At a glance
Teledyne Technologies Incorporated is worth $30.38B, about 35 times its fiscal 2025 earnings. Revenue grew 7.9% to $6.12B in fiscal 2025, with 14.6% kept as profit; over 5 years it has grown 14.7% a year. It pays no dividend; it spent $756.9M buying back its shares over FY2021–FY2025. The stock returned +25.3% over the past year with dividends reinvested and +8.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.9% in the 2020 crash (S&P 500: 33.7%) and 32.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 25 months after the lows.
The business in plain English
Teledyne Technologies makes sensors, cameras, instruments and electronics that organizations use to gather and analyze information where accuracy and reliability matter. Customers work in aerospace and defense, factory automation, air and water quality monitoring, electronics design, ocean research, offshore oil and gas, medical imaging and pharmaceutical research. Teledyne earns money by selling this equipment, plus related services. Acquisitions are part of its strategy: it completed four in 2025 and two in 2024.
Digital Imaging is the largest segment, at about 52% of the $6.1 billion in net sales for the fiscal year ended December 28, 2025. It makes visible, infrared and X-ray sensors and cameras for factory inspection, medicine, space and defense, plus specialty chips and unmanned aerial and ground systems. Instrumentation (about 24%) covers underwater sensors and vehicles, air and water pollution monitors, lab instruments, and oscilloscopes that engineers use to test electronics. Aerospace and Defense Electronics (about 17%) supplies aircraft data systems and components for radar, space and satellite communications. Engineered Systems (about 7%) builds systems for NASA, the U.S. Department of War and others.
Sales are spread widely: no commercial customer topped 10% of 2025 net sales. The United States accounted for 52%, Europe 25% and Asia about 15%, and Teledyne sold to customers in more than 100 foreign countries.
Price history
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TDY +25.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Digital Imaging | $3.16B | 51.7% |
| Instrumentation | $1.46B | 23.8% |
| Aerospace and Defense Electronics | $1.06B | 17.3% |
| Engineered Systems | $435.7M | 7.1% |
By geography
| United States | $3.18B | 52% |
| Europe | $1.53B | 25% |
| Asia | $894.4M | 14.6% |
| All other | $512.4M | 8.4% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $1.68B, up 9.4% from a year earlier, and net income was $272.8M (+23.6%).
- For fiscal 2025, revenue was $6.12B (+7.9% year over year; +14.7% a year from FY2020 to FY2025) with a 14.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.7% good |
|---|---|
| Operating margin | 18.8% good |
| Free cash flow margin | 17.6% good |
| Return on equity (FY2025) | 8.5% watch |
| Return on assets (FY2025) | 5.9% watch |
| Net cash (cash minus debt) | $-1.47B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.09B | $401.9M | $547.5M |
| FY2021 | $4.61B | $445.3M | $723.0M |
| FY2022 | $5.46B | $788.6M | $394.2M |
| FY2023 | $5.64B | $885.7M | $721.2M |
| FY2024 | $5.67B | $819.2M | $1.11B |
| FY2025 | $6.12B | $894.8M | $1.07B |
Valuation snapshot
| Market value | $30.38B |
|---|---|
| P/E ratio | 35 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Teledyne Technologies Incorporated’s market value went from $4.30B at the end of 2016 to $30.38B on Nov 2, 2026, about 7.1 times as much; since the end of 2025 it is up 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $30.38B | +26.7% |
| 2025 | $23.98B | +10.9% |
| 2024 | $21.63B | +2.7% |
| 2023 | $21.06B | +12.3% |
| 2022 | $18.74B | -8.0% |
| 2021 | $20.38B | +41.0% |
| 2020 | $14.46B | +14.4% |
| 2019 | $12.64B | +69.2% |
| 2018 | $7.47B | +16.4% |
| 2017 | $6.42B | +49.4% |
| 2016 | $4.30B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TDY price data to Nov 2, 2026 | +29.2% | +25.3% | +20.9% | +8.0% | +20.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.2% |
| 2025 | +10.0% |
| 2024 | +4.0% |
| 2023 | +11.6% |
| 2022 | -8.5% |
| 2021 | +11.5% |
| 2020 | +13.1% |
| 2019 | +67.3% |
| 2018 | +14.3% |
| 2017 | +47.3% |
| 2016 | +38.7% |
| 2015 | -13.7% |
| 2014 | +11.8% |
| 2013 | +41.2% |
| 2012 | +18.6% |
| 2011 | +24.7% |
| 2010 | +14.6% |
| 2009 | -13.9% |
| 2008 | -16.5% |
| 2007 | +32.9% |
| 2006 | +37.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.3% over that stretch · deepest drop along the way 66.2%, back to its old high 37.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.5% over that stretch · deepest drop along the way 48.9%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.9% over that stretch · deepest drop along the way 32%, back to its old high 24.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 11 sales ($11.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Simon M Lorne Director | sell | $2.3M |
| Feb 3, 2026 | Jason VanWees Vice Chairman | sell | $1.6M |
| Jan 29, 2026 | Michael T Smith Director | sell | $1.5M |
| Feb 3, 2026 | Jason VanWees Vice Chairman | sell | $1.5M |
| Feb 3, 2026 | Jason VanWees Vice Chairman | sell | $1.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 6.7% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.14% | Mar 31, 2026 |
ETFs with the most weight in TDY
| GUNZ Tuttle Capital Self Defense Index ETF | 5.97% |
| KMID Virtus KAR Mid-Cap ETF | 4.49% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 4.33% |
| BOTT Themes Robotics & Automation ETF | 3.99% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 3.09% |
| IBOT Vaneck Robotics ETF | 2.83% |
| SMCO Hilton Small-MidCap Opportunity ETF | 2.5% |
| NATO Themes Transatlantic Defense ETF | 2.09% |
What could go wrong
- Growth leans heavily on acquisitions. Buying companies is part of Teledyne's strategy, with four deals in 2025. Overpaying, integration problems, hidden liabilities or asset write-downs could hurt results, and fewer good targets could slow growth.
- Export control findings tied to FLIR. Teledyne warns that adverse findings over export control practices, including FLIR's historical practices, could materially hurt it. New or wider sanctions and export restrictions could also limit where it can sell.
- China, tariffs and rare earth supplies. China has restricted exports of rare earth minerals and magnets used in Teledyne products, which has delayed sales before. Tariffs, trade tensions and a Chinese economic slowdown could also cut demand or margins.
- Strict U.S. government contracting rules. Sales to agencies such as NASA and the Department of War come with complex rules, including growing cybersecurity requirements. Failing to comply could hurt results and future contract prospects.
- Exposure to offshore oil and gas. Part of revenue comes from oil and gas companies, especially offshore. That industry swings with oil and gas prices, and past downturns in it have hurt Teledyne's results.
- Cyclical markets and customer spending cuts. Higher interest rates could lead customers to cut capital spending. A recession or a downturn in one of Teledyne's cyclical markets could also mean fewer orders, payment delays and price pressure.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Other company announcement
- Quarterly results released
- Major agreement signed
- Executive or board change
- Quarterly results released
- Executive or board change
For income and retirement investors
Teledyne does not pay a dividend and paid none in fiscal 2021 through 2025. For an income investor, that means no regular cash from the shares: the whole return depends on the share price, and raising cash means selling shares. The company has returned cash through buybacks (repurchases of its own shares) instead, spending $354 million in fiscal 2024 and $403 million in fiscal 2025. Even so, the share count fell only 1.3% between October 25, 2021 and October 14, 2026.
The stock has fallen hard in past downturns. It dropped 66.2% between July 2008 and March 2009 and did not regain its peak until April 2012. In the 2020 COVID crash it fell 48.9% but was back at its peak by November 2020. In the 2022 bear market (a fall of 20% or more) it lost 32% and did not recover until November 2024. Like any single stock, Teledyne carries more risk than a diversified fund.
Questions investors ask
How does Teledyne make money?
Teledyne makes money by selling sensors, cameras, instruments and electronics to industrial, scientific, government and defense customers that need advanced, high-reliability technology. Net sales were $6.1 billion in the fiscal year ended December 28, 2025. Digital Imaging, which includes visible, infrared and X-ray cameras and sensors, brought in about 52%. Instrumentation added about 24%, Aerospace and Defense Electronics about 17% and Engineered Systems about 7%. No commercial customer accounted for more than 10% of sales.
Does Teledyne pay a dividend?
No. Teledyne paid no dividends in fiscal 2021 through 2025. It returns cash through share buybacks instead, spending $354 million in fiscal 2024 and $403 million in fiscal 2025. For retirees who live on portfolio income, that means the stock produces no cash on its own. Turning it into spending money requires selling shares, which can be costly to do after a price drop.
How much debt does Teledyne have?
Teledyne had about $2.03 billion of total debt and $562 million of cash and investments as of September 27, 2026, leaving net debt of about $1.47 billion. That compares with free cash flow (cash left after running the business and investing in it) of $1.07 billion in fiscal 2025. The company's annual report still lists debt as a risk: breaking loan covenants (promises made to lenders) or a credit rating downgrade could raise borrowing costs or hurt the business.
Is Teledyne a defense stock?
Partly. Defense is one of several markets. Aerospace and Defense Electronics made up about 17% of net sales in fiscal 2025, and Engineered Systems, about 7%, serves customers such as NASA, the U.S. Department of War and foreign militaries. Digital Imaging also sells infrared imaging systems, unmanned aerial and ground systems, and chemical and explosive detectors for defense. Teledyne also serves factory automation, environmental monitoring, electronics testing, ocean research, oil and gas, and medical imaging.
How has Teledyne stock performed over the long term?
Over ten years the gains have been large; over five, more modest. As of October 28, 2026, the share price had gained about 20.1% a year over ten years, 8.3% a year over five years and 26.7% over one year. Because Teledyne pays no dividend, price change is the whole return. On that date the shares traded at about 35 times fiscal 2025 earnings per share, a price-to-earnings ratio that compares the price with a year's profit per share. Past returns do not predict future results.