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Business Segment Information | 12 Months Ended
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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 | ​ |  | 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
​
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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
​
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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.

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- 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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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