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Here are 1-2 brief analogies for Teledyne Technologies (TDY):

• A Honeywell specializing in advanced sensors, digital imaging, and precision instrumentation.
• The 3M of high-performance electronics and imaging for demanding industrial and defense applications.

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• Digital Imaging Sensors & Systems: Provides advanced imaging sensors, cameras, and vision systems for industrial inspection, scientific research, defense, and healthcare.
• Marine Instrumentation: Offers subsea sensors, autonomous underwater vehicles (AUVs), and acoustic solutions for oceanographic research, oil & gas, and defense.
• Environmental Monitoring Instruments: Manufactures analytical instruments and sensor systems for air and water quality monitoring, process control, and laboratory analysis.
• Aerospace & Defense Electronics: Develops custom electronic components, interconnects, data acquisition systems, and microwave products for aerospace, defense, and space applications.
• Test & Measurement Equipment: Supplies electronic test equipment, power management solutions, and specialized data acquisition products for various industries.
• Engineered Systems: Delivers custom-engineered solutions and advanced manufacturing services, particularly for defense, space, and energy sectors.

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Teledyne Technologies (symbol: TDY) primarily sells its products and services to other companies and government entities, rather than directly to individuals. Due to the highly diversified nature of Teledyne's business, which encompasses sophisticated instrumentation, digital imaging products, aerospace and defense electronics, and engineered systems, no single customer or small group of customers constitutes a significant portion (e.g., 10% or more) of its consolidated revenue. Therefore, Teledyne does not publicly disclose specific "major customer companies" by name.

Instead, Teledyne Technologies serves a broad range of customers across various industries and government sectors. Its major customer categories include:

• Government Agencies and Aerospace & Defense Prime Contractors: This segment includes various U.S. government departments (such as the Department of Defense, NASA, Department of Energy, and U.S. Navy), foreign militaries, and large aerospace and defense contractors. These customers integrate Teledyne's advanced electronic components, sensors, and engineered systems into their own complex platforms, spacecraft, aircraft, and defense systems.
• Industrial, Manufacturing, and Commercial Businesses: Teledyne's instrumentation and digital imaging products are critical for a wide array of industrial and commercial applications. This category includes businesses in sectors such as semiconductor manufacturing, medical device production, oil & gas exploration and production, environmental monitoring, industrial automation, and food & beverage processing.
• Scientific, Environmental, and Academic Institutions: Universities, research laboratories, environmental consulting firms, and other scientific organizations utilize Teledyne's precision instrumentation and imaging solutions for advanced research, analytical testing, and environmental monitoring applications across various fields.

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George C. Bobb III, President and Chief Executive Officer

Mr. Bobb joined Teledyne in 2008 and was appointed President and Chief Executive Officer in April 2025. Prior to this role, he served as President and Chief Operating Officer since January 2024. His tenure at Teledyne also includes leadership roles as President of the Aerospace and Defense Electronics Segment, with executive responsibility for the Marine Instrumentation group, the Engineered Systems Segment, Teledyne Scientific & Imaging, LLC, and Teledyne's Information Technology functions. He has held various other executive and legal positions, including Chief Compliance Officer. Before joining Teledyne, Mr. Bobb was counsel for national security law and policy at the Department of Justice and an associate attorney at DeForest Koscelnik Yokitis & Kaplan. Earlier in his career, he served as a lieutenant in the U.S. Coast Guard.

Stephen F. Blackwood, Executive Vice President and Chief Financial Officer

Mr. Blackwood leads all global finance functions at Teledyne Technologies. He previously served as Teledyne's Senior Vice President, Strategic Sourcing, Tax and Treasurer, overseeing financing activities and managing relationships with external capital providers. He was instrumental in developing Teledyne's 80/20 program to enhance margins. Mr. Blackwood joined Teledyne in 2008. Before his time at Teledyne, he held senior treasury and finance positions in the biotechnology industry, including at Amgen, Inc., and worked at Pacific Energy Partners, a private equity portfolio company that was sold in 2006.

Robert Mehrabian, Executive Chairman

Dr. Mehrabian serves as the Executive Chairman of the Board for Teledyne Technologies. He previously held the roles of Chairman of the Board, Chief Executive Officer, and President of Teledyne. He played a crucial role in the formation of Teledyne Technologies Incorporated as a spin-off from Allegheny Teledyne, Inc. in 1999. Under his leadership, Teledyne significantly expanded its portfolio through the acquisition of over 60 businesses. He transitioned from CEO to Executive Chairman effective January 1, 2024.

Jason VanWees, Vice Chairman

Mr. VanWees is the Vice Chairman of Teledyne Technologies, with responsibilities encompassing corporate strategy, acquisitions, and margin improvement initiatives. He joined Teledyne in 1999, and since then, he has been involved in the acquisition of over 60 businesses, contributing to the company's substantial sales growth. Prior to joining Teledyne, Mr. VanWees worked in the Investment Banking departments of Goldman, Sachs & Co. and Salomon Brothers Inc., where he was engaged in numerous mergers, acquisitions, and capital markets transactions for a diverse range of corporate clients.

Melanie S. Cibik, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary

Ms. Cibik holds the positions of Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary at Teledyne Technologies Incorporated.

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The key risks to Teledyne Technologies' (TDY) business include its significant reliance on government contracts, the inherent risks associated with its acquisition-driven growth strategy, and the broader impact of economic and political uncertainties.

1. Reliance on Government Contracts: A substantial portion of Teledyne's revenue is derived from contracts with the United States government, making the company vulnerable to shifts in defense budgets, government policies, and potential spending cuts. Management has indicated that a prolonged U.S. government shutdown could affect approximately 25% of total sales. This dependence creates a structural risk due to the unpredictable nature of government funding and policy changes.

2. Acquisition and Integration Risks: Teledyne's growth model heavily depends on frequent acquisitions, which presents ongoing integration challenges. These risks include the difficulty of merging different company cultures and systems, retaining key management and customers, and successfully realizing anticipated financial and operational synergies. The company has incurred pre-tax transaction and integration costs, such as approximately $9.4 million in the first three quarters of 2025, reflecting the resources required to integrate new businesses.

3. Economic and Political Uncertainties: Teledyne is exposed to a range of macroeconomic and geopolitical risks. These include global economic downturns, trade tensions, tariffs, and geopolitical conflicts that can disrupt supply chains, increase material costs, and affect customer capital spending. Higher interest rates, for example, could lead customers to reduce capital expenditures, resulting in lower product sales. Additionally, tariffs have been identified as a significant challenge, with a potential annual cost impact of $100 million for the company.

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Teledyne Technologies (TDY) is expected to drive future revenue growth over the next 2-3 years through a combination of robust demand in defense markets, strategic acquisitions, organic expansion within its digital imaging segment, and growth in specialized instrumentation markets.

Expected Drivers of Future Revenue Growth:

1. Robust Demand in Defense and Government Programs: Teledyne continues to see strong performance and increasing orders in its defense-related businesses, contributing to substantial backlog growth. This includes organic growth in defense electronics and significant contract opportunities, particularly benefiting Teledyne FLIR's defense applications and defense-related marine instruments.
2. Strategic Acquisitions: Acquisitions remain a key component of Teledyne's growth strategy, allowing the company to expand its product offerings and market reach. Recent and pending acquisitions, such as TransponderTech from Saab, Adimec Holdings B.V., Valeport, Micropac Industries, Inc., and select aerospace and defense electronics businesses from Excelitas Technologies Corp., are contributing incremental sales and enhancing the company's market presence.
3. Organic Growth within Digital Imaging (Teledyne FLIR and Unmanned Systems): The Digital Imaging segment, driven by Teledyne FLIR, is experiencing strong demand. This includes commercial infrared imaging components, unmanned air systems, and industrial automation imaging systems, which are significant contributors to overall revenue growth.
4. Growth in Specialized Instrumentation Markets: Teledyne is observing increased sales in its Instrumentation segment, particularly within marine and environmental applications. Growth in marine instruments is attributed to strong offshore energy and defense markets, while environmental instruments are seeing higher sales, especially in gas detection products and laboratory instrumentation.

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Share Repurchases

• Teledyne Technologies authorized a new $2.0 billion stock repurchase program on July 23, 2025, which replaced a previous authorization that had $896 million remaining.
• This authorization permits the company to repurchase up to 7.7% of its outstanding shares.
• Annual share repurchases amounted to $354 million in 2024.

Share Issuance

• Teledyne issued common stock as part of the approximately $8.0 billion acquisition of FLIR Systems in mid-2021, where FLIR stockholders received 0.0718 shares of Teledyne common stock for each FLIR share in addition to cash.
• Proceeds from the exercise of stock options were $37.9 million in 2024, $45.4 million in 2023, and $23.6 million in 2022.

Outbound Investments

• Teledyne acquired FLIR Systems in a cash and stock transaction valued at approximately $8.0 billion, which closed in mid-2021.
• The company acquired Excelitas for $710 million in February 2025.
• Other acquisitions include TransponderTech from Saab AB in October 2025 and Micropac Industries for approximately $57.3 million in January 2025.

Capital Expenditures

• Capital expenditures for property, plant, and equipment were $29.2 million in the third quarter of 2025 and $21.1 million in the third quarter of 2024.
• Teledyne's capital allocation strategy includes disciplined deployment towards capital expenditures, alongside acquisitions, stock repurchases, and product development.
• The primary focus of capital expenditures supports growth in its four business segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics, and Engineered Systems, emphasizing technological capabilities and new product development.