Ralliant
RALNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $69.93 Prior regular-session close from the quote source.
- $70.18–$73.90 Regular-session low and high so far today.
- 1.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $37.27–$75.41 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RAL if 2025 proves to be a transition year rather than evidence of structural margin and demand erosion.
RAL price history
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Investment thesis
What must happen next
Ralliant’s precision measurement, display, and control products remain embedded enough in customer workflows that demand stays resilient through normal industrial cycles, even if growth is not yet visible.HoldingMateriality: High
GAAP annual revenue was $2.156 billion in FY2023 and $2.155 billion in FY2024, showing stability before the 2025 decline. If this holds, Ralliant has a defensible revenue base to monetize; if it breaks, operating leverage and valuation support disappear quickly.
Watch: Keysight, AMETEK, Teledyne, Emerson/National Instruments, or other larger instrument suppliers win key customer platforms by bundling broader hardware/software ecosystems.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $2.156 billion in FY2023 and $2.155 billion in FY2024, showing stability before the 2025 decline.
Open source ↗Specialized engineering and manufacturing capability keep Ralliant’s products differentiated enough to command premium gross margins rather than competing mainly on price.HoldingMateriality: High
GAAP annual gross profit was $1.120 billion in FY2023 on $2.156 billion of revenue, implying a gross margin of about 52%. Gross-margin durability is the clearest evidence that customers value the product and service package, not just the hardware bill of materials.
Watch: Low-cost instrument competitors narrow the performance gap and force Ralliant to discount to retain accounts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $1.120 billion in FY2023 on $2.156 billion of revenue, implying a gross margin of about.
Open source ↗Ralliant’s operating model converts its installed product and service activity into cash even when GAAP earnings are distorted, giving management capital to reinvest and repair the balance sheet.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $461.8 million in FY2023. If cash conversion holds, the company can fund its own recovery; if it fails, the GAAP loss becomes a balance-sheet and dilution risk.
Watch: Channel inventory destocking or customer payment delays turn reported sales into working-capital consumption.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $461.8 million in FY2023.
Open source ↗The post-separation balance sheet must be managed so higher liabilities do not crowd out product investment, service capability, or selective M&A in Ralliant’s niche instrument markets.WeakeningMateriality: Medium
GAAP liabilities increased from $956.6 million at FY2024 year-end to $2.187 billion at FY2025 year-end. A differentiated industrial technology business needs ongoing engineering investment; if leverage absorbs the cash flow, the moat can decay before revenue fully shows it.
Watch: Interest expense, required debt repayment, or covenant constraints force cuts to R&D, sales support, or service coverage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities increased from $956.6 million at FY2024 year-end to $2.187 billion at FY2025 year-end.
Open source ↗The 2025 GAAP operating loss must prove transitory rather than a signal that Ralliant’s gross-profit pool is being structurally consumed by overhead, impairment, or restructuring needs.WeakeningMateriality: Medium
GAAP annual operating income was positive at $511.8 million in FY2023. The equity can tolerate one-time accounting damage if cash and margins remain intact; it cannot tolerate a structurally unprofitable operating model.
Watch: Future filings show the 2025 loss was driven by recurring operating costs rather than discrete impairment, separation, or accounting items.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was positive at $511.8 million in FY2023.
Open source ↗
Full investment case & evidence
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Original research
Ralliant’s precision measurement, display, and control products remain embedded enough in customer workflows that demand stays resilient through normal industrial cycles, even if growth is not yet visible. If this holds, Ralliant has a defensible revenue base to monetize; if it breaks, operating leverage and valuation support disappear quickly.
Specialized engineering and manufacturing capability keep Ralliant’s products differentiated enough to command premium gross margins rather than competing mainly on price. Gross-margin durability is the clearest evidence that customers value the product and service package, not just the hardware bill of materials.
Ralliant’s operating model converts its installed product and service activity into cash even when GAAP earnings are distorted, giving management capital to reinvest and repair the balance sheet. If cash conversion holds, the company can fund its own recovery; if it fails, the GAAP loss becomes a balance-sheet and dilution risk.
The post-separation balance sheet must be managed so higher liabilities do not crowd out product investment, service capability, or selective M&A in Ralliant’s niche instrument markets. A differentiated industrial technology business needs ongoing engineering investment; if leverage absorbs the cash flow, the moat can decay before revenue fully shows it.
The 2025 GAAP operating loss must prove transitory rather than a signal that Ralliant’s gross-profit pool is being structurally consumed by overhead, impairment, or restructuring needs. The equity can tolerate one-time accounting damage if cash and margins remain intact; it cannot tolerate a structurally unprofitable operating model.
All standing thesis claims
Original report summary
2025 proves to be a transition year rather than evidence of structural margin and demand erosion.
Bull case and bear case
Bull case and bear case for Ralliant
Where the evidence on Ralliant disagrees: Mixed on the latest evidence (Oct 21, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Ralliant’s precision measurement, display, and control products remain embedded enough in customer workflows that demand stays resilient through normal industrial cycles, even if growth is not yet visible.
Specialized engineering and manufacturing capability keep Ralliant’s products differentiated enough to command premium gross margins rather than competing mainly on price.
Ralliant’s operating model converts its installed product and service activity into cash even when GAAP earnings are distorted, giving management capital to reinvest and repair the balance sheet.
Bear case: what the evidence questions
The post-separation balance sheet must be managed so higher liabilities do not crowd out product investment, service capability, or selective M&A in Ralliant’s niche instrument markets.
The 2025 GAAP operating loss must prove transitory rather than a signal that Ralliant’s gross-profit pool is being structurally consumed by overhead, impairment, or restructuring needs.
Thesis-Break Engine
Thesis-break watch · Ralliant
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Ralliant filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Ralliant filed an SEC 8-K on 2026-05-13: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Ralliant filed an SEC 8-K on 2026-05-12: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Keysight, AMETEK, Teledyne, Emerson/National Instruments, or other larger instrument suppliers win key customer platforms by bundling broader hardware/software ecosystems.
- Low-cost instrument competitors narrow the performance gap and force Ralliant to discount to retain accounts.
- Channel inventory destocking or customer payment delays turn reported sales into working-capital consumption.
- Interest expense, required debt repayment, or covenant constraints force cuts to R&D, sales support, or service coverage.
- Future filings show the 2025 loss was driven by recurring operating costs rather than discrete impairment, separation, or accounting items.
RAL news
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Financial statements
RAL income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RAL: quick answers
- Which well-known investors own RAL?
- 1 of the 37 well-known funds tracked here reported RAL shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
RAL in well-known investors’ portfolios
1 of 37 funds reported RAL shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.05% | $11.8M | — | Q2 2026 |