Ralliant
Builds Tektronix oscilloscopes and Qualitrol grid sensors across two precision-instrument segments.
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Profile
Runs two segments of precision-instrument brands split from Fortive in 2025 — Tektronix, Keithley, and EA Elektro-Automatik build test and measurement equipment for semiconductor, defense, and electronics customers, while Qualitrol, Gems, Setra, and PacSci EMC make grid-monitoring and safety sensors for utilities, industrial, and aerospace markets.
Spun off from Fortive in 2025, the business combines a two-segment portfolio of precision-instrument brands that predate the parent by decades.
The Test and Measurement segment builds oscilloscopes, probes, source-measure units, semiconductor test systems, and high-power bidirectional power supplies under the Tektronix, Keithley, Sonix, and EA Elektro-Automatik names, serving semiconductor designers, hyperscalers, defense and space programs, and university and EV test labs.
The Sensors and Safety Systems segment monitors power-grid equipment under the Qualitrol brand, supplies level, flow, pressure, and motion sensors through Gems, Setra, Hengstler Dynapar, Anderson-Negele, and Dover Motion, and makes pyrotechnic safety devices for aerospace and defense through PacSci EMC.
Industrial manufacturing, electronics, defense and space, and utility customers each contribute meaningfully to revenue, with more than half billed to the Americas. Defense budgets, space funding, and grid-modernization spending shape demand across both segments.
Company facts
Key statistics
Year to date +20.4% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 20, 2026 | BMO Capital | Initiate | Market Perform | $78 | |
| Jul 16, 2026 | RBC Capital | Reiterate | Sector Perform | $64 | $71 |
| May 27, 2026 | Vertical Research | Target | $45 | $65 | |
| May 13, 2026 | RBC Capital | Reiterate | Sector Perform | $41 | $64 |
| May 13, 2026 | Oppenheimer | Reiterate | Outperform | $50 | $65 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.62 | $0.68 | +9.3% | $550.6M | $567.8M | +3.1% | +0.04% |
| May 12, 2026Q1 FY26 | $0.50 | $0.57 | +14.0% | $515.4M | $534.6M | +3.7% | +3.72% |
| Feb 4, 2026Q4 FY25 | $0.67 | $0.69 | +3.0% | $545.4M | $554.6M | +1.7% | −31.79% |
| Nov 5, 2025Q3 FY25 | $0.58 | $0.60 | +3.4% | $545.3M | $529.1M | −3.0% | +5.54% |
Financial highlights
| 10 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $481.8M | $503.3M | $529.1M | $554.6M | $534.6M | $567.8M | |
| Gross profit | $223.1M | $226.4M | $246.1M | $257.8M | $272.3M | $292.9M | |
| Operating income | $73.3M | $58.9M | $51.5M | $73.9M | $68.1M | $82.2M | |
| Net income | $63.9M | $47.6M | $39.9M | −$1.37B | $44.2M | $57.2M | |
| Diluted EPS | $0.57 | $0.42 | $0.35 | −$12.10 | $0.39 | $0.51 | |
| Gross margin | 46.3% | 45.0% | 46.5% | 46.5% | 50.9% | 51.6% | |
| Operating margin | 15.2% | 11.7% | 9.7% | 13.3% | 12.7% | 14.5% |
Fiscal years (4-quarter sums)FY24 $2.15B · FY25 $2.07B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jul 3, 2026Cash & short-term investments $270.9M · Total debt $1.15B · Total assets $3.71B · Shareholders' equity $1.53B
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 8, 2026 | Jun 8 | Jun 23 | $0.05 | |
| Mar 9, 2026 | Mar 9 | Mar 23 | $0.05 | |
| Dec 8, 2025 | Dec 8 | Dec 23 | $0.05 | |
| Sep 8, 2025 | Sep 8 | Sep 23 | $0.05 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 110.64M · Float 110.26M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 14.12M | 12.76% | 13F | Aug 7, 2026 |
| Dodge & Cox | 14.01M | 12.66% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 7.68M | 6.94% | 13F | Aug 13, 2026 |
| Millennium Management LLC | 5.61M | 5.10% | 13G | Aug 13, 2026 |
| Vanguard Capital Management LLC | 5.06M | 4.57% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Tamara S. Newcombe | director, officer: President and CEO | −12,936 | $71.79 |
| Aug 17, 2026 | Karen M. Bick | officer: SVP - Chief People Officer | −6,062 | $72.00 |
| May 28, 2026 | Teo Osben | officer: Chief Accounting Officer | −27,058 | $62.44 |
| Mar 5, 2026 | Karen M. Bick | officer: SVP - Chief People Officer | −2,530 | $46.50 |
| Mar 3, 2026 | Karen M. Bick | officer: SVP - Chief People Officer | −5,485 | $45.00 |
Peers
- Keysight Technologies
Largest named rival across oscilloscopes, RF test, and semiconductor test
- Teledyne Technologies
Direct oscilloscope rival with broad sensing and defense-electronics overlap
- AMETEK
Overlaps both segments via process/aerospace instruments and EMC test
- Emerson Electric
NI's automated test plus Rosemount / Micro Motion sensors span both segments
- ESCO Technologies
Named 10-K rival; grid diagnostics and RF/EMC test overlap both segments
- Curtiss-Wright
Defense sensors, nuclear instrumentation, and flight-test data-acquisition rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ralliant | $61.41 | −0.45% | $6.83B | — | 20.0 | 3.1 | +12.8% |
| Keysight Technologies | $319.97 | +0.09% | $54.68B | 44.1 | 24.0 | 8.3 | +36.5% |
| Teledyne Technologies | $621.96 | +0.02% | $28.83B | 30.0 | 24.4 | 4.5 | +9.8% |
| AMETEK | $236.99 | +0.31% | $54.15B | 34.5 | 27.1 | 6.9 | +15.0% |
| Emerson Electric | $156.00 | +0.53% | $86.93B | 34.0 | 22.0 | 4.7 | +7.0% |
| ESCO Technologies | $276.96 | +0.06% | $7.18B | 22.8 | 31.0 | 5.6 | +14.4% |
| Curtiss-Wright | $596.37 | −0.07% | $22.03B | 41.0 | 36.9 | 6.0 | +5.4% |
| Median | 34.2 | 25.7 | 5.8 | +12.1% |