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Business Segment Information
 12 Months Ended
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.

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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

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(756)

​

 

2,775

Segment profit (loss)

​

$

125,139

 

94,741

 

34,111

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253,991

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(83,636)

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170,355

Interest expense

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​

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$

17,502

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17,502

Earnings before income taxes

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​

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$

152,853

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Depreciation and amortization

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$

11,714

 

16,119

 

5,744

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33,577

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​

41,444

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75,021

Segment assets

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409,789

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289,505

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206,944

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906,238

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1,504,150

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​

2,410,388

Capital expenditures

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$

18,758

 

9,478

 

5,048

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33,284

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​

3,038

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36,322

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Year Ended September 30, 2024

    

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Segment

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(In thousands)

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A&D

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USG

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Test

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Total

    

Corporate

    

Total

Sales

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$

340,543

 

369,061

 

209,523

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919,127

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—

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919,127

Cost of sales

​

 

211,112

 

176,803

 

142,640

​

530,555

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​

—

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​

530,555

SG&A expense

​

 

42,231

 

97,396

 

35,351

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174,978

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​

33,225

​

 

208,203

Amortization of intangible assets

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1,876

 

8,414

 

1,816

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12,106

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20,698

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32,804

Other expense (income), net

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(487)

 

530

 

1,088

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1,131

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​

234

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1,365

Segment profit (loss)

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$

85,811

 

85,918

 

28,628

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200,357

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(54,157)

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146,200

Interest expense

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​

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$

15,247

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15,247

Earnings before income taxes

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​

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$

130,953

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Depreciation and amortization

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$

10,384

 

15,608

 

5,349

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31,341

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​

20,814

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52,155

Segment assets

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267,775

 

294,494

 

188,663

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750,932

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​

954,313

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1,705,245

Capital expenditures

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$

15,926

 

8,751

 

3,529

​

28,206

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​

69

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28,275

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Year Ended September 30, 2023

    

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Segment

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(In thousands)

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A&D

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USG

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Test

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total

    

Corporate

    

Total

Sales

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$

292,203

 

342,320

 

221,270

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855,793

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—

​

 

855,793

Cost of sales

​

 

187,192

 

164,094

 

151,397

​

502,683

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—

​

 

502,683

SG&A expense

​

 

39,919

 

94,168

 

35,211

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169,298

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34,161

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203,459

Amortization of intangible assets

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1,224

 

7,227

 

1,864

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10,315

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18,638

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28,953

Other expense (income), net

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803

 

185

 

402

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1,390

​

 

171

​

 

1,561

Segment profit (loss)

​

$

63,065

 

76,646

 

32,396

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172,107

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(52,970)

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119,137

Interest expense

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​

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​

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$

8,769

​

 

8,769

Earnings before income taxes

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​

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$

110,368

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Depreciation and amortization

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$

9,770

 

13,964

 

5,268

​

29,002

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18,707

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47,709

Capital expenditures

​

$

10,138

 

4,856

 

4,515

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19,509

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150

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19,659

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No customer exceeded 10% of consolidated sales in 2025, 2024 or 2023.

Geographic Information

Net Sales

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(Dollars in thousands)

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Year ended September 30, 

    

2025

    

2024

    

2023

United States

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$

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

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Long-Lived Assets

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(Dollars in thousands)

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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

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$

172,493

 

149,251

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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.