Allegion

Management deploys capital across organic investments (electronics, manufacturing regionalization), disciplined bolt‑ons (Trimco, Next Door, Lemaar, Novas, UAP, Brisant), regular dividends (raised 6 percent to 0.51 dollars quarterly in 2025), and opportunistic buybacks (about 220 million dollars repurchased in 2024; additional repurchases in 1H25).

SBC is modest (~28 million dollars pre‑tax in 2024), and share count is trending down (diluted shares ~86.6 million YTD 2025). M&A focus is adjacent and spec‑heavy categories that fit channels and improve portfolio quality, with integration discipline shown since the 2022 Access Technologies deal.

Sources: 2024 10‑K; dividend and M&A releases; Q2‑2025 release; 1H25 repurchase disclosures.