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Transcat

TRNS on Nasdaq. Transcat sells calibration services and instruments to regulated and life sciences companies. Market value $848m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.0%fair

For every $100 of what the whole company costs, it produced $3.02 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
81.1×full

You pay 81.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to March 2026
7.5%five-year median

Each dollar kept in the business earns 7 cents a year. Above 10 is good.

Quality score: 79 of 100. Price score: 19 of 100. Our list needs 70 on quality and 60 on price.

$89.80 a share, 79% above its 1-year low

Over the past year the price has ranged from $50.23 to $100.00.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.0
0.0
0.0
0.0
0.0
2022202320242025202612 monthsto Jun '26
Revenue
$205m$231m$259m$278m$332m
Operating margin
6.9%7.0%7.6%6.4%4.0%
Debt to equity
0.560.490.020.110.33
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.33× equity
  • Revenue growth, five yearsStrong, 13.9% a year
  • Buying back its own sharesNo, 24% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $93 million last quarter, up 22% on a year ago.
  • Profit: $1 million, down 59% on a year ago.
  • It keeps 3 cents of each $1 of sales as operating profit, down from 6 cents a year earlier.
  • Spare cash over the past 12 months: $25 million, up from $20 million.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $104 million more than cash, up from $33 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$68m
December 2024$67m
March 2025$77m
June 2025$76m
September 2025$82m
December 2025$84m
March 2026$89m
June 2026$93m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$3m
December 2024$2m
March 2025$4m
June 2025$3m
September 2025$1m
December 2025-$1m
March 2026$2m
June 2026$1m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 May 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 172 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $98,663 of shares on the open market. 2 sold $673,371.

  • Dominach Oksana S.
    Director
    Sold
    Date
    2 September 2026
    Shares
    7,312
    Price
    $85.60
    Value
    $625,876
  • Gillette Christopher P.
    Director
    Sold
    Date
    7 August 2026
    Shares
    504
    Price
    $94.23
    Value
    $47,494
  • Cairns Craig D.
    Director
    Bought
    Date
    6 August 2026
    Shares
    1,050
    Price
    $93.97
    Value
    $98,663

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 81.1× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.