Chief Financial Officer & Executive Vice President, Teledyne
Search every verified Stephen Blackwood interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On Teledyne's Q3 2025 earnings call, Blackwood reported record quarterly sales and a book-to-bill ratio of 1.09. He stated the company was raising its full-year earnings outlook and expected sales to reach approximately $6.06 billion. Blackwood noted the company ended the quarter with $2.0 billion of net debt, and described the company's acquisition strategy as "aggressive" but "prudent," saying they would avoid overpaying for assets trading at multiples higher than their own. On the Q4 2025 call, Blackwood said Teledyne ended 2025 with a leverage ratio of 1.4 times, providing "ample financial flexibility" for acquisitions and stock repurchases. He reiterated the company's preference for "string of pearls" small acquisitions over larger deals, and stated that Teledyne had never paid a dividend, instead prioritizing investment in CapEx and R&D, which increased by 40% and 10% respectively over the prior year.
“We're going to be aggressive, but we're also going to be prudent not to overpay for things that are trading much higher than our own multiple.”
“Free cash flow, that is cash flow from operating activities less capital expenditures, was $313.9 million in the third quarter of 2025, a record for Teledyne, compared with $228.7 million in 2024.”
“I think what will happen is that for the year when you add the first two three quarters and then Q4, for the year we should be flat with last year. Even though we took a significant amount of cost out in the first three quarters including uh Q3 uh just that we just concluded. So, with all of that said if we can maintai...”
“Having generated approximately $1.1 billion in free cash flow for two consecutive years, we ended 2025 with a leverage ratio of just 1.4 times.”
TDY - Earnings call Q3 2025.
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