Teledyne Technologies Inc (TDY) 2026 Q4 法說會逐字稿

Welcome to the Teledyne fourth quarter earnings conference call. Here is our first speaker, Mr. Jason VanWees.

歡迎參加泰萊公司第四季財報電話會議。我們的第一位演講嘉賓是傑森·範維斯先生。

Good morning, everyone, and thank you for joining the earnings call. This is Jason VanWees, Vice Chairman, and I'd like to welcome everyone to our fourth quarter and full year earnings release conference call, and we released our earnings earlier this morning before the market opened. Joining me today are Teledyne's Executive Chairman, Robert Mehrabian; President and CEO, George Bobb; EVP and CFO, Steve Blackwood; and Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary. After remarks by Robert, George and Steve, we'll answer your questions.

各位早安，感謝各位參加財報電話會議。我是副董事長傑森·範維斯，歡迎大家參加我們第四季和全年收益發布電話會議。我們今天早上在市場開盤前發布了收益報告。今天與我一同出席的有：泰萊達因公司執行董事長羅伯特·梅拉比安；總裁兼首席執行官喬治·博布；執行副總裁兼首席財務官史蒂夫·布萊克伍德；以及執行副總裁、總法律顧問、首席合規官兼秘書梅蘭妮·西比克。羅伯特、喬治和史蒂夫發言後，我們將回答你們的問題。

But of course, before we get started, attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various assumptions, risk factors and caveats as noted in the earnings release and our periodic SEC filings. And of course, actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in will be available for approximately one month. Here is Robert.

當然，在我們開始之前，律師提醒我告訴大家，今天早上發表的所有前瞻性聲明都受到各種假設、風險因素和注意事項的影響，這些內容已在盈利報告和我們定期向美國證券交易委員會提交的文件中指出。當然，實際結果可能與此有很大不同。為了避免選擇性揭露的情況，本次電話會議將同時進行網路直播，並透過網路直播和電話撥入的方式提供重播，重播將持續約一個月。這是羅伯特。

Thank you, Jason. We concluded 2025 with the largest quarterly orders, sales and non-GAAP earnings and as well as operating margin in the company's history. Consequently, I'm optimistic about 2026, both due to the performance of our businesses in 2025 as well as the new leadership in place with George Bobb, as CEO, and multiple senior executives with added responsibilities in our business segments. Getting back to 2025, fourth quarter sales increased 7.3% from last year, while non-GAAP earnings increased 14.1%. For the full year, sales increased 7.9% and non-GAAP earnings increased 11.5%. Throughout Teledyne, our defense businesses remained healthy and our short-cycle commercial businesses continued to recover with most product families increasing either sequentially or year over year.

謝謝你，傑森。2025 年，我們實現了公司歷史上最大的季度訂單量、銷售額、非 GAAP 收益以及營業利潤率。因此，我對 2026 年充滿信心，這既得益於我們公司在 2025 年的業績，也得益於喬治·博布擔任首席執行官後，以及多位高級管理人員在我們各個業務部門承擔更多責任。回到 2025 年，第四季銷售額比去年成長了 7.3%，而非 GAAP 收益成長了 14.1%。全年銷售額成長7.9%，非GAAP收益成長11.5%。在泰萊公司，我們的國防業務保持健康發展，短期商業業務持續復甦，大多數產品系列都實現了環比或同比增長。

In Digital Imaging, Teledyne FLIR performed very well with particular strength in unmanned and other defense surveillance systems, while within marine instrumentation, we achieved record sales of autonomous underwater vehicles. In terms of capital deployment, 2025 was our second largest year in history with over $850 million spent on acquisitions throughout the year and a $400 million for stock repurchases within the fourth quarter.

在數位成像領域，泰萊達因FLIR表現出色，尤其在無人系統和其他國防監視系統方面實力強勁；而在海洋儀器領域，我們實現了自主水下航行器的創紀錄銷售額。就資本部署而言，2025 年是我們史上第二大年份，全年收購支出超過 8.5 億美元，第四季股票回購支出達 4 億美元。

Nevertheless, having generated approximately $1.1 billion in free cash flow for two consecutive years, we ended 2025 with a leverage ratio of just 1.4 times. Last week, we continued our string of pearls strategy with the acquisition of DD-Scientific, a UK-based manufacturer of high-performance electrochemical gas sensors. Gas sensors are not only a critical technology component used in our environmental instruments, but such sensors are also an attractive consumable business with high recurring revenue.

儘管如此，由於連續兩年產生了約 11 億美元的自由現金流，到 2025 年底，我們的槓桿率僅為 1.4 倍。上週，我們繼續推進我們的「珍珠鍊」策略，收購了總部位於英國的高性能電化學氣體感測器製造商 DD-Scientific。氣體感測器不僅是我們環境儀器中使用的關鍵技術組件，而且這種感測器也是一項有吸引力的消耗品業務，具有很高的經常性收入。

Turning to 2026. While it's still early, we are reasonably confident in our current outlook for both revenue and earnings. That is we believe full year 2026 revenue will be approximately $6.37 billion and non-GAAP earnings at the midpoint will be approximately $23.65, both of which are consistent with current consensus estimates. As in 2024 and 2025, we expect normal seasonality in 2026 with approximately 48% of sales and 46% of earnings in the first half of the year.

展望2026年。雖然現在下結論還為時過早，但我們對目前的營收和獲利前景都相當有信心。也就是說，我們認為 2026 年全年營收約為 63.7 億美元，非 GAAP 收益中位數約為 23.65 美元，這兩項數據均與目前的普遍預期一致。與 2024 年和 2025 年一樣，我們預計 2026 年的季節性正常，上半年銷售額約佔 48%，利潤約佔 46%。

George will now comment on the performance of our four business segments.

喬治接下來將對我們四大業務部門的業績進行點評。

Thank you, Robert. In the Digital Imaging segment, fourth quarter sales increased 3.4% despite a tough comparison, primarily due to strong sales from Teledyne FLIR. Specifically, infrared imaging components and subsystems, many of which are used in our customers' unmanned systems, increased over 20%, while sales of FLIR surveillance products and complete unmanned air systems also grew. FLIR Maritime sales were also a record due in part to imaging systems for unmanned surface vessels and continued positioning of the business to industrial and defense markets. Sales of sensors and cameras for industrial machine vision applications increased year-over-year but were offset by lower sales of X-ray detectors and scientific cameras.

謝謝你，羅伯特。在數位成像領域，儘管面臨嚴峻的同比挑戰，第四季度銷售額仍增長了 3.4%，這主要得益於 Teledyne FLIR 的強勁銷售。具體而言，紅外線成像組件和子系統（其中許多用於我們客戶的無人系統）的銷量增長超過 20%，而 FLIR 監視產品和完整的無人機系統的銷量也有所增長。FLIR 海事部門的銷售額也創下紀錄，部分原因是無人水面艦艇成像系統的銷售，以及公司持續向工業和國防市場拓展業務。工業機器視覺應用感測器和相機的銷量較去年同期成長，但被 X 光探測器和科學相機的銷量下降所抵消。

In the fourth quarter, we were awarded our first production rate contract in the loitering munition market, under the Marine Corps Organic Precision Fires-Light or OPF-L program. Also on December 19, the US Space Development Agency awarded four prime contracts for 72 Tranche 3 Tracking Layer missile warning, missile tracking satellites, and we were selected to supply space-based infrared detectors to 3 of the 4 primes. This continues our very strong participation across each of SDA's tracking layer programs and positions us well for future Golden Dome-related contracts. Non-GAAP operating margin in the segment increased 180 basis points to 24.7%, a record for the segment since fully incorporating FLIR in 2021.

第四季度，我們獲得了巡飛彈市場的第一份生產率合同，這是海軍陸戰隊有機精確火力-輕型（OPF-L）計劃的一部分。12 月 19 日，美國太空發展局授予了 72 顆第三批次飛彈預警追蹤衛星的四份主要合同，我們被選中為其中 4 家主要承包商中的 3 家提供天基紅外線探測器。這延續了我們在 SDA 各個追蹤層計畫中的強大參與度，並使我們為未來與金穹頂相關的合約奠定了良好的基礎。該部門的非GAAP營業利潤率成長了180個基點，達到24.7%，創下自2021年全面收購FLIR以來該部門的最高紀錄。

In the Instrumentation segment, which consists of our marine, environmental and test and measurement businesses, fourth quarter total sales increased 3.7% versus last year. Overall sales of marine instruments increased 3.3% due to strong sales of interconnects used in offshore energy production and for US Virginia and Columbia class submarines as well as the record sales of underwater autonomous vehicles that Robert mentioned earlier.

在儀器儀表業務部門（包括我們的海洋、環境以及測試和測量業務），第四季度總銷售額比去年同期增長了 3.7%。由於海上能源生產和美國維吉尼亞級和哥倫比亞級潛艇使用的互連裝置銷售強勁，以及羅伯特之前提到的水下自主航行器創紀錄的銷售，海洋儀器的整體銷售額增長了 3.3%。

However, these were partially offset by some reduced sales of products for hydrography and oceanographic research. Sales of environmental instruments increased 6.1%. This primarily resulted from higher sales for gas safety, an ambient air and emissions monitoring instrumentation, combined with stabilization in sales of laboratory and life sciences instruments.

然而，水文和海洋研究產品的銷售量有所下降，部分抵消了這些損失。環境儀器的銷售額成長了6.1%。這主要是由於氣體安全、環境空氣和排放監測儀器的銷售增加，以及實驗室和生命科學儀器的銷售量趨於穩定。

Sales of electronic test and measurement systems, which include oscilloscopes, protocol analyzers and Ethernet traffic generators increased 1.4% year over year, but greater than 10% sequentially from the third quarter. Instrumentation non-GAAP operating margin in the fourth quarter decreased slightly on a tough comparison.

包括示波器、協定分析儀和乙太網路流量產生器在內的電子測試和測量系統的銷售額年增 1.4%，但比第三季環比增長超過 10%。由於去年同期業績基數較高，第四季儀器儀表業務的非GAAP營業利潤率略有下降。

However, it increased 36 basis points for the full year 2025 to a record 28.4%. In the Aerospace and Defense Electronics segment, fourth quarter sales increased 40.4% primarily driven by the Qioptiq and Micropac acquisitions as well as organic growth of other defense electronics and commercial aerospace products. Non-GAAP segment margin decreased year over year due to comparatively lower current margins at the recently acquired businesses.

然而，到 2025 年全年，這一數字上升了 36 個基點，達到創紀錄的 28.4%。在航空航太和國防電子產品領域，第四季銷售額成長了 40.4%，主要得益於 Qioptiq 和 Micropac 的收購以及其他國防電子產品和商用航空航太產品的內生成長。由於近期收購業務的當前利潤率相對較低，非GAAP分部利潤率較去年同期下降。

For the Engineered Systems segment, fourth quarter revenue decreased 9.9% due in part to delayed contract awards originally anticipated in the fourth quarter. However, despite the lower revenue, segment operating margin increased 259 basis points due to better performance on fixed-price contracts.

工程系統部門第四季度收入下降了 9.9%，部分原因是原計劃在第四季度授予的合約被推遲。然而，儘管收入下降，但由於固定價格合約的業績更好，該部門的營業利潤率提高了 259 個基點。

I will now pass the call back to Robert.

現在我將把電話轉回給羅伯特。

Thanks, George. In conclusion, I want to reflect on our performance over the last couple of years and the path forward. In 2003 and 2024 -- '23 and '24, the strength of longer-cycle businesses, including Teledyne FLIR, marine instrumentation and Aerospace and Defense Electronics was largely masked by declines in certain short-cycle markets such as industrial machine vision, electronic test and measurement and laboratory and life sciences.

謝謝你，喬治。最後，我想回顧一下我們過去幾年的表現以及未來的發展方向。2003 年和 2024 年（即 2023 年和 2024 年），包括 Teledyne FLIR、海洋儀器和航空航天與國防電子在內的長週期業務的強勁表現，很大程度上被工業機器視覺、電子測試和測量以及實驗室和生命科學等短週期市場的下滑所掩蓋。

I believe our results in 2025, prove the balance and the resilience of our business portfolio, allowing us to cut costs, improve earnings and significantly grow free cash flow and deleverage, while simultaneously deploying capital on acquisitions and opportunistic stock repurchases. Throughout 2025, as comparisons in East, in some industrial markets, and others began a nascent recovery and the strength of our longer-cycle businesses began to show through, today, we remain confident in executing our strategy of operational excellence, focused acquisitions and stock repurchases when we believe the market does not reflect the broad base of our technologies and competitiveness.

我相信，我們在 2025 年的業績將證明我們業務組合的平衡性和韌性，使我們能夠削減成本、提高收益、大幅增加自由現金流和降低槓桿率，同時將資金用於收購和機會性股票回購。2025 年全年，隨著東方市場、一些工業市場和其他市場的對比開始出現初步復甦，我們週期較長的業務實力開始顯現，我們今天仍然有信心執行我們的卓越營運、重點收購和股票回購策略，當我們認為市場沒有反映出我們廣泛的技術和競爭力基礎時。

As we enter 2026, we believe growth again will be led by our long-cycle business. However, unlike the recent past, we currently believe that none of our short-cycle businesses will contract on a full year basis. In addition, our leverage ratio remains at the lowest level in years, providing ample financial flexibility to continue our strategy.

進入 2026 年，我們相信成長將再次由我們的長週期業務引領。然而，與最近一段時間的情況不同，我們目前認為，我們所有的短期業務都不會出現全年萎縮的情況。此外，我們的槓桿率仍處於多年來的最低水平，為繼續實施我們的策略提供了充足的財務靈活性。

I will now turn the call over to Steve.

現在我將把通話轉給史蒂夫。

Thank you, Robert, and good morning. I will first discuss some additional financials for the quarter not covered by Robert, and then I will discuss our first quarter and full year 2026 outlook. In the fourth quarter, cash flow from operating activities was $379 million compared with $332.4 million in 2024. Free cash flow, that is cash flow from operating activities less capital expenditures, was $339.2 million in the fourth quarter of 2025, a record for Teledyne compared with $303.4 million in 2024. Cash flow increased year-over-year in the fourth quarter, primarily due to favorable operating results in the fourth quarter of 2025 compared to 2024.

謝謝你，羅伯特，早安。首先，我將討論羅伯特沒有涵蓋的本季度其他財務數據，然後我將討論我們 2026 年第一季和全年的展望。第四季度，經營活動產生的現金流量為 3.79 億美元，而 2024 年為 3.324 億美元。2025 年第四季度，Teledyne 的自由現金流（即經營活動產生的現金流減去資本支出）為 3.392 億美元，創歷史新高，而 2024 年為 3.034 億美元。第四季現金流年增，主要原因是 2025 年第四季的經營業績優於 2024 年。

Capital expenditures were $39.8 million in the fourth quarter of 2025 compared with $29 million in 2024. Depreciation and amortization expense was $84.6 million in the fourth quarter of 2025 compared with $77.2 million in 2024. We ended the quarter with $2.12 billion of net debt. That is approximately $2.48 billion of debt less cash of $352.4 million. Now turning to our outlook. Management currently believes that GAAP earnings per share in the first quarter of 2026 will be in the range of $4.45 to $4.59 per share, with non-GAAP earnings in the range of $5.40 to $5.50.

2025 年第四季資本支出為 3,980 萬美元，而 2024 年為 2,900 萬美元。2025 年第四季折舊和攤提費用為 8,460 萬美元，而 2024 年為 7,720 萬美元。本季末，我們的淨債務為21.2億美元。這大約是 24.8 億美元的債務減去 3.524 億美元的現金。現在談談我們的展望。管理層目前認為，2026 年第一季的 GAAP 每股收益將在 4.45 美元至 4.59 美元之間，非 GAAP 每股收益將在 5.40 美元至 5.50 美元之間。

And for the full year of 2026, we believe that GAAP earnings per share will be in the range of $19.76 to $20.22 with non-GAAP earnings per share in the range of $23.45 to $23.85. I will now pass the call back to Robert.

我們預計2026年全年，以美國通用會計準則（GAAP）計算的每股盈餘將在19.76美元至20.22美元之間，以非美國通用會計準則（Non-GAAP）計算的每股盈餘將在23.45美元至23.85美元之間。現在我將把電話會議轉回給羅伯特。

Thank you, Steve. We would like to take your questions now. Operator, if you're ready to proceed, please go ahead with the questions and answers.

謝謝你，史蒂夫。現在我們來回答您的問題。操作員，如果您準備好了，請開始問答環節。

(Operator Instructions)

（操作說明）

Greg Konrad, Jefferies.

格雷格·康拉德，傑富瑞集團。

Maybe just to start on the outlook for revenues. I mean, you gave a little bit of color around short cycle, but just thinking about that 4% growth, is there any way to parse organic versus inorganic given the smaller recent deals, plus how you're thinking about long-cycle growth in backlog versus maybe initial assumptions around the short-cycle businesses overall?

或許可以先從展望營收前景開始。我的意思是，你對短期週期業務做了一些介紹，但考慮到4%的成長，鑑於最近的交易規模較小，有沒有辦法區分有機成長和非有機成長？此外，你如何看待長期週期積壓訂單的成長，以及你對短期週期業務整體的最初假設？

Okay. Greg, let me start with organic versus nonorganic. We think most of the growth would be organic about 3.6%, nonorganic, a little over 4%, 4.2%, about. In terms of short and long cycle, I don't see a lot of differences between those two. We think that we have probably a little smaller increases in certain areas like environmental and test and measurement, maybe a little over 2%, but that will be offset with a healthy increase in our marine instruments, about 5%.

好的。格雷格，我先來談談有機食品和非有機食品的差別。我們認為大部分成長將來自有機成長，約佔 3.6%；非有機成長略高於 4%，約佔 4.2%。就短週期和長週期而言，我看不出這兩者之間有什麼太大的區別。我們認為，在環境、測試和測量等某些領域，成長幅度可能會略小一些，可能略高於 2%，但這將被海洋儀器的穩健成長（約 5%）所抵消。

And we think FLIR will grow just under 5%, maybe 4.6% to be accurate. So I don't see a lot of difference between short and long cycle. And as I mentioned before, we don't believe over the years, the total year in 2006 -- '26, we're going to see shrinkage of our short-cycle businesses that we have before.

我們認為 FLIR 的成長幅度將略低於 5%，準確來說可能是 4.6%。所以我看不出短週期和長週期有太大差別。正如我之前提到的，我們認為從 2006 年到 2026 年，我們不會再看到我們以前擁有的短期業務萎縮。

And then maybe just a follow-up to that. I mean, you had really strong digital imaging margins in Q4. I think you called out a contingent liability reversal. But how are you thinking about the exit rate for digital imaging and maybe the biggest opportunities into 2026, given you've talked about a 24% target in the past?

然後或許可以再追問一下。我的意思是，你們第四季的數位成像業務利潤率非常高。我認為你指出了或有負債的逆轉。但考慮到您過去曾談到 24% 的目標，您如何看待數位影像的退出率以及 2026 年可能出現的最大機會？

Yeah. Let me start with the question on the contingent liability. I think if you look at that and you balance it out versus RIF costs. We've been reducing costs as we go along. Fundamentally, it added about 50 basis points to our margins in Q4.

是的。讓我們先從或有負債的問題開始。我認為如果你仔細考慮這一點，並將其與裁員成本進行權衡。我們一直在逐步降低成本。從根本上講，它使我們第四季的利潤率增加了約 50 個基點。

So even with that, we have a 24% margin or a little in excess of 24% margin in 2025 fourth quarter. For the full year 2025, digital imaging margins came in at about 22.6%, which was about 30 basis points improved over the prior year. 2026, we're a little more hopeful, and we believe that the margins would go up maybe another 80 basis points and get to about 23.4%. And with good luck, I hope we'll get to the 24%.

即使如此，到 2025 年第四季度，我們的利潤率仍將達到 24% 或略高於 24%。2025年全年，數位成像利潤率約為22.6%，比前一年提高了約30個基點。我們對2026年更加樂觀，認為利潤率可能會再提高80個基點，達到約23.4%。如果運氣好的話，我希望我們能達到 24%。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

This is Zack Walljasper on for Amit Mehrotra today. My first question is just the implied 1Q guidance suggests about 10% earnings growth year-on-year, while the full year guidance like implies about 7%. Just can you give some help just around the cadence of the year and like the implied deceleration because compared to last year, the earnings comps are relatively similar 1H versus 2H.

今天我是 Zack Walljasper，替 Amit Mehrotra 為大家報道。我的第一個問題是，第一季的業績指引暗示獲利年增約 10%，而全年業績指引則暗示獲利年增約 7%。您能否就今年的節奏以及隱含的減速情況提供一些幫助？因為與去年相比，上半年和下半年的收益比較相對相似。

Yeah. It's easier comps in Q1 versus last year. We improved obviously, earnings, as you said, throughout the year. Traditionally, we've been about 48% in the first half of the year in revenue and 46% in profitability. We believe that's about going to be what happens the coming year. Now I'm hoping that we can improve on both of those numbers as we get the year started. But it's the -- we just got through three weeks of the 2026, so I'm hesitant to go further out on a limb than I have.

是的。與去年同期相比，第一季的比較基數較小。正如你所說，我們全年的獲利情況顯然有所改善。傳統上，我們上半年的收入約為 48%，獲利能力約為 46%。我們認為，明年大概就會是這樣的情況。現在我希望，隨著新一年的開始，我們能夠在這兩個數字上都取得進步。但是，我們才剛剛度過了 2026 年的三個星期，所以我不敢妄下斷言。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

I was hoping you could add some color to some of these bigger -- seemingly bigger defense awards you're talking about, specifically the tracking layer program which seems very topical currently. Can you -- any way you can size that -- the size of that award or the contribution you expect Teledyne to receive in '26 and beyond?

我希望你能對你提到的這些規模較大的國防獎項，特別是目前看來非常熱門的追蹤層計劃，補充一些細節。您能否以任何方式估算一下——您預計泰萊公司在 2026 年及以後將獲得的獎勵或貢獻的規模？

Yeah. I will -- perhaps that's a question I can pass to George.

是的。我會的——或許這個問題我可以轉交給喬治。

Sure. So on the tracking layer, of course, we provide very high-performance infrared arrays. And that program for us will be north of $100 million over the next few years.

當然。因此，在追蹤層，我們當然會提供性能非常高的紅外線陣列。未來幾年，該計畫對我們的投入將超過 1 億美元。

And what are -- you sound like you're selling to these 3 of the 4 defense primes. What can we expect in terms of margin contribution from something like that? Is it higher versus corporate average or lower or what?

聽起來你好像在向這四家主要國防企業中的三家推銷產品。像這樣的項目，我們能期待獲得什麼樣的利潤貢獻？是高於公司平均、低於公司平均水平，還是怎樣？

I would say it's about average. I mean, we -- yes.

我覺得算是中等。我的意思是，我們——是的。

Yeah. It's -- as George mentioned, these are going to probably be fixed-price contracts. So our performance will improve again as it always does as a function of time. So early on, maybe our margins will be a little less. But overall, these are really good programs for us.

是的。正如喬治所提到的，這些很可能是固定價格合約。因此，隨著時間的推移，我們的表現總是會再次提高，這是必然的。所以，在初期階段，我們的利潤率可能會稍微低一些。但總的來說，這些項目對我們來說真的很好。

And this -- I imagine this is multiyear, you'll see this -- so you'll see additional contribution years out or is this something in 2026 that subsides thereafter?

而且──我想這會持續好幾年，你會看到──所以你會看到未來幾年會有額外的貢獻，還是說這是 2026 年的事情，之後就會減少？

So we'll start to perform in 2026, but it will be over a two or three year period.

所以我們將在 2026 年開始演出，但這將持續兩到三年時間。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

I apologize if you gave this on the call, I had to jump off momentarily. But did you provide an order number? And Robert, any color as to how the book-to-bill was in the main segments of the business?

如果您在通話中聽到了這個消息，我深表歉意，我當時不得不暫時離開一下。但是您提供訂單號碼了嗎？羅伯特，關於公司主要業務部門的訂單出貨比，您有什麼具體資訊嗎？

Not yet, Jim, but I will now. First, we -- in the fourth quarter, which is our most recent numbers that I can get, we think instrumentation as of whole would be -- is about 1. Digital imaging is above 1 or 1.06. Aerospace and defense is higher at 1.25. Engineered Systems is under 1, but that's a lumpy business, and we've had some big orders during the year. So total for Q4 is 1.07. And then for the full year, if you take everything for the full year, it's about 1.08. So we feel very comfortable that in all of our segments, we're either at 1 or better than 1.

吉姆，還沒，但我現在就去。首先，在第四季（這是我能得到的最新數據），我們認為儀器設備整體約為 1。數位成像業務佔比高於 1 或 1.06。航空航太和國防業務佔比更高，為 1.25。工程系統業務佔比低於 1，但該業務波動較大，我們今年也接到了一些大訂單。所以第四季的總和是 1.07。如果把全年的數據都算進去，大約是 1.08。因此，我們非常有信心，在我們所有的業務板塊中，我們的比率都達到或超過 1。

Got it. What were the full year sales from the unmanned business again? If you provided it, I apologize. And I'm wondering how you're thinking about the growth in the total unmanned business in 2026, just given the pipeline?

知道了。無人機業務全年銷售額是多少？如果您提供了該信息，我深表歉意。我想知道，考慮到目前的專案儲備，您如何看待 2026 年整個無人業務的成長？

In 2025, I would say our unmanned businesses combined, all combined, are about $500 million. We think that will be a little higher in '26, maybe 10% of our overall revenue.

到 2025 年，我認為我們所有無人業務的總市值約為 5 億美元。我們認為到 2026 年這個比例會略高一些，可能占我們總收入的 10%。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

And maybe just following up on autonomous and unmanned. The record underwater vehicle sales, can you talk a bit more about the drivers? Last year's reconciliation bill had significant funding increases in this area. And just how relevant is this to your business? And are you seeing any benefit of it?

或許還可以繼續關注自主和無人駕駛技術。水下車輛銷售創下新高，您能再談談推動這成長的因素嗎？去年的預算協調法案大幅增加了這方面的資金投入。這與你的業務究竟有多大關係？你覺得這樣做有什麼好處嗎？

Yeah. As you know, we have -- in the underwater vehicle, where we have both manned and unmanned. In the manned vehicles, we are the sole supplier to the Navy Seals, and we not only have provided all the vehicles, but there's continuous revenue from parts and maintenance. The new stuff that we're doing goes to a whole range of subsea products. Some of them have to do with infrastructure, anti-submarine warfare and some of them have to do with just observations and measurements.

是的。如你所知，我們在水下航行器領域，既有載人的也有無人的。在載人車輛方面，我們是海軍海豹突擊隊的唯一供應商，我們不僅提供了所有車輛，而且還從零件和維護方面獲得了持續的收入。我們正在研發的新技術將應用於一系列海底產品。有些與基礎設施、反潛戰有關，有些則與觀察和測量有關。

For example, our gliders are deployed in front of large naval operations to measure temperature and density and salinity, which all of these affect acoustic sensors and speeds. So you have to compensate for those. We also have really good program wins, not just in the US but especially in Europe for security of harbors. And we provide a whole range of underwater vehicles from very shallow ones that go only 1,000 meters down deep to very large vehicles that go as deep as 3,000 meters so -- or more. And so we have a whole suite of, I would say, I'm just looking at a picture, I think I see about 10 or 12 different underwater vehicles that we're selling not just in the US. These are autonomous vehicles, but also especially in Europe.

例如，我們的滑翔機被部署在大型海軍行動的前方，以測量溫度、密度和鹽度，所有這些都會影響聲學感測器和速度。所以你必須彌補這些損失。我們也取得了一些非常好的專案成果，不僅在美國，尤其是在歐洲的港口安全專案上。我們提供各種水下航行器，從只能下潛到 1000 公尺深的非常淺的航行器，到可以下潛到 3000 公尺甚至更深的非常大的航行器。因此，我們有一系列產品，例如，我看著這張照片，我覺得我們銷售的水下航行器大約有 10 到 12 種，而且不僅僅是在美國銷售。這些是自動駕駛汽車，尤其是在歐洲。

Great. And then on the loitering munitions, congratulations on that production award. Can we expect to hear anything about developments with the Army with your product?

偉大的。還有，關於巡彈，祝賀你們獲得生產獎。我們能否期待聽到有關貴公司產品與陸軍合作進展的消息？

Thank you. Well, there is a program called LASSO, you may be familiar with. It's a development program. And it hasn't all been announced, but it's coming up, and we're one of the participants in that program. But overall, I would say, there's not just the loitering munitions that we have introduced, but we're working on some new ones as well.

謝謝。嗯，你可能聽說過一個叫 LASSO 的程式。這是一個發展計劃。雖然還沒有全部公佈，但即將推出，而我們也是該計劃的參與者之一。但總的來說，我認為，我們不僅有已經推出的巡彈，而且還在研發一些新的巡彈。

So you'll hear more about that as we both develop our products as well as we win programs. I just want to make sure that when I was talking about unmanned on a question that Jim asked, our 2025 revenue on unmanned, both air, ground and underwater was about $500 million. We think that will grow about 10%. I said it'd be 10% of revenue in 2026, but it'd be probably closer to $550 million. Sorry, I needed to correct that.

隨著我們不斷開發產品以及贏得項目，您將聽到更多相關資訊。我只是想確認一下，當我在吉姆提出的問題中談到無人系統時，我們 2025 年在無人系統（包括空中、地面和水下）方面的收入約為 5 億美元。我們認為這個數字會成長約10%。我之前說會佔 2026 年收入的 10%，但現在看來可能接近 5.5 億美元。抱歉，我需要更正一下。

Go ahead, please.

請繼續。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

I just wonder how you guys feel about M&A, particularly maybe larger M&A versus share repurchases. Obviously, I saw you bought back $400 million of stock in Q4 with the stock price's big move upwards since then. And maybe that looks relatively less attractive than M&A, but I think a sense from a few months ago that you weren't particularly encouraged by M&A prices, except for maybe bolt-on deals. Maybe you can give us an update of the M&A picture and whether small versus large...

我只是想知道你們對併購有什麼看法，特別是對大型併購與股票回購的看法。顯然，我看到你們在第四季回購了價值 4 億美元的股票，此後股價大幅上漲。也許這看起來不如併購那麼有吸引力，但我認為幾個月前你給人的感覺是，除了一些零散的交易之外，你對併購價格並沒有特別的熱情。您能否為我們介紹一下併購市場的最新情況，以及小型併購與大型併購之間的差異…

Sure, Guy. First, let me go back to the stock repurchases. We've been very conservative about stock repurchases. When you look at our 26-year history, we've all in bought maybe $1.2 billion and only at times where our stock was really -- we believe was really undervalued with respect to our peers and the market. So I would say the fourth quarter purchase was opportunistic as it was twice before in our history that we bought stock.

當然可以，蓋伊。首先，讓我回到股票回購的問題。我們在股票回購方面一直非常謹慎。回顧我們 26 年的歷史，我們總共可能只買了 12 億美元，而且只在我們股票相對於同業和市場而言真正被低估的時候才這樣做。所以我認為第四季的購買是一次機會主義行為，因為在我們歷史上，我們之前只買過兩次股票。

Our primary driver has always been acquisitions. And you mentioned the larger acquisitions. First, we consistently like to buy what we call the string of pearls, small acquisitions that we can tuck in like the one we just announced, DD-Scientific in the UK, would like to do that continuously regardless of whatever else happens.

我們的主要驅動力始終是收購。你也提到了規模較大的收購案。首先，我們一直喜歡收購我們所謂的“珍珠串”，也就是像我們剛剛宣布的收購英國 DD-Scientific 這樣的小規模收購，我們希望無論發生什麼，都能繼續這樣做。

On the larger acquisitions, we have a pretty good list of what's coming up, both from private equity people who bought a range of products and businesses and combined them. And we don't mind paying a reasonably good price for an acquisition as long as the quality of the mix of the businesses we're getting is there. Where we're hesitant -- and we mentioned before, where we're hesitant is when we're buying a fixer upper and we're bidding 15, 16 times EBITDA, somebody else walks in and pays 21, 22 times. We really don't think that's for us. But having said that, based on what we see, there's a whole range of acquisitions, what we call for us large would be, let's say, we pay $1 billion or thereabouts. There's a whole range of those that are coming, and we're more encouraged than we were in 2025.

對於規模較大的收購，我們已經掌握了一份相當不錯的即將發生的收購清單，其中包括私募股權人士收購的各種產品和企業，並將它們合併在一起。只要收購的業務組合品質過硬，我們並不介意為收購支付合理的價格。我們猶豫的地方——正如我們之前提到的，我們猶豫的地方是，當我們購買一套需要翻新的房產時，我們出價是 EBITDA 的 15 倍、16 倍，而其他人卻出價 EBITDA 的 21 倍、22 倍。我們真的覺得那不適合我們。但話雖如此，根據我們所看到的，收購的範圍很廣，我們所說的「大型收購」是指，比如說，我們支付10億美元左右的收購。未來會有各種各樣的事情發生，我們比 2025 年更有信心。

Okay. And just -- that's very helpful. Just one quick modeling follow-up question. In Digital Imaging, what was the FX contribution in the quarter?

好的。而且——這很有幫助。還有一個關於建模的後續問題。在數位影像業務中，外匯在本季的貢獻是多少？

I can just talk to you about in general, the total contribution in -- for the year was about 40 basis points. It started negative in the year in Q1, picked up, ended in Q4 about 80 basis points and averaged out for the whole year at 40 basis points. So it was there, but it was not that significant.

我可以大致跟你談談，全年的總貢獻約為 40 個基點。今年第一季開局不利，之後有所回升，第四季收漲約 80 個基點，全年平均漲幅為 40 個基點。它確實存在，但並不重要。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

I wanted to ask on memory. Obviously, prices are up a ton, and I believe there'd be applicability for you guys having to buy that across whether it's instrumentation or T&M and elements of digital imaging. So can you comment on what you're seeing there? How big a percentage of sales it is and how effective you've been able to pass that through to people?

我想問關於記憶力的問題。顯然，價格上漲了很多，我相信這對你們來說很有參考價值，無論是儀器儀表、測試測量還是數位成像元件，都需要購買這些設備。那麼，您能談談您在那裡看到的情況嗎？它佔銷售額的比例有多大？你又能多有效地將它傳遞給人們？

Yeah. Thanks, Joe. First, we don't see a risk, net risk in that area. Some of our businesses, as you said, specifically more geared towards test and measurement instrumentation do use memory and may have some constraints in supply cost inflation. Ironically, memory and storage suppliers are also reasonably large customers of our test and measurement instrumentation businesses. So if they spend incremental CapEx buy -- for proper buy to, call them, memories, then that's generally good for us because that's a higher margin contribution business for us. But coming back to what I summarized, net risk is not there.

是的。謝謝，喬。首先，我們認為該領域不存在淨風險。正如您所說，我們的一些業務，特別是那些更側重於測試和測量儀器的業務，確實會使用記憶體，並且可能會受到供應成本上漲的限制。諷刺的是，記憶體和儲存設備供應商也是我們測試和測量儀器業務的相當大的客戶。所以，如果他們增加資本支出用於購買——比如說，購買合適的設備，例如記憶體——這對我們來說通常是好事，因為這對我們來說是一個利潤貢獻更高的業務。但回到我剛才總結的內容，淨風險並不存在。

That's good to hear. Curious -- I guess two more for me. One, can you just run us through the organic kind of by segment, what you're thinking for next year? And then I also like a bigger picture, do you think -- there's been talk from the government about restricting defense companies and what they can do with their balance sheets and how they spend their money. Do you see yourself -- I think I know your answer, but do you see yourself in that population of companies that would be potentially targeted there? And if no, does it make you want to do things that others can't because you have less restrictions?

聽到這個消息真好。好奇——看來我還要再加兩個。第一，您能否按細分市場，簡要介紹一下您明年對有機成長的想法？而且我也喜歡從更宏觀的角度來看問題，你覺得呢？ ——政府一直在討論限制國防公司及其資產負債表的使用以及資金支出方式。你是否認為自己——我想我知道你的答案，但你是否認為自己屬於那些可能成為目標公司的群體？如果不是，這是否會讓你因為限制較少而想要做別人做不到的事情？

Yeah. Well, let me tell you, we've never been driven by what others do anyways. As I said, our preference is buying companies and investing in our businesses. But let me go back. Teledyne, as said, we've rarely bought our shares back.

是的。說實話，我們從來不會受到別人做法的影響。正如我所說，我們更傾向於收購公司並投資我們的業務。但讓我回去吧。如前面所說，泰萊公司很少回購股票。

So $1.2 billion in share buybacks over a 26-year history is not a whole lot considering we generate that much cash in the last two years every year. Having said that, we've never paid a dividend. And we're more concerned about investing. If we can't buy companies, we're more inclined to invest in our businesses. For example, just last year, we increased our CapEx by 40%, and we increased our R&D spending by 10%.

因此，考慮到我們每年在過去兩年中都能產生這麼多現金，26 年歷史中 12 億美元的股票回購額並不算多。話雖如此，我們從未派發過股息。我們更關心的是投資。如果不能收購公司，我們就更傾向於投資自己的企業。例如，就在去年，我們的資本支出增加了 40%，研發支出增加了 10%。

So if we can't find really good acquisitions, even though last year was a good year for acquisitions, we invest in CapEx and R&D, and we're going to do that moving forward. There are pockets of our businesses that are performing really well and like where we supply cooled and uncooled infrared sensors and cameras to our various customers will increase more CapEx there.

所以，即使去年是收購的好年份，如果我們找不到真正好的收購目標，我們也會投資資本支出和研發，而我們未來也會繼續這樣做。我們業務中有些部分錶現非常出色，例如我們向各個客戶供應製冷和非製冷紅外線感測器和攝影機，我們將增加在這些部分的資本支出。

Having said all of that, we've always been a commercial company, albeit we do have significant defense businesses, can go as high as 30%. But overall, also most of our defense businesses are fixed price businesses. I don't think it really applies to us. But nevertheless, since we don't buy a lot of our own stock, I don't think I'm so concerned about that. Now you asked about revenue.

綜上所述，我們一直是一家商業公司，儘管我們確實擁有重要的國防業務，國防業務佔最高可達 30%。但總體而言，我們的大部分國防業務也是固定價格業務。我覺得這並不適用於我們。不過，由於我們自己買的股票不多，所以我並不太擔心這個問題。現在你問到了收入問題。

Organic, we believe organic revenue growth, I mentioned this before, but I'll do it very quickly. In Digital Imaging, it'd be about 3.5%. Overall, it'd be around that 3.5%, 3.6%. Aerospace and Defense may be a little higher. Instruments would be around that. But we like the fact that it's around 3.5% to 4% in our various businesses. We don't expect any of our businesses to decline.

我們相信有機收入成長，我之前提到過這一點，但我很快就會再詳細說明。在數位成像領域，這個比例約為 3.5%。整體而言，大概在 3.5% 到 3.6% 之間。航空航太和國防領域的投入可能會略高一些。樂器應該就在那裡附近。但我們喜歡這個數字，它在我們各個業務領域都保持在 3.5% 到 4% 左右。我們預計旗下所有業務都不會下滑。

Alex Preston, Bank of America.

Alex Preston，美國銀行。

I just wanted to touch on 737. It seems like we got some more certainty on rate increases at the end of '25. Just wondering if there's been any change to your thinking on destocking into '26.

我只想簡單談談737。看來我們在 2025 年底對利率上漲有了更多確定性。想知道您對2026年去庫存的想法是否有改變。

I'll ask George to answer it. I don't think so. But George?

我會請喬治來回答這個問題。我不這麼認為。但喬治呢？

Yes, I would say no major change. And I would just keep in mind that our overall Commercial Aviation business is only about 5% of the business and only about 1/3 of our aviation business is OEM and only a portion of that is Boeing. So no major change there for us.

是的，我認為不會有重大變化。我還要提醒大家，我們的商業航空業務僅佔總業務的 5% 左右，而我們的航空業務中只有大約三分之一是 OEM（原始設備製造商），其中只有一部分是波音公司。所以對我們來說，這方面沒有重大變化。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Guys, nice quarter. Just quickly on test and measurement. Just can you go through some of the demand drivers there? Was that mostly the Ethernet test again that was driving the strength? And did you see any kind of improvements in some of the other end markets that you serve that might be related to like auto or anything like that, that you could provide insight on?

夥計們，這季度不錯。簡單介紹一下測試和測量。能具體介紹一下這方面的一些需求驅動因素嗎？這次的強度提升主要還是乙太網路測試的結果嗎？您在所服務的其他一些終端市場（例如汽車或其他類似行業）是否看到任何改進，能否提供一些見解？

Yeah. I would say, Rob, in the immediate future, our oscilloscopes, high-end specialty oscilloscopes are doing well and will continue to do so, both from the auto market as well as from motor control and power control in the larger data centers. And also, we have a product, a small company that generates Ethernet traffic capability, so we can simulate that. And basically, what's happened to the Ethernet, it's moving to the terabit range, 1.6 terabit to be accurate. And we do have products in that domain.

是的。羅布，我想說，在不久的將來，我們的示波器，尤其是高端專業示波器，銷售情況良好，並將繼續保持良好勢頭，無論是在汽車市場，還是在大型數據中心的電機控制和電源控制領域。此外，我們還有一家小型公司生產乙太網路流量生成產品，因此我們可以模擬這種流量產生能力。基本上，乙太網路的發展趨勢是邁向太比特級別，準確來說是 1.6 太比特。我們確實有這方面的產品。

In some of our protocol analyzer business, we expect a little slower start in '26, primarily because that business is very dependent on where the large suppliers issue or produce chips. Before they produce their chips, they use our protocol analyzers, the engineers to develop the chips. But until they issue the chips, the users don't buy our protocol analyzers. So there's a little gap in that domain with the two major producers of chips having delayed things. But as we move into the year, that will even itself out. So that's the best answer I can give you.

在我們的一些協議分析儀業務中，我們預計 2026 年的開局會稍慢一些，主要是因為這項業務非常依賴大型供應商在哪裡發行或生產晶片。在他們生產晶片之前，他們會使用我們的協定分析儀和工程師來開發晶片。但是，在他們發放晶片之前，用戶不會購買我們的協議分析儀。所以，由於兩大晶片生產商都推遲了相關工作，該領域出現了一些空白。但隨著時間的推移，這種情況會逐漸趨於平衡。這就是我能給你的最好答案了。

No, that's helpful. And then just looking at some of the legacy machine vision and CMOS X-ray businesses in digital imaging. Are there any -- as you see the machine vision business starting to recover and you don't expect that to be negative this year, are there any particular end markets or exposures there where you'd expect the most upside? And then I guess on the X-ray CMOS sensors business, just some of the commentary that we've seen recently from Dentsply that they're expecting recovering sales in the second half of '26. Just kind of aligned with -- I know you talked about seasonality in the second half, but would you continue to expect like a sequential improvement for the medical portions within DI as we move through 2026?

不，這很有幫助。然後，我們再來看看數位成像領域的一些傳統機器視覺和 CMOS X 光業務。鑑於機器視覺業務開始復甦，並且您預計今年不會出現負成長，那麼是否存在一些特定的終端市場或領域，您認為這些領域最有可能出現上漲？然後，關於 X 光 CMOS 感測器業務，我們最近從 Dentsply 的一些評論中看到，他們預計 2026 年下半年的銷售額將有所回升。這與——我知道您在下半年談到了季節性因素，但隨著我們進入 2026 年，您是否預計 DI 中的醫療部分會繼續逐步改善？

I'll ask George to pick that up, please. But in general, I'd say we're going to do okay in the machine vision domain because of mask and semiconductor inspection, et cetera. I'll let the X-ray for George to comment on.

請喬治去拿一下。但總的來說，我認為我們在機器視覺領域會發展得不錯，因為有掩模和半導體檢測等應用。喬治的X光片會對此發表意見。

Yeah. I would also just add on the machine vision side, we saw good single-digit growth in both machine vision cameras and machine vision sensors in Q4. And we expect in that overall industrial and scientific vision to be up kind of low single digits in 2026. So we were certainly seeing the recovery there. And as Robert mentioned, that's areas like semiconductor mask and wafer inspection and the inspection of electronic components. On the X-ray side, really, we're kind of anticipating flat year-over-year in 2026. We have not built in a recovery in that business in 2026.

是的。我還要補充一點，在機器視覺方面，第四季機器視覺相機和機器視覺感測器都實現了良好的個位數成長。我們預計到 2026 年，整體工業和科學願景將實現個位數低成長。所以，我們確實看到了那裡的復甦跡象。正如羅伯特所提到的，這包括半導體掩模和晶圓檢測以及電子元件檢測等領域。就 X 光業務而言，我們預計 2026 年的業務量將與去年持平。我們沒有為該業務在 2026 年的復甦做好規劃。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to management for final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給管理階層，請他們做最後的總結陳詞。

Thank you very much, operator. I'll now ask Jason to conclude our conference call.

非常感謝接線生。現在我請傑森結束我們的電話會議。

Thanks, Robert. And again, thanks, everyone, for joining us today. And of course, if you have follow-up questions, my number is on the earnings release and all our news releases are available on our website. So thanks, everyone. Talk to you later.

謝謝你，羅伯特。再次感謝各位今天蒞臨。當然，如果您有任何後續問題，我的電話號碼在財報中，我們所有的新聞稿都可以在我們的網站上找到。謝謝大家。我們回聊。

Bye-bye.

再見。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。