{"schemaVersion":1,"research":true,"symbol":"ame","name":"Ametek","topic":"moat","path":"/stock/ame/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:22:38.353Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"AMETEK has a narrow moat from proprietary technology and differentiated products in specialized markets. Organic demand growth and binding customer orders support the commercial relevance of these assets, but do not establish pervasive switching costs or exceptional durability. Operating resilience is demonstrated; realized pricing and contractual repricing discretion remain unestablished. Technological substitution, competitive pricing and acquisition integration constrain durability.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary technology, engineering capabilities and differentiated niche products support a current competitive advantage. Actual organic sales and order growth corroborate commercial relevance, although market leadership remains an issuer assertion without quantified competitive comparisons.","durability":"Continued product development and customer commitments extending beyond one year support persistence. The evidence supports a narrow advantage requiring ongoing investment, without establishing a specific protected lifespan.","risks":"Competitors can develop superior products, alternative materials can substitute for existing offerings, and intellectual property can be copied. Organic order declines in 2024 demonstrate demand cyclicality, rather than proven structural erosion. Acquisition integration can dilute operating performance.","invalidation":"The thesis would be invalidated by sustained organic sales and order declines accompanied by documented competitive displacement, repeated product replacement by alternative technologies, or price concessions required to retain business despite continued engineering investment.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk factors / proprietary technology and intellectual property protection","excerpt":"Many of our products rely on proprietary technology; therefore, we endeavor to protect our intellectual property rights through patents, copyrights, trade secrets, trademarks, confidentiality agreements and other contractual provisions."},{"id":"e2","sourceId":"filing-1","location":"Business / Competitive Strengths / niche market positions","excerpt":"AMETEK maintains strong market share in a number of targeted niche markets through its ability to produce and deliver high-quality, differentiated products at competitive prices."},{"id":"e3","sourceId":"filing-1","location":"Business / Competitive Strengths / 2025 product introductions","excerpt":"In 2025, AMETEK added to its highly differentiated product portfolio with a range of new products across many of its businesses."},{"id":"e4","sourceId":"filing-5","location":"Research, Development and Engineering / 2021–2023 spending","excerpt":"Research, development and engineering costs before customer reimbursement were $351.7 million in 2023, $322.1 million in 2022 and $299.6 million in 2021."},{"id":"e5","sourceId":"filing-2","location":"MD&A / second-quarter 2026 organic sales growth","excerpt":"The increase in net sales for the second quarter of 2026 was due to a 10% increase in organic sales, as well as a 5% increase from acquisitions."},{"id":"e6","sourceId":"filing-2","location":"MD&A / second-quarter 2026 organic order growth","excerpt":"The increase in orders for the second quarter of 2026 was due to a 25% increase in organic orders and a 6% increase from acquisitions, partially offset by a 3% unfavorable effect of foreign currency translation."},{"id":"e7","sourceId":"filing-2","location":"Revenue recognition / remaining performance obligations at June 30, 2026","excerpt":"The remaining performance obligations not expected to be completed within one year as of June 30, 2026 and December 31, 2025 were $747.7 million and $627.4 million, respectively."},{"id":"e8","sourceId":"filing-2","location":"Revenue recognition / definition of firm non-cancelable orders","excerpt":"Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied."},{"id":"e9","sourceId":"filing-1","location":"Business / Competition / competitive dimensions","excerpt":"Competition In general, AMETEK’s markets are highly competitive with competition based on technology, performance, quality, service and price."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / competing products and technological adaptation","excerpt":"Our competitors may develop new or improve existing products that are superior to our products or may adapt more readily to new technologies or changing requirements of our customers."},{"id":"e11","sourceId":"filing-1","location":"Risk factors / potential copying of proprietary technology","excerpt":"Despite our efforts to protect proprietary rights, unauthorized parties or competitors may copy or otherwise obtain and use our products or technology."},{"id":"e12","sourceId":"filing-1","location":"Business / Competition / alternative materials and processes","excerpt":"There also is competition from alternative materials and processes."},{"id":"e13","sourceId":"filing-4","location":"MD&A / 2024 organic order decline","excerpt":"The decrease in orders was due to a 2% organic order decrease, a 1% unfavorable effect of foreign currency translation, partially offset by a 2% increase from acquisitions."},{"id":"e14","sourceId":"filing-2","location":"MD&A / second-quarter 2026 acquisition integration costs","excerpt":"Operating income and operating margins for the second quarter of 2026 included $16.2 million of acquisition-related integration costs related to the FARO, LKC, and First Aviation acquisitions (\"recent acquisitions\"), which negatively impacted operating margins by 80 basis points."},{"id":"e15","sourceId":"filing-1","location":"Risk factors / ongoing investment needed to maintain technological advantages","excerpt":"Maintaining our existing technological advantages will require us to continue investing in research and development and sales and marketing."},{"id":"e16","sourceId":"filing-1","location":"Business / intellectual property / no essential patent or trademark group","excerpt":"AMETEK, however, does not consider any single patent or trademark, or any group of them, essential either to its business as a whole or to either one of its reportable segments."},{"id":"e17","sourceId":"filing-1","location":"MD&A / 2025 organic order growth","excerpt":"The increase in orders was due to a 4% increase from acquisitions, a 4% organic order increase, as well as a 3% favorable effect of foreign currency translation."},{"id":"e18","sourceId":"filing-2","location":"MD&A / tariff mitigation and targeted pricing initiatives","excerpt":"Our businesses have been proactive in addressing the impacts of tariffs, including targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production and adapt to changing demand patterns."},{"id":"e19","sourceId":"filing-2","location":"MD&A / tariffs did not materially affect first-half 2026 results","excerpt":"While recent tariff-related changes did not have a material impact on our results of operations for the six months ended June 30, 2026, as the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflation, customers, suppliers, and the overall global economy."},{"id":"e20","sourceId":"filing-2","location":"MD&A / second-quarter 2026 reported segment margin decline","excerpt":"Segment operating margins, as a percentage of net sales, decreased to 27.3% for the second quarter of 2026, compared with 27.5% for the second quarter of 24 Table of Contents 2025."},{"id":"e21","sourceId":"filing-2","location":"MD&A / second-quarter 2026 adjusted segment margin improvement","excerpt":"Excluding the dilutive impact of recent acquisitions and acquisition-related costs, segment operating margins increased 140 basis points compared to the second quarter of 2025 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives."},{"id":"e22","sourceId":"filing-1","location":"MD&A / 2025 reported segment margin improvement","excerpt":"Segment operating income, as a percentage of net sales, increased to 27.4% in 2025, compared with 27.2% in 2024."},{"id":"e23","sourceId":"filing-4","location":"MD&A / 2024 adjusted segment margin improvement","excerpt":"Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 130 basis points compared to 2023, due to the continued benefits from the Company's Operational Excellence initiatives."},{"id":"e24","sourceId":"filing-2","location":"Condensed Consolidated Statement of Cash Flows / first half of 2026","excerpt":"Condensed Consolidated Statement of Cash Flows (In thousands) (Unaudited) Six months ended June 30, 2026 2025 Cash provided by (used for): Operating activities: Net income $ 806,253 $ 710,125 Adjustments to reconcile net income to total operating activities: Depreciation and amortization 211,421 214,068 Deferred income taxes (8,362) (39,069) Share-based compensation expense 23,600 22,313 Loss (Gain) on sale of facilities — (91) Net change in assets and liabilities, net of acquisitions (77,450) (121,101) Pension contributions (2,535) (3,021) Other, net (17,717) (6,590) Total operating activities 935,210 776,634 Investing activities: Additions to property, plant and equipment (57,479) (52,338) Purchases of businesses, net of cash acquired (424,484) (104,110) Proceeds from sale of facilities — 200 Other, net 473 521 Total investing activities (481,490) (155,727) Financing activities: Net change in short-term borrowings (208,689) (202,653) Repayments of long-term borrowings — (50,000) Repurchases of common stock (28,100) (18,122) Cash dividends paid (155,651) (142,960) Proceeds from stock option exercises 20,800 12,343 Debt financing costs (21,773) — Other, net (14,695) (8,016) Total financing activities (408,108) (409,408) Effect of exchange rate changes on cash and cash equivalents (8,117) 34,214 Increase (decrease) in cash and cash equivalents 37,495 245,713 Cash and cash equivalents: Beginning of period 457,951 373,999 End of period $ 495,446 $ 619,712 See accompanying notes."},{"id":"e25","sourceId":"filing-1","location":"Financial statement notes / year-end 2025 and 2024 shares outstanding","excerpt":"The number of shares outstanding at December 31, 2025 was 229.0 million shares, compared with 230.7 million shares at December 31, 2024."},{"id":"e26","sourceId":"filing-2","location":"Acquisitions / definitive agreement for approximately $5 billion instrumentation acquisition","excerpt":"Indicor, LLC Agreement On May 5, 2026, the Company announced that it has entered into a definitive agreement to acquire a portfolio of instrumentation business from Indicor, LLC (\"Indicor Instrumentation\") in an all-cash transaction valued at approximately $5.0 billion."},{"id":"e27","sourceId":"filing-2","location":"Acquisitions / closing conditions and expected timing","excerpt":"The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026."},{"id":"e28","sourceId":"filing-2","location":"Debt / acquisition term loan facility and maturities","excerpt":"The Term Loan Agreement provides for a senior unsecured term loan facility of up to $4.0 billion, consisting of three tranches: $1.625 billion maturing three years after funding, $1.625 billion maturing four years after funding, and $750 million maturing five years after funding."},{"id":"e29","sourceId":"filing-2","location":"Debt / acquisition term loans undrawn at June 30, 2026","excerpt":"At June 30, 2026, the Company had no borrowings outstanding under the term loans."},{"id":"e30","sourceId":"filing-3","location":"Executive Compensation / performance-based share of long-term incentives","excerpt":"Performance-based restricted stock units comprise 55% of the target long-term incentive award for the CEO, and 50% for the other named executive officers."},{"id":"e31","sourceId":"filing-3","location":"Executive Compensation / certified 2023 award performance outcome","excerpt":"The following table shows the number of performance-based restricted stock units to be earned upon achievement of target performance under the terms of the 2024 and 2025 awards, the number of performance-based restricted stock units earned (102%) under the terms of the 2023 awards as certified by the Compensation Committee in early 2026 and the respective value of each award as of the most recent fiscal year-end."},{"id":"e32","sourceId":"filing-2","location":"Share-Based Compensation / actual performance restricted stock grants and vesting","excerpt":"Performance Restricted Stock Units The following is a summary of the Company’s non-vested performance restricted stock activity and related information: Shares Weighted Average Grant Date Fair Value (In thousands) Non-vested performance restricted stock outstanding at December 31, 2025 240 $ 166.06 Granted 79 212.77 Performance assumption change 1 2 138.46 Vested (77) 138.46 Forfeited (5) 182.76 Non-vested performance restricted stock outstanding at June 30, 2026 239 $ 189.80 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics."},{"id":"e33","sourceId":"filing-3","location":"Executive Compensation / ownership requirements, clawback and prohibited practices","excerpt":"What We Do ✓ Strong alignment between pay and performance ✓ Large majority of executive compensation is at-risk and variable ✓ Large majority of variable compensation is delivered as long-term incentives ✓ All long-term incentives are denominated and delivered in equity ✓ Stock ownership requirements for all executive officers ✓ Minimum vesting requirements for equity awards per our equity plan ✓ Caps on annual bonuses to avoid excessive short-term focus and potentially adverse risk-taking ✓ Independent external compensation benchmarking is performed annually to ensure competitiveness ✓ Use of an independent consultant to advise the Compensation Committee ✓ Clawback policy applicable to current and former executive officers What We Don’t Do ✘ No “single trigger” equity vesting upon change of control ✘ No excise tax gross-ups on change of control payments ✘ No excessive perquisites ✘ No hedging of our common stock by our officers and Directors ✘ No pledging of our common stock by our officers and Directors ✘ No discounting, reloading or repricing of stock options without stockholder approval ✘ No evergreen provision in our equity plan 2025 Compensation Compensation Objectives The compensation paid or awarded to our named executive officers for 2025 was designed to meet the following objectives: •Provide compensation that is competitive with market levels of compensation provided to other relevant companies’ executive officers, as described further below, taking into account the size of our company or operating group, as applicable."},{"id":"e34","sourceId":"filing-3","location":"Corporate Governance / seven of eight directors independent","excerpt":"Accordingly, seven of our eight Directors are “independent” Directors based on an affirmative determination by our Board in accordance with the listing standards of the NYSE and the SEC rules."},{"id":"e35","sourceId":"filing-3","location":"Corporate Governance / lead independent director responsibilities","excerpt":"✓ Lead independent Director chairs meetings of the independent Directors and is a liaison between the independent Directors and our Chairman and CEO."},{"id":"e36","sourceId":"filing-3","location":"Corporate Governance / staggered three-year board terms","excerpt":"The Board is divided into three classes with staggered terms of three years each, so that the term of one class expires at each Annual Meeting of Stockholders."},{"id":"e37","sourceId":"filing-3","location":"Board Structure / combined chairman and CEO roles","excerpt":"The Board currently believes that a combined Chairman and CEO is in the best interest of our company as our Chairman and CEO serves as a bridge between management and the Board, ensuring that both groups act with a common vision and strategy."},{"id":"e38","sourceId":"filing-3","location":"Corporate Governance / voting rights and absence of poison pill","excerpt":"✓ One share, one vote. ✓ No poison pill."},{"id":"e39","sourceId":"filing-4","location":"MD&A / customer inventory normalization behind 2024 organic order decline","excerpt":"The organic orders decrease is due to customer inventory normalization in our automation and engineered solutions core businesses."},{"id":"e40","sourceId":"filing-1","location":"MD&A / 2025 operating cash generation","excerpt":"•Cash provided by operating activities totaled $1,801.8 million in 2025."},{"id":"e41","sourceId":"filing-1","location":"Liquidity and Capital Resources / completed 2025 acquisition spending","excerpt":"In 2025, the Company paid $933.2 million, net of cash acquired, to purchase Kern Microtechnik and FARO Technologies, compared to $117.5 million, net of cash acquired, to purchase Virtek Vision International in 2024."},{"id":"e42","sourceId":"filing-1","location":"Share repurchase program / actual 2025 and 2024 repurchases","excerpt":"Under its share repurchase program, the Company repurchased approximately 2,306,500 shares of its common stock for $443.0 million in 2025 and approximately 1,258,200 shares of its common stock for $223.1 million in 2024."}],"changes":["Retain the previous narrow-moat verdict; the supplied evidence supports technology differentiation but does not establish broad switching costs.","Make the operating support explicit: second-quarter 2026 organic sales increased 10%, organic orders increased 25%, and longer-term performance obligations reached $747.7 million.","Add the 2024 organic order decline as evidence of cyclicality and the pending approximately $5 billion acquisition as an unresolved capital-allocation commitment.","Add criterion-level management assessments using actual compensation, vesting, board structure, cash flows and financing disclosures."],"limitations":["All supplied sources are issuer filings. Market-share leadership and technological superiority are management assertions; operating and contractual disclosures provide corroboration without independently establishing relative competitive performance.","Competition passages name generic competitor categories, so competitor arrays are empty. Named acquisition targets, advisers and auditors are not established competitors.","No quantified customer switching costs, qualification barriers, repeat-customer rates or renewal rates are supplied. Customer dependency and retention are assessed indirectly from demand and binding commitments.","Targeted pricing initiatives and tariff resilience do not isolate realized prices, discounts or price-versus-volume effects. Customer repricing rights and escalation clauses are not disclosed.","Actual executive ownership levels and compliance with ownership requirements are not supplied. Alignment is supported by implemented incentives and actual award activity.","The acquisition was pending in the latest supplied filing; its closing, financing drawdown and integration outcomes cannot be assumed.","Source dates are filing dates with dateKind filed. Operating evidence extends through June 30, 2026; the latest supplied filing date is August 4, 2026."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Proprietary technology, specialized products and ongoing engineering investment support differentiation, corroborated by organic demand growth. Relative superiority and barriers to replication are incompletely established.","evidenceIds":["e1","e2","e3","e4","e5","e6","e9"]},{"criterion":"durability","grade":2,"rationale":"Continuing innovation and firm orders extending beyond one year support persistence. Maintaining the advantage requires investment, and no essential patent portfolio or demonstrated long protected lifespan is established.","evidenceIds":["e3","e4","e7","e8","e15","e16"]},{"criterion":"customer_dependency","grade":2,"rationale":"Firm non-cancelable orders demonstrate customer commitment for a portion of the business. This is indirect evidence of dependency; it does not establish high replacement costs or reliance across the whole portfolio.","evidenceIds":["e7","e8"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Organic order growth in 2025 and 2026 and limited realized tariff impact support resilience. The 2024 order decline shows cyclicality, while substitution and copying remain possible threats rather than demonstrated competitive losses.","evidenceIds":["e6","e10","e11","e12","e13","e17","e19","e39"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Targeted pricing initiatives are disclosed, but realized pricing outcomes are not separated from volume, mix, procurement or production adjustments. Tariff resilience alone cannot establish price realization.","evidenceIds":["e18","e19"]},{"criterion":"retention","grade":2,"rationale":"Growing organic orders and longer-term non-cancelable commitments support continuing demand indirectly. They do not identify repeat customers or establish retention following price changes; the earlier order decline limits confidence.","evidenceIds":["e6","e7","e8","e13","e17"]},{"criterion":"margin_resilience","grade":3,"rationale":"Underlying segment margin improvements across 2024, 2025 and second-quarter 2026, together with limited tariff impact, demonstrate strong operating resilience. Reported second-quarter 2026 margins declined and integration costs matter; resilience cannot be attributed solely to pricing.","evidenceIds":["e14","e19","e20","e21","e22","e23"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Non-cancelable orders establish purchase commitments, but do not reveal AMETEK's ability to change agreed prices, impose surcharges or renegotiate terms. Pricing initiatives do not resolve this contractual gap.","evidenceIds":["e8","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation, acquisition spending, repurchases and lower year-end 2025 share count support disciplined deployment. First-half 2026 cash flows include reduced short-term borrowing. The approximately $5 billion pending acquisition and committed financing materially increase execution exposure, with returns still unproven and term loans undrawn at June 30.","evidenceIds":["e24","e25","e26","e27","e28","e29","e40","e41","e42"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Performance units comprise a substantial share of executive long-term incentives, with certified earned awards and actual vesting demonstrating implementation. Ownership requirements, clawback and hedging restrictions strengthen alignment. Actual executive holdings and compliance are missing, preventing an exceptional assessment.","evidenceIds":["e30","e31","e32","e33"]},{"criterion":"execution","grade":3,"rationale":"Organic sales and order growth, sustained cash generation and underlying margin improvement demonstrate strong execution through indirect operating outcomes. Acquisition integration costs and the earlier demand contraction temper the assessment; announced acquisition benefits are not treated as achieved.","evidenceIds":["e5","e6","e14","e21","e23","e24","e39","e40"]},{"criterion":"governance","grade":2,"rationale":"A predominantly independent board, lead independent director, one-share-one-vote structure and no poison pill provide safeguards. Combined chairman and CEO roles and staggered board terms reduce accountability, yielding a mixed assessment.","evidenceIds":["e34","e35","e36","e37","e38"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"c7c3523b980021bc8e7bd3f2950968cd7239112d314393cb3af94f373e71c44c","updatedAt":"2026-10-18T13:22:38.353Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm","publishedAt":"2026-02-17","sha256":"a4c2fb3e36db8381c9ba518fa629f927b019f035586e2ee114d6a7d5e6d25850","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000175/ame-20260630.htm","publishedAt":"2026-08-04","sha256":"8ea92b0aaba4db31e7884311777d274b87d9a6e6e26c7af8a57d848ca3878539","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000062/ame-20260311.htm","publishedAt":"2026-03-11","sha256":"d368bfe222d966bb2da200ab04169697a396d0c364fbac7cff7a12cffeb83b5c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786825000012/ame-20241231.htm","publishedAt":"2025-02-20","sha256":"5275d94733255ebac1959c20bf2928c6b317848bca0ddff4969a6bfa9aced638","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786824000009/ame-20231231.htm","publishedAt":"2024-02-22","sha256":"8db8c120fa18fa2966a82790904de3e1a8b59cc0c8fd5e283fecdb7af132ea0a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000144/ame-20260331.htm","publishedAt":"2026-04-30","sha256":"b8bbb1e1b698e18c276260f59ee2b6cbe065b6c87ad194dcdc55da8d9b109de4","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:f5b90e6e78cbe23762335a6bfb32f184358586368f5f0613b6fc9965e70adaad","usage":{"input_tokens":87060,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3775,"reasoning_output_tokens":85}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":34.48317267386326,"operating_margin":23.594459510964903,"roic":13.061455419514568,"fcf_margin":18.92695123459528,"sbc_revenue":0.8312067723979423},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":34.87941689577971,"operating_margin":24.399393223023058,"roic":13.106764975668463,"fcf_margin":16.427332278681675,"sbc_revenue":0.7702588232233645},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":36.144960928914124,"operating_margin":25.882551785294723,"roic":13.199047896873836,"fcf_margin":24.23918629063431,"sbc_revenue":0.700308475886584},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":35.677896265476484,"operating_margin":25.637744590977324,"roic":12.819210161129323,"fcf_margin":24.517056177768044,"sbc_revenue":0.6895513442959267},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":36.041037594870836,"operating_margin":25.81120198629504,"roic":13.204244868626484,"fcf_margin":22.584634533494675,"sbc_revenue":0.6454026663005958},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000016/ame-20251231.htm","publishedAt":"2026-02-17","sha256":"a4c2fb3e36db8381c9ba518fa629f927b019f035586e2ee114d6a7d5e6d25850","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000175/ame-20260630.htm","publishedAt":"2026-08-04","sha256":"8ea92b0aaba4db31e7884311777d274b87d9a6e6e26c7af8a57d848ca3878539","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000062/ame-20260311.htm","publishedAt":"2026-03-11","sha256":"d368bfe222d966bb2da200ab04169697a396d0c364fbac7cff7a12cffeb83b5c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786825000012/ame-20241231.htm","publishedAt":"2025-02-20","sha256":"5275d94733255ebac1959c20bf2928c6b317848bca0ddff4969a6bfa9aced638","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786824000009/ame-20231231.htm","publishedAt":"2024-02-22","sha256":"8db8c120fa18fa2966a82790904de3e1a8b59cc0c8fd5e283fecdb7af132ea0a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1037868/000103786826000144/ame-20260331.htm","publishedAt":"2026-04-30","sha256":"b8bbb1e1b698e18c276260f59ee2b6cbe065b6c87ad194dcdc55da8d9b109de4","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}