AMETEK stock forecast
AMETEK’s weighted price is $225.56 in October 2029, with Bear at 27%, Base at 53% and Bull at 20%. AMETEK’s outlook hinges on turning acquisition-led growth into durable organic cash generation.
Where could AMETEK's shares be by 2029?
It is $219.22 in October 2028, a loss of 11%. It is $225.56 in October 2029, a loss of 7%. The 2029 range is $137.52 to $335.32. Today’s price is $248.17.
Bear has 27%. Base has 53%, while bull has 20%. The table shows how operating results, dividends and valuation combine into those outcomes.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 27% | 160.61 (-35%) | 147.62 (-39%) | 137.52 (-43%) |
| Base | 53% | 220.04 (-11%) | 225.94 (-8%) | 228.99 (-6%) |
| Bull | 20% | 260.68 (+6%) | 298.08 (+21%) | 335.32 (+37%) |
| Weighted | 100% | 212.12 (-14%) | 219.22 (-11%) | 225.56 (-7%) |
What has to go right for AMETEK, and what could go wrong?
The base revenue assumptions are $8,600 million in 2027 and $9,000 million in 2028, reaching $9,450 million. Its margins are 20.2% initially and 20.5% thereafter. The bear case uses $8,200 million and $8,300 million, reaching $8,500 million, with margins falling from 18.7% to 18.5%. The bull case uses $8,800 million and $9,500 million, reaching $10,200 million, while margins expand from 20.5% to 21.3%. The bear reflects slower backlog conversion, interest and integration costs; the bull requires rapid synergies and debt reduction. The disclosed $17.8 million of integration costs is treated as non-recurring.
The bear case requires the recent order surge to fade, backlog to convert slowly and Indicor’s financing and integration costs to persist. Earnings weaken, margins stay near 18.5%, buybacks remain limited and investors pay less for each dollar of earnings.
How much cash does AMETEK really make?
AMETEK converts much of its accounting profit into cash, but not all of that cash is available to owners. Operating cash flow reflects collections, payments and non-cash accounting items; free cash flow subtracts spending on equipment and facilities.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,801,763 | 1,828,848 | 1,735,296 | 1,149,373 | 1,160,457 |
| − Capital spending | 130,248 | 127,075 | 136,249 | 139,005 | 110,671 |
| = Free cash flow | 1,671,515 | 1,701,773 | 1,599,047 | 1,010,368 | 1,049,786 |
| − Stock pay | 47,767 | 47,863 | 46,199 | 47,375 | 46,103 |
| = Real free cash flow | 1,623,748 | 1,653,910 | 1,552,848 | 962,993 | 1,003,683 |
| Real free cash flow, % of revenue | 21.9% | 23.8% | 23.5% | 15.7% | 18.1% |
What this means. The company's free cash flow is only slightly different from ours because it rounded the same figures when reporting them.
What does an investor pay for AMETEK today?
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 248.17 |
| P/E, last 12 months (calculated) | 36.3x |
| P/E, next 12 months (calculated) | 26.3x |
| Free cash flow yield (calculated) | 2.9% |
| Real free cash flow yield (calculated) | 2.9% |
What this means. The enterprise value is based on debt and cash from before the Indicor acquisition, so it may not show what the whole business is worth today.