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Scientific & technical instruments · Technology · Fiscal year ends Dec 31
Ralliant reported revenue of $2.1B in the fiscal year ended Dec 2025, down 4.0% from the year before. Operating income was −$1.2B, an operating margin of −57.2%, and net income was −$1.2B. Operating cash flow of $398M less capital expenditure of $39M left free cash flow of $358M. Net debt was $830M.
Ranks among the 19 scientific & technical instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 2,156 | 2,155 | 2,069 |
| Cost of revenue | 1,036 | 1,043 | 1,029 |
| Gross profit | 1,120 | 1,112 | 1,040 |
| Research & development | 162 | 164 | 165 |
| Selling, general & admin | 446 | 552 | 617 |
| Operating income | 512 | 460 | −1,183 |
| Interest expense | 0.0 | 0.0 | 32.3 |
| Pre-tax income | 510 | 433 | −1,216 |
| Income tax | 93.0 | 78.0 | 6.1 |
| Net income | 417 | 355 | −1,223 |
| Diluted EPS | 3.70 | 3.15 | −10.84 |
| Diluted shares | 113 | 113 | 113 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 0.0 | 0.0 | 319 |
| Receivables | – | 294 | 285 |
| Inventory | – | 283 | 302 |
| Current assets | – | 619 | 976 |
| Net PP&E | – | 200 | 214 |
| Goodwill | 1,857 | 2,940 | 1,672 |
| Total assets | – | 4,719 | 3,822 |
| Payables | – | 255 | 264 |
| Deferred revenue | – | 143 | 155 |
| Current liabilities | – | 534 | 1,160 |
| Short-term debt | – | 0.0 | 530 |
| Long-term debt | – | 0.0 | 618 |
| Total liabilities | – | 957 | 2,187 |
| Shareholders' equity | 2,261 | 3,763 | 1,634 |
| Backlog (remaining obligations) | – | – | 61.1 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 462 | 455 | 398 |
| Capital expenditure | 29.2 | 34.3 | 39.2 |
| Free cash flow | 433 | 420 | 358 |
| Depreciation & amortisation | 30.7 | 113 | 116 |
| Stock-based compensation | 25.0 | 24.5 | 56.2 |
| Acquisitions | 0.0 | 1,718 | 0.0 |
| Dividends paid | 0.0 | 0.0 | 11.3 |
| Dividend per share | – | – | 0.10 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −0.0% | −4.0% |
| Operating income growth (YoY) | – | −10.2% | −357.4% |
| EPS growth (YoY) | – | −14.9% | −444.1% |
| Gross margin | 51.9% | 51.6% | 50.3% |
| Operating margin | 23.7% | 21.3% | −57.2% |
| Net margin | 19.3% | 16.5% | −59.1% |
| Return on equityBlank when equity is negative | 18.4% | 9.4% | −74.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 11.0% | −44.4% |
| Free cash flow margin | 20.1% | 19.5% | 17.3% |
| Cash conversion (CFO ÷ net income) | 1.11x | 1.28x | −0.33x |
| Receivable days | – | 50 | 50 |
| Inventory days | – | 99 | 107 |
| Payable days | – | 89 | 94 |
| Interest cover | – | – | −36.6x |
| Debt ÷ equity | – | 0.00x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 0.0 | 830 |
| Current ratio | – | 1.16x | 0.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.