CXTCrane NXT, Co.
Industry Industrial OEM Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$56.88 → $62.56
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| FY24 EPS $4.22-4.30, sales +6-8% | Q3 '24 | $4.26 and +6.9% | Held |
| Antares closes mid-'26 | Q4 '25 | closed Mar '26, three months early | Held |
| Q1 '26 phasing by segment | Q4 '25 | SAT +51% at 20%, as guided | Held |
| Record currency backlog holds the year | Q2 '25 | SAT guide raised twice; +32% | Held |
| FY25 EPS $4.00-4.30 | Q4 '24 | top cut to $4.10; landed $4.06 | Late |
| Tariffs fully offset by price | Q1 '25 | "fully" became "majority" | Late |
| De La Rue adds $80-90M of sales | Q1 '25 | never reported again | Dropped |
| US $10 note in production mid-'26 | Q3 '25 | left the deck before the date | Dropped |
| Authentication at ~20% margin exiting '26 | Q2 '25 | never shown on its own; open | Open |
| FY26 EPS $4.10-4.40 | Q4 '25 | raised to $4.22-4.42; open | Open |
| 2028: $2.5B, mid-20s margin, MSD core | Q1 '26 | includes unannounced deals; open | Open |
| FY24 cash conversion ~100% | Q3 '24 | cut to ~70%, landed ~76% | Missed |
| FY25 payments sales 0 to +2% | Q4 '24 | cut twice; -3.0% | Missed |
| FY25 segment margin 26-27% | Q4 '24 | 24.5%, and the guide was replaced | Missed |
| Net leverage ~2x at end '25 | Q2 '25 | 2.3x | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
US currencyOff page one Q1 '26
BacklogOff page one Q1 '26
M&APage one since Q3 '24
AuthenticationOff page one Q3 '25
PaymentsOff page one Q4 '25
In lineOff page one Q4 '25
OrganicPage one since Q4 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
US currency redesign, a decade-long tailwind from 2026
“Represents decade-long growth opportunity for Crane Currency starting in 2026”
Deck Third Quarter 2024 — Presentation · p. 12 ·
US currency redesign, a decade-long tailwind from 2026
“Completing final equipment upgrades to support launch of new US banknotes in 2026”
Deck Fourth Quarter 2024 — Presentation · p. 3 ·
US currency redesign, a decade-long tailwind from 2026
“Successfully completed U.S. Currency upgrades; resumed production”
Deck First Quarter 2025 — Presentation · p. 3 ·
US currency redesign, a decade-long tailwind from 2026
“US Currency redesign program on-track for 2026 launch”
Deck Second Quarter 2025 — Presentation · p. 11 ·
US currency redesign, a decade-long tailwind from 2026
“Expect ~HSD growth in US Currency business in 2026”
Deck Third Quarter 2025 — Presentation · p. 3 ·
US currency redesign, a decade-long tailwind from 2026
“̶ On track for launch of new US $10 banknote in 2026”
Deck Fourth Quarter 2025 — Presentation · p. 3 ·
US currency redesign, a decade-long tailwind from 2026
“Full operations in U.S. Currency”
Deck First Quarter 2026 — Presentation · p. 8 ·
International Currency backlog and micro-optics wins
“Awarded 13 new currency denominations utilizing micro-optic technology in 2024”
Deck Fourth Quarter 2024 — Presentation · p. 3 ·
International Currency backlog and micro-optics wins
“Record high International Currency backlog”
Deck First Quarter 2025 — Presentation · p. 3 ·
International Currency backlog and micro-optics wins
“International Currency backlog at record-high level”
Deck Second Quarter 2025 — Presentation · p. 3 ·
International Currency backlog and micro-optics wins
“Increasing production in International Currency to meet strong customer demand, booking orders into 2027”
Deck Third Quarter 2025 — Presentation · p. 3 ·
International Currency backlog and micro-optics wins
“̶ Awarded 20 new currency denominations utilizing micro-optics technology in 2025”
Deck Fourth Quarter 2025 — Presentation · p. 3 ·
International Currency backlog and micro-optics wins
“Strength in International Currency”
Deck First Quarter 2026 — Presentation · p. 8 ·
International Currency backlog and micro-optics wins
“booking orders into 2028”
Deck Second Quarter 2026 — Presentation · p. 5 ·
Programmatic M&A to diversify away from cash
“Announced definitive agreement to acquire De La Rue Authentication Solutions”
Deck Third Quarter 2024 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“Robust M&A pipeline in place, ample capacity with net leverage at ~1.5x”
Deck Fourth Quarter 2024 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“Completed acquisition of De La Rue Authentication Solutions”
Deck First Quarter 2025 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“M&A pipeline active and robust”
Deck Second Quarter 2025 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“Signed agreement to acquire Antares Vision, expanding technology solutions to life sciences and food & beverage markets”
Deck Third Quarter 2025 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“̶ Completed acquisition of De La Rue Authentication and closed initial stake in Antares Vision”
Deck Fourth Quarter 2025 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“Closed Antares”
Deck First Quarter 2026 — Presentation · p. 3 ·
Programmatic M&A to diversify away from cash
“Antares Vision integration on-track”
Deck Second Quarter 2026 — Presentation · p. 3 ·
Crane Authentication integration and synergies
“OpSec integration on-track, combining with De La Rue to form”
Deck First Quarter 2025 — Presentation · p. 3 ·
Crane Authentication integration and synergies
“Accelerating the integration of De La Rue and OpSec”
Deck Second Quarter 2025 — Presentation · p. 3 ·
Crane Authentication integration and synergies
“− Authentication accelerating realization of synergies”
Deck Fourth Quarter 2025 — Presentation · p. 16 ·
Crane Authentication integration and synergies
“Executing synergies in Authentication”
Deck First Quarter 2026 — Presentation · p. 7 ·
Crane Authentication integration and synergies
“Realizing Authentication synergies;”
Deck Second Quarter 2026 — Presentation · p. 5 ·
CPI softness, tariffs and gaming
“CPI experiencing order softness in gaming; other end markets growing at”
Deck Third Quarter 2024 — Presentation · p. 11 ·
CPI softness, tariffs and gaming
“Accelerating growth in 2H 2025 as gaming orders return”
Deck Fourth Quarter 2024 — Presentation · p. 12 ·
CPI softness, tariffs and gaming
“Tariff impact mitigated through pricing and supply chain actions”
Deck First Quarter 2025 — Presentation · p. 3 ·
CPI softness, tariffs and gaming
“Continuing to navigate tariff and macro uncertainties through pricing and supply chain actions”
Deck Second Quarter 2025 — Presentation · p. 3 ·
CPI softness, tariffs and gaming
“Ongoing softness in CPI short cycle businesses, maintaining margin through disciplined pricing, productivity, and cost actions”
Deck Third Quarter 2025 — Presentation · p. 3 ·
CPI softness, tariffs and gaming
“Flat core sales1, with double-digit growth in gaming offset by softness in other end markets”
Deck Fourth Quarter 2025 — Presentation · p. 6 ·
CPI softness, tariffs and gaming
“~MSD growth in CPI service offset by lower sales in hardware and vending”
Deck Second Quarter 2026 — Presentation · p. 6 ·
Results "in line with expectations"
“Adjusted EPS of $1.16, in line with expectations 7”
Deck Third Quarter 2024 — Presentation · p. 7 ·
Results "in line with expectations"
“Delivered Q4 and 2024 results in-line with expectations”
Deck Fourth Quarter 2024 — Presentation · p. 3 ·
Results "in line with expectations"
“Q1 performance in-line with expectations”
Deck First Quarter 2025 — Presentation · p. 3 ·
Results "in line with expectations"
“Q2 performance in-line with expectations”
Deck Second Quarter 2025 — Presentation · p. 3 ·
Results "in line with expectations"
“Q3 performance in-line with expectations”
Deck Third Quarter 2025 — Presentation · p. 3 ·
Results "in line with expectations"
“Adjusted EPS1 of $1.27, in-line with expectations”
Deck Fourth Quarter 2025 — Presentation · p. 4 ·
Results "in line with expectations"
“On-track to full year expectations”
Deck First Quarter 2026 — Presentation · p. 7 ·
Organic growth as the 2026 headline
“Accelerating revenue growth while maintaining strong margins and free cash flow”
Deck Fourth Quarter 2025 — Presentation · p. 3 ·
Organic growth as the 2026 headline
“+6% organic growth1”
Deck First Quarter 2026 — Presentation · p. 3 ·
Organic growth as the 2026 headline
“+22% sales growth;”
Deck Second Quarter 2026 — Presentation · p. 3 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- US currency
- A slide of its own in Q3 '24, Q4 '24 and Q3 '25, dating the new series to 2026. Absent from the Q2 '26 deck - the quarter in which the $10 note's full-scale production was due to start.
- Backlog
- In seven of eight decks, and the order-book horizon keeps moving out: 2027 in Q3 '25, 2028 by Q2 '26. The one guide that was raised rather than cut - the currency segment's sales guide went up twice and landed at +32%.
- M&A
- In all eight, and the only theme that is. Three acquisitions in three years, about $1.08bn, and the 2028 revenue target includes more that have not been announced.
- Authentication
- In five of eight. Synergies appear only as unlabelled bars in the profit bridges - no deck in the archive gives a synergy dollar target, and none reports the segment's margin on its own against the ~20% promised for the end of 2026.
- Payments
- The segment that missed every guide: 0% to +2% became -2% to 0%, then -4% to -2%, then -3.0% actual. From Q1 '26 it is merged into DTT and no longer shown alone.
- In line
- Seven of eight decks call the quarter "in line with expectations". Replaced in 2026 by a three-priority slide, "Delivering on our value creation priorities", with no number on it.
- Organic
- Core growth is renamed organic growth from Q1 '26 - the same measure, a new word, in the quarter the acquisition made the reported number three times larger.
- New
- Q1 '26: the first 2028 targets - ~$2.5B of revenue, a mid-20s margin, ~MSD core growth, ~100% cash conversion, under 3x leverage - with a footnote saying the revenue and margin include acquisitions not yet made.
- Quiet
- The payments segment's sales and backlog, the segment operating margin guide, the US Currency slide and the tariff table all stopped. Persistence 0.50.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 5 Aug 2026
- Q1 2026 release · 8-K 6 May 2026
- Q4 2025 release · 8-K 11 Feb 2026
- Q3 2025 release · 8-K 5 Nov 2025
- Q2 2025 release · 8-K 6 Aug 2025
- Q1 2025 release · 8-K 7 May 2025
- Q4 2024 release · 8-K 12 Feb 2025
- Q3 2024 release · 8-K 6 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 9% | 17% | 33% | 50% | 25% | 7% | 27% | 15% |
| Growth & sales | 14% | 17% | 60% | 38% | 62% | · | 27% | 10% |
| Pricing & margins | 5% | 12% | · | 25% | 25% | 13% | 18% | 15% |
| Guidance & outlook | 18% | 12% | 20% | 38% | 75% | 7% | 36% | 15% |
| Capacity & supply | 5% | · | · | · | · | · | 9% | 5% |
| Capital & financing | 27% | 8% | 13% | 12% | 12% | · | 18% | 5% |
| Products & technology | 18% | 8% | · | 12% | 25% | 7% | 36% | · |
| Macro & regulation | 18% | 21% | 20% | 25% | 38% | · | 27% | 5% |
| Other | 41% | 62% | 20% | · | 25% | 80% | 9% | 55% |
| Questions | 22 | 24 | 15 | 8 | 8 | 15 | 11 | 20 |
| How much the CEO talked | 79% | 88% | 91% | 77% | 0% | 78% | 77% | 79% |
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
A billion spent on acquisitions, and no return measure anywhere in the pay
OpSec, De La Rue Authentication and Antares Vision cost about $1.08bn over 2023-25 against $732m of operating cash flow, with about $0.8bn of new debt for the gap. Revenue went $1.39bn to $1.66bn, nearly all acquired - core growth was +0.7% in 2025 - while operating profit went $287m to $247m. Incremental return on invested capital is -6.7%. The bonus is scored on revenue, adjusted operating profit and adjusted free cash flow, with the acquired OpSec business excluded from the 2024 measures, and the long-term plan on relative shareholder return: no return-on-capital measure in either. Authentication goodwill is 27.9% of the total with under 10% headroom.
Tier 2 · stable
13.5% of the stock is voted by another company's board
The Crane Fund, a trust for former employees in need, holds 7,778,416 shares - 13.5%, second only to FMR. Its trustees are appointed by the board of Crane Company, the other half of the 2023 separation and a separate listed issuer; the shares "are voted by the trustees as directed by the Crane Company Board" and "may be sold by the trustees only upon the direction of the Crane Company Board". One Crane NXT director, Ellen McClain, sits on that board too; the chairman did until July 2024.
Tier 2 · worsening
Four of eight reported measures stopped, three of them right after a miss
From Q1 '26 the payments segment is merged with Antares into a new DTT segment, so its sales, margin and backlog are no longer shown alone - and that was the line that missed every guide it was given, -3.0% in 2025 against 0% to +2%. The adjusted segment operating margin guide, which landed at 24.5% against 26-27%, was replaced by an EBITDA margin guide. The US Currency outlook slide and the tariff table went, and the Q2 '26 deck says nothing about the redesigned $10 banknote whose production was due mid-2026. De La Rue's sales were never reported after the $80-90m guide.
Tier 2 · worsening
The gap between adjusted and reported earnings grew three times faster than revenue
$1.07 to $1.56 a share over 2024-25, up 46% on revenue up 11%: restructuring in three years of three, acquisition costs from $17.9m to $24.1m, amortisation from $78m to $107m. Separately, days of sales outstanding went from about 56 to about 82 over three consecutive periods. Every figure in this page's value model is an adjusted one.
Tier 3 · improving
The chief executive and the chief financial officer bought; nobody sold
Two purchases and zero sales in the year to Q2 '26: $1,160,078 at about $42 in June 2026, by Aaron Saak and Christina Cristiano - some $5 below the price this page uses. It is listed because it is rare among the companies covered here. Against it, the officer group holds 0.79% of the company and the short position is 13.9% of the shares, about seventeen times the insiders' stake.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Advisory vote on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 1.0M | 0.9M | 1.7% |
| Re-elect Petratis (audit)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 0.4M | 1.6M | 3.2% |
| Re-elect McClain (chairs pay; also a Crane Company director)A board seat. | 1.0M | 1.1M | 2.2% |
| Re-elect Saak (CEO)A board seat. | 0.5M | 0.7M | 1.4% |
| Re-elect Tullis (did not stand in '26)A board seat. | 1.1M | — | 2.0% in '25 |
| Ratify Deloitte & ToucheThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 0.03M | 0.1M | 0.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $0 | not one sale in the whole year |
| Against that | $1,160,078 | two open-market purchases: the CEO's 24,000 shares at $42.13 and the CFO's 3,550 at $41.96, both on 12 Jun '26 |
| The officer group | 0.79% | 455,777 shares between fifteen people; hedging and pledging banned by policy |