The TSIA Industrial Equipment 40 Q4 Index

On the surface, this quarter’s scorecard for industrial equipment and instrument makers looks solid: most of the companies are GAAP profitable, and the semiconductor equipment and test makers are posting standout growth. But the numbers most likely to be quoted are often the ones that have been inflated, whether by acquired revenue, one-time tariff refunds, or non-operating gains and write-downs. If you’re benchmarking your growth or margin targets against a competitor’s press release, you may be measuring yourself against a headline rather than the underlying business.

This eBook is TSIA’s quarterly GAAP scorecard for the IE 40 Index, which covers publicly traded industrial equipment and instrument makers. Each one is benchmarked using the data it reports to regulators, rather than the numbers in its press release. Inside, you’ll find who is growing and who is earning, a side-by-side look at instrument makers versus machinery and systems makers, a page of headlines that flatter and the truer numbers behind them, and practical steps to take before your next planning cycle. The margins at the top of the index are real. Many of the other headlines deserve a second read.