Transcat (TRNS)
Market Price (11/9/2026): $104.0 | Market Cap: $978.1 MilSector: Industrials | Industry: Diversified Support Services
Transcat (TRNS)
Market Price (11/9/2026): $104.0Market Cap: $978.1 MilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Aviation & Space, and Hydrogen Economy. Themes include Factory Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -60% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 208x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% Key risksTRNS key risks include [1] high debt and integration challenges stemming from its aggressive acquisition strategy. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Aviation & Space, and Hydrogen Economy. Themes include Factory Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -60% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 208x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% |
| Key risksTRNS key risks include [1] high debt and integration challenges stemming from its aggressive acquisition strategy. |
Qualitative Assessment
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Transcat (TRNS) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2027 Financial Results and Raised Full-Year Outlook. Transcat reported robust fiscal Q2 2027 (ended September 26, 2026) results, with consolidated revenue increasing 18% year-over-year to $97.1 million, surpassing consensus estimates of $92.46 million. Adjusted earnings per share surged 46% year-over-year to $0.64, significantly beating analyst consensus estimates of $0.45 by 42.9%. Following this strong performance, management raised its full-year fiscal 2027 service organic revenue growth outlook to "low double digits" from its prior "high single digits" forecast, signaling confidence in sustained business momentum.
2. Accelerated Service Organic Revenue Growth and Significant Service Gross Margin Expansion. The company experienced accelerated organic service revenue growth of 16% in fiscal Q2 2027, an increase from 13% in fiscal Q1 2027 (ended June 27, 2026), marking its 70th consecutive quarter of year-over-year service revenue growth. This growth was driven by market share gains and strong demand from highly regulated industries such as life sciences, aerospace, and defense. Concurrently, service gross margin expanded by 220 basis points to 34.4% in fiscal Q2 2027, a result of operational efficiencies, favorable business mix, and improved pricing.
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Transcat (TRNS) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2027 Financial Results and Raised Full-Year Outlook. Transcat reported robust fiscal Q2 2027 (ended September 26, 2026) results, with consolidated revenue increasing 18% year-over-year to $97.1 million, surpassing consensus estimates of $92.46 million. Adjusted earnings per share surged 46% year-over-year to $0.64, significantly beating analyst consensus estimates of $0.45 by 42.9%. Following this strong performance, management raised its full-year fiscal 2027 service organic revenue growth outlook to "low double digits" from its prior "high single digits" forecast, signaling confidence in sustained business momentum.
2. Accelerated Service Organic Revenue Growth and Significant Service Gross Margin Expansion. The company experienced accelerated organic service revenue growth of 16% in fiscal Q2 2027, an increase from 13% in fiscal Q1 2027 (ended June 27, 2026), marking its 70th consecutive quarter of year-over-year service revenue growth. This growth was driven by market share gains and strong demand from highly regulated industries such as life sciences, aerospace, and defense. Concurrently, service gross margin expanded by 220 basis points to 34.4% in fiscal Q2 2027, a result of operational efficiencies, favorable business mix, and improved pricing.
3. Strategic Acquisition to Expand Biomedical Calibration Footprint. In August 2026, Transcat strategically acquired Southeastern Biomedical Associates for $12.8 million in cash. This acquisition expands Transcat's leadership in biomedical calibration services, particularly within hospital networks in the southeastern United States, aligning with the company's strategy to build scale in regulated markets that require critical accredited calibrations.
4. Positive Analyst Sentiment and Upgrades. During the specified period, Transcat's stock benefited from increased positive sentiment and several analyst upgrades. Northland Securities upgraded Transcat from a "market perform" to an "outperform" rating with a $95 price target on October 21, 2026. Oppenheimer followed with an upgrade from "market perform" to "outperform" and a $115 price target around November 4, 2026. Additionally, CJS Securities initiated coverage with an "outperform" rating and a $115 price target on October 27, 2026, reflecting growing analyst confidence in the company's performance and outlook.
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Stock Movement Drivers
Fundamental Drivers
The 18.9% change in TRNS stock from 7/31/2026 to 11/8/2026 was primarily driven by a 39.6% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.37 | 101.51 | 18.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 332 | 363 | 9.4% |
| Net Income Margin (%) | 1.6% | 1.3% | -22.0% |
| P/E Multiple | 148.8 | 207.7 | 39.6% |
| Shares Outstanding (Mil) | 9 | 9 | -0.2% |
| Cumulative Contribution | 18.9% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| TRNS | 18.9% | |
| Market (SPY) | -1.6% | 59.6% |
| Sector (XLI) | -9.5% | 37.9% |
Fundamental Drivers
The 33.4% change in TRNS stock from 4/30/2026 to 11/8/2026 was primarily driven by a 130.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.10 | 101.51 | 33.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 320 | 363 | 13.6% |
| Net Income Margin (%) | 2.5% | 1.3% | -48.8% |
| P/E Multiple | 89.9 | 207.7 | 130.9% |
| Shares Outstanding (Mil) | 9 | 9 | -0.6% |
| Cumulative Contribution | 33.4% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| TRNS | 33.4% | |
| Market (SPY) | 2.6% | 51.5% |
| Sector (XLI) | -6.6% | 39.5% |
Fundamental Drivers
The 39.7% change in TRNS stock from 10/31/2025 to 11/8/2026 was primarily driven by a 310.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.65 | 101.51 | 39.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 288 | 363 | 26.1% |
| Net Income Margin (%) | 4.6% | 1.3% | -72.8% |
| P/E Multiple | 50.6 | 207.7 | 310.1% |
| Shares Outstanding (Mil) | 9 | 9 | -0.8% |
| Cumulative Contribution | 39.7% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| TRNS | 39.7% | |
| Market (SPY) | 8.7% | 44.8% |
| Sector (XLI) | 5.8% | 43.8% |
Fundamental Drivers
The 12.8% change in TRNS stock from 10/31/2023 to 11/8/2026 was primarily driven by a 219.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.02 | 101.51 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 237 | 363 | 53.6% |
| Net Income Margin (%) | 4.5% | 1.3% | -71.7% |
| P/E Multiple | 64.9 | 207.7 | 219.8% |
| Shares Outstanding (Mil) | 8 | 9 | -18.8% |
| Cumulative Contribution | 12.8% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| TRNS | 12.8% | |
| Market (SPY) | 81.9% | 33.2% |
| Sector (XLI) | 72.0% | 38.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRNS Return | 167% | -23% | 54% | -3% | -46% | 79% | 193% |
| Peers Return | 23% | -17% | 18% | 11% | 15% | 15% | 78% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| TRNS Win Rate | 92% | 50% | 58% | 50% | 42% | 73% | |
| Peers Win Rate | 67% | 38% | 62% | 53% | 57% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| TRNS Max Drawdown | -11% | -46% | -24% | -34% | -52% | -19% | |
| Peers Max Drawdown | -16% | -38% | -26% | -22% | -33% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTV, KEYS, AME, MKSI, BMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | TRNS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.4% | -18.8% |
| % Gain to Breakeven | 21.1% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.7% | -7.8% |
| % Gain to Breakeven | 11.9% | 8.5% |
| Time to Breakeven | 13 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.9% | -6.7% |
| % Gain to Breakeven | 17.4% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.3% | -24.5% |
| % Gain to Breakeven | 76.5% | 32.4% |
| Time to Breakeven | 218 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.6% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.9% | -19.2% |
| % Gain to Breakeven | 21.8% | 23.8% |
| Time to Breakeven | 34 days | 105 days |
In The Past
Transcat's stock fell -17.4% during the 2025 US Tariff Shock. Such a loss loss requires a 21.1% gain to breakeven.
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| Event | TRNS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.3% | -24.5% |
| % Gain to Breakeven | 76.5% | 32.4% |
| Time to Breakeven | 218 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.6% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.0% | -53.4% |
| % Gain to Breakeven | 72.4% | 114.4% |
| Time to Breakeven | 185 days | 1085 days |
In The Past
Transcat's stock fell -17.4% during the 2025 US Tariff Shock. Such a loss loss requires a 21.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Transcat (TRNS)
Transcat, Inc. (TRNS) operates as a critical partner for industries requiring precision and compliance in their operations, primarily through two core segments: Service and Distribution. The company provides specialized calibration and laboratory instrument services to ensure the accuracy and reliability of equipment. Concurrently, its Distribution segment supplies and rents a wide range of test, measurement, and control instruments, often with integrated calibration services.
The Service segment offers a comprehensive suite of solutions, including calibration, repair, inspection, analytical qualification, and preventative maintenance for various instruments. This segment is bolstered by proprietary software like CalTrak, which streamlines workflow and asset management, and an online customer portal, Compliance, Control and Cost, that provides web-based asset management and secure archiving of service records. These services are vital for maintaining operational integrity and regulatory adherence.
Transcat's Distribution segment focuses on selling and renting essential test, measurement, and control instruments. Beyond just providing equipment, this segment adds value by offering calibration and certification of purchased items, equipment rentals, used equipment sales, and kitting solutions. Transcat primarily serves highly regulated sectors, particularly the life science industry (pharmaceutical, biotech, medical device), as well as aerospace and defense, industrial manufacturing, oil and gas, and alternative energy, all of which depend on the accuracy and confirmation of their equipment's capabilities.
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Here are 1-3 brief analogies for Transcat (TRNS):
They're like a specialized Grainger for high-precision test and measurement equipment, with built-in calibration, maintenance, and compliance services.
Essentially the Intertek or Bureau Veritas for measurement devices, ensuring accuracy and regulatory compliance, but they also sell and rent the equipment.
Like Amazon Business for specialized industrial and scientific tools, but with an integrated 'Geek Squad' for calibration, maintenance, and compliance.
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- Calibration and Instrument Services: Provides a comprehensive suite of services including calibration, repair, inspection, and preventative maintenance for laboratory and process instruments.
- Instrument Sales and Rental: Offers a wide selection of new and used test, measurement, and control instruments for sale and rent, including value-added services like equipment kitting.
- CalTrak Software: A proprietary document and asset management software used for integrating calibration service workflows and managing customer assets.
- Compliance, Control and Cost Portal: An online customer portal providing web-based asset management capabilities and secure archiving of calibration and service records.
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Transcat, Inc. (TRNS) sells primarily to other companies in highly regulated industries. The provided information does not disclose specific major customer companies by name. However, it identifies the following categories of industries and types of companies within them as Transcat's major customers:
- Life Science: This includes companies in the pharmaceutical, biotechnology, medical device, and other FDA-regulated industries.
- Aerospace and Defense Industrial Manufacturing
- Oil and Gas and Alternative Energy
- Other Industries: Various other industries that require accuracy in processes and confirmation of the capabilities of their equipment.
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- Fortive Corporation (FTV)
- Keysight Technologies (KEYS)
- Honeywell (HON)
- Teledyne Technologies (TDY)
- Thermo Fisher Scientific (TMO)
- Mettler Toledo (MTD)
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Jaime Irick, President & Chief Executive Officer (effective March 29, 2026)
Mr. Irick most recently served as the Chief Executive Officer of The Pittsburgh Paints Company from December 2024 to February 2025, where he successfully led a $2 billion carve-out and transition from PPG Industries to private equity ownership. Prior to that, he held senior leadership roles at PPG Industries and General Electric, including as a GE Company Officer, from 2003 to 2016. He also served as a Field Artillery Officer in the U.S. Army.
Lee D. Rudow, President & Chief Executive Officer (retiring March 28, 2026)
Mr. Rudow joined Transcat in November 2011 as Chief Operating Officer, was appointed President in September 2012, and became Chief Executive Officer in July 2013. He brings over 35 years of experience in the calibration and distribution industry, having worked with startups, private equity-backed, and large industrial companies. His previous roles include Vice President at SIMCO Electronics, Inc., and President and CEO of Davis Calibration, Inc. and Davis Inotek Corp., as well as President of Davis Instruments Corp.
Thomas L. Barbato, Chief Financial Officer & Treasurer
Mr. Barbato has served as Chief Financial Officer and Treasurer of Transcat since August 2022, following his role as SVP Finance from January 2022. Before joining Transcat, he was the Chief Financial Officer of IEC Electronics from 2018 to 2021, a publicly traded company that was acquired by Creation Technologies. He also held various finance leadership positions during a 21-year career at Xerox Corporation, and previously worked as a Senior Auditor at Deloitte & Touche.
Michael West, Chief Operating Officer
Mr. West was appointed Chief Operating Officer in April 2024. Having been with Transcat for a decade, he has been instrumental in enhancing service productivity, integrating acquired businesses, and growing the company's pipette and rental businesses. He previously served as Senior Vice President of Operations.
Theresa A. Conroy, Chief Human Resources Officer
Ms. Conroy serves as the Chief Human Resources Officer. She is also listed as Senior Vice President - Human Resources.
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- Intense Competition: Transcat operates in a highly fragmented and competitive landscape across both its service and distribution segments. Major direct competitors include global calibration giants like Trescal and large instrument suppliers such as Keysight Technologies and Fortive. The competitive pressure is further intensified by private equity consolidation in the calibration market, leading to well-capitalized entities. This competition can impact market share, pricing power, and overall profitability.
- Acquisition Growth and Integration Risks: A significant part of Transcat's growth strategy relies on strategic acquisitions to consolidate smaller regional service providers. The success of this strategy is dependent on the ability to identify suitable acquisition targets, negotiate favorable terms, secure adequate financing, and effectively integrate the acquired businesses. Failure to execute successful acquisitions or integrate them seamlessly could hinder the company's growth prospects and impact financial performance.
- Labor Constraints and Talent Acquisition: Transcat requires a specialized workforce of qualified metrology technicians to deliver its calibration and laboratory instrument services. Training these technicians is a time-intensive process, taking months to years for full proficiency. An inability to attract, hire, or adequately train a sufficient number of skilled technicians could limit the company's capacity for growth and lead to increased wage inflation for this specialized labor pool, impacting service margins.
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Addressable Markets for Transcat (TRNS)
Transcat, Inc. operates in two primary segments: Service and Distribution. The company's main products and services include calibration and laboratory instrument services, the sale and rental of test, measurement, and control instruments, and proprietary asset management software.
Calibration Services
The global market for calibration services was estimated at approximately 6.90 billion USD in 2025 and is projected to reach 11.60 billion USD by 2035, growing at a compound annual growth rate (CAGR) of 5.33% from 2026 to 2035. Another estimate places the global market at 6.5 billion USD in 2025, anticipating growth to 9.4 billion USD by 2034 with a CAGR of 4.30% during 2026-2034. In North America, the calibration services market is expected to witness a CAGR of 4.5% during the forecast period of 2023-2030. Specifically, the U.S. calibration services market is projected to grow from 2.07 billion USD in 2025 to reach 3.48 billion USD by 2035. The U.S. market dominated the North America Calibration Services Market in 2022 and is projected to reach a market value of 1,653.7 million USD (approximately 1.65 billion USD) by 2030.
Test and Measurement Equipment
The global test and measurement equipment market size was estimated at 35.32 billion USD in 2025 and is projected to reach 50.63 billion USD by 2033, demonstrating a CAGR of 4.8% from 2026 to 2033. Another report valued the global market at 37.62 billion USD in 2025, with a projection to reach 58.66 billion USD by 2035, growing at a CAGR of 4.54% from 2026 to 2035. For the U.S. market, the size was valued at 8.27 billion USD in 2024 and is projected to grow at a CAGR of 5.0% from 2025 to 2030. Another estimate for the U.S. market indicates a value of 9.48 billion USD in 2024, expected to reach 11.79 billion USD by 2029 at a CAGR of 4.4%.
Industrial Asset Management Software (relevant to CalTrak and Compliance, Control and Cost)
The global industrial asset management (IAM) software market was valued at 7.5 billion USD in 2024 and is projected to grow at a CAGR of 15% to reach 17 billion USD in 2030. North America is set to lead this market, accounting for 32% of the spend in 2030.
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- Strong demand in highly regulated end markets: Transcat anticipates continued robust demand for its core calibration services, particularly within highly regulated industries such as life science, aerospace and defense, and energy. This consistent demand underpins organic service revenue growth.
- Expansion of the instrument rental channel: The company expects significant growth from its higher-margin instrument rental channel within the Distribution segment. This strategic focus is designed to contribute meaningfully to both revenue and gross margin expansion.
- Strategic acquisitions: Transcat actively pursues and integrates acquisitions to expand its geographic footprint, enhance technical capabilities, and add to both its service and distribution revenue streams. Recent examples include Martin Calibration, Essco Calibration, and Axiom Test Equipment.
- Consistent organic service growth: Management projects high single-digit to low double-digit organic growth in its service segment, driven by strong market share gains and ongoing customer demand for its specialized calibration services.
- Leveraging process improvement and automation: Transcat aims to enhance its service margins and operational efficiency through continuous process improvement and automation initiatives. These efforts are expected to support overall revenue growth by improving profitability and the capacity to serve more customers.
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Share Issuance
- Transcat's shares outstanding increased by 2.26% in one year.
- In April 2024, Transcat acquired Becnel Rental Tools LLC for $50 million, with $32.5 million of the purchase price paid in company stock.
- Over a five-year period, Transcat's shares outstanding showed a compound annual growth rate (CAGR) of 4.6%.
Outbound Investments
- Transcat acquired Essco Calibration Laboratory for $84 million in cash, effective August 5, 2025, marking its largest acquisition to date.
- In December 2024, Transcat acquired Martincalibration for $81.8 million, a provider of calibration and repair services.
- Other recent acquisitions include Becnel Rental Tools LLC for $50 million in April 2024, SteriQual for $4.25 million in July 2023, and NEXA | EAM for $22.5 million in September 2021.
Capital Expenditures
- Transcat's capital expenditures for fiscal year 2025 were consistent with the prior year, primarily focused on service segment capabilities, rental pool assets, technology, and future growth projects.
- The company anticipates net capital expenditures for fiscal year 2026 to be in the range of $14 million to $16 million.
- Capital expenditures in the last 12 months totaled approximately $14.40 million.
Peer Outperformance in Diversified Support Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TRNS | Transcat | 14.4% | 207.7x | 83.4% | 12.8% | 8.0% | — |
| CXW | CoreCivic | 12.6% | 1.8x | 69.1% | 109.4% | 197.4% | +189pp |
| CACI | CACI International | 12.0% | 24.9x | 3.7% | 87.8% | 111.6% | +104pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 28.7% | 34.6% | 109.9% | MATX 149% · KEX 110% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 9.1% | 66.3% | 93.0% | ALSN 261% · WAB 201% · CAT 183% |
| Construction & Engineering | 28 | -21.4% | 94.1% | 91.9% | FIX 948% · STRL 785% · AGX 563% |
| Aerospace & Defense | 54 | -2.0% | 55.7% | 55.6% | ATI 901% · FTAI 836% · HWM 537% |
| Trading Companies & Distributors | 19 | 11.5% | 30.7% | 29.4% | DXPE 293% · AIT 187% · URI 179% |
| Industrial Machinery & Supplies & Components | 71 | 1.0% | 48.7% | 28.0% | CRS 766% · MLI 290% · SYM 266% |
| Rail Transportation | 7 | 33.7% | 69.8% | 24.9% | CSX 48% · UNP 36% · NSC 25% |
| Building Products | 34 | -7.3% | 6.8% | 12.8% | MOD 753% · GFF 340% · TT 128% |
| Diversified Support Services ← | 35 | 15.7% | 39.1% | 11.9% | CXW 197% · OPLN 136% · CTAS 113% |
| Cargo Ground Transportation | 16 | 27.7% | 13.1% | 1.3% | XPO 265% · R 246% · SNDR 17% |
| Office Services & Supplies | 10 | 19.6% | 25.3% | -2.8% | PBI 146% · HNI 39% · MSA 17% |
| Industrial Conglomerates | 17 | 14.5% | 8.0% | -4.5% | CSW 97% · DD 69% · CSL 68% |
| Electrical Components & Equipment | 39 | -7.8% | 58.1% | -7.7% | POWL 1421% · VRT 567% · BE 387% |
| Data Processing & Outsourced Services | 6 | -10.2% | 2.7% | -13.5% | EXLS 59% · BR 19% · G -10% |
| Research & Consulting Services | 13 | 0.5% | -11.2% | -24.9% | HURN 212% · FCN 37% · BAH 7% |
| Agricultural & Farm Machinery | 16 | 14.8% | -3.4% | -26.2% | DE 99% · TTC 14% · AGCO 2% |
| Security & Alarm Services | 9 | -47.2% | 35.9% | -28.5% | BCO 72% |
| Environmental & Facilities Services | 29 | -22.8% | 26.2% | -30.4% | GEO 194% · CLH 164% · RSG 97% |
| Passenger Airlines | 11 | 4.0% | 75.4% | -33.9% | LTM 3031% · UAL 112% · DAL 103% |
| Air Freight & Logistics | 12 | -31.2% | -8.1% | -40.8% | FDX 71% · EXPD 56% · CHRW 49% |
| Human Resource & Employment Services | 22 | 22.1% | -15.8% | -42.2% | ADP 49% · FA 14% · PAYX 12% |
| Passenger Ground Transportation | 3 | -22.5% | 37.0% | -57.3% | UBER 49% · CAR -57% · LYFT -69% |
| Airport Services | 4 | -42.8% | -62.5% | -87.2% | JOBY -37% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 174.37 |
| Mkt Cap | 16.3 |
| Rev LTM | 4,584 |
| Op Inc LTM | 889 |
| FCF LTM | 876 |
| FCF 3Y Avg | 866 |
| CFO LTM | 965 |
| CFO 3Y Avg | 972 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.2% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 17.7% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 7.1% |
| Op Mgn LTM | 19.4% |
| Op Mgn 3Y Avg | 17.6% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 21.2% |
| CFO/Rev 3Y Avg | 21.8% |
| FCF/Rev LTM | 19.2% |
| FCF/Rev 3Y Avg | 19.7% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Service | 217 | 181 | 170 | 145 | 122 |
| Distribution | 115 | 97 | 90 | 86 | 83 |
| Total | 332 | 278 | 259 | 231 | 205 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Distribution | 8 | 3 | 5 | 5 | 3 |
| Service | 5 | 15 | 15 | 11 | 11 |
| Total | 13 | 18 | 20 | 16 | 14 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Service | 134 | 119 | 109 | 71 | 67 |
| Distribution | 97 | 52 | 46 | 45 | 48 |
| Unallocated | 57 | 25 | 22 | 16 | 13 |
| Total | 288 | 196 | 178 | 132 | 128 |
Price Behavior
| Market Price | $101.51 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 03/27/1990 | |
| Distance from 52W High | -6.1% | |
| 50 Days | 200 Days | |
| DMA Price | $86.94 | $82.51 |
| DMA Trend | down | up |
| Distance from DMA | 16.8% | 23.0% |
| 3M | 1YR | |
| Volatility | 58.7% | 50.7% |
| Downside Capture | 189.30 | 128.06 |
| Upside Capture | 316.95 | 176.47 |
| Correlation (S&P 500) | 59.9% | 44.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.87 | 2.38 | 2.11 | 1.78 | 1.55 | 0.95 |
| Up Beta | -0.81 | 0.37 | 0.94 | 0.11 | 1.45 | 0.86 |
| Down Beta | 3.40 | 3.95 | 3.40 | 2.63 | 2.07 | 0.78 |
| Up Capture | 303% | 250% | 226% | 259% | 172% | 89% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 24 | 37 | 72 | 128 | 383 |
| Down Capture | 267% | 193% | 194% | 161% | 125% | 106% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 19 | 27 | 54 | 123 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNS | |
|---|---|---|---|---|
| TRNS | 66.8% | 50.7% | 1.17 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 43.6% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 44.5% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 20.9% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -19.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 20.2% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 17.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNS | |
|---|---|---|---|---|
| TRNS | 6.9% | 45.0% | 0.29 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 41.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 37.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 0.0% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 29.1% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 15.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRNS | |
|---|---|---|---|---|
| TRNS | 25.8% | 43.2% | 0.68 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 37.0% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 35.6% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 7.2% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 5.4% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 31.9% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 9.9% |
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Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | 20.8% | ||
| 8/4/2026 | 2.0% | 3.8% | -6.9% |
| 5/26/2026 | 5.1% | 18.5% | 20.2% |
| 2/3/2026 | 11.5% | 25.9% | 18.2% |
| 11/3/2025 | -11.7% | -16.8% | -24.3% |
| 8/7/2025 | 2.7% | 10.2% | 0.3% |
| 5/20/2025 | -4.2% | -5.3% | -14.6% |
| 1/28/2025 | -12.7% | -22.1% | -16.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 5.8% | 10.2% | 14.6% |
| Median Negative | -12.7% | -13.4% | -10.8% |
| Max Positive | 20.8% | 25.9% | 21.1% |
| Max Negative | -16.8% | -22.6% | -24.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | 20.8% | ||
| 8/4/2026 | 2.0% | 3.8% | -6.9% |
| 5/26/2026 | 5.1% | 18.5% | 20.2% |
| 2/3/2026 | 11.5% | 25.9% | 18.2% |
| 11/3/2025 | -11.7% | -16.8% | -24.3% |
| 8/7/2025 | 2.7% | 10.2% | 0.3% |
| 5/20/2025 | -4.2% | -5.3% | -14.6% |
| 1/28/2025 | -12.7% | -22.1% | -16.2% |
| 10/29/2024 | -16.8% | -17.2% | -11.6% |
| 7/30/2024 | -13.5% | -19.9% | -7.4% |
| 5/21/2024 | 14.3% | 7.8% | -2.7% |
| 1/30/2024 | 6.7% | 6.7% | 1.6% |
| 10/31/2023 | -3.5% | -7.1% | 5.5% |
| 8/1/2023 | 4.3% | 8.0% | 21.1% |
| 5/22/2023 | 3.2% | -0.8% | -0.4% |
| 1/31/2023 | 2.9% | 5.9% | 9.7% |
| 11/1/2022 | -12.8% | -10.1% | -3.3% |
| 8/2/2022 | 5.8% | 12.4% | 15.2% |
| 5/24/2022 | -6.4% | -5.9% | -10.8% |
| 2/2/2022 | -12.9% | -22.6% | -17.7% |
| 11/3/2021 | 7.0% | 18.1% | 14.0% |
| 7/28/2021 | 4.5% | 3.7% | 10.6% |
| 5/19/2021 | 17.9% | 15.0% | 16.1% |
| 2/3/2021 | 7.8% | 15.4% | 20.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 5.8% | 10.2% | 14.6% |
| Median Negative | -12.7% | -13.4% | -10.8% |
| Max Positive | 20.8% | 25.9% | 21.1% |
| Max Negative | -16.8% | -22.6% | -24.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/27/2025 | 10-K |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/28/2024 | 10-K |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 06/06/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/27/2025 | 10-K |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/28/2024 | 10-K |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 06/06/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 06/09/2022 | 10-K |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 06/08/2021 | 10-K |
| 12/31/2020 | 02/03/2021 | 10-Q |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 06/08/2020 | 10-K |
| 12/31/2019 | 02/05/2020 | 10-Q |
Recent Forward Guidance
Updated 11/4/2026Latest: Q2 2027 Earnings Reported 11/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Service Organic Revenue Growth | Reported | 10.0% | 11.5% | 13.0% | 4.5% | Raised | Guidance: 7.0% for 2027 | |
| 2027 Service Gross Margin Expansion | Reported | 1.0% | 1.0% | |||||
Prior: Q1 2027 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Service Organic Revenue Growth | Reported | 7.0% | 0.0% | Affirmed | Guidance: 7.0% for 2027 | |||
Q4 2026 Earnings Reported 5/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Service Organic Revenue Growth | Reported | 7.0% | 0.0% | Same New | Guidance: 7.0% for Q4 2026 | |||
Q3 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Service Organic Revenue Growth | Reported | 7.0% | ||||||
Insider Activity
Updated 11/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Irick, Jaime A | President and CEO | Direct | Buy | 11062026 | 101.26 | 2,275 | 230,366 | 230,366 | Form |
| 2 | Dominach, Oksana S | Direct | Sell | 9032026 | 85.60 | 7,312 | 625,876 | 371,999 | Form | |
| 3 | Gillette, Christopher P | Direct | Sell | 8122026 | 94.23 | 504 | 47,494 | 18,847 | Form | |
| 4 | Cairns, Craig D | Howe & Rusling 401(k) Plan FBO Craig D. Cairns | Buy | 8102026 | 93.97 | 1,050 | 98,663 | 139,068 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Irick, Jaime A | President and CEO | Direct | Buy | 11062026 | 101.26 | 2,275 | 230,366 | 230,366 | Form |
| 2 | Dominach, Oksana S | Direct | Sell | 9032026 | 85.60 | 7,312 | 625,876 | 371,999 | Form | |
| 3 | Gillette, Christopher P | Direct | Sell | 8122026 | 94.23 | 504 | 47,494 | 18,847 | Form | |
| 4 | Cairns, Craig D | Howe & Rusling 401(k) Plan FBO Craig D. Cairns | Buy | 8102026 | 93.97 | 1,050 | 98,663 | 139,068 | Form |
Investor Activity (13F)
Updated Nov 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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