Stephen Blackwood on M&A strategy
From Teledyne Technologies Inc ($TDY) Q3 2025 Earnings Call · · Castify Earnings Call
“We're going to be aggressive, but we're also going to be prudent not to overpay for things that are trading much higher than our own multiple.”
On , Stephen Blackwood, Chief Financial Officer & Executive Vice President at Teledyne Technologies Inc, spoke about M&A strategy during Teledyne Technologies Inc ($TDY) Q3 2025 Earnings Call on Castify Earnings Call.
About Stephen Blackwood
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.