At a glance
ESCO Technologies Inc is worth $6.22B, about 21 times its fiscal 2025 earnings. Revenue grew 19.2% to $1.10B in fiscal 2025, with 27.3% kept as profit. It pays a 0.13% dividend yield, and returned $81.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.5% over the past year with dividends reinvested and +23.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.8% in the 2020 crash (S&P 500: 33.7%) and 31.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 3 months after the lows.
The business in plain English
ESCO Technologies makes specialized engineered equipment through three segments. In the fiscal year ended September 30, 2025, revenue was about $1.1 billion. The largest segment, Aerospace & Defense, brought in 43.7%. Its units, including PTI, Crissair, Globe and Mayday, make hydraulic filters, fluid control devices and precision parts for aircraft and military uses. They also make systems that help Navy submarines and ships avoid detection. In April 2025 ESCO added Maritime, acquired from Ultra Electronics, which makes magnetic signature systems and ultra-quiet ship propulsion motors.
The Utility Solutions Group, 34.7% of revenue, operates mainly as Doble. It provides test instruments, monitoring systems, consulting and testing services. These help electric grid operators check the health of transformers and other high-voltage equipment. Its NRG unit makes decision-support tools for wind and solar power. The RF Test & Measurement segment, 21.7%, operates as ETS-Lindgren. It makes shielded rooms, test chambers, antennas and software for measuring and controlling radio frequency (RF) energy, the radio waves electronics give off. Its customers are in wireless, automotive, medical and defense markets.
In fiscal 2025, about 66% of revenue came from the US, 14% from Europe and 10% from Asia. Roughly 23% came from the US government, directly or through defense contractors, mostly in Aerospace & Defense. In July 2025 ESCO sold VACCO, its space business, for net proceeds of about $270 million.
Price history
The interactive chart needs JavaScript.
ESE +8.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Aerospace And Defense | $478.2M | 43.7% |
| Utility Solutions Group | $380.0M | 34.7% |
| RFShielding And Test | $237.2M | 21.7% |
By geography
| US | $727.3M | 66.4% |
| Europe | $156.4M | 14.3% |
| Asia | $111.8M | 10.2% |
| CA | $56.7M | 5.2% |
| Other1 | $43.2M | 3.9% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $339.0M, up 14.4% from a year earlier, and net income was $32.7M (+25.6%).
- For fiscal 2025, revenue was $1.10B (+19.2% year over year) with a 27.3% net margin.
Financial health check
| Operating margin | 15.6% good |
|---|---|
| Free cash flow margin | 18.8% good |
| Return on equity (FY2025) | 19.4% good |
| Return on assets (FY2025) | 12.4% good |
| Net cash (cash minus debt) | $-11.8M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $730.5M | $99.4M | $50.2M |
| FY2021 | $715.4M | $63.5M | $96.4M |
| FY2022 | $857.5M | $82.3M | $103.2M |
| FY2023 | $855.8M | $92.5M | $57.2M |
| FY2024 | $919.1M | $101.9M | $99.3M |
| FY2025 | $1.10B | $299.2M | $205.6M |
Valuation snapshot
| Market value | $6.22B |
|---|---|
| P/E ratio | 20.8 |
| Dividend yield | 0.13% |
Rank among 1514 US companies
Market value at each year end
ESCO Technologies’s market value went from $1.46B at the end of 2016 to $6.22B on Oct 28, 2026, about 4.3 times as much; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.22B | +23.1% |
| 2025 | $5.05B | +47.0% |
| 2024 | $3.43B | +13.7% |
| 2023 | $3.02B | +33.3% |
| 2022 | $2.27B | -3.5% |
| 2021 | $2.35B | -12.6% |
| 2020 | $2.69B | +11.8% |
| 2019 | $2.40B | +40.6% |
| 2018 | $1.71B | +9.8% |
| 2017 | $1.56B | +6.8% |
| 2016 | $1.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ESE price data to Oct 28, 2026 | +23.0% | +8.5% | +36.4% | +23.5% | +19.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.0% |
| 2025 | +47.0% |
| 2024 | +14.2% |
| 2023 | +34.1% |
| 2022 | -2.3% |
| 2021 | -12.6% |
| 2020 | +12.0% |
| 2019 | +41.0% |
| 2018 | +10.0% |
| 2017 | +6.8% |
| 2016 | +57.9% |
| 2015 | -1.2% |
| 2014 | +8.7% |
| 2013 | -7.4% |
| 2012 | +31.2% |
| 2011 | -23.2% |
| 2010 | +6.4% |
| 2009 | -12.3% |
| 2008 | +2.5% |
| 2007 | -12.1% |
| 2006 | +2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 21.5% over that stretch · deepest drop along the way 50.2%, back to its old high 95.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.8% over that stretch · deepest drop along the way 32.8%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.2% over that stretch · deepest drop along the way 31%, back to its old high 3.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.03% | Mar 31, 2026 |
| Invesco Ltd. | 5.8% | Jun 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.4% | Mar 31, 2025 |
ETFs with the most weight in ESE
| ROKT SPDR S&P Kensho Final Frontiers ETF | 4.41% |
| PBW Invesco WilderHill Clean Energy ETF | 1.9% |
| PSCI Invesco S&P SmallCap Industrials ETF | 1.8% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.57% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.76% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.63% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.56% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.52% |
What could go wrong
- Heavy reliance on US defense budgets. About 23% of fiscal 2025 revenue came from the US government and its contractors. Much of Globe and Westland's work is on Navy submarine programs, so budget cuts, delays or shutdowns could hurt results.
- Backlog orders can be cut or canceled. As of September 30, 2025, ESCO had about $722 million of orders it expected to turn into revenue within twelve months. Government customers can modify or end contracts, so some may never become revenue.
- Fixed-price contracts can produce losses. Some contracts pay a set price no matter what ESCO's work actually costs. If complex development work runs over budget, or inflation pushes costs up, the company absorbs the difference and can book losses.
- Overseas sales exposed to tariffs and conflict. About 34% of fiscal 2025 sales went to customers outside the US. Tariffs on imported parts, trade tensions with China, Canada or Europe, wars and export rules could raise costs or block sales.
- Few suppliers and rising material costs. A significant part of ESCO's manufacturing depends on a small number of outside suppliers. Shortages or higher prices for raw materials and components could delay deliveries or squeeze profit margins.
- Growth depends partly on acquisitions. ESCO adds growth by acquiring companies, such as Maritime in April 2025 and MPE in November 2023. It may not find suitable targets or complete deals successfully, which could slow its growth.
Recent events
- Major agreement signed; Major agreement ended; Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Unregistered sale of shares
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
For income and retirement investors
ESCO pays a small, flat dividend. It paid $0.32 per share in every fiscal year from 2020 through 2025, with no increases. That used only about 2.8% of fiscal 2025 earnings and 4% of free cash flow, the cash left after running the business and investing in equipment. The yield was 0.13% as of October 28, 2026, so income seekers would have to rely on share price gains instead. Buybacks, where a company repurchases its own shares, were modest too. They totaled about $40 million over fiscal 2021–2025, and the share count fell only 0.7% between November 2021 and July 2026.
The stock has fallen hard in past downturns. It dropped about 50% during the 2008 financial crisis and took almost eight years to recover. It fell about 33% in the 2020 COVID crash and recovered in about eight months. It fell 31% in the 2022 bear market and recovered in about three months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does ESCO Technologies make money?
ESCO earns money by making and servicing specialized engineered equipment in three segments. In fiscal 2025, which ended September 30, 2025, revenue was about $1.1 billion. Aerospace & Defense supplied 43.7%, from aircraft filters, fluid controls and Navy submarine and ship systems. Utility Solutions Group, at 34.7%, provides Doble test equipment and services to electric grid operators. RF Test & Measurement, at 21.7%, makes ETS-Lindgren shielded rooms and test chambers for measuring radio signals.
Does ESCO Technologies raise its dividend every year?
No. ESCO paid the same $0.32 per share in every fiscal year from 2020 through 2025, so there is no streak of increases. The payment is tiny next to profits: it used about 2.8% of fiscal 2025 earnings and 4% of free cash flow. The yield was 0.13% as of October 28, 2026. Shareholders get almost all of their return, or loss, from the share price.
How much does ESCO depend on the US military?
A fair amount, and the share has grown. About 23% of fiscal 2025 revenue came from the US government, directly or through its contractors. That was up from 17% in fiscal 2023 and 20% in fiscal 2024. Most of it is in Aerospace & Defense, where Globe and Westland rely on programs such as Navy submarines. The April 2025 Maritime acquisition added more naval work, so budget delays or shifting priorities could hit results.
What is ESCO Technologies' P/E ratio?
About 20.8 as of October 28, 2026, based on fiscal 2025 earnings of $11.55 per diluted share. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. That figure may flatter the stock. Net income of $299 million was well above operating income of $170 million. Fiscal 2025 also included the July 2025 sale of the VACCO space business, which is reported as discontinued operations. Part of that profit may not repeat.
How has ESCO Technologies stock performed?
Well over long periods, with sharp drops along the way. As of October 28, 2026, the share price had risen about 19% a year over 10 years and 23.5% a year over five years. It gained about 47% in calendar 2025 and 23% year to date in 2026. But it fell 24% over the three months to that date, and its largest drop within the past year was 34.6%. In the 2008 financial crisis it fell about 50%.