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Here are 1-2 brief analogies for AMETEK (AME):

• Like the **Danaher** of advanced industrial instruments and electromechanical devices.
• A specialized, B2B version of **Honeywell**, providing critical engineered components and test instruments across various industries.

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• Advanced Analytical & Test Instruments: Precision instruments for research, process monitoring, quality control, material analysis, and specialized power systems across various industries.
• Electromechanical Devices: Specialized motors, blowers, pumps, motion control solutions, and engineered materials for diverse applications including aerospace, medical, and industrial automation.
• Power & Thermal Management Solutions: Programmable AC/DC power supplies and thermal management systems designed for testing, manufacturing, and critical industrial applications.
• Interconnects & Packaging: High-performance interconnects and packaging solutions primarily for defense, aerospace, and medical industries.

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AMETEK (symbol: AME) primarily sells its advanced instruments and electromechanical devices to other companies (Business-to-Business, or B2B) across a wide range of global industries.

Due to the highly diversified nature of its customer base, AMETEK does not publicly disclose specific major customer companies that account for a significant portion of its revenue in its SEC filings (e.g., 10-K reports). No single customer is reported to account for 10% or more of AMETEK's consolidated net sales, indicating a broad and fragmented customer portfolio rather than reliance on a few large buyers. Therefore, specific customer company names and symbols are not publicly available.

Instead, AMETEK serves a vast array of companies within the following key end markets, which represent its primary customer categories:

• Aerospace & Defense Sector Companies: These include Original Equipment Manufacturers (OEMs) and contractors that integrate AMETEK's components and instruments into aircraft, spacecraft, defense systems, and ground support equipment.
• Medical Device Manufacturers: Companies that design and produce diagnostic equipment, therapeutic devices, patient monitoring systems, and other medical instruments often use AMETEK's specialized components and solutions.
• Diversified Industrial Companies: This broad category encompasses a wide range of manufacturers and operators in sectors such as power generation, oil & gas, chemical processing, factory automation, general manufacturing, and various other industrial applications.

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David A. Zapico, Chairman of the Board and Chief Executive Officer

Mr. Zapico was elected Chairman of the Board in June 2017 and has served as Chief Executive Officer since May 2016. He joined AMETEK in 1990 as a Product Engineer and has held various engineering and general management positions within the company. His roles included Division Vice President of Process Instruments in 1996, Vice President and General Manager of AMETEK Aerospace and Power Instruments Division in 1999, and President, Electronic Instruments, from October 2003 to January 2013. He then served as Executive Vice President and Chief Operating Officer from January 2013 until May 2016.

Dalip M. Puri, Executive Vice President and Chief Financial Officer

Mr. Puri has been Executive Vice President and Chief Financial Officer since April 2024. He joined AMETEK in 2017 as Vice President and Treasurer, and subsequently held roles including Vice President and Group Controller, Vice President, Operational Finance, and Senior Vice President, Operational Finance. Before joining AMETEK, Mr. Puri was Vice President, Treasurer and Investor Relations at Chemtura Corporation. Earlier in his career, he gained experience in roles of increasing responsibility at Delphi Corporation and Hewitt Associates.

Emanuela Speranza, Chief Commercial Officer

Ms. Speranza has served as Chief Commercial Officer since January 2022. She joined AMETEK in 2014 as Vice President and General Manager, AMETEK Precision Instruments, Europe, and later served as Vice President, International starting in 2020. Prior to her tenure at AMETEK, Ms. Speranza held various leadership positions at Danaher, including Vice President for Europe, Middle East, Africa (EMEA) and India, and Vice President, EMEA Sales and Marketing for several of Danaher's businesses.

Ronald J. Oscher, Chief Administrative Officer

Mr. Oscher holds the title of Chief Administrative Officer. He joined AMETEK in May 2016.

Thomas C. Marecic, President, Electronic Instruments

Mr. Marecic has been President, Electronic Instruments since November 2014. He joined AMETEK in 1994 as a product engineer in Process & Analytical Instruments. Throughout his career at AMETEK, he progressed through various management roles, including Vice President and General Manager, Process & Analytical Instruments, a position he held starting in 2006.

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Key Business Risks for AMETEK (AME)

1. Economic Uncertainties and Cyclicality: As an industrial company, AMETEK is exposed to the inherent cyclicality of the economy. Fluctuations in global economic conditions, including currency volatility, inflation, and changes in consumer and industrial demand, can significantly impact the company's sales and profitability. Past downturns, such as the Global Financial Crisis and the pandemic, have demonstrated periods of negative growth for the company, although its diversified model has often provided some resilience compared to peers.
2. Reliance on Acquisitions and Integration Risks: A core component of AMETEK's growth strategy involves strategic acquisitions to expand its market presence and product portfolio. This reliance introduces risks related to the successful integration of newly acquired businesses, which can be challenging and may strain management and capital resources. Potential issues include difficulties in maintaining a cohesive corporate culture, achieving anticipated synergies, and diverting focus from core business operations.
3. Challenges with Organic Revenue Growth: Despite overall revenue growth, there have been observations of a slowdown in AMETEK's organic revenue growth, meaning growth excluding the impact of acquisitions and currency fluctuations. This could imply a need for improvements in product development, pricing strategies, or go-to-market approaches for its core businesses. A sustained lack of organic growth might increase the company's dependence on acquisitions to meet growth targets, which in turn amplifies the aforementioned integration risks.

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AMETEK (NYSE: AME) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market trends:

1. Strategic Acquisitions and Integration: AMETEK consistently emphasizes its robust pipeline of acquisition opportunities and the successful integration of recent purchases, such as FARO, Paragon Medical, Virtek, and Kern, which are expected to contribute significantly to sales. This strategy focuses on high-return, strategic targets that augment the company's existing portfolio.

2. Growth in Key End Markets: The company foresees continued strong demand and expansion in critical end markets. These include ongoing content wins in Aerospace & Defense programs, sustained demand in the automation sector, and increasing buildouts in data centers which support the Power group.

3. New Product Innovations and Research & Development (R&D): AMETEK is investing in R&D and launching new products that enhance capabilities in areas like AI-powered inspection and RF/microwave testing. These innovations are expected to drive margin expansion and generate recurring revenue streams, positioning the company at the forefront of technological advancements.

4. Organic Growth Initiatives: Beyond acquisitions, AMETEK is committed to internal organic growth. This is evident through reported strong organic sales growth across both its Electronic Instruments Group (EIG) and Electromechanical Group (EMG), alongside planned incremental investments in organic growth initiatives.

5. Electrification Tailwinds: The global push towards electrification is identified as a significant tailwind. AMETEK anticipates continued growth in its Power group, supported by the rising demand for electrification needs across various industries.

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Share Repurchases

• AMETEK repurchased approximately $220 million in shares during 2024, including $155 million in the fourth quarter.
• In May 2022, AMETEK's Board of Directors approved a $1 billion share repurchase authorization, replacing a prior $500 million authorization with approximately $313 million remaining.
• Share repurchases are considered opportunistic, with strategic acquisitions remaining the company's primary capital deployment priority.

Outbound Investments

• Acquisitions are a key focus of AMETEK's capital deployment strategy.
• In October 2023, AMETEK acquired Paragon Medical for $1.9 billion.
• Subsequent to the end of 2024 (announced February 2025), AMETEK acquired Kern Microtechnik for approximately $51.6 million (or €105 million). In May 2025, AMETEK acquired FARO Technologies for $920 million.

Capital Expenditures

• AMETEK's capital expenditures averaged $117.4 million annually from fiscal years ending December 2020 to 2024.
• Capital expenditures for 2024 were approximately $127.1 million and are expected to be approximately $160 million for the full year 2025, or about 2% of sales.
• Capital expenditures peaked at $139 million in December 2022 and reached a 5-year low of $74.199 million in December 2020.