看起來不錯。西方工業的復興應該有助於我們抵消關稅帶來的任何阻礙。

So we're good on our business, and we're feeling pretty good right now. So you never know if it's long-lasting, but right now, it's feel solid, and we're certainly being prudent with our guide because something like you mentioned happens and it weakens later in the year, but we don't see it right now.

所以我們的生意很好，現在感覺也相當不錯。所以你永遠不知道它是否能持久，但就目前而言，它感覺很穩固，而且我們肯定會謹慎對待我們的指導方針，因為像你提到的那樣的事情可能會發生，導致它在今年晚些時候減弱，但我們目前還沒有看到這種情況。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

I guess my first question, Dave, can you just -- obviously, you did FARO, you did Kern, just sort of an update on how you're thinking about the M&A pipeline in 2026? And are there any sort of sizable deals that are out there?

Dave，我想我的第一個問題是——顯然，你參與了 FARO，也參與了 Kern，能否簡單介紹一下你對 2026 年併購市場的看法？市面上是否存在一些規模較大的交易？

And then my second question, just on the implied margins for 2026 relative to the top-line guide. We talked about price cost being positive. Obviously, I think FARO is still going to weigh on margins a bit. Is there any other factors that we should consider as we're thinking about margins across your segments that are unusual?

我的第二個問題是關於 2026 年相對於整體指導值的隱含利潤率。我們討論過價格成本為正的情況。顯然，我認為 FARO 仍會對利潤率造成一定壓力。在考慮各細分市場的利潤率時，還有哪些不尋常的因素需要考慮？

No, I think, Jamie, I'll take the margin question first. I mean, we're firing on all cylinders in terms of margins. If you look at our core operating margins were up 100 basis points in the quarter. So if you back out all the things you mentioned, they're very strong, both groups. EIG was up 50 basis points.

不，傑米，我想，我先回答利潤率的問題。我的意思是，就利潤率而言，我們目前運作得很好。如果你看一下我們的核心營運利潤率，你會發現本季成長了100個基點。所以，如果排除你提到的所有因素，這兩個群體都非常強大。EIG上漲50個基點。

EMG on a core margin was up 310. And if you look at incrementals, our core incrementals were 45% in Q4. So that's very strong. And for '26, we've been a little more conservative, we're saying 35% reported incremental margins and 30 basis points of margin expansion. So 30 basis points of margin expansion, which is pretty typical for us going into each year, and we're thinking we can get 35% incrementals. And that will be a little bit less than we got in '25, but it's more prudent. We're feeling good about it. There shouldn't be any surprises.

核心邊際 EMG 上升了 310。如果看增量，我們第四季的核心增量為 45%。所以這非常強。對於 2026 年，我們採取了更保守的做法，我們表示 35% 的公司報告利潤率有所提高，利潤率擴張了 30 個基點。因此，我們預計每年利潤率將成長 30 個基點，這對我們來說相當正常，我們認為我們可以獲得 35% 的增量。雖然會比 2025 年少一些，但這更謹慎。我們對此感覺不錯。應該不會有什麼意外。

With a business like ours, where I think we -- 31% EBITDA, every time we acquire businesses, they're coming in at a lower profit margin. So yeah, that's why we try to give the core margins and we communicate them and we go through it all and you have to think about it. But if we add a business that has a lot lower margins, like Zygo had essentially 15% -- I mean, FARO had essentially 15% EBITDA margin. So there's going to be initial dilution. But we have a tremendous capability of bringing those margins up.

像我們這樣的企業，我認為我們的 EBITDA 為 31%，每次收購企業時，它們的利潤率都會降低。所以，這就是為什麼我們要努力給出核心利潤率，我們會溝通這些利潤率，我們會詳細解釋所有細節，你們也需要認真考慮。但如果我們加入一家利潤率低得多的企業，例如 Zygo，其 EBITDA 利潤率基本上只有 15%——我的意思是，FARO 的 EBITDA 利潤率基本上只有 15%。所以會有初始稀釋。但我們有能力大幅提高這些利潤率。

And the best way to look at that long term is our return on capital. If you look at our balance sheet, it doesn't lie. We had between a 12% and 13% return on capital, and that's how we know we're creating value for our shareholders.

而衡量長期效益的最佳方式就是看我們的資本報酬率。如果你看一下我們的資產負債表，它不會說謊。我們的資本回報率在 12% 到 13% 之間，這就是我們知道我們正在為股東創造價值的方式。

Okay. So that was the genesis of my question. So it's just you being prudent versus anything else.

好的。這就是我問題的由來。所以這只是你謹慎行事而已，而不是其他原因。

Yeah, I think so. It really is. And then you talked about M&A and we're excited about the businesses that we got done because we really can add a lot of value to FARO and Kern. But we really have the opportunity to differentiate our performance with M&A in the next year or two because with our ability to operate businesses are disciplined and really a key change in the pipeline.

是的，我也這麼認為。確實如此。然後您談到了併購，我們對已完成的業務感到非常興奮，因為我們確實可以為 FARO 和 Kern 增添很多價值。但在未來一兩年內，我們確實有機會透過併購來提升業績，因為我們有能力以嚴謹的態度經營業務，這確實是一個關鍵的變革方向。

We really have a strong pipeline of deals right now. And as Dalip said, we have a balance sheet ready to act, ready to put to work. And the pipeline remains strong. We're actively looking at a number of high-quality deals. We could spend $5 billion and still maintain our investment-grade credit rating.

我們目前確實有很多強勁的交易項目正在籌備中。正如達利普所說，我們的資產負債表已經準備就緒，隨時可以投入使用。而且，這條輸油管依然暢通無阻。我們正在積極尋找一些高品質的交易機會。我們可以花費 50 億美元，仍然保持投資等級信用評級。

So the team is active, and we're excited, and it's really going to be a way for us to differentiate our performance over the next couple of years.

所以團隊很積極，我們也很興奮，這真的會是我們未來幾年提升自身表現的一種方式。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Maybe just circling back on China. Really encouraging to see it turn positive and nicely positive in the quarter. Dave, do you think we're seeing a turn in that market? If we could maybe double-click on what you're seeing in the individual businesses there? And what your expectation is for 2026 as well.

或許只是又回到了中國的問題。看到本季業績轉好，而且是好轉，真是令人鼓舞。戴夫，你覺得我們正在看到市場出現轉機嗎？我們能否雙擊查看您在各個商家頁面上看到的內容？您對2026年有何期待？

Right. China is a little different for us. I mean, we have -- first of all, we have a fantastic team over there. We have just great long-term AMETEK employees over there and do a great job of managing it. And we have products that are used by our customers in China to improve their manufacturing processes, high-value manufacturing processes.

正確的。中國對我們來說有點不一樣。我的意思是，首先，我們在那裡擁有一支非常棒的團隊。我們在那裡擁有許多優秀的 AMETEK 長期員工，他們管理得非常好。我們擁有一些產品，中國的客戶使用這些產品來改進他們的製造工藝，尤其是高價值製造工藝。

We have products that used to automate their processes. We have products that make their environment cleaner. We have products to help them build out their nuclear power infrastructure. We have products that help them test their electric vehicle industry. So a lot of our products are really suited to our customer base over there.

我們有一些產品曾經用於實現流程自動化。我們擁有能夠改善環境的產品。我們有產品可以幫助他們建造核電基礎設施。我們有產品可以幫助他們測試其電動車產業。因此，我們的許多產品都非常適合我們在那裡的客戶群。

So it's the overall -- the overall market, the overall country, I think you're seeing some deflation. I think you're seeing -- you still have a real estate hangover. But in the places that we're playing, we still have strong positions. And we're being conservative on how we're looking at that business, but it was good to see the change and you get a low double-digit growth and driven by our Process businesses, our Power businesses and our Automation businesses, all firing on all cylinders in China.

所以，從整體來看——從整體市場、整體國家來看，我認為出現了一些通貨緊縮。我想你明白——你仍然擺脫不了房地產市場的陰影。但在我們比賽的場地，我們仍然佔優勢。我們對這項業務持保守態度，但很高興看到這種變化，實現了兩位數的低成長，這主要得益於我們的流程業務、電力業務和自動化業務，所有這些業務在中國都火力全開。

That's great. And then just maybe following up on Jamie's question on M&A. It sounds like you're pretty fired up about the pipeline. Would you say like if you kind of think about your time running AMETEK and compare today's pipeline versus what you've seen over the years? Is this like a stronger pipeline than normal? Or is it just, okay, our pipeline is always strong, and this has been a focus of AMETEK for some time? Thank you.

那太棒了。然後或許可以就 Jamie 關於併購的問題做個後續探討。聽起來你對這條輸油管項目非常感興趣。比方說，如果你回顧一下你經營 AMETEK 的這段時間，然後把現在的生產線和你這些年來看到的生產線做比較，你會怎麼說？這是比正常情況下更堅固的管道嗎？或者，這只是意味著，好吧，我們的產品線一直很強勁，而這一直是 AMETEK 一段時間以來的重點？謝謝。

Yeah. The pipeline has always been strong. But I think right now, the pipeline is filled with a good mix of normal quality deals and larger deals. So I think there's the -- there's probably more larger deals that have been in our pipeline in a while. And larger deals, we've -- we're not looking to buy a business that's our size or even half our size or even a quarter of our size. I mean, we don't think you add value that way. But there's a good bunch of businesses there that are of good chunky sizes for us. So as we get bigger, we've expanded the types of businesses we're looking at.

是的。這條輸油管一直都很穩固。但我認為目前市場上的交易管道中既有品質一般的交易，也有規模較大的交易，兩者組合良好。所以我覺得——可能還有一些更大的交易正在醞釀中，已經有一段時間了。至於規模更大的交易，我們——我們並不打算收購與我們規模相當，甚至只有我們一半或四分之一規模的企業。我的意思是，我們認為你那樣做並不能創造價值。但那裡有很多規模較大的企業，很適合我們。隨著公司規模的擴大，我們也拓展了我們所關注的業務類型。

And we're very pleased with -- I mean, we're very disciplined. So what looks good today may not happen tomorrow because we're not going to overpay. But at the same time, if we buy a business, you know we're going to get the returns on capital. And we're optimistic. We're working very hard. We have a great team in M&A. We have about 11 people dedicated to M&A.

我們對此非常滿意——我的意思是，我們非常自律。所以，今天看起來不錯的事情，明天可能就不成立了，因為我們不會支付過高的價格。但同時，如果我們收購一家企業，我們就知道我們會獲得資本回報。我們持樂觀態度。我們正在非常努力地工作。我們在併購方面擁有一支非常優秀的團隊。我們約有 11 名員工專門負責併購業務。

There are very few companies in the industrial world that have the dedicated people to it. And all of our operators are also involved.

在工業界，很少有公司擁有專門從事這項工作的人員。我們所有的操作員也都參與其中。

So we have a good process. It's a well-defined processes, the processes that work on deal sourcing, deal modeling, diligence, integration. And I think the secret sauce of AMETEK is we have very strong business operators, well ingrained in the AMETEK culture, well ingrained in the AMETEK business system, providing ownership for the delivery of financial metrics for each individual deal. So -- and we learn something new from every deal. It's -- we're experienced at it, but we're humble and we learn something new from every deal, and we share the knowledge and it just makes us better.

所以我們有一個不錯的流程。這是一個定義明確的流程，涵蓋交易來源、交易建模、盡職調查和整合。我認為 AMETEK 的秘訣在於我們擁有非常強大的業務營運人員，他們深深融入 AMETEK 文化，深深融入 AMETEK 業務體系，對每筆交易的財務指標交付負責。所以——我們從每一筆交易中都能學到新的東西。我們在這方面經驗豐富，但我們很謙遜，從每一筆交易中都能學到新東西，我們會分享這些知識，這只會讓我們變得更好。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to follow up about the 2026 margin guide. It seems like on the math that Q1 margins would be down year on year again. I'm just looking at the 10% top line growth versus -- or EPS up mid- to high singles. So I guess, does that reflect some of the M&A headwinds still coming through in that year-on-year compare?

我想了解 2026 年的邊際效益指南。從數學角度來看，第一季的利潤率似乎又會較去年同期下降。我只是在關注 10% 的營收成長與——或者每股收益成長到個位數中高段位。所以我想，這是否反映出併購活動的一些不利因素仍然在同比數據中有所體現？

And obviously, you guys are guiding margins up for the year. So do you think they will turn back to expansion in Q2? Or is that more of a back half event? Any just color on the trajectory there would be helpful.

顯然，你們預計今年的利潤率將會上升。你認為他們會在第二季恢復擴張嗎？或者說，這更像是下半場的賽事？如果能用顏色標示軌跡就更好了。

Yeah. Chris, I think in Q1 specifically, we got overall sales of 10% and you got FARO in there that's running at a lower margin, pretty sizable deal running at a lower margin. So if you just look at Q1 and you look at the year-on-year increase in sales and you apply a mid-20s contribution margin to it. You'll get -- it will work out to our guide. I mean, I think below the line items essentially offset and we're getting mid-20s on the contribution margin on the incremental business, and that will be right in line with what we did.

是的。克里斯，我認為具體到第一季度，我們的整體銷售額成長了 10%，其中 FARO 的利潤率較低，這是一筆利潤率較低的大額交易。所以，如果你只看第一季度，看看銷售額的年成長，然後給它加上 20% 左右的邊際貢獻率。你會明白的——我們的指南會幫助你。我的意思是，我認為以下的各項支出基本上相互抵消，新增業務的貢獻毛利率在 20% 左右，這與我們之前的做法完全一致。

Yeah. Chris, if you adjust for the acquisitions and look at core margins, we do expect Q1 margins to expand like we guided for the full year in that same ballpark.

是的。克里斯，如果你將收購因素考慮在內，並查看核心利潤率，我們預計第一季度的利潤率將像我們對全年的預期一樣在大致相同的範圍內增長。

Thank you. I appreciate that color. And then just a follow-up staying on margins. And I guess maybe the inorganic margin opportunity or maybe the synergy opportunity on FARO and Paragon is the better way to phrase it. Can you talk about where we are on that? FARO, I think you guys said comes on mid-teens EBITDA. You guys see a pathway to, I think, double that to about 30%. Any color on the past?

謝謝。我喜歡這個顏色。然後只是跟進一下，繼續關注利潤率。我想，或許用「非有機利潤機會」或「FARO 和 Paragon 的綜效機會」來表達會更準確。您能談談我們在這方面進展如何嗎？FARO，我想你們說過，EBITDA 能達到 15% 左右。我認為，你們看到了一條途徑，可以將這個數字翻一番，達到大約 30%。過去有什麼值得一提的嗎？

And then Paragon is obviously closer to final state margins. But I think you guys have talked about maybe another 500 bps or so there. Can you just maybe kind of provide any sort of timeline on how those businesses are progressing against those targets? Thank you.

那麼 Paragon 顯然更接近最終狀態的差距。但我認為你們之前討論過可能還要再下調 500 個基點左右。您能否提供這些企業在實現這些目標方面的進展時間表？謝謝。

Yeah. I'll start with Paragon. Paragon is already at EBITDA margins that are now in line with AMETEK. So it's a very positive work by the people that are doing the work in that business, very happy with them. But there's more room to go. So I think there's a whole next leg of margin improvement in Paragon that's going to occur over the next 12, 18 months, and it's going to occur incrementally. We do things incrementally at a low risk, and that's going to happen.

是的。我先從Paragon說起。Paragon 的 EBITDA 利潤率已與 AMETEK 持平。所以，從事這項業務的人們的工作非常積極，我對他們非常滿意。但還有更大的發展空間。所以我認為 Paragon 的利潤率將在未來 12 到 18 個月內迎來下一階段的提升，而且這項提升將是逐步實現的。我們循序漸進地做事，風險很低，這種情況將會發生。

And then with FARO, we're kind of in the beginning stages of it. And you saw some pretty heavy restructuring done early in the year. We're still doing some organizational work. There's an international infrastructure that we haven't dealt with yet in terms of duplication. So I think you'll see some benefits from Paragon in this year, and FARO is going to approve, but it's going to take us a couple of years to get it to 30%. And it's going to be in some chunky improvements, but it's going to take us a couple of years to get it there.

至於 FARO，我們還處於起步階段。今年年初，我們看到了一些相當大規模的重組。我們仍在進行一些組織工作。在國際基礎設施方面，我們還沒有處理重複建設的問題。所以我認為今年你會從 Paragon 獲得一些好處，FARO 也會批准，但要達到 30% 的水平，我們還需要幾年時間。這將是一些大幅度的改進，但我們需要幾年時間才能實現。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Just maybe wanted to start with the orders sort of trends in recent months. As you said, things felt better into year-end, December was good, but I suppose the absolute organic orders growth rate was, I think, steady year on year in the third and the fourth quarters at about 7%. So were there things sort of -- maybe help us understand the things moving around on specific markets within the orders or something geographically? Any color as to how maybe orders look different in the fourth versus the third quarter?

或許我想先從近幾個月的訂單趨勢說起。正如你所說，年底情況有所好轉，12 月表現不錯，但我認為第三季和第四季的絕對有機訂單成長率與去年同期相比保持穩定，約為 7%。那麼，有沒有什麼方法可以幫助我們了解特定市場中訂單或地理位置方面的動態呢？能否提供一些關於第四季度訂單情況與第三季有何不同的詳細資訊？

I think it was pretty broad-based. I mean, we had -- when I look at the fourth quarter, we had organic orders of 7%, as you said. Both groups were up, so EIG and EMG. So it was broad-based, and there was a similar pattern from Q3, and the book-to-bill of AMETEK was 1.02, and it was pretty broad-based.

我認為它覆蓋範圍相當廣。我的意思是，當我查看第四季度時，正如你所說，我們的有機訂單量為 7%。兩組數據均顯示正常，即 EIG 和 EMG。所以這是普遍現象，第三季也出現了類似的模式，AMETEK 的訂單出貨比為 1.02，而且這種現象相當普遍。

Thanks very much. And when we're looking at the organic sales --

非常感謝。當我們查看有機銷售額時--

I think the -- what you see is the EMG businesses picked up first and the EIG businesses, the process part of the EIG businesses are following later. And that's a typical pattern that we've had throughout history. So there's some time during the 2026, when we think the EIG, the process part of EIG is really going to inflect positive.

我認為－你看到的是EMG業務率先發展起來，而EIG業務，EIG業務的流程部分隨後跟進。而這正是我們歷史上一直存在的典型模式。因此，我們認為在 2026 年的某個時期，EIG 的過程部分將真正產生正面影響。

And historically, we've had great contribution margins when that happens. But that's how it's happening. EMG happens first. EIG happens later. When you look at aerospace, it's been strong all along, and you look at that separately.

從歷史經驗來看，這種情況發生時，我們的利潤率往往很高。但事情就是這樣發生的。首先發生的是肌電圖反應。EIG事件稍後發生。如果你觀察航空航太領域，它一直都很強勁，你應該單獨來看這個領域。

That's helpful. And Dave, I just wanted to follow up on your points just now on thinking about the phasing of the segments. So when we look at organic sales growth for AMETEK in 2026, maybe clarify what degree of sort of deceleration just from tougher comps you're dialing in inorganic growth through the year with that prudent framework in mind? And are we assuming then that the EIG business kind of exits the year maybe organically growing a little bit faster because of that later pickup?

那很有幫助。戴夫，我只是想就你剛才提到的關於考慮各個階段安排的觀點補充一點。因此，當我們展望 AMETEK 在 2026 年的有機銷售成長時，或許應該明確說明，在考慮到這個謹慎框架的情況下，由於比較基數較高，全年非有機成長會出現多大程度的放緩？那麼我們是否可以假設，由於後期成長，EIG 業務在年底可能會實現更快的自然成長？

I don't know what's going to happen exactly because we're looking a long way out. But I think if you get into the second half of the year, EIG organics could be stronger, and EMG organics could have a tougher comp.

我不知道具體會發生什麼，因為我們著眼於未來很長一段時間。但我認為，如果進入下半年，EIG 有機產品可能會表現更強勁，而 EMG 有機產品可能會面臨更嚴峻的競爭。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Apologies if someone asked this, I'm kind of multitasking here a bit. But Dave, can you -- on the guide for process, I know you'd like to be cautious in the beginning of the year and the market is far from certain here, but it feels a little conservative, low single digits coming off like an acceleration throughout the year and now going positive. Can you kind of frame maybe the puts and takes that's driving that view on -- initial view on Process?

如果有人問過這個問題，我先道個歉，我這裡有點一心二用。但是戴夫，關於流程指南，我知道你在年初想保持謹慎，而且市場遠非確定，但感覺有點保守，年內一直保持個位數低位，然後加速增長，現在轉正。您能否大致闡述一下導致您對流程產生這種最初看法的原因？

I can see that. I mean, it was -- we grew low single digits in Q4, and we've guided low single digits for the year. So Q4 was the first quarter process at positive low single digits. So we're being a bit prudent, but one quarter does not make a year.

我明白了。我的意思是，第四季度我們實現了個位數低成長，而且我們預計全年也將保持個位數低成長。因此，第四季是第一個實現正個位數成長的季度。所以我們採取了一些謹慎的做法，但一個季度並不等於一年。

Is there a big spread in that segment between like what's getting better and what's kind of stable but not accelerating? Can you maybe -- if there's a little bit more granularity we can get there?

在這個細分市場中，哪些部分正在好轉，哪些部分比較穩定但沒有加速成長，兩者之間是否有很大的差距？如果能提供更細緻的訊息，或許我們可以達到那個目的？

Yeah. I think in that segment, what you see is the semiconductor business is positive. And the instrumentation sold to metals businesses are positive. And the Rauland business that we talked about earlier is positive. So a lot of things are positive. And the places that are -- the oil and gas and the research are a little bit less than those positive segments.

是的。我認為在這個領域，半導體產業的發展動能是正面的。向金屬企業銷售的儀器設備也取得了正面成果。我們之前提到的 Rauland 公司的情況是正面的。所以很多方面都是正面的。而那些有利的領域——石油天然氣和科學研究領域——則比那些有利的領域略少一些。

Yeah. That makes sense. Could you maybe give us a little color on the new deal, like in terms of the size of the business and the -- maybe the margin opportunity there?

是的。這很有道理。您能否為我們詳細介紹一下這項新交易，例如業務規模以及——或許還有利潤空間？

Yeah. It's really a technology deal and we're not disclosing terms. We have an agreement that we're not disclosing terms. It's a smaller deal. It's a technology deal.

是的。這實際上是一筆技術交易，我們不會透露具體條款。我們達成了一項協議，即不披露條款。這是件小事。這是一項技術交易。

And it's a really, really interesting business. They're a leading provider of advanced eye care testing instruments and optometrists are trying to find the initial signs of diabetic retinopathy, and they're doing that with structural testing. And they're testing your eye. They're looking at your eye. They're trying to see things. But this is an actual electrical response and it's a portable device.

這真是一個非常非常有趣的行業。他們是先進眼科檢查儀器的領先供應商，驗光師正試圖透過結構性檢查來發現糖尿病視網膜病變的早期跡象。他們在測試你的視力。他們正在看著你的眼睛。他們試圖看清事物。但這是真實的電信號響應，而且它還是個便攜式設備。

There's a technique that you used to do the test. The test was expensive. It was a very large piece of equipment, but they -- innovation was to make it a really portable instrument and it's really going to help a lot of people. And it's kind of a technique that's very, very -- growing rapidly, small, but growing rapidly. And most of the sales are in the US, and there's about 60 employees near DC in Germantown, Maryland. And it fits right into our Reichert business.

你用了特定的方法來做測試。這項檢查費用很高。它體積非常龐大，但他們的創新之處在於使其成為真正便攜的儀器，這真的會幫助很多人。這是一種發展非常非常迅速的技術，雖然規模很小，但發展速度非常快。大部分銷售額來自美國，在馬裡蘭州日耳曼敦（靠近華盛頓特區）約有 60 名員工。它與我們的 Reichert 業務完美契合。

Our Ultra Precision Technology business has a business that sells this type of equipment is just an additional product line. So we're really happy about it. We got -- it's adjacent technology. It broadens our portfolio, it lets us leverage our channels and leverage their channels. And this business has a recurring revenue of nearly 40% from these tests from the sensor strips that are placed on the eye. So it's a really good technology. We're pleased with it and -- we're not going to disclose the terms though. It's a smaller technology deal.

我們的超精密技術業務部門銷售此類設備，這只是我們的一條額外產品線。所以我們對此感到非常高興。我們得到了——這是相鄰技術。它拓寬了我們的產品組合，使我們能夠利用我們自己的管道，也能利用他們的管道。這家公司近 40% 的經常性收入都來自這些貼在眼睛上的感測器試紙的測試。所以這是一項非常好的技術。我們對此很滿意，但是——我們不會透露具體條款。這是一筆規模較小的技術交易。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

This is Christian Zyla on for Steve Barger. I just have one question. A few years ago, EMG operated in a mid- to high 20s percent operating margin. With the recent acquisitions and current mix, is it possible for you guys to get back there organically? Or does that likely come from acquisitions? Just really trying to get any thoughts of how you're thinking about EMG broadly and what you're targeting over the next few years? Thanks.

這裡是克里斯蒂安·齊拉，替史蒂夫·巴格爾為您報道。我只有一個問題。幾年前，EMG 的營業利潤率在 20% 到 30% 之間。鑑於最近的收購和目前的業務組合，你們有可能透過自身努力重回巔峰嗎？或者，這很可能是透過收購實現的？我只是想了解您對肌電圖（EMG）的整體看法，以及您未來幾年的研究目標是什麼？謝謝。

Yeah. I think seasonally, EMG is usually a little bit lower in Q4 than the other quarters because of some dynamics in the business. But I don't think there's any reason that we won't be operating at that level. And I think we did operate at that level in the third quarter.

是的。我認為從季節性角度來看，由於業務方面的一些動態因素，EMG 在第四季度通常會比其他季度略低一些。但我認為我們沒有任何理由不達到那個水平。我認為我們在第三季的確達到了那個水準。

Yeah. I think if you go back a couple of years, like you stated, we were probably mid-20s, right, before the Paragon acquisition and now if you look at where we are, we've kind of retract back maybe 60%, and I think we're on track to hit those mid-20 margins in '26 in EMG and grow further from there.

是的。我認為，就像你剛才說的，回顧幾年前，在收購 Paragon 之前，我們的利潤率大概在 20% 左右，而現在，如果你看看我們目前的狀況，我們已經回落了大約 60%，但我認為我們預計在 2026 年實現 EMG 20% 左右的利潤率，並在此基礎上進一步增長。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

There's actually two of them. I don't remember, Dave, the last time we saw a vitality of 30%. I was hoping you would unbundle that. Maybe a little bit toward maybe is there some defense in there? Is there this maybe chasing some data center sales in there? Kind of tell us maybe where some of those are going specifically if you could and their impact on the organic --

其實有兩個。戴夫，我不記得我們上次看到活力達到 30% 是什麼時候了。我希望你能把它拆開來看。或許稍微偏向……或許裡面有一些防禦措施？這其中是否包含追逐資料中心銷售的因素？如果可以的話，能否具體告訴我們其中一些產品的去向以及它們對有機產品的影響？--

Yeah, 30% is a good number, Scott. We're very pleased with that. There are some data center sales on that. We talked about in the last call that we've reconfigured some of our products for that market that were sold to defense markets. Those are certainly contributing to that. But there's just a -- the engineering capability of the company is unquestioned, and they're really developing some good things.

是的，30%是個不錯的數字，史考特。我們對此非常滿意。這方面有一些數據中心銷售。我們在上次通話中談到，我們已經對一些銷往國防市場的產品進行了重新配置，以適應該市場。這些因素無疑對此有所影響。但是，這家公司的工程能力毋庸置疑，他們確實正在開發一些非常好的產品。

Our customers are very pleased with them with the uptick, and it makes us feel confident going into a strengthening market that we got the right products that you need. But it's really -- it's bottom up. As you know, so it's all our businesses, and we're not telling a business to develop this or develop that. It's organic. And there's just very, very viable product development plans, technology road maps, and we're optimistic about what we've done with our products and our technology.

我們的客戶對銷售成長非常滿意，這讓我們更有信心進入一個不斷增強的市場，因為我們擁有您需要的正確產品。但實際上，它是自下而上的。如你所知，這都是我們自己的業務，我們不會告訴哪個企業應該​​開發這個或開發那個。它是有機的。我們擁有非常切實可行的產品開發計劃和技術路線圖，我們對我們在產品和技術方面所取得的成就感到樂觀。

Okay. Thank you. The follow-up is simple is the defense budget potentially reaching $1.5 trillion at some point in next couple of years. Do you need acquisitions maybe to get you a little bit more -- it's more broadly exposed to sort of have dibs on some of that? Or how do you feel about your defense business?

好的。謝謝。後續問題很簡單，國防預算有可能在未來幾年內的某個時間達到 1.5 兆美元。你是否需要透過收購來獲得更多資源——這樣可以更廣泛地接觸到一些資源，從而搶佔先機？或者，你對你的國防業務有何感想？

Well, I know that there's nothing specific in the budget on it. It's just a number. But how do you feel about maybe getting after some of that business? Do you need a couple of deals to help you?

我知道預算裡沒有這方面的具體規定。它只是一個數字。但你覺得接手其中一些業務怎麼樣？你需要一些優惠來幫你嗎？

Yeah. We'd love to do a deal in the defense industry, but that doesn't -- we have fully developed product lines and the business cases for what we have. And I mentioned the Abaco business and the computing area, I mentioned air technology. I mentioned Rotron business and the advanced cooling. I mentioned our power business, selling power systems to UAVs. So we're really competitive, and that business is doing very well.

是的。我們很樂意在國防工業領域達成交易，但這行不通——我們已經擁有成熟的產品線和相應的商業案例。我還提到了阿巴科的業務和電腦領域，以及航空技術。我提到了Rotron的業務和先進的冷卻技術。我提到了我們的電力業務，即向無人機銷售電力系統。所以我們很有競爭力，而且這項業務發展得非常好。

So we don't need an acquisition to continue growing and we actually have a little -- our Aerospace & Defense business is about 18% of sales. We have a little more defense sales than commercial sales. So we're in a pretty good position there. Legacy centers on aircraft selling to both commercial and defense aircraft to some of the more -- lately, some of the modern more things we've done in the recent years. So it's pretty wide range, the same strategy.

因此，我們不需要收購就能繼續成長，而且我們實際上已經有了一小部分成長——我們的航空航太與國防業務約佔銷售額的 18%。我們的國防銷售額比商業銷售額略高。所以我們在這方面處於相當有利的地位。傳統的核心是向商業和國防領域銷售飛機，以及近年來我們所做的一些更現代化的事情。所以範圍很廣，策略也一樣。

We're focused on niche technologies, things we're really good at. And we have plenty of people knocking on our door. And as I mentioned, the Europeans starting to focus on their own defense and their own protection, definitely creating opportunities for us.

我們專注於小眾技術，也就是我們真正擅長的領域。很多人都在敲我們的門。正如我之前提到的，歐洲人開始重視自身的防禦和保護，這無疑為我們創造了機會。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I know we're getting towards the end of the call. I had sort of a general question that you touched on with Andrew, I guess. But on Paragon, it seems like a lot of things have gone well. And this maybe a question as much about AMETEK as about Paragon. But I wonder if you could just give us insight into what you've done and what has made the most positive improvements there as sort of a way of learning about the company again.

我知道通話快要結束了。我有個比較籠統的問題，我想你和安德魯也稍微提過。但在 Paragon 上，似乎很多事情都進展順利。這個問題或許既關乎 AMETEK，也關乎 Paragon。但我很想知道，您能否向我們介紹您所做的工作，以及哪些方面取得了最積極的改進，以便我們重新了解這家公司。

Yeah. Rob, I think the most important thing is we bought a very good business. And if you remember, when we bought it, that was in the middle of a destock. And people were worried about it. We weren't worried because we knew we got a good business, we knew we had a good team.

是的。羅布，我認為最重要的是我們收購了一家非常好的公司。如果你還記得的話，我們買下它的時候，正值清倉甩賣期間。人們對此感到擔憂。我們並不擔心，因為我們知道我們找到了一家好公司，我們也知道我們擁有一支優秀的團隊。

And the consumable surgical instruments that they manufacture are good recurring revenue. They're a leader in implantable components. So we bought a good business. And we bought a business that, quite honestly, was under-managed on the operations side. So we've done a lot of good work to improve that operations. We combined it with one of our businesses who has a great capability in another part of this market.

他們生產的耗材手術器械能帶來良好的持續收入。他們是植入式醫療器材領域的領導者。所以我們收購了一家不錯的公司。我們收購的這家企業，坦白說，在營運方面管理不善。因此，我們做了很多卓有成效的工作來改善這些操作。我們將其與我們旗下另一家在該市場領域擁有強大實力的公司合併。

So similar to the FARO model, we have -- we bought a business in a market we knew. We had some capability. We've restructured the business to be more focused on customers, more focused on understanding the P&L, and we're bringing AMETEK's global capabilities to it. So it's kind of a playbook that we apply quite often, and Paragon is going to lead the way, but FARO is right behind them.

與 FARO 模式類似，我們收購了一家我們熟悉的市場中的企業。我們具備一定的能力。我們對業務進行了重組，使其更加以客戶為中心，更加重視了解損益表，並將 AMETEK 的全球能力引入其中。所以這算是我們經常採用的策略，Paragon 將引領潮流，而 FARO 將緊隨其後。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Just one question. Dave, to go back to the process business, it does sound like your industrial business is there more likely to lead on growth. And you made a comment just around some of the research areas. How are you expecting those research areas, R&D exposed areas to play out through the year? Do you think they have a chance to be flat or even up a little this year, start to see some turn?

就一個問題。Dave，回到流程業務的話題，聽起來你的工業業務更有可能引領成長。你對一些研究領域發表了評論。您預計這些研究領域、研發重點領域在今年會如何發展？你認為他們今年有可能保持平穩甚至小漲，開始出現一些轉折嗎？

I do. And there's always time for you, Rob. So we'll always squeeze you in. Yes. I think in the research area, what you really saw in the US was there was a little bit of a -- during the Doug's time, there was a little bit of dysfunction, and that's righted itself. So in a lot of areas of research, so we happen to be particularly biased to. There's a lot of nuclear research going on. In the materials area, there's a lot of research going on to find new materials to replace other materials with the rare earth metals. There's a lot of research going on there.

我願意。羅布，總會有時間陪你的。所以我們會盡量擠出時間來幫助你。是的。我認為在研究領域，你在美國真正看到的是，在道格執政期間，出現了一些混亂，但這種情況已經得到糾正。所以在很多研究領域，我們剛好特別偏向於此。目前有很多核子研究正在進行。在材料領域，人們正在進行大量研究，以尋找新材料來取代稀土金屬等其他材料。那裡正在進行大量的研究。

So in our CAMECA business, there's high-end research, there's high-end research going into nuclear. And the other thing that caused us some problems in 2025, which has gone away was when the tariffs originally were put in place, they caused substantial pricing disconnects for us and our customers, and now we've worked through that. So as long as tariffs stay in about the same range, that won't be an issue. So I do think that we have the potential to grow our research business in '26 just as an answer to your question.

所以，在我們的 CAMECA 業務中，有高端研究，有高端核能研究。2025 年為我們帶來一些問題的另一件事（現在已經解決了）是，關稅最初實施時，給我們和我們的客戶造成了巨大的價格脫節，現在我們已經解決了這個問題。只要關稅維持在大致相同的範圍內，就不會有問題。所以，作為對你問題的回答，我認為我們在 2026 年有潛力發展我們的研究業務。

Thank you. And I am showing no further questions from our phone line. I'd now like to turn the conference back over to Kevin Coleman for any closing remarks.

謝謝。我的電話線路不再接受任何提問。現在我把會議交還給凱文·科爾曼，請他作總結發言。

Thank you again, Crystal, and thanks, everyone, for joining our call today. And as a reminder, a replay of the webcast may be accessed in the Investors section of ametek.com. Thanks all.

再次感謝Crystal，也感謝各位今天參加我們的電話會議。再次提醒大家，您可以在ametek.com網站的投資人關係版觀看網路直播回放。謝謝大家。

Thank you. This concludes today's program. Thank you for your participation. You may now disconnect.

謝謝。今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。