Transcat, Inc.
Rank #326Op. LeverageTRNS · Nasdaq · Industrials
Transcat, Inc. (TRNS) — Rank #326 by gross profitability (GP/assets 0.22) · ROE 1.8% · Piotroski F-Score 5 / 9.
As-of 2026-09-15 · CIK 0000099302 · all metrics point-in-time as of the filing date.
About
Transcat, Inc. provides calibration and laboratory instrument services in the United States, Canada, and internationally.
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The company operates through two segments: Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services. This segment also provides CalTrak, a proprietary document and asset management system that is used to manage the workflow of its calibration service centers and customers' assets; and Compliance, Control, and Cost, an online customer portal that provides its customers with web-based asset management capability, as well as a safe and secure off-site archive of calibration and other service records. The Distribution segment sells and rents test, measurement, and control instruments for customers' test and measurement instrumentation needs, as well as value-added services, such as calibration/certification of equipment purchase, equipment rental, used equipment for sale, and equipment kitting. This segment markets and sells its products through website, digital and print advertising, proactive outbound sales, and an inbound call center. The company provides services and products to highly regulated industries, principally life science, which includes companies in the pharmaceutical, biotechnology, medical device, and other FDA-regulated industries; and additional industries, including aerospace and defense, industrial manufacturing, energy and utilities, oil and gas, chemical manufacturing, and other industries that require accuracy in processes and confirmation of the capabilities of their equipment. It also provides calibration, repair, preventive maintenance, electrical safety inspection, and documentation and regulatory compliance services to hospital networks and healthcare facilities in the southeastern United States. Transcat, Inc.
was incorporated in 1964 and is headquartered in Rochester, New York.
- Industry
- Specialty Business Services
- Sector
- Industrials
- State
- OH
- Filer Category
- Large accelerated filer
- Fiscal Year End
- March 27
- Website
- transcat.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$756.93M
P/E (annual)
141.9
P/S (annual)
2.3
P/B
2.5
P/OCF (annual)
21.7
Shareholder Yield
-1.4%
Employees
1,413
Industry
Specialty Business Services
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
16.7%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.4% — per-share value needs a total required return of 18.1% once share-count change is priced in.
vs. own 6-year median revenue growth: 12.5%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
11.9%
r = 10% (base)
16.7%
r = 12%
20.9%
Net debt / market cap: 13.7%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Operating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.22
Primary signal (Novy-Marx).
19th pctl of 37 SIC 38 peers
Return on equity
1.8%
Gross margin
32.6%
11th pctl of 37 SIC 38 peers
Revenue growth (YoY)
19.2%
RPO growth (YoY)
121.2%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
12.9%
Revenue CAGR (5Y)
13.9%
Earnings CAGR (3Y)
-20.5%
FCF CAGR (3Y)
37.4%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.63
65th pctl of 35 SIC 38 peers (best = lowest)
Current ratio
2.49×
54th pctl of 36 SIC 38 peers
Quick ratio
1.91×
Net cash
-$103.68M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$19.55M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
2.64
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.3%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).