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Precision-technologies company spun off from Fortive in 2025, making test, measurement and specialty sensing instruments.
Precision-technologies company spun off from Fortive in 2025, making test, measurement and specialty sensing instruments.
Sells instruments mostly as one-time equipment purchases, with calibration, repair and software adding revenue over each unit's life; Tektronix oscilloscopes are the best-known product. Became a standalone company in 2025 after Fortive separated it, so it now handles its own costs and acquisitions.
In one line: Fortive's former Precision Technologies segment, now standalone.
Moat: narrow (brand, IP / patents, installed base). Established test-equipment brands with engineering design-in, though newly standalone.
Headquarters: Everett, Washington, US · Founded: 2025 · Employees: 7,000
Size Ralliant (RAL) is a United States Industrials company (Electronic Equipment/Instruments) with a market value of $7.49B, the 929th largest of 3,117 United States companies the cockpit tracks. Shares closed at $67.68 on 6 Nov 2026.
Performance Over six months the shares gained 43.3%, against -13.9% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 15 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median +7.8%); the operating margin is 15.0% (peer median 15.2%).
Valuation It trades at 19.2× forward earnings against a peer median of 20.5× (7th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points above its cost of capital (11.1% WACC).
Backlog Backlog (remaining performance obligations) was $61.4M at 2 Oct 2026, down 6% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.28B | $2.07B | $2.15B | $2.16B | $2.09B |
| Revenue growth | — | -4% | 0% | +3% | — |
| Gross profit | $1.11B | $953M | $1.03B | $1.12B | $1.03B |
| EBITDA | $460M | $374M | $510M | $542M | $512M |
| Net income | -$1.19B | -$1.22B | $355M | $417M | $371M |
| Free cash flow | $303M | $358M | $420M | $433M | $361M |
| Capital expenditure | $34.5M | $39.2M | $34.3M | $29.2M | $30.8M |
| Total debt | $1.15B | $1.22B | $71.7M | $47.1M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ralliant RAL | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Fortive FTV | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RAL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -9.6% | 5th highest of 15 |
| 6-month return | +43.3% | -13.9% | highest of 15 |
| Distance from 52-week high | -10.2% | -27.9% | 2nd highest of 15 |
| Revenue growth (TTM) | -4.0% | +7.8% | 3rd lowest of 15 |
| Operating margin | 15.0% | 15.2% | 7th lowest of 15 |
| Forward P/E | 19.2× | 20.5× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 20.5% | 13.4% | 5th most demanding of 13 |
| Growth delivered (Del g) | -0.3% | +7.2% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +20.8 pp | +2.7 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +0.2 pp | +3.3 pp | 5th lowest of 15 |
| EV / EBITDA | 18.0× | 16.7× | 6th most expensive of 13 |
| Net debt / EBITDA | 1.7× | -0.4× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ralliant RAL | United States | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% | -0.3% |
| China Railway Signal & Communication 3969.HK | Hong Kong | $7.40B | -15% | +6% | 12% | 7.4× | -6.9% | -3.6% |
| ESCO Technologies ESE | United States | $7.14B | -24% | +17% | 16% | 25.8× | 25.5% | +8.4% |
| MSA Safety MSA | United States | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% | +6.8% |
| APAR Industries APARINDS.NS | India | $6.25B | +10% | +23% | 9% | 34.6× | n/a | n/a |
| Yokogawa Electric 6841.T | Japan | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% | +10.1% |
| Sensata Technologies ST | United States | $5.72B | -13% | +4% | 16% | 9.9× | 5.2% | +4.1% |
| Posco Future M 003670.KS | South Korea | $10.6B | -36% | -9% | 2% | 282.1× | n/a | n/a |
| Azbil 6845.T | Japan | $4.63B | -2% | +1% | 15% | 18.7× | 5.5% | +3.9% |
| Hitachi Energy India POWERINDIA.NS | India | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% | +19.0% |
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| Fortive FTV | United States | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% | -2.1% |
| Honeywell Automation India HONAUT.NS | India | $2.81B | -2% | +5% | 13% | 39.5× | 32.9% | +9.2% |
| Standex International SXI | United States | $2.76B | -13% | +8% | 18% | 20.9× | 15.2% | +6.3% |
| Shihlin Electric & Engineering 1503.TW | Taiwan | $2.51B | -20% | +8% | 12% | 18.9× | 11.5% | +7.7% |
Ralliant reported $61.4M of remaining performance obligations at 2 Oct 2026, down 6% from a year earlier and up 6% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.