0001104659-25-117276 | 10-K | XBRL Viewer

VACCO Divestiture (Tables)

12 Months Ended

Sep. 30, 2025

Schedule of major classes of VACCO's assets and liabilities included in the Condensed Consolidated Balance Sheet

The major classes of VACCO’s assets and liabilities included in the Condensed Consolidated Balance Sheet at September 30, 2024 are shown below (in thousands).


		September 30,
		2024
Assets:
Accounts receivable, net		18,579
Contract assets		63,822
Inventories		13,699
Other current assets		1,281
Current assets		97,381
Property, plant and equipment, net		21,345
Intangible assets, net		4,078
Goodwill		9,964
Other assets		607
Total assets		133,375
Liabilities:
Accounts payable		9,435
Contract liabilities		44,001
Accrued expenses and other current liabilities		9,063
Current liabilities		62,499
Other liabilities		2,710
Total liabilities		65,209

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Leases - Additional information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,318	$ 6,349
Operating cash flows from finance leases	802	861
Financing cash flows from finance leases	1,430	1,351
Right-of-use assets obtained in exchange for operating lease liabilities
Operating leases	$ 16,426	$ 3,028
Weighted-average remaining lease term:
Operating leases	9 years 3 months 18 days	10 years 6 months
Finance leases	9 years 8 months 12 days	10 years 4 months 24 days
Weighted-average discount rate:
Operating leases	4.80%	4.60%
Finance leases	4.70%	4.70%

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases
Option to extend	true
Finance lease cost
Amortization	$ 1,489	$ 1,510
Interest on lease liabilities	802	861
Operating lease cost	7,810	6,582
Total lease cost	$ 10,101	$ 8,953
Maximum
Leases
Lease term	20 years

Business Segment Information - Schedule Of Geographic Information Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Business Segment Information
Net Sales	$ 1,095,388	$ 919,127	$ 855,793
United States
Business Segment Information
Net Sales	727,267	632,836	576,639
Asia
Business Segment Information
Net Sales	111,844	108,423	114,698
Europe
Business Segment Information
Net Sales	156,404	91,762	80,691
Canada
Business Segment Information
Net Sales	56,693	50,728	46,822
Other
Business Segment Information
Net Sales	$ 43,180	$ 35,378	$ 36,943

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 1,095,388	$ 919,127	$ 855,793
Costs and expenses:
Cost of sales	634,303	530,555	502,683
Selling, general and administrative expenses	234,638	208,203	203,459
Amortization of intangible assets	53,317	32,804	28,953
Interest expense, net	17,502	15,247	8,769
Other expenses (income), net	2,775	1,365	1,561
Total costs and expenses	942,535	788,174	745,425
Earnings before income tax	152,853	130,953	110,368
Income tax expense	36,554	28,325	24,684
Net earnings from continuing operations	116,299	102,628	85,684
Earnings (loss) from discontinued operations, net of tax expense of $3,464, tax benefit of $317 and tax expense of $1,718 in 2025, 2024 and 2023, respectively	10,282	(747)	6,861
Gain on sale from discontinued operations, net of tax expense of $54,000	172,642
Net earnings (loss) from discontinued operations	182,924	(747)	6,861
Net earnings	$ 299,223	$ 101,881	$ 92,545
Basic:
Continuing operations (In dollars per share)	$ 4.5	$ 3.98	$ 3.32
Discontinued operations (In dollars per share)	7.09	(0.03)	0.27
Net earnings (In dollars per share)	11.59	3.95	3.59
Diluted:
Continuing operations (In dollars per share)	4.49	3.97	3.31
Discontinued operations (In dollars per share)	7.06	(0.03)	0.27
Net earnings (In dollars per share)	$ 11.55	$ 3.94	$ 3.58
Average common shares outstanding (in thousands):
Average common shares outstanding - Basic (In shares)	25,811	25,774	25,802
Average common shares outstanding - Diluted (In shares)	25,910	25,872	25,879

Acquisitions (Details) - USD ($) $ in Thousands				3 Months Ended		7 Months Ended	11 Months Ended	12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Apr. 25, 2025	Nov. 09, 2023	Feb. 01, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 25, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Acquisitions
Payments to acquire businesses net of cash acquired								$ 472,006	$ 56,383	$ 17,694
Net Sales								$ 1,095,388	919,127	855,793
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life								12 years
Goodwill							$ 529,935	$ 761,931	529,935	$ 493,200
Acquired goodwill		$ 30,600
Goodwill, tax deductible expenses							13,353	$ 15,904	$ 13,353
Signature Management & Power (SM&P)
Acquisitions
Cash purchase price	$ 472,000
Business combination, acquiree's revenue						$ 95,200
Cash	72,200					72,200
Fair value of accounts receivable acquired	22,900					22,900
Fair value of inventory acquired	16,200					16,200
Fair value of contract assets acquired	15,100					15,100
Fair value of prepaid assets acquired	1,600					1,600
Fair value of property, plant and equipment acquired	12,200					12,200
Fair value of other assets acquired	5,000					5,000
Fair value of accounts payable acquired	9,700					9,700
Fair value of accrued expenses and other current liabilities acquired	18,200					18,200
Fair value of contract liabilities acquired	104,500					104,500
Fair value of other liabilities acquired	3,500					3,500
Fair value of deferred tax liabilities	45,500					45,500
Goodwill	226,500					226,500
Acquired goodwill	100,000					100,000
MPE Limited (MPE)
Acquisitions
Payments to acquire businesses net of cash acquired		56,200
Net Sales							$ 10,000
Fair value of accounts receivable acquired		400
Fair value of inventory acquired		1,100
Fair value of property, plant and equipment acquired		1,700
Fair value of deferred tax liabilities		8,100
Fair value of intangible assets acquired		29,100
Fair value of accounts payable and accrued expenses acquired		700
Working capital paid				$ 200
CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC
Acquisitions
Payments to acquire businesses net of cash acquired			$ 18,000
Fair value of accounts receivable acquired			1,700
Fair value of inventory acquired			3,000
Fair value of property, plant and equipment acquired			1,300
Fair value of accounts payable and accrued expenses acquired			1,200
Fair value of identifiable intangible assets acquired			7,300
Acquired goodwill			5,600
Working capital received					$ 200
Customer Relationships \| Signature Management & Power (SM&P)
Acquisitions
Fair value of intangible assets acquired	$ 290,500					290,500
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	15 years
Customer Relationships \| MPE Limited (MPE)
Acquisitions
Fair value of identifiable intangible assets acquired		$ 31,100
Customer Relationships \| CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC
Acquisitions
Fair value of intangible assets acquired			$ 6,200
Backlog \| Signature Management & Power (SM&P)
Acquisitions
Fair value of intangible assets acquired	$ 61,300					$ 61,300
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	2 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets - Carrying amount of goodwill attributable to each business segment from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Other Intangible Assets
Beginning Balance	$ 529,935	$ 493,200
Acquisition activity	226,500	30,900
Foreign currency translation and other	5,500	5,800
Ending Balance	761,931	529,935
A&D
Goodwill and Other Intangible Assets
Beginning Balance	105,600	105,600
Acquisition activity	226,500
Foreign currency translation and other	1,900
Ending Balance	334,000	105,600
Test
Goodwill and Other Intangible Assets
Beginning Balance	67,400	34,000
Acquisition activity		30,900
Foreign currency translation and other	400	2,500
Ending Balance	67,800	67,400
USG
Goodwill and Other Intangible Assets
Beginning Balance	356,900	353,600
Foreign currency translation and other	3,200	3,300
Ending Balance	$ 360,100	$ 356,900

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2025	Nov. 14, 2025
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	1-10596
Entity Registrant Name	ESCO Technologies Inc.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-1554045
Entity Address, Address Line One	645 Maryville Centre Drive, Suite 300
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63141-5855
City Area Code	314
Local Phone Number	213-7200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ESE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float	$ 4,095,000,000
Entity Common Stock, Shares Outstanding		25,846,125
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	St. Louis, Missouri

Leases (Tables)

12 Months Ended

Sep. 30, 2025

Leases

Schedule of components of lease costs


	Year Ended		Year Ended
	September 30,		September 30,
(Dollars in thousands)	2025		2024
Finance lease cost:
Amortization	$	1,489		1,510
Interest on lease liabilities		802		861
Operating lease cost		7,810		6,582
Total lease cost	$	10,101		8,953

Schedule of additional information related to leases


	Year Ended			Year Ended
	September 30,			September 30,
(Dollars in thousands)	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,318			6,349
Operating cash flows from finance leases		802			861
Financing cash flows from finance leases		1,430			1,351

Right-of-use assets obtained in exchange for operating lease liabilities	$	16,426			3,028

Weighted-average remaining lease term:
Operating leases		9.3	yrs		10.5	yrs
Finance leases		9.7	yrs		10.4	yrs
Weighted-average discount rate:
Operating leases		4.8	%		4.6	%
Finance leases		4.7	%		4.7	%

Schedule of reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets

The table below is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on our Consolidated Balance Sheet on September 30, 2025:


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2026	$	7,951		2,297
2027		7,709		2,357
2028		7,574		2,417
2029		6,134		2,478
2030 and thereafter		33,540		11,575
Total minimum lease payments		62,908		21,124
Less: amounts representing interest		12,611		4,571
Present value of net minimum lease payments	$	50,297		16,553
Less: current portion of lease obligations		5,894		1,554
Non-current portion of lease obligations		44,403		14,999

ROU assets	$	47,707		12,194


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2025	$	6,394	2,233
2026		5,118	2,297
2027		4,813	2,357
2028		4,517	2,417
2029 and thereafter		29,765	14,053
Total minimum lease payments		50,607	23,357
Less: amounts representing interest		11,026	5,373
Present value of net minimum lease payments	$	39,581	17,984
Less: current portion of lease obligations		4,771	1,431
Non-current portion of lease obligations		34,810	16,553

ROU assets	$	37,476	13,683

Summary of Significant Accounting Policies- Additional Information (Details) shares in Thousands	12 Months Ended
	Sep. 30, 2025 USD ($) segment shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Significant Accounting Policies
Number of Reportable Segments \| segment	3
Accumulated other comprehensive loss, net of tax	$ (2,468,000)	$ (10,775,000)
Cash and cash equivalents held in bank	$ 97,700,000
Option to extend	true
Research and development expenses	$ 23,000,000	$ 12,000,000	$ 13,000,000
Number of Anti dilutive shares \| shares	0
Fair value of financial instruments	$ 0
Maximum
Significant Accounting Policies
Lease term	20 years
Maximum \| Capitalized software
Significant Accounting Policies
Estimated useful lives	7 years
Maximum \| Building
Significant Accounting Policies
Estimated useful lives	40 years
Maximum \| Machinery and Equipment
Significant Accounting Policies
Estimated useful lives	10 years
Maximum \| Office Furniture And Equipment
Significant Accounting Policies
Estimated useful lives	10 years
Minimum \| Capitalized software
Significant Accounting Policies
Estimated useful lives	3 years
Minimum \| Building
Significant Accounting Policies
Estimated useful lives	10 years
Minimum \| Machinery and Equipment
Significant Accounting Policies
Estimated useful lives	3 years
Minimum \| Office Furniture And Equipment
Significant Accounting Policies
Estimated useful lives	3 years
USG Segment
Significant Accounting Policies
Percentage of segment revenues recognized when services are performed or when products are delivered	81.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	28.00%
Percentage of segment revenues recognized on straight line basis	19.00%
Percentage on consolidated revenues recognized on straight line basis	7.00%
Test Segment
Significant Accounting Policies
Percentage of segment revenues recognized when services are performed or when products are delivered	19.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	4.00%
Percentage of segment revenues recorded under percentage of completion method	81.00%
Percentage of consolidated revenues recorded under percentage of completion method	17
Software Contract
Significant Accounting Policies
Percentage of segment revenues recognized when services are performed or when products are delivered	4.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	2.00%
Aero Space Defense
Significant Accounting Policies
Percentage of segment revenues recognized when services are performed or when products are delivered	52.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	23.00%
Percentage of segment revenues recorded over time	48.00%
Percentage of consolidate revenues recorded over time	21.00%

Acquisitions (Tables)

12 Months Ended

Sep. 30, 2025

Acquisitions

Schedule of pro forma results


(Dollars in millions)
(Unaudited)
Pro Forma Results	FY 2025		FY 2024

Net sales	$	1,198.2	1,097.3
Net earnings from continuing operations	$	111.1	61.2

Business Segment Information - Schedule Of Geographic Information Long-Lived Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Business Segment Information
Long-Lived Assets	$ 172,493	$ 149,251
United States
Business Segment Information
Long-Lived Assets	142,341	130,947
United Kingdom
Business Segment Information
Long-Lived Assets	13,659	2,900
Other
Business Segment Information
Long-Lived Assets	$ 16,493	$ 15,404

Business Segment Information (Details) $ in Thousands	12 Months Ended
Business Segment Information (Details) $ in Thousands	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Business Segment Information
Number of reportable segments \| segment	3
Net sales	$ 1,095,388	$ 919,127	$ 855,793
Cost of sales	634,303	530,555	502,683
SG&A expense	234,638	208,203	203,459
Amortization of intangible assets	53,317	32,804	28,953
Other expenses (income), net	2,775	1,365	1,561
Segment profit (loss)	170,355	146,200	119,137
Interest expense	17,502	15,247	8,769
Earnings before income taxes	152,853	130,953	110,368
Depreciation and amortization	75,021	52,155	47,709
Segment assets	2,410,388	1,705,245
Capital Expenditures	36,322	28,275	19,659
Operating Segments
Business Segment Information
Net sales	1,095,388	919,127	855,793
Cost of sales	634,303	530,555	502,683
SG&A expense	191,557	174,978	169,298
Amortization of intangible assets	12,006	12,106	10,315
Other expenses (income), net	3,531	1,131	1,390
Segment profit (loss)	253,991	200,357	172,107
Depreciation and amortization	33,577	31,341	29,002
Segment assets	906,238	750,932
Capital Expenditures	33,284	28,206	19,509
Aerospace & Defense
Business Segment Information
Net sales	478,192	340,543
Aerospace & Defense \| Operating Segments
Business Segment Information
Net sales	478,192	340,543	292,203
Cost of sales	296,688	211,112	187,192
SG&A expense	53,050	42,231	39,919
Amortization of intangible assets	1,465	1,876	1,224
Other expenses (income), net	1,850	(487)	803
Segment profit (loss)	125,139	85,811	63,065
Depreciation and amortization	11,714	10,384	9,770
Segment assets	409,789	267,775
Capital Expenditures	18,758	15,926	10,138
USG
Business Segment Information
Net sales	379,995	369,061
USG \| Operating Segments
Business Segment Information
Net sales	379,995	369,061	342,320
Cost of sales	176,976	176,803	164,094
SG&A expense	99,520	97,396	94,168
Amortization of intangible assets	8,563	8,414	7,227
Other expenses (income), net	195	530	185
Segment profit (loss)	94,741	85,918	76,646
Depreciation and amortization	16,119	15,608	13,964
Segment assets	289,505	294,494
Capital Expenditures	9,478	8,751	4,856
Test
Business Segment Information
Net sales	237,201	209,523
Test \| Operating Segments
Business Segment Information
Net sales	237,201	209,523	221,270
Cost of sales	160,639	142,640	151,397
SG&A expense	38,987	35,351	35,211
Amortization of intangible assets	1,978	1,816	1,864
Other expenses (income), net	1,486	1,088	402
Segment profit (loss)	34,111	28,628	32,396
Depreciation and amortization	5,744	5,349	5,268
Segment assets	206,944	188,663
Capital Expenditures	5,048	3,529	4,515
Corporate (loss) \| Corporate
Business Segment Information
SG&A expense	43,081	33,225	34,161
Amortization of intangible assets	41,311	20,698	18,638
Other expenses (income), net	(756)	234	171
Segment profit (loss)	(83,636)	(54,157)	(52,970)
Interest expense	17,502	15,247	8,769
Depreciation and amortization	41,444	20,814	18,707
Segment assets	1,504,150	954,313
Capital Expenditures	$ 3,038	$ 69	$ 150

Acquisitions

12 Months Ended

Sep. 30, 2025

Acquisitions

Acquisitions

2. Acquisitions

2025

On April 25, 2025, the Company completed the acquisition of the Signature Management & Power (SM&P) business of Ultra Maritime, since renamed as ESCO Maritime Solutions (Maritime), for a cash purchase price of approximately $472 million, net of cash acquired. Maritime is part of ESCO’s Aerospace & Defense (A&D) segment, and its Signature Management and Power Management product lines are highly complementary to ESCO’s current naval programs: Signature Management offers solutions for surface ships and submarines that provide magnetic and electric field countermeasures to prevent underwater mine and sensor detection, and Power Management provides innovative and highly-engineered motors that drive critical ship propulsion systems with an ultra-quiet design ensuring low vibration levels to increase stealth capabilities. Maritime contributed $95.2 million in revenue in 2025 since the date of acquisition.

Since the date of acquisition, the operating results for the Maritime business have been included as part of the A&D segment. The acquisition date fair values of the assets acquired and liabilities assumed were primarily as follows: $72.2 million of cash, $22.9 million of accounts receivable, $16.2 million of inventory, $15.1 million of contract assets, $1.6 million of prepaid assets, $12.2 million of property, plant and equipment, $5.0 million of other assets, $9.7 million of accounts payable, $18.2 million of accrued expenses and other current liabilities, $104.5 million of contract liabilities, $3.5 million of other liabilities, $45.5 million of deferred tax liabilities, $290.5 million of customer relationships and $61.3 million of backlog. The customer relationships were determined to have a useful life of fifteen years and the backlog was determined to have a useful life of two years. The acquired goodwill of $226.5 million relates to the excess value associated with opportunities to expand the services and products that we can offer to our customers as well as access to new markets. We expect that approximately $100 million of this goodwill will be deductible for tax purposes.

Pro Forma Results

The following pro forma financial information for the years ended September 30, 2025 and 2024 presents the combined results of operations of ESCO and Maritime as if the acquisition had occurred on October 1, 2023. The pro forma financial information for the periods presented excludes the VACCO business which was sold in July 2025. The combined results of operations have been adjusted for the impact of certain acquisition-related items, including additional amortization of identifiable intangible assets, additional financing expenses and other direct costs. The impact of pro forma adjustments are tax-effected at the expected consolidated corporate tax rate. The unaudited pro forma financial information is not intended to represent, or be indicative of, the Company’s consolidated results of operations or financial condition that would have been reported had the acquisition been completed as of the beginning of each of the periods presented. This information is provided for illustrative purposes only and is not necessarily indicative of the Company’s future consolidated results of operations or financial condition.


(Dollars in millions)
(Unaudited)
Pro Forma Results	FY 2025		FY 2024

Net sales	$	1,198.2	1,097.3
Net earnings from continuing operations	$	111.1	61.2

2024

On November 9, 2023, we acquired MPE for a purchase price of approximately $56.2 million, net of cash acquired. MPE is a leading global manufacturer of high-performance EMC/EMP filters and capacitor products for military, utility, telecommunication, and other critical infrastructure applications. Since the date of acquisition, the operating results for the MPE business have been included as part of ETS-Lindgren in the Test segment. MPE contributed $10 million in revenue in 2024 since the date of acquisition. The acquisition date fair value of the assets acquired and liabilities assumed primarily were as follows: approximately $0.4 million of accounts receivable, $1.1 million of inventory, $1.7 million of property, plant and equipment, $0.7 million of accounts payable and accrued expenses, $8.1 million of deferred tax liabilities, and $31.1 million of identifiable intangible assets, mainly consisting of customer relationships totaling $29.1 million. The acquired goodwill of $30.6 million related to excess value associated with opportunities to expand the services and products that we can offer to our customers. We do not anticipate that the goodwill will be deductible for tax purposes. We paid a $0.2 million working capital settlement in the third quarter of 2024.

2023

On February 1, 2023, we acquired CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC (together, CMT) for a purchase price of approximately $18 million, net of cash acquired. CMT, based in Attleboro, Massachusetts, is a supplier of syntactic materials for buoyancy and specialty applications. Since the date of acquisition, the operating results for the CMT business have been included as part of Globe in the A&D segment. The acquisition date fair value of the assets acquired and liabilities assumed primarily were as follows: approximately $1.7 million of accounts receivable, $3.0 million of inventory, $1.3 million of property, plant and equipment, $1.2 million of accounts payable and accrued expenses, and $7.3 million of identifiable intangible assets mainly consisting of customer relationships totaling $6.2 million. The acquired goodwill of $5.6 million related to excess value associated with opportunities to expand the services and products that we can offer to our customers. The full amount of acquired goodwill is deductible for tax purposes. We received a $0.2 million working capital settlement during the third quarter of 2023.

- Definition

The entire disclosure for business combination.

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+ Details

Income Tax Expense - Principal components of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Federal:
Current	$ 25,007	$ 25,584	$ 21,923
Deferred	(1,185)	(7,295)	(5,095)
State and local:
Current	3,935	3,212	3,304
Deferred	(228)	17	(950)
Foreign:
Current	13,109	8,602	5,694
Deferred	(4,084)	(1,795)	(192)
Total	$ 36,554	$ 28,325	$ 24,684

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenues
Revenues	$ 1,095,388	$ 919,127	$ 855,793
Point in time
Disaggregation of revenues
Revenues	600,461	545,043
Over time
Disaggregation of revenues
Revenues	494,927	374,084
United States
Disaggregation of revenues
Revenues	727,267	632,836	$ 576,639
International
Disaggregation of revenues
Revenues	368,121	286,291
Commercial
Disaggregation of revenues
Revenues	748,907	704,753
Government
Disaggregation of revenues
Revenues	346,481	214,374
A&D
Disaggregation of revenues
Revenues	478,192	340,543
A&D \| Point in time
Disaggregation of revenues
Revenues	246,923	200,693
A&D \| Over time
Disaggregation of revenues
Revenues	231,269	139,850
A&D \| United States
Disaggregation of revenues
Revenues	345,308	272,183
A&D \| International
Disaggregation of revenues
Revenues	132,884	68,360
A&D \| Commercial
Disaggregation of revenues
Revenues	201,664	178,954
A&D \| Government
Disaggregation of revenues
Revenues	276,528	161,589
Test
Disaggregation of revenues
Revenues	237,201	209,523
Test \| Point in time
Disaggregation of revenues
Revenues	44,784	43,150
Test \| Over time
Disaggregation of revenues
Revenues	192,417	166,373
Test \| United States
Disaggregation of revenues
Revenues	140,726	120,500
Test \| International
Disaggregation of revenues
Revenues	96,475	89,023
Test \| Commercial
Disaggregation of revenues
Revenues	177,952	164,321
Test \| Government
Disaggregation of revenues
Revenues	59,249	45,202
USG
Disaggregation of revenues
Revenues	379,995	369,061
USG \| Point in time
Disaggregation of revenues
Revenues	308,754	301,200
USG \| Over time
Disaggregation of revenues
Revenues	71,241	67,861
USG \| United States
Disaggregation of revenues
Revenues	241,233	240,153
USG \| International
Disaggregation of revenues
Revenues	138,762	128,908
USG \| Commercial
Disaggregation of revenues
Revenues	369,291	361,478
USG \| Government
Disaggregation of revenues
Revenues	$ 10,704	$ 7,583

Inventories

12 Months Ended

Sep. 30, 2025

Inventories

Inventories

5. Inventories

Inventories from continuing operations consisted of the following at September 30, 2025 and 2024:


(Dollars in thousands)	2025		2024
Finished goods	$	52,644	46,586
Work in process		46,825	40,606
Raw materials		118,338	108,273
Total	$	217,807	195,465

Share-Based Compensation - Schedule Of Outstanding Restricted Share Awards (Details) - $ / shares	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Outstanding restricted share awards, Nonvested at October 1,	220,758	189,725	265,367
Outstanding restricted share awards, Granted, Shares	104,353	78,016	84,880
Outstanding restricted share awards, Vested, Shares	(98,574)	(34,753)	(119,811)
Outstanding restricted share awards, Cancelled, Shares	(19,259)	(12,230)	(40,711)
Outstanding restricted share awards, Nonvested at September 30,	207,278	220,758	189,725
Outstanding restricted share awards, Nonvested at October 1, Weighted Avg. Price	$ 102.4	$ 94.91	$ 84.29
Outstanding restricted share awards, Granted, Weighted Avg. Price	145.39	108.16	93.64
Outstanding restricted share awards, Vested, Weighted Avg. Price	138.4	96.52	82.28
Outstanding restricted share awards, Cancelled, Weighted Avg. Price	94.24	94.91	85
Outstanding restricted share awards, Nonvested at September 30, Weighted Avg. Price	$ 114.68	$ 102.4	$ 94.91

Business Segment Information

12 Months Ended

Sep. 30, 2025

Business Segment Information

Business Segment Information

10. Business Segment Information

The below disclosure reflects our adoption of ASU 2023-07 Segment Reporting. We are organized based on the products and services we offer, and we classify our business operations in three reportable segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG) and RF Test & Measurement (Test). Corporate is not a reportable segment, but it is included for reconciliation purposes.

The A&D segment’s operations consist of PTI, Crissair, Globe, Mayday, and Maritime. Previously, A&D also included VACCO Industries which is now being reported in discontinued operations. The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications; custom designed filters for manned aircraft and submarines; products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, power management and control equipment; sealing, surface control and hydrodynamic related applications to enhance U.S. and UK Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; metal processing services; and miniature electro-explosive devices utilized in mission-critical defense and aerospace applications.

The USG segment’s operations consist of Doble Engineering Company and related subsidiaries including Morgan Schaffer and Altanova/ISA (collectively, Doble), and NRG. Doble is an industry leader in the development, manufacture and delivery of diagnostic testing and data management solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment, and Altanova/ISA’s strong market presence in Europe and Asia provides Doble with a significant international platform. Doble combines three core elements for customers – diagnostic test and condition monitoring instruments, expert consulting, and testing services – and provides access to its large reserve of related empirical knowledge. NRG is a global market leader in the design and manufacture of decision support tools for the renewable energy industry, primarily wind and solar.

The Test segment’s operations consist of ETS-Lindgren Inc., including its related subsidiaries, and MPE Limited (collectively, ETS - Lindgren). ETS-Lindgren is an industry leader in designing and manufacturing products and systems to measure and control RF energy. It serves the medical, health and safety, electronics, wireless communications, automotive and defense markets, supplying a broad range of turnkey systems, including RF test facilities and measurement systems, RF and magnetically shielded rooms and secure communication facilities, and providing the design, program management, installation and integration services required to successfully complete these types of facilities. It also supplies a broad range of components including RF absorptive materials, filters, antennas, field probes, test cells, proprietary measurement software and other test accessories required to perform a variety of tests and measurements, and offers a variety of services including calibration and product tests.

Accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 to the Consolidated Financial Statements. The operating units within each reporting segment have been aggregated because of similar economic characteristics and meet the other aggregation criteria of FASB ASC 280.

Measurement of Segment Results

Our CODM, who is our Chief Executive Officer, evaluates each segment’s performance and allocates resources based on segment EBIT, which is defined as earnings before interest and taxes. EBIT on a consolidated basis is a non-GAAP financial measure and is reconciled to consolidated earnings before income taxes below for continuing operations. Intersegment sales and transfers are not significant. Segment assets consist primarily of customer receivables, inventories, capitalized software and fixed assets directly associated with the production processes of the segment. Segment depreciation and amortization is based upon the direct assets listed above. Corporate assets consist primarily of acquired intangible assets including goodwill, deferred taxes and cash balances. The tables below are presented on the basis of continuing operations and exclude discontinued operations.

Year Ended September 30, 2025

Segment

(In thousands)

A&D

USG

Test

Total

Corporate

Total

Sales

478,192

379,995

237,201

1,095,388

—

1,095,388

Cost of sales

296,688

176,976

160,639

634,303

—

634,303

SG&A expense

53,050

99,520

38,987

191,557

43,081

234,638

Amortization of intangible assets

1,465

8,563

1,978

12,006

41,311

53,317

Other expense (income), net

1,850

195

1,486

3,531

(756)

2,775

Segment profit (loss)

125,139

94,741

34,111

253,991

(83,636)

170,355

Interest expense

17,502

Earnings before income taxes

152,853

Depreciation and amortization

11,714

16,119

5,744

33,577

41,444

75,021

Segment assets

409,789

289,505

206,944

906,238

1,504,150

2,410,388

Capital expenditures

18,758

9,478

5,048

33,284

3,038

36,322


Year Ended September 30, 2024					Segment
(In thousands)	A&D		USG	Test	Total	Corporate		Total
Sales	$	340,543	369,061	209,523	919,127		—		919,127
Cost of sales		211,112	176,803	142,640	530,555		—		530,555
SG&A expense		42,231	97,396	35,351	174,978		33,225		208,203
Amortization of intangible assets		1,876	8,414	1,816	12,106		20,698		32,804
Other expense (income), net		(487)	530	1,088	1,131		234		1,365
Segment profit (loss)	$	85,811	85,918	28,628	200,357		(54,157)		146,200
Interest expense						$	15,247		15,247
Earnings before income taxes								$	130,953

Depreciation and amortization	$	10,384	15,608	5,349	31,341		20,814		52,155
Segment assets		267,775	294,494	188,663	750,932		954,313		1,705,245
Capital expenditures	$	15,926	8,751	3,529	28,206		69		28,275


Year Ended September 30, 2023					Segment
(In thousands)	A&D		USG	Test	total	Corporate		Total
Sales	$	292,203	342,320	221,270	855,793		—		855,793
Cost of sales		187,192	164,094	151,397	502,683		—		502,683
SG&A expense		39,919	94,168	35,211	169,298		34,161		203,459
Amortization of intangible assets		1,224	7,227	1,864	10,315		18,638		28,953
Other expense (income), net		803	185	402	1,390		171		1,561
Segment profit (loss)	$	63,065	76,646	32,396	172,107		(52,970)		119,137
Interest expense						$	8,769		8,769
Earnings before income taxes								$	110,368

Depreciation and amortization	$	9,770	13,964	5,268	29,002		18,707		47,709
Capital expenditures	$	10,138	4,856	4,515	19,509		150		19,659

No customer exceeded 10% of consolidated sales in 2025, 2024 or 2023.

Geographic Information

Net Sales


(Dollars in thousands)
Year ended September 30,	2025		2024	2023
United States	$	727,267	632,836	576,639
Asia		111,844	108,423	114,698
Europe		156,404	91,762	80,691
Canada		56,693	50,728	46,822
Other		43,180	35,378	36,943
Consolidated totals	$	1,095,388	919,127	855,793

Long-Lived Assets


(Dollars in thousands)
Year ended September 30,	2025		2024
United States	$	142,341	130,947
United Kingdom		13,659	2,900
Other		16,493	15,404
Consolidated totals	$	172,493	149,251

We attribute net sales to countries based on the location of the customer. We attribute long-lived assets to countries based on the location of the asset.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Tax Expense - Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Deferred tax assets:
Inventories	$ 5,589	$ 4,663
Pension and other postretirement benefits	417	460
Capitalized research and development expenditures	14,648	9,726
Lease liabilities	8,571	7,183
Net operating and capital loss carryforwards - domestic	473	544
Net operating loss carryforward - foreign	3,855	3,855
Other compensation-related costs and other cost accruals	9,904	9,289
State credit carryforward	1,016	1,601
Total deferred tax assets	44,473	37,321
Deferred tax liabilities:
ROU assets	(8,906)	(6,627)
Goodwill	(15,904)	(13,353)
Acquisition intangible assets	(107,190)	(66,986)
Depreciation, software amortization	(20,359)	(17,079)
Net deferred tax liabilities before valuation allowance	(107,886)	(66,724)
Less valuation allowance	(1,347)	(1,513)
Net deferred tax liabilities	$ (109,233)	$ (68,237)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings	$ 299,223	$ 101,881	$ 92,545
Adjustments to reconcile net earnings to net cash provided by operating activities:
(Earnings) loss from discontinued operations, net of tax	(182,924)	747	(6,861)
Depreciation and amortization	75,021	52,155	47,709
Stock compensation expense	10,671	8,599	8,910
Changes in assets and liabilities	9,381	(33,406)	(56,118)
Effect of deferred taxes on tax provision	(10,976)	(8,394)	(5,455)
Net cash provided by operating activities - continuing operations	200,396	121,582	80,730
Net cash provided (used) by operating activities - discontinued operations	41,543	5,960	(3,840)
Net cash provided by operating activities	241,939	127,542	76,890
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(472,006)	(56,383)	(17,694)
Capital expenditures	(36,322)	(28,275)	(19,659)
Additions to capitalized software and other	(15,844)	(11,903)	(10,271)
Net cash used by investing activities - continuing operations	(524,172)	(96,561)	(47,624)
Net cash provided (used) by investing activities - discontinued operations	268,383	(8,078)	(4,844)
Net cash used by investing activities	(255,789)	(104,639)	(52,468)
Cash flows from financing activities:
Proceeds from long-term debt	661,000	217,000	103,000
Principal payments on long-term debt	(597,000)	(197,000)	(154,000)
Dividends paid	(8,262)	(8,246)	(8,252)
Purchases of common stock into treasury		(7,998)	(12,401)
Debt issuance costs		(2,988)	(1,826)
Other	(6,197)	(1,541)	(4,851)
Net cash provided (used) by financing activities - continuing operations	49,541	(773)	(78,330)
Net cash provided (used) by financing activities	49,541	(773)	(78,330)
Effect of exchange rate changes on cash and cash equivalents	(304)	1,967	(1,950)
Net increase (decrease) in cash and cash equivalents	35,387	24,097	(55,858)
Cash and cash equivalents at beginning of year	65,963	41,866	97,724
Cash and cash equivalents at end of year	101,350	65,963	41,866
Changes in assets and liabilities:
Accounts receivable, net	(8,336)	(31,615)	(31,440)
Contract assets and liabilities, net	20,592	10,124	(17,943)
Inventories	(5,139)	(24,370)	(16,306)
Other assets and liabilities	(4,930)	(7,743)	511
Accounts payable	(2,192)	11,485	5,109
Accrued expenses	9,386	8,713	3,951
Changes in assets and liabilities	9,381	(33,406)	(56,118)
Supplemental cash flow information:
Interest paid	17,421	14,535	8,662
Income taxes paid (including state & foreign)	$ 50,045	$ 38,007	$ 30,244

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Principles of Consolidation

A. Principles of Consolidation

The Consolidated Financial Statements include the accounts of ESCO Technologies Inc. (ESCO) and its wholly owned subsidiaries. Except where the context indicates otherwise, the terms “Company”, “we”, “our” and “us” are used in this report to refer to ESCO together with its subsidiaries through which its businesses are conducted. All significant intercompany transactions and accounts have been eliminated in consolidation.

Basis of Presentation

B. Basis of Presentation

Our fiscal year ends on September 30. Throughout the Consolidated Financial Statements, unless the context indicates otherwise, references to a year (for example 2025) refer to fiscal year ending on September 30 of that year.

The VACCO business is reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented, in accordance with GAAP. Prior period amounts have been reclassified to conform to the current period presentation. See Note 3 for further discussion.

Nature of Operations

C. Nature of Operations

We are organized based on the products and services we offer and we currently classify our business operations in three segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Test & Measurement (Test).

A&D: The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements and fluid control devices used in commercial and defense aerospace applications; custom designed filters for manned aircraft and submarines; products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, power management and control equipment, sealing, surface control and hydrodynamic related applications to enhance U.S. and UK Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; and metal processing services; and miniature electro-explosive devices utilized in mission-critical defense and aerospace applications.

USG: The companies within this segment provide diagnostic testing solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment, as well as decision support tools for the renewable energy industry, primarily wind and solar.

Test: The companies within this segment provide their customers with the ability to identify, measure and control magnetic and electromagnetic energy.

In addition, for reporting certain financial information we treat Corporate activities as a separate segment.

Use of Estimates

D. Use of Estimates

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

Revenue Recognition

E. Revenue Recognition

We recognize revenue when control of the goods or services promised under the contract is transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as we perform under the contract). We account for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. We review contracts to determine whether there are one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, we allocate the expected consideration, or the transaction price, to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation. We then recognize revenue for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred.

Payment terms with our customers vary by the type and location of the customer and the products or services offered. We do not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. We account for shipping and handling costs on a gross basis and include them in net sales. We account for taxes collected from customers and remitted to governmental authorities on a net basis and exclude them from net sales.

A&D: Within the A&D segment, approximately 52% of revenues (approximately 23% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial and military customers and have a single performance obligation as there is only one good promised or the promise to transfer the goods or services is not distinct or separately identifiable from other promises in the contract. The transaction price for these contracts reflects our estimate of returns and discounts, which are based on historical, current and forecasted information to determine the expected amount to which we will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to the customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in cost of goods sold in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation.

Approximately 48% of the segment’s revenues (approximately 21% of consolidated revenues) are accounted for over time as the product does not have an alternative use and we have an enforceable right to payment for costs incurred plus a reasonable margin or the inventory is owned by the customer. The related contracts are primarily cost-plus or fixed price contracts related to the design, development and manufacture of complex fluid control products, valves, manifolds, shock and vibration dampening, thermal insulation and systems primarily for the commercial aerospace and military markets. The contracts may contain multiple products, which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and will be accounted for as a separate performance obligation. Our contracts are frequently modified for changes in contract specifications and requirements. Most of our contract modifications are for products that are not distinct from the existing contract and are accounted for as part of that existing contract.

Contracts with the U.S. Government generally contain clauses that provide lien rights to work-in-process along with clauses that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work-in-process. Due to the continuous transfer of control to the U.S. Government, we recognize revenue over the time that we perform under the contract.

Selecting the method to measure progress towards completion for the commercial and military contracts requires judgment and is based on the nature of the products or service to be provided. We generally use the cost-to-cost method to measure progress for our A&D segment contracts, as the rate at which costs are incurred to fulfill a contract best depicts the transfer of control to the customer. Under this method, we measure the extent of progress towards completion based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and record revenue proportionally as costs are incurred based on an estimated profit margin.

The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable.

Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to one or more years, and the estimation of these costs requires judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change.

Under the typical payment terms of our long term fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts will often result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. We classify amounts billed and due from our customers in Accounts receivable, net. For short term fixed price and cost-type contracts, we are generally paid within a short period of time.

For contracts where revenue is recognized over time, we recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. We have net revenue recognized in the current year from performance obligations satisfied in the prior year due to changes in our estimated costs to complete the related performance obligations. We recognize anticipated losses on contracts in full in the period in which the losses become known.

USG: Within the USG segment, approximately 81% of revenues (approximately 28% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and is accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which we will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. We generally do not treat them as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in the period they are incurred. We record taxes collected from customers and remitted to government authorities on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation.

Approximately 19% of the segment’s revenues (approximately 7% of consolidated revenues) are recognized over time as services are performed. The services accounted for under this method include an obligation to provide testing services using hardware and embedded software, software maintenance, training, lab testing, and consulting services. Typically, the related contracts contain a bundle of goods and services that are integrated in the context of the contract. Therefore, the goods and services are not distinct and we have a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for our USG segment contracts. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, which is typically received upon commencement of the contract, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets.

Included in this category, approximately 4% of the segment’s revenues (approximately 2% of consolidated revenues) are recognized based on the terms of the respective software contract. For contracts that transfer a software license to the customer, revenue will be recognized at a point in time. These type of software contracts represent a right to use the software, or a functional license, in which revenue should be recognized upon transfer of the license. For contracts in software as a service (SaaS) arrangements, revenue will be recognized over time. The customer receives and consumes the benefits of the SaaS arrangement through access to the system which is for a stated period. We will recognize revenue based on each day of providing access (straight-line over the contract term). The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our software contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets.

Test: Within the Test segment, approximately 19% of revenues (approximately 4% of consolidated revenues) are recognized at a point in time when products such as, antennas and probes are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct because the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in the context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which we will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation.

Approximately 81% of the segment’s revenues (approximately 17% of consolidated revenues) are recorded over time as the product does not have an alternative use and we have an enforceable right to payment for costs incurred plus a reasonable margin. Products accounted for under this guidance include the construction and installation of test chambers to a buyer’s specifications that provide its customers with the ability to measure and contain magnetic and electromagnetic energy. The goods and services related to each installed test chamber are not distinct due to the significant amount of integration provided and each installed chamber is accounted for as a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We use milestones to measure progress for our Test segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. For arrangements that are accounted for under this guidance, we estimate profit as the difference between total revenue and total estimated cost of a contract and recognize these revenues and costs based primarily on contract milestones. The transaction price for our contracts is typically fixed price and represents our best estimate of the consideration we will receive.

We estimate total contract cost utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to a year, and the estimation of these costs requires judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change.

Under the typical payment terms of our fixed price contracts, the customer pays us either based on progress or based on a fixed billing schedule within the contract. Performance-based payments represent interim payments based on noted progress points as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings and billings in excess of revenue recognized, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net.

For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. We have net revenue recognized in the current year from performance obligations satisfied in the prior year due to changes in our estimated costs to complete the related performance obligations. We recognize anticipated losses on contracts in full in the period in which the losses become probable and estimable.

Contract Assets and Liabilities

Contract assets arise from contracts when revenue is recognized over time and the amount of revenue recognized, including our estimate of variable consideration that has been included in the transaction price, exceeds the amount billed to the customer. These amounts are included in contract assets until the right to payment is no longer conditional on events other than the passage of time. These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities include deposits, deferred revenue, upfront payments and billings in excess of revenue recognized. We include liabilities for customer rebates and discounts in other current liabilities in the Consolidated Balance Sheets.

See the further discussion of our revenue recognition in Note 13 below.

Cash and Cash Equivalents

F. Cash and Cash Equivalents

Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds, with original maturities of three months or less. Some of our cash is deposited with financial institutions located throughout the U.S. and at banks in foreign countries where we operate subsidiary offices, and at times may exceed insured limits. Cash and cash equivalents held in foreign bank accounts totaled $97.7 million at September 30, 2025 and we routinely repatriate cash from our foreign subsidiaries.

Accounts Receivable

G. Accounts Receivable

We reduce accounts receivable by an allowance for amounts that we estimate are uncollectible in the future. This estimated allowance is based on Management’s evaluation of the financial condition of the customer and historical write-off experience.

Inventories

H. Inventories

We value inventories at the lower of cost (first-in, first-out) or net realizable value. We regularly review inventories for excess quantities and obsolescence based upon historical experience, specific identification of discontinued items, future demand, and market conditions. Inventories under long-term contracts reflect accumulated production costs, factory overhead, initial tooling and other related costs less the portion of such costs charged to cost of sales.

Property, Plant and Equipment

I. Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization are computed primarily on a straight-line basis over the estimated useful lives of the assets: buildings, 10–40 years; machinery and equipment, 3–10 years; and office furniture and equipment, 3–10 years. Leasehold improvements are amortized over the remaining term of the applicable lease or their estimated useful lives, whichever is shorter. Long-lived tangible assets are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. Impairment losses are recognized based on fair value.

Leases

J. Leases

Our lease agreements primarily relate to office space, manufacturing facilities, and machinery and equipment. We determine at lease inception whether an arrangement that provides control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of our leases include options to extend the term of the lease for up to 20 years. When it is reasonably certain that we will exercise the option, Management includes the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, Management uses our incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement.

Goodwill and Other Long-Lived Intangible Assets

K. Goodwill and Other Long-Lived Intangible Assets

Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired in business acquisitions. Management annually reviews goodwill and other long-lived assets with indefinite useful lives for impairment or whenever events or changes in circumstances indicate the carrying amount may be less than fair value. If we determine that the carrying value of the long-lived asset or reporting unit is less than fair value, we record a permanent impairment charge for the amount by which the carrying value of the long-lived asset exceeds its fair value. We measure the fair value of our reporting units based on a discounted cash flow method using a discount rate determined by Management to be commensurate with the risk inherent in each of our reporting units’ current business models. We determine the fair value of trade names using a generally accepted valuation method based on an income approach called the relief from royalty method. During 2025, Management performed a quantitative impairment analysis, which included a detailed calculation of the fair value of our trade names and reporting units related to certain reporting units within these segments. A Step 0 analysis was performed on the other reporting units for which a quantitative analysis was not performed. The results of these impairment analyses indicated that the fair values of the trade names and reporting units are not less than their carrying values. Our estimates of discounted cash flows to derive the fair value were measured in accordance with ASC 350, Intangibles – Goodwill and Other. We are using estimates of discounted cash flows that may change, and if they change negatively it could result in the need to write down those assets to fair value.

Other intangible assets represent costs allocated to identifiable intangible assets, principally customer relationships, capitalized software, patents, trademarks, and technology rights. We amortize intangible assets with estimable useful lives over their respective estimated useful lives to their estimated residual values, and review them for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable.

See Note 4 regarding goodwill and other intangible assets activity.

Capitalized Software

L. Capitalized Software

Costs incurred for the development of computer software that will be sold, leased, or otherwise marketed are charged to research and development expense when incurred, until technological feasibility has been established for the product. Technological feasibility is typically established upon completion of a detailed program design. Costs incurred after this point are capitalized on a project-by-project basis. Capitalized costs consist of internal and external development costs. Upon general release of the product to customers, we cease capitalization and begin amortization, which is calculated on a project-by-project basis as the greater of (1) the ratio of current gross revenues for a product to the total of current and anticipated future gross revenues for the product or (2) the straight-line method over the estimated economic life of the product. We generally amortize software development costs over a three-to-seven year period based upon the estimated future economic life of the product. Factors we consider in determining the estimated future economic life of the product include anticipated future revenues, and changes in software and hardware technologies. Management annually reviews the carrying values of capitalized costs for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If expected cash flows are insufficient to recover the carrying amount of the asset, then we recognize an impairment loss to state the asset at its net realizable value.

Income Taxes

M. Income Taxes

We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We may reduce deferred tax assets by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize the effect on deferred tax assets and liabilities of a change in tax rates in income in the period that includes the enactment date. We regularly review our deferred tax assets for recoverability and establish a valuation allowance when Management believes it is more likely than not such assets will not be recovered, taking into consideration historical operating results, expectations of future earnings, tax planning strategies, and the expected timing of the reversals of existing temporary differences. Our policy is to include interest related to unrecognized tax benefits in income tax expense and penalties in operating expense.

Research and Development Costs

N. Research and Development Costs

Company-sponsored research and development costs include research and development and bid and proposal efforts related to our products and services. We charge Company-sponsored product development costs to expense when incurred. Customer-sponsored research and development costs refer to certain situations whereby customers provide funding to support specific contractually defined research and development costs. We account for customer-sponsored research and development costs incurred pursuant to contracts similarly to other program costs. Total Company and customer-sponsored research and development expenses from continuing operations were approximately $23.0 million, $12.0 million and $13.0 million for 2025, 2024 and 2023, respectively.

Foreign Currency Translation

O. Foreign Currency Translation

We translate the financial statements of our foreign operations into U.S. dollars in accordance with FASB ASC Topic 830, Foreign Currency Matters. We record the resulting translation adjustments as a separate component of accumulated other comprehensive income.

Earnings Per Share

P. Earnings Per Share

We calculate basic earnings per share using the weighted average number of common shares outstanding during the period. We calculate diluted earnings per share using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive vesting of unvested performance-based share awards and time–vested restricted shares by using the treasury stock method. There are no anti-dilutive shares.

The number of shares used in the calculation of earnings per share for each year presented is as follows:


(in thousands)	2025	2024	2023
Weighted Average Shares Outstanding — Basic	25,811	25,774	25,802
Dilutive Shares	99	98	77
Adjusted Shares — Diluted	25,910	25,872	25,879

Share-Based Compensation

Q. Share-Based Compensation

We provide compensation benefits to certain key employees under several share-based plans providing for a combination of performance-based share unit (PSU) awards and time-vested restricted share units (RSU) awards, and to non-employee directors under a separate compensation plan for non-employee directors. We measure share-based payment expense at the grant date based on the fair value of the award and recognize it on a straight-line basis over the requisite service period (generally the vesting period of the award) and/or if the performance criteria are deemed probable.

Accumulated Other Comprehensive Loss

R. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss of $(2.5) million at September 30, 2025 and $(10.8) million at September 30, 2024 consisted of currency translation adjustments.

Fair Value Measurements

S. Fair Value Measurements

Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, we base fair value on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, we apply valuation models. These valuation techniques involve some level of Management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.

The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:

Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial Assets and Liabilities

We have estimated the fair value of our financial instruments as of September 30, 2025 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments. The carrying amounts due under the revolving credit facility approximate fair value as the interest on outstanding borrowings is calculated at a spread over either an Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted CDOR Rate, Alternate Base Rate or Daily Simple RFR, at the Company’s election.

Nonfinancial Assets and Liabilities

Our nonfinancial assets such as property, plant and equipment, inventories, and other intangible assets are not measured at fair value on a recurring basis; however they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during 2025.

New Accounting Pronouncements

T. New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures. This ASU will be effective for fiscal years beginning after December 15, 2024. Other than additional disclosure, we do not expect a change to our consolidated statements of operations, financial position, or cash flows.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU will be effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Other than additional disclosure, we do not expect a change to our consolidated statements of operations, financial position, or cash flows.

VACCO Divestiture

12 Months Ended

Sep. 30, 2025

VACCO Divestiture

VACCO Divestiture

3. VACCO Divestiture

On July 18, 2025, the Company completed the divestiture of VACCO Industries (VACCO) to RBC Bearings Incorporated (RBC), an international manufacturer and marketer of highly engineered precision bearings and products, headquartered in Oxford, Connecticut. Results of operations, financial position and cash flows for the VACCO business are reflected as discontinued operations in the Condensed Consolidated Financial Statements and related notes for all periods presented. The sale of VACCO represents a strategic shift for the Company to exit the Space business.

Net sales from the VACCO business were $102.9 million, $107.6 million and $100.2 million for the years ending September 30, 2025, 2024 and 2023, respectively. Pretax earnings (loss) from the VACCO business were $13.7 million, $(1.1) million and $8.6 million for the years ending September 30, 2025, 2024 and 2023, respectively. The net proceeds from the sale of approximately $270 million and the related after-tax gain on sale of $172.6 million were recorded in the fourth quarter of 2025. The Company anticipates a tax payment of approximately $59 million to be paid during fiscal 2026 related to the gain on sale.

The major classes of VACCO’s assets and liabilities included in the Condensed Consolidated Balance Sheet at September 30, 2024 are shown below (in thousands).


		September 30,
		2024
Assets:
Accounts receivable, net		18,579
Contract assets		63,822
Inventories		13,699
Other current assets		1,281
Current assets		97,381
Property, plant and equipment, net		21,345
Intangible assets, net		4,078
Goodwill		9,964
Other assets		607
Total assets		133,375
Liabilities:
Accounts payable		9,435
Contract liabilities		44,001
Accrued expenses and other current liabilities		9,063
Current liabilities		62,499
Other liabilities		2,710
Total liabilities		65,209

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Translation adjustments, net of tax	$ 0	$ 0	$ 0
Cash dividends declared	$ 0.32	$ 0.32	$ 0.32
Stock compensation plans, net of tax	$ 0	$ 0	$ 0

Income Tax Expense - Components of income from continuing operations before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense
United States	$ 121,169	$ 101,123	$ 90,404
Foreign	31,684	29,830	19,964
Earnings before income tax	$ 152,853	$ 130,953	$ 110,368

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Debt (Tables)

12 Months Ended

Sep. 30, 2025

Debt

Schedule of debt


(Dollars in thousands)	2025		2024
Revolving credit facility	$	25,000	122,000
Incremental facility (Term loan A)		161,000	—
Total borrowings		186,000	122,000
Current portion of long-term debt and short-term borrowings		(20,000)	(20,000)
Total long-term debt, less current portion	$	166,000	102,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Net of allowance for credit losses	$ 3,205	$ 2,734
Preferred stock, par value per share (In dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (In shares)	10,000,000	10,000,000
Common stock, par value per share (In dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (In shares)	50,000,000	50,000,000
Common stock, shares issued (In shares)	30,886,024	30,809,483
Treasury stock, shares (In shares)	5,056,771	5,056,771

Share-Based Compensation

12 Months Ended

Sep. 30, 2025

Share-Based Compensation

Share-Based Compensation

9. Share-Based Compensation

We provide compensation benefits to certain key employees under several share-based plans providing for a combination of performance-based share unit (PSU) awards and time-vested restricted share unit (RSU) awards and to non-employee directors under a separate compensation plan. As of September 30, 2025, our equity compensation plans had a total of 808,103 shares authorized and available for future issuance.

Performance Share Unit (PSU) Awards and Time-Vested Restricted Stock Unit (RSU) Awards

The Company grants PSU awards with a three-year vesting period, with each PSU representing the right to receive one share of Company common stock if certain performance targets are achieved over a corresponding three-year performance period. Beginning in fiscal 2023, the targets were based on achieving certain EBITDA and Return on Invested Capital (ROIC) metrics and utilizing an rTSR modifier.

RSU awards represent the right to receive a specified number of shares of Company common stock if and when the award vests. Each RSU represents the right to receive one share of Company common stock if the recipient remains continuously employed by the Company until the award vests. RSU awards granted prior to fiscal 2023 were normally granted in the spring with full vesting approximately 3 ½ years after the effective award date, while RSU awards granted in fiscal 2023 were normally granted in the spring with vesting one-third at the end of each November beginning approximately 18 months after the award date, and RSU awards granted in fiscal 2024 and fiscal 2025 were normally granted in the fall with vesting one-third at the end of each November beginning approximately 12 months after the award date. The RSU award grants were valued at the stock price on the date of grant.

Pretax compensation expense related to the above awards was $9.3 million, $7.5 million and $7.6 million for 2025, 2024 and 2023, respectively.

The following summary presents information regarding outstanding share-based compensation awards as of the specified dates, and changes during the specified periods:


	FY 2025			FY 2024			FY 2023
		Estimated			Estimated			Estimated
		Weighted			Weighted			Weighted
	Shares	Avg. Price		Shares	Avg. Price		Shares	Avg. Price
Nonvested at October 1,	220,758	$	102.40	189,725	$	94.91	265,367	$	84.29
Granted	104,353		145.39	78,016		108.16	84,880		93.64
Vested	(98,574)		138.40	(34,753)		96.52	(119,811)		82.28
Cancelled	(19,259)		94.24	(12,230)		94.91	(40,711)		85.00
Nonvested at September 30,	207,278	$	114.68	220,758	$	102.40	189,725	$	94.91

Compensation Plan for Non-Employee Directors

In addition to an annual cash retainer, we provide each non-employee director with an annual equity award having a grant date market value of $180,000, based on the NYSE closing price of the Company’s stock on the date of grant. The award is in the form of Restricted Stock Units, each of which represents the right to receive one share of Company stock at the end of a one-year vesting period. At the end of the vesting period, each award will be converted into the right to receive the same number of actual shares of common stock, plus additional shares representing the value of the quarterly dividends which would have accrued on the underlying shares during the vesting period. Compensation expense related to the non-employee director grants was $1.4 million, $1.1 million and $1.3 million for 2025, 2024 and 2023, respectively.

Total Share-Based Compensation

The total share-based compensation cost that has been recognized in results of operations and included within SG&A was $10.7 million, $8.6 million and $8.9 million for 2025, 2024 and 2023, respectively. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $2.1 million, $1.9 million and $1.3 million for 2025, 2024 and 2023, respectively. As of September 30, 2025, there was $11.8 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.4 years.

Share-Based Compensation (Details) - USD ($)	12 Months Ended
Share-Based Compensation (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	$ 180,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	808,103
Vesting period	12 months	12 months
Performance-Accelerated Restricted Share (PARS) Awards
Share-Based Compensation
Pretax compensation expense	$ 9,300,000	$ 7,500,000	$ 7,600,000
Compensation Plan for Non-Employee Directors
Share-Based Compensation
Pretax compensation expense	1,400,000	1,100,000	1,300,000
Total share-based compensation cost	2,100,000
Total income tax benefit recognized		1,900,000	1,300,000
Total unrecognized compensation cost related to share-based compensation arrangements	$ 11,800,000
Weighted average period	1 year 4 months 24 days
Compensation Plan for Non-Employee Directors \| Selling, general and administrative expenses
Share-Based Compensation
Total share-based compensation cost	$ 10,700,000	$ 8,600,000	$ 8,900,000
RSU
Share-Based Compensation
Vesting period		3 years 6 months	18 months
Vesting percentage	0.333%	0.333%

Goodwill and Other Intangible Assets

12 Months Ended

Sep. 30, 2025

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

Included on the Consolidated Balance Sheets at September 30, 2025 and 2024 are the following intangible assets gross carrying amounts and accumulated amortization from continuing operations:


(Dollars in thousands)	2025		2024
Goodwill	$	761,931	529,935

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	7,607	2,638
Less: accumulated amortization		1,775	1,415
Net	$	5,832	1,223

Capitalized software
Gross carrying amount	$	138,144	126,721
Less: accumulated amortization		100,818	89,558
Net	$	37,326	37,163

Customer Relationships
Gross carrying amount	$	625,535	330,328
Less: accumulated amortization		159,543	132,135
Net	$	465,992	198,193

Other
Gross carrying amount	$	76,991	15,182
Less: accumulated amortization		24,829	11,173
Net	$	52,162	4,009
Intangible assets with indefinite lives:
Trade names	$	162,661	162,936

We performed our annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2025 and concluded that no impairment existed at September 30, 2025. There were no accumulated impairment losses as of September 30, 2025.

The changes in the carrying amount of goodwill attributable to each business segment from continuing operations for 2025 and 2024 are as follows:


(Dollars in millions)	A&D		Test		USG	Total
Balance as of September 30, 2023	$	105.6		34.0	353.6	493.2
Acquisition activity		—		30.9	—	30.9
Foreign currency translation and other		—		2.5	3.3	5.8
Balance as of September 30, 2024	$	105.6		67.4	356.9	529.9
Acquisition activity		226.5		—	—	226.5
Foreign currency translation and other		1.9		0.4	3.2	5.5
Balance as of September 30, 2025	$	334.0		67.8	360.1	761.9

Amortization expense related to intangible assets with determinable lives was $53.3 million, $32.8 million and $29.0 million in 2025, 2024 and 2023, respectively. Patents are amortized over the life of the patents, generally ten to twenty years. Capitalized software is amortized over the estimated useful life of the software, generally three to seven years. Customer relationships are generally amortized over thirteen to twenty years. Intangible asset amortization for fiscal years 2026 through 2030 is estimated as follows: approximately $80 million in 2026, approximately $67 million in 2027, and approximately $46 million in 2028 - 2030. The weighted-average amortization period of the acquired intangible assets subject to amortization is twelve years.

Income Tax Expense

12 Months Ended

Sep. 30, 2025

Income Tax Expense

Income Tax Expense

6. Income Tax Expense

Total income tax expense (benefit) for the years ended September 30, 2025, 2024, and 2023 was allocated to income tax expense as follows:


(Dollars in thousands)	2025		2024	2023
Income tax expense from continuing operations	$	36,554	28,325	24,684
Income tax expense (benefit) from discontinued operations		57,464	(317)	1,718
Total income expense	$	94,018	28,008	26,402

The components of income from continuing operations before income taxes for 2025, 2024 and 2023 consisted of the following:


(Dollars in thousands)	2025		2024	2023
United States	$	121,169	101,123	90,404
Foreign		31,684	29,830	19,964
Total income before income taxes	$	152,853	130,953	110,368

The principal components of income tax expense (benefit) from continuing operations for 2025, 2024 and 2023 consist of:


(Dollars in thousands)	2025		2024	2023
Federal:
Current	$	25,007	25,584	21,923
Deferred		(1,185)	(7,295)	(5,095)
State and local:
Current		3,935	3,212	3,304
Deferred		(228)	17	(950)
Foreign:
Current		13,109	8,602	5,694
Deferred		(4,084)	(1,795)	(192)
Total	$	36,554	28,325	24,684

The actual income tax expense from continuing operations for 2025, 2024 and 2023 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows:


	2025		2024		2023
Federal corporate statutory rate	21.0	%	21.0	%	21.0	%
State and local, net of Federal benefits	2.3		2.5		2.1
Impact of foreign operations	1.1		0.4		0.3
Federal research credit	(1.1)		(0.8)		(0.9)
Executive compensation	0.9		0.2		1.1
Valuation allowance	(0.1)		(0.3)		0.3
U.S. tax on GILTI	2.5		2.4		1.3
GILTI foreign tax credits	(1.8)		(2.0)		(1.0)
FDII deduction	(1.1)		(1.7)		(1.7)
Other, net	0.2		(0.1)		(0.1)
Effective income tax rate	23.9	%	21.6	%	22.4	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2025 and 2024 are presented below:


(Dollars in thousands)	2025		2024
Deferred tax assets:
Inventories	$	5,589	4,663
Pension and other postretirement benefits		417	460
Capitalized research and development expenditures		14,648	9,726
Lease liabilities		8,571	7,183
Net operating and capital loss carryforwards — domestic		473	544
Net operating loss carryforward — foreign		3,855	3,855
Other compensation-related costs and other cost accruals		9,904	9,289
State credit carryforward		1,016	1,601
Total deferred tax assets		44,473	37,321

Deferred tax liabilities:
ROU assets		(8,906)	(6,627)
Goodwill		(15,904)	(13,353)
Acquisition intangible assets		(107,190)	(66,986)
Depreciation, software amortization		(20,359)	(17,079)
Net deferred tax liabilities before valuation allowance		(107,886)	(66,724)
Less valuation allowance		(1,347)	(1,513)
Net deferred tax liabilities	$	(109,233)	(68,237)

We had a foreign net operating loss (NOL) carryforward of $13.9 million at September 30, 2025, which reflects tax loss carryforwards in Germany, Canada, Japan, and the United Kingdom. Approximately $12.1 million of the tax loss carryforwards have no expiration date while the remaining $1.8 million will expire between 2031 and 2042.We had deferred tax assets related to state NOL carryforwards of $0.5 million at September 30, 2025 which expire between 2031 and 2045. We also had state research and other credit carryforwards of $1.0 million of which $0.1 million expires between 2035 and 2045. The remaining $0.9 million does not have an expiration date.

The valuation allowance for deferred tax assets as of September 30, 2025 and 2024 was $1.3 million and $1.5 million, respectively. The net change in the total valuation allowance for each of the years ended September 30, 2025 and 2024 was a decrease of $0.2 million and $0.3 million, respectively. In addition, we maintained a valuation allowance against state NOL carryforwards that are not expected to be realized in future periods of $0.4 million at September 30, 2025 and $0.5 million at September 30, 2024. Lastly, we released a valuation allowance against foreign deferred tax assets of $0.1 million in the year ended September 30, 2025, which resulted in a valuation allowance against foreign deferred assets which may not be realized in future periods of $0.9 million and $1.0 million at September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company does not have any material unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2025

Goodwill and Other Intangible Assets

Schedule of intangible assets gross carrying amounts and accumulated amortization from continuing operations


(Dollars in thousands)	2025		2024
Goodwill	$	761,931	529,935

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	7,607	2,638
Less: accumulated amortization		1,775	1,415
Net	$	5,832	1,223

Capitalized software
Gross carrying amount	$	138,144	126,721
Less: accumulated amortization		100,818	89,558
Net	$	37,326	37,163

Customer Relationships
Gross carrying amount	$	625,535	330,328
Less: accumulated amortization		159,543	132,135
Net	$	465,992	198,193

Other
Gross carrying amount	$	76,991	15,182
Less: accumulated amortization		24,829	11,173
Net	$	52,162	4,009
Intangible assets with indefinite lives:
Trade names	$	162,661	162,936

Schedule of carrying amount of goodwill attributable to each business segment from continuing operations


(Dollars in millions)	A&D		Test		USG	Total
Balance as of September 30, 2023	$	105.6		34.0	353.6	493.2
Acquisition activity		—		30.9	—	30.9
Foreign currency translation and other		—		2.5	3.3	5.8
Balance as of September 30, 2024	$	105.6		67.4	356.9	529.9
Acquisition activity		226.5		—	—	226.5
Foreign currency translation and other		1.9		0.4	3.2	5.5
Balance as of September 30, 2025	$	334.0		67.8	360.1	761.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies
Letters of credit outstanding, amount	$ 10.1	$ 5.0

Related Parties

12 Months Ended

Sep. 30, 2025

Related Parties

Related Parties

14. Related Parties

Two of the Company’s directors are officers at two customers of the Company’s Doble subsidiary. Doble sells products, leases equipment and provides testing services in the ordinary course of Doble’s business. The total amount of these sales was approximately $4.7 million during fiscal 2025. All transactions between Doble and the two customers are intended to be and have been consistent with Doble’s normal commercial terms offered to its customers, and the Company’s Board of Directors has determined that the relationships between the Company and the customers are not material and did not impair either the Company’s or the directors’ independence.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Capital Stock

12 Months Ended

Sep. 30, 2025

Capital Stock

Capital Stock

8. Capital Stock

The 30,886,024 and 30,809,483 common shares as presented in the accompanying Consolidated Balance Sheets at September 30, 2025 and 2024 represent the actual number of shares issued at the respective dates. We held 5,056,771 common shares in treasury at both September 30, 2025 and 2024.

In August 2024, our Board of Directors approved a common stock repurchase program authorizing us to repurchase shares of our stock from time to time in Management’s discretion, in the open market or otherwise, up to a maximum total repurchase amount of $200 million or the maximum amount permitted under our bank credit agreements, if less, over a three-year period expiring September 30, 2027. We did not repurchase any shares in 2025 and we repurchased approximately 80,500 shares in 2024.

- Definition

The entire disclosure for equity.

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Schedule of shares used in the calculation of earnings per share


(in thousands)	2025	2024	2023
Weighted Average Shares Outstanding — Basic	25,811	25,774	25,802
Dilutive Shares	99	98	77
Adjusted Shares — Diluted	25,910	25,872	25,879

Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Debt
Total borrowings	$ 186,000	$ 122,000
Current portion of long-term debt and short-term borrowings	(20,000)	(20,000)
Total long-term debt, less current portion	166,000	102,000
Revolving credit facility
Debt
Total borrowings	25,000	$ 122,000
Incremental facility (Term loan A)
Debt
Total borrowings	$ 161,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Debt - Additional information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 30, 2023	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 05, 2024
Debt
Available to borrow under the credit facility		$ 465,000	$ 465,000
Cash on hand		101,350	101,350	$ 65,963
Current maturities of long-term debt		20,000	20,000
Letters of credit outstanding, amount		$ 10,100	$ 10,100	5,000
Equity interests in direct and indirect material foreign subsidiaries, pledged as collateral (as a percent)		100.00%	100.00%
Debt instrument, interest rate			6.50%
short term borrowings			$ 637,000	191,000
Short term average outstanding			$ 264,900	$ 166,600
Debt, weighted average interest rate		5.99%	5.99%	6.72%
Revolving credit facility
Debt
Line of credit facility, amount outstanding	$ 500,000
Line of credit facility, commitment fee amount	$ 250,000
Incremental Facility
Debt
Weighted average interest rate over time		6.38%
Minimum
Debt
Facility fee			12.50%
Minimum \| Credit facility and incremental facility
Debt
Basis spread on variable rate			0.25%
Maximum
Debt
Facility fee			25.00%
Incremental term loan		$ 250,000	$ 250,000
Maximum \| Loan payable
Debt
Credit facility, aggregate principal amount					$ 375,000
Maximum \| Credit facility and incremental facility
Debt
Basis spread on variable rate			2.25%

VACCO Divestiture (Details) - USD ($) $ in Thousands	12 Months Ended
VACCO Divestiture (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
VACCO Divestiture
After-tax gain on the sale	$ 172,642
Assets:
Current assets		$ 97,381
Liabilities:
Current liabilities		62,499
VACCO Industries \| Discontinued operations, held for sale
VACCO Divestiture
Net sales from VACCO businesses	102,900	107,600	$ 100,200
Pretax earnings (loss) from the VACCO business	13,700	(1,100)	$ 8,600
Net proceeds	270,000
After-tax gain on the sale	172,600
Tax payment	$ 59,000
Assets:
Accounts receivable, net		18,579
Contract assets		63,822
Inventories		13,699
Other current assets		1,281
Current assets		97,381
Property, plant and equipment, net		21,345
Intangible assets, net		4,078
Goodwill		9,964
Other assets		607
Total assets		133,375
Liabilities:
Accounts payable		9,435
Contract liabilities		44,001
Accrued expenses and other current liabilities		9,063
Current liabilities		62,499
Other liabilities		2,710
Total liabilities		$ 65,209

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Inventories
Finished goods	$ 52,644	$ 46,586
Work in process	46,825	40,606
Raw materials	118,338	108,273
Total	$ 217,807	$ 195,465

Income Tax Expense - Actual income tax expense from continuing operations (Details)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense
Federal corporate statutory rate	21.00%	21.00%	21.00%
State and local, net of Federal benefits	2.30%	2.50%	2.10%
Impact of foreign operations	1.10%	0.40%	0.30%
Federal research credit	(1.10%)	(0.80%)	(0.90%)
Executive compensation	0.90%	0.20%	1.10%
Valuation allowance	(0.10%)	(0.30%)	0.30%
U.S. tax on GILTI	2.50%	2.40%	1.30%
Foreign tax credits	(1.80%)	(2.00%)	(1.00%)
FDII deduction	(1.10%)	(1.70%)	(1.70%)
Other, net	0.20%	(0.10%)	(0.10%)
Effective income tax rate	23.90%	21.60%	22.40%

Summary of Significant Accounting Policies - Number Of Shares Used In Calculation Of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies
Weighted Average Shares Outstanding - Basic	25,811	25,774	25,802
Dilutive Restricted Shares	99	98	77
Shares - Diluted	25,910	25,872	25,879

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net of tax expense from discontinued operations	$ 3,464	$ 317	$ 1,718
Gain on sale from discontinued operations, net of tax expense of $54,000	$ 54,000

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

A. Principles of Consolidation

B. Basis of Presentation

C. Nature of Operations

Test: The companies within this segment provide their customers with the ability to identify, measure and control magnetic and electromagnetic energy.

In addition, for reporting certain financial information we treat Corporate activities as a separate segment.

D. Use of Estimates

E. Revenue Recognition

The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable.

Contract Assets and Liabilities

See the further discussion of our revenue recognition in Note 13 below.

F. Cash and Cash Equivalents

G. Accounts Receivable

H. Inventories

I. Property, Plant and Equipment

J. Leases

K. Goodwill and Other Long-Lived Intangible Assets

See Note 4 regarding goodwill and other intangible assets activity.

L. Capitalized Software

M. Income Taxes

N. Research and Development Costs

O. Foreign Currency Translation

P. Earnings Per Share

The number of shares used in the calculation of earnings per share for each year presented is as follows:


(in thousands)	2025	2024	2023
Weighted Average Shares Outstanding — Basic	25,811	25,774	25,802
Dilutive Shares	99	98	77
Adjusted Shares — Diluted	25,910	25,872	25,879

Q. Share-Based Compensation

R. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss of $(2.5) million at September 30, 2025 and $(10.8) million at September 30, 2024 consisted of currency translation adjustments.

S. Fair Value Measurements

Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial Assets and Liabilities

Nonfinancial Assets and Liabilities

T. New Accounting Pronouncements

Inventories (Tables)

12 Months Ended

Sep. 30, 2025

Inventories

Schedule of inventories from continuing operations


(Dollars in thousands)	2025		2024
Finished goods	$	52,644	46,586
Work in process		46,825	40,606
Raw materials		118,338	108,273
Total	$	217,807	195,465

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 101,350	$ 65,963
Accounts receivable, less allowance for credit losses of $3,205 and $2,734 in 2025 and 2024, respectively	253,554	222,101
Contract assets, net	90,730	66,712
Inventories	217,807	195,465
Other current assets	25,065	21,027
Assets from discontinued operations - current		97,381
Total current assets	688,506	668,649
Property, plant and equipment:
Land and land improvements	9,415	8,527
Buildings and leasehold improvements	131,427	118,822
Machinery and equipment	197,859	177,646
Construction in progress	20,588	13,274
Property, Plant and Equipment, Gross	359,289	318,269
Less accumulated depreciation and amortization	(186,796)	(169,018)
Net property, plant and equipment	172,493	149,251
Intangible assets, net	723,973	403,524
Goodwill	761,931	529,935
Operating lease assets, net	47,707	37,476
Other assets	15,778	13,791
Assets from discontinued operations - other		35,994
Total Assets	2,410,388	1,838,620
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	96,534	88,936
Contract liabilities, net	216,590	80,844
Accrued salaries	53,301	41,768
Income tax payable - current	62,007	6,251
Accrued other expenses	59,716	49,556
Liabilities from discontinued operations - current		62,499
Total current liabilities	508,148	349,854
Deferred tax liabilities, net	112,390	72,623
Non-current operating lease liabilities	44,403	34,810
Other liabilities	38,576	39,273
Long-term debt	166,000	102,000
Liabilities from discontinued operations - other		2,710
Total liabilities	869,517	601,270
Shareholders' equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares
Common stock, par value $.01 per share, authorized 50,000,000 shares; issued 30,886,024 and 30,809,483 shares in 2025 and 2024 respectively	309	308
Additional paid-in capital	316,194	311,942
Retained earnings	1,373,911	1,082,950
Accumulated other comprehensive loss, net of tax	(2,468)	(10,775)
Total stockholders' equity before treasury stock	1,687,946	1,384,425
Less treasury stock, at cost (5,056,771 and 5,056,771 common shares in 2025 and 2024, respectively)	(147,075)	(147,075)
Total shareholders' equity	1,540,871	1,237,350
Total Liabilities and Shareholders' Equity	$ 2,410,388	$ 1,838,620

Revenues (Tables)

12 Months Ended

Sep. 30, 2025

Revenues

Schedule of disaggregation of revenues by reportable segment

Year Ended September 30, 2025

(In thousands)

A&D

USG

Test

Total

Customer type:

Commercial

201,664

369,291

177,952

748,907

Government

276,528

10,704

59,249

346,481

Total revenues

478,192

379,995

237,201

1,095,388

Geographic location:

United States

345,308

241,233

140,726

727,267

International

132,884

138,762

96,475

368,121

Total revenues

478,192

379,995

237,201

1,095,388

Revenue recognition method:

Point in time

246,923

308,754

44,784

600,461

Over time

231,269

71,241

192,417

494,927

Total revenues

478,192

379,995

237,201

1,095,388


Year Ended September 30, 2024
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	178,954		361,478		164,321		704,753
Government		161,589		7,583		45,202		214,374
Total revenues	$	340,543		369,061		209,523		919,127

Geographic location:
United States	$	272,183		240,153		120,500		632,836
International		68,360		128,908		89,023		286,291
Total revenues	$	340,543		369,061		209,523		919,127

Revenue recognition method:
Point in time	$	200,693		301,200		43,150		545,043
Over time		139,850		67,861		166,373		374,084
Total revenues	$	340,543		369,061		209,523		919,127

Commitments and Contingencies

12 Months Ended

Sep. 30, 2025

Commitments and Contingencies

Commitments and Contingencies

11. Commitments and Contingencies

At September 30, 2025, we had $10.1 million in letters of credit outstanding as guarantees of contract performance and cash amounts that exceeded federally insured amounts. As a normal incident of the businesses in which we are engaged, various claims, charges and litigation are asserted or commenced from time to time against us. Additionally, we are currently involved in various stages of investigation and remediation relating to environmental matters. It is the opinion of Management that the aggregate costs involved in the resolution of these matters, and final judgments, if any, which might be rendered against us are adequately accrued, are covered by insurance or are not likely to have a material adverse effect on our financial results as the estimated exposure to loss is not material.

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2025

Share-Based Compensation

Summary of outstanding share-based compensation awards


	FY 2025			FY 2024			FY 2023
		Estimated			Estimated			Estimated
		Weighted			Weighted			Weighted
	Shares	Avg. Price		Shares	Avg. Price		Shares	Avg. Price
Nonvested at October 1,	220,758	$	102.40	189,725	$	94.91	265,367	$	84.29
Granted	104,353		145.39	78,016		108.16	84,880		93.64
Vested	(98,574)		138.40	(34,753)		96.52	(119,811)		82.28
Cancelled	(19,259)		94.24	(12,230)		94.91	(40,711)		85.00
Nonvested at September 30,	207,278	$	114.68	220,758	$	102.40	189,725	$	94.91

Income Tax Expense - Income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense
Income tax expense from continuing operations	$ 36,554	$ 28,325	$ 24,684
Income tax expense (benefit) from discontinued operations	57,464	(317)	1,718
Total income expense	$ 94,018	$ 28,008	$ 26,402

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Business Segment Information (Tables)

12 Months Ended

Sep. 30, 2025

Business Segment Information

Schedule of net sales and earnings before income tax

Year Ended September 30, 2025

Segment

(In thousands)

A&D

USG

Test

Total

Corporate

Total

Sales

478,192

379,995

237,201

1,095,388

—

1,095,388

Cost of sales

296,688

176,976

160,639

634,303

—

634,303

SG&A expense

53,050

99,520

38,987

191,557

43,081

234,638

Amortization of intangible assets

1,465

8,563

1,978

12,006

41,311

53,317

Other expense (income), net

1,850

195

1,486

3,531

(756)

2,775

Segment profit (loss)

125,139

94,741

34,111

253,991

(83,636)

170,355

Interest expense

17,502

Earnings before income taxes

152,853

Depreciation and amortization

11,714

16,119

5,744

33,577

41,444

75,021

Segment assets

409,789

289,505

206,944

906,238

1,504,150

2,410,388

Capital expenditures

18,758

9,478

5,048

33,284

3,038

36,322


Year Ended September 30, 2024					Segment
(In thousands)	A&D		USG	Test	Total	Corporate		Total
Sales	$	340,543	369,061	209,523	919,127		—		919,127
Cost of sales		211,112	176,803	142,640	530,555		—		530,555
SG&A expense		42,231	97,396	35,351	174,978		33,225		208,203
Amortization of intangible assets		1,876	8,414	1,816	12,106		20,698		32,804
Other expense (income), net		(487)	530	1,088	1,131		234		1,365
Segment profit (loss)	$	85,811	85,918	28,628	200,357		(54,157)		146,200
Interest expense						$	15,247		15,247
Earnings before income taxes								$	130,953

Depreciation and amortization	$	10,384	15,608	5,349	31,341		20,814		52,155
Segment assets		267,775	294,494	188,663	750,932		954,313		1,705,245
Capital expenditures	$	15,926	8,751	3,529	28,206		69		28,275


Year Ended September 30, 2023					Segment
(In thousands)	A&D		USG	Test	total	Corporate		Total
Sales	$	292,203	342,320	221,270	855,793		—		855,793
Cost of sales		187,192	164,094	151,397	502,683		—		502,683
SG&A expense		39,919	94,168	35,211	169,298		34,161		203,459
Amortization of intangible assets		1,224	7,227	1,864	10,315		18,638		28,953
Other expense (income), net		803	185	402	1,390		171		1,561
Segment profit (loss)	$	63,065	76,646	32,396	172,107		(52,970)		119,137
Interest expense						$	8,769		8,769
Earnings before income taxes								$	110,368

Depreciation and amortization	$	9,770	13,964	5,268	29,002		18,707		47,709
Capital expenditures	$	10,138	4,856	4,515	19,509		150		19,659

Schedule Of Geographic Information Net Sale

Net Sales


(Dollars in thousands)
Year ended September 30,	2025		2024	2023
United States	$	727,267	632,836	576,639
Asia		111,844	108,423	114,698
Europe		156,404	91,762	80,691
Canada		56,693	50,728	46,822
Other		43,180	35,378	36,943
Consolidated totals	$	1,095,388	919,127	855,793

Schedule Of Geographic Information Long-Lived Assets

Long-Lived Assets


(Dollars in thousands)
Year ended September 30,	2025		2024
United States	$	142,341	130,947
United Kingdom		13,659	2,900
Other		16,493	15,404
Consolidated totals	$	172,493	149,251

Goodwill and Other Intangible Assets - Intangible assets gross carrying amounts and accumulated amortization from continuing operations (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Other Intangible Assets
Goodwill	$ 761,931	$ 529,935	$ 493,200
Patents
Goodwill and Other Intangible Assets
Gross carrying amount	7,607	2,638
Less: accumulated amortization	1,775	1,415
Net	5,832	1,223
Capitalized software
Goodwill and Other Intangible Assets
Gross carrying amount	138,144	126,721
Less: accumulated amortization	100,818	89,558
Net	37,326	37,163
Customer Relationships
Goodwill and Other Intangible Assets
Gross carrying amount	625,535	330,328
Less: accumulated amortization	159,543	132,135
Net	465,992	198,193
Other
Goodwill and Other Intangible Assets
Gross carrying amount	76,991	15,182
Less: accumulated amortization	24,829	11,173
Net	52,162	4,009
Trade names
Goodwill and Other Intangible Assets
Trade names	$ 162,661	$ 162,936

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We maintain a data protection and cybersecurity risk management program based upon the National Institute of Standards and Technology (NIST) Cybersecurity framework and the Cybersecurity Maturity Model Certification (CMMC) program to assess, identify and manage cybersecurity risks. As part of this program, we maintain defensive network perimeter safeguards, internal mitigation and control features, continuous system and network monitoring, and contingency data protection. In the event of an incident, we intend to follow our detailed incident response plan, which provides a step-by-step framework to follow from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership and the Board of Directors, as appropriate. As part of our risk management program, we regularly conduct vulnerability assessments, as well as internal user training and tabletop exercises. We also conduct self and third-party assessments of our cybersecurity risk management program to evaluate effectiveness and alignment with NIST and CMMC standards and industry best practices. Our Company’s business strategy, results of operations and financial condition have not been materially affected, and we believe that they are not reasonably likely to be materially affected, by risks from cybersecurity threats, but we cannot provide assurance that the Company will not be materially affected in the future by such risks or any future material incidents. For more information about the cybersecurity risks we face, see Item 1A, “Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a data protection and cybersecurity risk management program based upon the National Institute of Standards and Technology (NIST) Cybersecurity framework and the Cybersecurity Maturity Model Certification (CMMC) program to assess, identify and manage cybersecurity risks. As part of this program, we maintain defensive network perimeter safeguards, internal mitigation and control features, continuous system and network monitoring, and contingency data protection.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our cybersecurity program is managed by a global internal team that addresses potential risks, implements processes to support our cybersecurity program and responds to potential cyber incidents. The team has decades of experience with varied certifications and includes our Senior Director of IT who has over 25 years of experience as an IT professional engaged in network cybersecurity. The internal team is supported by third party providers to expand coverage, expertise and responsiveness. Annual risk assessments are performed and incorporated as part of our overall enterprise risk management process, which is overseen by our Board of Directors. Management regularly provides data protection and cybersecurity reports to the Audit Committee and the Board of Directors, which includes updates on cybersecurity initiatives, cybersecurity metrics and threat landscape.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee and the Board of Directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Annual risk assessments are performed and incorporated as part of our overall enterprise risk management process, which is overseen by our Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Annual risk assessments are performed and incorporated as part of our overall enterprise risk management process, which is overseen by our Board of Directors. Management regularly provides data protection and cybersecurity reports to the Audit Committee and the Board of Directors, which includes updates on cybersecurity initiatives, cybersecurity metrics and threat landscape.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management regularly provides data protection and cybersecurity reports to the Audit Committee and the Board of Directors,
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The team has decades of experience with varied certifications and includes our Senior Director of IT who has over 25 years of experience as an IT professional engaged in network cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management regularly provides data protection and cybersecurity reports to the Audit Committee and the Board of Directors, which includes updates on cybersecurity initiatives, cybersecurity metrics and threat landscape
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 299,223	$ 101,881	$ 92,545
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	8,307	13,194	7,795
Total other comprehensive income (loss), net of tax	8,307	13,194	7,795
Comprehensive income	$ 307,530	$ 115,075	$ 100,340

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Net sales	$ 1,095,388	$ 919,127	$ 855,793
Related Parties \| Subsidiaries
Related Party Transaction [Line Items]
Net sales	$ 4,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Capital Stock (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Capital Stock (Details) - USD ($) $ in Millions	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2025
Capital Stock
Common shares as presented in the accompanying Consolidated Balance Sheets		30,809,483	30,886,024
Common shares in treasury		5,056,771	5,056,771
Board of Directors authorized an expanded stock repurchase program			$ 200
Share Repurchase Program, Period in Force	3 years
Stock repurchases during period, shares		80,500

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Income Tax Expense (Tables)

12 Months Ended

Sep. 30, 2025

Income Tax Expense

Schedule of income tax expense (benefit)


(Dollars in thousands)	2025		2024	2023
Income tax expense from continuing operations	$	36,554	28,325	24,684
Income tax expense (benefit) from discontinued operations		57,464	(317)	1,718
Total income expense	$	94,018	28,008	26,402

Schedule of components of income from continuing operations before income taxes


(Dollars in thousands)	2025		2024	2023
United States	$	121,169	101,123	90,404
Foreign		31,684	29,830	19,964
Total income before income taxes	$	152,853	130,953	110,368

Schedule of principal components of income tax expense (benefit) from continuing operations


(Dollars in thousands)	2025		2024	2023
Federal:
Current	$	25,007	25,584	21,923
Deferred		(1,185)	(7,295)	(5,095)
State and local:
Current		3,935	3,212	3,304
Deferred		(228)	17	(950)
Foreign:
Current		13,109	8,602	5,694
Deferred		(4,084)	(1,795)	(192)
Total	$	36,554	28,325	24,684

Schedule of actual income tax expense from continuing operations


	2025		2024		2023
Federal corporate statutory rate	21.0	%	21.0	%	21.0	%
State and local, net of Federal benefits	2.3		2.5		2.1
Impact of foreign operations	1.1		0.4		0.3
Federal research credit	(1.1)		(0.8)		(0.9)
Executive compensation	0.9		0.2		1.1
Valuation allowance	(0.1)		(0.3)		0.3
U.S. tax on GILTI	2.5		2.4		1.3
GILTI foreign tax credits	(1.8)		(2.0)		(1.0)
FDII deduction	(1.1)		(1.7)		(1.7)
Other, net	0.2		(0.1)		(0.1)
Effective income tax rate	23.9	%	21.6	%	22.4	%

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities


(Dollars in thousands)	2025		2024
Deferred tax assets:
Inventories	$	5,589	4,663
Pension and other postretirement benefits		417	460
Capitalized research and development expenditures		14,648	9,726
Lease liabilities		8,571	7,183
Net operating and capital loss carryforwards — domestic		473	544
Net operating loss carryforward — foreign		3,855	3,855
Other compensation-related costs and other cost accruals		9,904	9,289
State credit carryforward		1,016	1,601
Total deferred tax assets		44,473	37,321

Deferred tax liabilities:
ROU assets		(8,906)	(6,627)
Goodwill		(15,904)	(13,353)
Acquisition intangible assets		(107,190)	(66,986)
Depreciation, software amortization		(20,359)	(17,079)
Net deferred tax liabilities before valuation allowance		(107,886)	(66,724)
Less valuation allowance		(1,347)	(1,513)
Net deferred tax liabilities	$	(109,233)	(68,237)

Leases

12 Months Ended

Sep. 30, 2025

Leases

Leases

12. Leases

We record our leases in accordance with ASC 842, Leases. We determine at lease inception whether an arrangement that provides control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term (including anticipated renewals). We have elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of our leases include options to extend the term of the lease for up to 20 years. When it is reasonably certain that we will exercise the option, Management includes the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, Management uses our incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement.

Our leases for real estate commonly include escalating payments. We include these variable lease payments in the calculation of our ROU asset and lease liability. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease.

In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. Non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.

Our leases are for office space, manufacturing facilities, and machinery and equipment.

The components of lease costs are shown below:


	Year Ended		Year Ended
	September 30,		September 30,
(Dollars in thousands)	2025		2024
Finance lease cost:
Amortization	$	1,489		1,510
Interest on lease liabilities		802		861
Operating lease cost		7,810		6,582
Total lease cost	$	10,101		8,953

Additional information related to leases is shown below:


	Year Ended			Year Ended
	September 30,			September 30,
(Dollars in thousands)	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,318			6,349
Operating cash flows from finance leases		802			861
Financing cash flows from finance leases		1,430			1,351

Right-of-use assets obtained in exchange for operating lease liabilities	$	16,426			3,028

Weighted-average remaining lease term:
Operating leases		9.3	yrs		10.5	yrs
Finance leases		9.7	yrs		10.4	yrs
Weighted-average discount rate:
Operating leases		4.8	%		4.6	%
Finance leases		4.7	%		4.7	%


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2026	$	7,951		2,297
2027		7,709		2,357
2028		7,574		2,417
2029		6,134		2,478
2030 and thereafter		33,540		11,575
Total minimum lease payments		62,908		21,124
Less: amounts representing interest		12,611		4,571
Present value of net minimum lease payments	$	50,297		16,553
Less: current portion of lease obligations		5,894		1,554
Non-current portion of lease obligations		44,403		14,999

ROU assets	$	47,707		12,194


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2025	$	6,394	2,233
2026		5,118	2,297
2027		4,813	2,357
2028		4,517	2,417
2029 and thereafter		29,765	14,053
Total minimum lease payments		50,607	23,357
Less: amounts representing interest		11,026	5,373
Present value of net minimum lease payments	$	39,581	17,984
Less: current portion of lease obligations		4,771	1,431
Non-current portion of lease obligations		34,810	16,553

ROU assets	$	37,476	13,683

We include operating and finance lease liabilities in the Consolidated Balance Sheet in accrued other expenses (current portion) and other liabilities (long-term portion). We include operating lease ROU assets as a caption on the Consolidated Balance Sheet and include finance lease ROU assets in Property, plant and equipment on the Consolidated Balance Sheet.

Revenues

12 Months Ended

Sep. 30, 2025

Revenues

Revenues

13. Revenues

(a)	Disaggregation of Revenues

The tables below present our revenues from continuing operations by customer type, geographic location, and revenue recognition method for the years ended September 30, 2025 and 2024, as we believe this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The tables also include a reconciliation of the disaggregated revenue within our reportable segments.

Year Ended September 30, 2025

(In thousands)

A&D

USG

Test

Total

Customer type:

Commercial

201,664

369,291

177,952

748,907

Government

276,528

10,704

59,249

346,481

Total revenues

478,192

379,995

237,201

1,095,388

Geographic location:

United States

345,308

241,233

140,726

727,267

International

132,884

138,762

96,475

368,121

Total revenues

478,192

379,995

237,201

1,095,388

Revenue recognition method:

Point in time

246,923

308,754

44,784

600,461

Over time

231,269

71,241

192,417

494,927

Total revenues

478,192

379,995

237,201

1,095,388


Year Ended September 30, 2024
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	178,954		361,478		164,321		704,753
Government		161,589		7,583		45,202		214,374
Total revenues	$	340,543		369,061		209,523		919,127

Geographic location:
United States	$	272,183		240,153		120,500		632,836
International		68,360		128,908		89,023		286,291
Total revenues	$	340,543		369,061		209,523		919,127

Revenue recognition method:
Point in time	$	200,693		301,200		43,150		545,043
Over time		139,850		67,861		166,373		374,084
Total revenues	$	340,543		369,061		209,523		919,127

(b)	Remaining Performance Obligations

Our remaining performance obligations, which is the equivalent of our backlog, represent the expected transaction price allocated to our performance obligations that we expect to recognize as revenue in future periods when we perform under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery or Indefinite Quantity contracts. At September 30, 2025, we had $1,133.6 million in remaining performance obligations of which we expect to recognize to revenues approximately 64% in the next twelve months. We expect to recognize to revenues approximately 92% in the next three years.

(c)	Contract assets, contract liabilities and accounts receivable from continuing operations

We report assets and liabilities related to our contracts with customers on a contract-by-contract basis at the end of each reporting period. At September 30, 2025, our contract assets, contract liabilities and accounts receivable totaled $90.7 million, $224.7 million and $253.6 million, respectively. At September 30, 2024, our contract assets, contract liabilities and accounts receivable totaled $66.7 million, $90.3 million and $222.1 million, respectively. At September 30, 2023, our contract assets, contract liabilities and accounts receivable totaled $68.8 million, $83.8 million and $189.3 million, respectively. During 2025, we recognized approximately $60 million in revenues that were included in the contract liabilities balance at September 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Debt

12 Months Ended

Sep. 30, 2025

Debt

Debt

7. Debt

Debt consists of the following at September 30, 2025 and 2024:


(Dollars in thousands)	2025		2024
Revolving credit facility	$	25,000	122,000
Incremental facility (Term loan A)		161,000	—
Total borrowings		186,000	122,000
Current portion of long-term debt and short-term borrowings		(20,000)	(20,000)
Total long-term debt, less current portion	$	166,000	102,000

The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of seven banks led by JP Morgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Commerce Bank and TD Bank, N.A. as co-documentation agents. The Credit Facility matures August 30, 2028, with balance due by this date. The Credit Facility is secured by the unlimited guaranty of our direct and indirect material U.S. subsidiaries and the pledge of 100% of the equity interests of our direct and indirect material foreign subsidiaries. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. As of September 30, 2025, we were in compliance with all covenants.

On August 5, 2024, the Company and certain of its subsidiaries entered into Amendment No. 1 (the “Amendment”) to the Credit Facility which, among other things, (i) implements a senior incremental delayed draw term loan credit facility in an aggregate principal amount of up to $375 million (the “Incremental Facility”), and (ii) permits the direct or indirect acquisition by the Registrant or certain of its subsidiaries of all of the issued and outstanding shares of PMES I Limited, Measurement Systems, Inc., EMS Development Corporation, and DNE Technologies, Inc. (the “Maritime Acquisition”), pursuant to and in accordance with the terms and conditions of the Sale and Purchase Agreement dated July 8, 2024 among Ultra Electronics Holdings Limited, as parent seller, the Registrant, as guarantor, and certain of the Registrant’s subsidiaries as buyers. During the third quarter of 2025, the proceeds of the loans drawn under the Incremental Facility were applied to pay a portion of the cash consideration for the Maritime Acquisition and other customary fees, premiums, expenses and costs incurred in connection with the acquisition. The Incremental Facility matures August 30, 2028, with the balance due by that date.

Interest on borrowings under the Credit Facility and the Incremental Facility is calculated at a spread ranging from 0.25% to 2.25% over either an Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted CDOR Rate, Alternate Base Rate or Daily Simple RFR, at the Company’s election. The Credit Facility also requires a facility fee ranging from 12.5 to 25 basis points per annum. The interest rate spreads and the facility fee are subject to increase or decrease depending on the Company’s leverage ratio.

At September 30, 2025, we had approximately $465 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $101.4 million cash on hand. We classified $20 million as the current portion of long-term debt as of September 30, 2025, as we intend to repay at least this amount within the next twelve months; however, we have no contractual obligation to repay such amount during the next twelve months.

During 2025 and 2024, our maximum aggregate short-term borrowings at any month-end were $637 million and $191 million, respectively, and the average aggregate short-term borrowings outstanding based on month-end balances were $264.9 million and $166.6 million, respectively. The weighted average interest rates under the Credit Facility were 5.99% and 6.72% for 2025 and 2024, respectively. The weighted average interest rate under the Incremental Facility was 6.38% for 2025. As of September 30, 2025, the interest rate on our debt was 6.50%. The letters of credit issued and outstanding under the Credit Facility totaled $10.1 million and $5.0 million at September 30, 2025 and 2024, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Tax Expense - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Income Tax Expense
Net operating loss carryforward - foreign	$ 3,855	$ 3,855
Deferred tax assets, operating loss carry forwards, not subject to expiration	12,100
Deferred tax assets, operating loss carry forwards, subject to expiration	1,800
Deferred tax assets, operating loss carry forwards, state and local	500
Deferred tax assets, tax credit carry forwards, research	1,000
State research and other credit carry forwards with expiration date	100
State research and other credit carry forwards without expiration date	900
Deferred tax assets, valuation allowance	1,347	1,513
Unrecognized tax benefits	0
State and Local Jurisdiction
Income Tax Expense
Net operating loss carryforward - foreign	13,900
Deferred tax assets, valuation allowance	1,300	1,500
Net change in valuation allowance	(200)	300
Foreign Country
Income Tax Expense
Deferred tax assets, valuation allowance	400	500
Net change in valuation allowance	100
Foreign Valuation Allowance
Income Tax Expense
Operating loss carry forwards, valuation allowance	$ 900	$ 1,000

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Other Intangible Assets
Asset Impairment Charges	$ 0
Amortization expense related to intangible assets	53,317	$ 32,804	$ 28,953
2026	80,000
2027	67,000
2028	46,000
2029	36,000
2030	$ 36,000
Weighted-average amortization period	12 years
Patents \| Maximum
Goodwill and Other Intangible Assets
Expected remaining useful life	20 years
Patents \| Minimum
Goodwill and Other Intangible Assets
Expected remaining useful life	10 years
Capitalized software \| Maximum
Goodwill and Other Intangible Assets
Expected remaining useful life	7 years
Capitalized software \| Minimum
Goodwill and Other Intangible Assets
Expected remaining useful life	3 years
Customer relationships \| Maximum
Goodwill and Other Intangible Assets
Expected remaining useful life	20 years
Customer relationships \| Minimum
Goodwill and Other Intangible Assets
Expected remaining useful life	13 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Operating Leases
2025/2026	$ 7,951	$ 6,394
2026/2027	7,709	5,118
2027/2028	7,574	4,813
2028/2029	6,134	4,517
2029/2030 and thereafter	33,540	29,765
Total minimum lease payments	62,908	50,607
Less: amounts representing interest	12,611	11,026
Present value of net minimum lease payments	50,297	39,581
Less: current portion of lease obligations	5,894	4,771
Non-current portion of lease obligations	44,403	34,810
ROU assets	$ 47,707	$ 37,476
Location of operating lease liabilities included on Consolidated Balance Sheets	Accrued other expenses	Accrued other expenses
Finance Leases
2025/2026	$ 2,297	$ 2,233
2026/2027	2,357	2,297
2027/2028	2,417	2,357
2028/2029	2,478	2,417
2029/2030 and thereafter	11,575	14,053
Total minimum lease payments	21,124	23,357
Less: amounts representing interest	4,571	5,373
Present value of net minimum lease payments	16,553	17,984
Less: current portion of lease obligations	1,554	1,431
Non-current portion of lease obligations	14,999	16,553
ROU assets	$ 12,194	$ 13,683
Location of finance lease liabilities included on Consolidated Balance Sheets	Accrued other expenses	Accrued other expenses
Location of finance lease ROU assets included on Consolidated Balance Sheets	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net

Acquisitions - Pro Forma Results (Details) - Signature Management & Power (SM&P) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Acquisitions
Net sales	$ 1,198.2	$ 1,097.3
Net earnings from continuing operations	$ 111.1	$ 61.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional paid-in-capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Beginning balance at Sep. 30, 2022	$ 307,000	$ 301,553,000	$ 905,022,000	$ (31,764,000)	$ (126,961,000)	$ 1,048,157,000
Beginning Balance (in shares) at Sep. 30, 2022	30,708
Comprehensive income (loss):
Net earnings	$ 0	0	92,545,000	0	0	92,545,000
Translation adjustments, net of tax of $0	0	0	0	7,795,000	0	7,795,000
Cash dividends declared ($0.32 per share)	0	0	(8,252,000)	0	0	(8,252,000)
Purchases of common stock into treasury	0	0	0	0	(12,401,000)	(12,401,000)
Stock compensation plans, net of tax of $0	$ 1,000	3,297,000	0	0	0	3,298,000
Stock compensation plans, net of tax of $0 (in shares)	74
Ending balance at Sep. 30, 2023	$ 308,000	304,850,000	989,315,000	(23,969,000)	(139,362,000)	1,131,142,000
Ending Balance (in shares) at Sep. 30, 2023	30,782
Comprehensive income (loss):
Net earnings	$ 0	0	101,881,000	0	0	101,881,000
Translation adjustments, net of tax of $0	0	0	0	13,194,000	0	13,194,000
Cash dividends declared ($0.32 per share)	0	0	(8,246,000)	0	0	(8,246,000)
Purchases of common stock into treasury	0	0	0	0	(7,998,000)	(7,998,000)
Stock compensation plans, net of tax of $0	$ 0	7,092,000	0	0	285,000	7,377,000
Stock compensation plans, net of tax of $0 (in shares)	27
Ending balance at Sep. 30, 2024	$ 308,000	311,942,000	1,082,950,000	(10,775,000)	(147,075,000)	1,237,350,000
Ending Balance (in shares) at Sep. 30, 2024	30,809
Comprehensive income (loss):
Net earnings	$ 0	0	299,223,000	0	0	299,223,000
Translation adjustments, net of tax of $0	0	0	0	8,307,000	0	8,307,000
Cash dividends declared ($0.32 per share)	0	0	(8,262,000)	0	0	(8,262,000)
Stock compensation plans, net of tax of $0	$ 1,000	4,252,000	0	0	0	4,253,000
Stock compensation plans, net of tax of $0 (in shares)	77
Ending balance at Sep. 30, 2025	$ 309,000	$ 316,194,000	$ 1,373,911,000	$ (2,468,000)	$ (147,075,000)	$ 1,540,871,000
Ending Balance (in shares) at Sep. 30, 2025	30,886

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Revenues - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Remaining Performance Obligations
Contract assets	$ 90,700	$ 66,700	$ 68,800
Contract liabilities	224,700	90,300	83,800
Accounts receivable	253,554	$ 222,101	$ 189,300
Revenue recognized	60,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Remaining Performance Obligations
Remaining performance obligations amount	$ 1,133,600
Percentage of remaining performance obligation expected to be recognized	64.00%
Revenue remaining performance obligation expected timing of satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01
Remaining Performance Obligations
Percentage of remaining performance obligation expected to be recognized	92.00%
Revenue remaining performance obligation expected timing of satisfaction, Period	3 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 299,223	$ 101,881	$ 92,545

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details