Is the business good?
How good a business is AME?
Ametek earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
13%
Return on invested capital · cost of capital 9.0% · 3.6 points above what the capital costs: growth creates value
- Operating margin
- 26%
Operating margin · Industrials median 10% · 12 months to Q2 2026
- Cash conversion
- 1.16×
Cash conversion · 1.17× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.70%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 23% |
| FY2021 | 24% |
| FY2022 | 24% |
| FY2023 | 26% |
| FY2024 | 26% |
| FY2025 | 26% |
Details›
- Gross margin12 months to Q2 2026
- 36%
- Operating margin12 months to Q2 2026
- 26%
- Net margin12 months to Q2 2026
- 20%
- Free cash flow margin
- 23%
- Revenue, trailing twelve months
- $7.86B
- Free cash flow, trailing twelve months
- $1.82B
- Net income, trailing twelve months
- $1.58B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.