Crane NXT Co

Crane NXT sells technology that verifies payments and makes banknotes and branded goods harder to counterfeit. It took its present shape on April 3, 2023, when Crane Holdings split in two. The aerospace and electronics, process flow and engineered materials businesses became a separate company, Crane Company, and the remaining payment business was renamed Crane NXT. It employed about 4,800 people in 35 countries at December 31, 2025.

The two segments are almost equal in size. Crane Payment Innovations (CPI) brought in $846.6 million, or 51% of fiscal 2025 revenue of $1.66 billion. It sells electronic equipment and software that verify and authenticate payments, plus automation systems, field service and remote diagnostics, in markets such as gaming, retail, banking and vending. Security and Authentication Technologies (SAT) brought in $810.1 million, or 49%. It designs and produces banknotes and micro-optic security features (tiny optical structures that are hard to copy) for central banks and government agencies. Through the acquired OpSec and De La Rue businesses, it also helps brands fight counterfeits on physical goods and across online marketplaces and social media.

North America accounted for about 50% of fiscal 2025 revenue, the rest of the world 38.5% and Western Europe 11.5%. The company describes its markets as highly competitive and competes on technology, quality, price and service.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $493.2M, up 22% from a year earlier, and net income was $35.4M (+42.2%).
• For fiscal 2025, revenue was $1.66B (+11.4% year over year; +5.3% a year from FY2021 to FY2025) with a 8.8% net margin.

• Over FY2021–FY2025: $300.0M in buybacks and $99.3M in dividends.
• Regular dividend per share increased 2 years in a row.
• Regular dividends per share grew -16.9% a year over 5 years (FY2020–FY2025).
• Dividends took 26.9% of earnings and 19.7% of free cash flow in the latest fiscal year.
• Shares outstanding changed -2.0% from Oct 31, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Crane NXT’s market value went from $3.23B at the end of 2023 to $3.36B on Oct 28, 2026, up 4%; since the end of 2025 it is up 24%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($1.2M) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in CXT

1. Banknote orders arrive in uneven lumps. Security and Authentication Technologies results swing with the timing and size of central bank contracts for banknote production, especially U.S. government orders. A delayed or smaller award can hurt a year's results.
2. Less cash use could shrink demand. Many of its products depend on physical cash. The company's annual report warns that falling cash use, longer-lasting banknotes and unexpected advances in payment processing technology could all cut demand.
3. Payment equipment depends on cyclical markets. Crane Payment Innovations sells into gaming, retail, banking and vending markets. Sustained weakness there, low employment, low office occupancy, or higher fuel, food and financing costs for vending operators can reduce orders.
4. Acquisitions may disappoint or need write-downs. The company expanded by acquiring the OpSec and De La Rue businesses. If integration falters, profits could suffer and impairment charges, which write down the value of acquired assets, could follow.
5. Half of sales come from abroad. Sales outside the U.S. were 50% of the total in fiscal 2025. Swings in the yen, pound, euro and Swedish krona, plus tariffs and trade disputes, including any affecting its Mexico facility, could hurt results.
6. Debt adds risk if credit tightens. Total debt was about $1.45 billion against about $231 million of cash and investments as of June 30, 2026. Tighter credit markets could make refinancing maturing debt at favorable interest rates harder.

• Oct 7, 2026 Executive or board change
• Aug 11, 2026 Investor presentation or announcement
• Aug 5, 2026 Quarterly results released
• May 28, 2026 Shareholder vote results
• May 6, 2026 Quarterly results released
• Mar 12, 2026 Executive or board change
• Feb 25, 2026 Investor presentation or announcement
• Feb 11, 2026 Quarterly results released
• Nov 5, 2025 Quarterly results released

Crane NXT pays a small but rising dividend: $0.42 per share in fiscal 2023, $0.64 in 2024 and $0.68 in 2025, two straight increases. The fiscal 2025 payout used about 27% of earnings and 20% of free cash flow (cash left after running the business and paying for equipment). The yield was 1.22% as of October 28, 2026, so the income on its own would be modest. Per-share dividends were higher before the April 2023 separation ($1.88 in fiscal 2022), when the company still included what became Crane Company. Buybacks totaled about $300 million over fiscal 2021 to 2025, mostly in 2022.

Having traded in its present form only since 2023, the stock has no record through the 2008, 2020 or 2022 downturns. It has been volatile anyway, falling 18% in calendar 2025 and as much as 47% from a peak in the three years to October 28, 2026. Single stocks carry more risk than diversified funds.