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High switching costs for mission-critical automation systems.
Valuation Mean Reversion: The market realizes the 18.8% implied growth rate is unattainable and the multiple compresses from 31x to the historical 18x average.
Rockwell Automation is a high-quality, pure-play industrial automation and digital transformation provider. High switching costs and mission-critical systems provide a strong moat, though near-term cyclicality and a premium valuation warrant caution.
Rockwell Automation is a high-quality, pure-play industrial automation and digital transformation provider. High switching costs and mission-critical systems provide a strong moat, though near-term cyclicality and a premium valuation warrant caution.
High switching costs for mission-critical automation systems.
Deeply embedded control and visualization software ecosystems.
Accelerated reshoring, nearshoring, and aging demographics drive structural demand for factory automation.
Sell. Quality business priced for impossible mathematical perfection.
Rockwell Automation, Inc., together with its subsidiaries, provides industrial automation and digital transformation solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates in three segments: Intelligent Devices, Software & Control, and Lifecycle Services. The company offers drives, motion, advanced material handling, safety, sensing, industrial components, hardware, software, and configured-to-order products; and control and visualization software and hardware, digital twin, simulation and information software, network and security infrastructure, and custom-engineered systems. It also provides digital consulting, professional services, engineered-to-order solutions, recurring services, cybersecurity, safety, remote monitoring, customer technical support and repair, asset management and optimization consulting, and training, as well as spare parts. The company sells its products through independent distributors in relation to its direct sales force. It serves discrete end markets, including automotive, semiconductor, e-commerce, and warehouse automation; hybrid end markets, such as food and beverage, life sciences, and tire; and process end markets comprising energy, mining, and chemicals. The company was formerly known as Rockwell International Corporation and changed its name to Rockwell Automation, Inc. in February 2002. Rockwell Automation, Inc. was founded in 1903 and is headquartered in Milwaukee, Wisconsin.
A prolonged industrial recession or delayed capex spend by discrete and process end-markets directly hits the top-line, exposing the extreme multiple disconnect.
A cyclical downturn forces an immediate multiple collapse as earnings power drops while fixed costs remain.
The market realizes the 18.8% implied growth rate is unattainable and the multiple compresses from 31x to the historical 18x average.
Discrete and process end-markets delay automation and reshoring investments due to a prolonged macroeconomic recession.
Пять событий, которые ослабят наш инвестиционный тезис.
Operating profitability falling beneath this floor indicates that industrial automation volume recovery has faltered and high-margin software mix gains are insufficient to offset fixed cost overhead, compressing operating earnings.
Текущее значение:17.1% for the period ended 2025-09-30
Предупреждение, еслиFalls below 15.0% over any trailing twelve-month period
High switching costs for mission-critical automation systems.
Deeply embedded control and visualization software ecosystems.
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Apply a terminal P/E to the dated forward path, then discount that future share value back to the analysis date.
Unavailable
FCFF DCF remains positive at the base case: base FCFF $1.0B after capex $183.5M, with terminal value at 52.5% of enterprise value. No FCF cliff is projected unless capex/revenue or gross margin materially resets.
If margins expand >18%, narrative strengthens; if revenue misses base 4% growth, valuation multiple will compress rapidly.
If margins expand >18%, narrative strengthens; if revenue misses base 4% growth, valuation multiple will compress rapidly.
If margins expand >18%, narrative strengthens; if revenue misses base 4% growth, valuation multiple will compress rapidly.
If margins expand >18%, narrative strengthens; if revenue misses base 4% growth, valuation multiple will compress rapidly.
Warning level: Falls below 15.0% over any trailing twelve-month period. Operating profitability falling beneath this floor indicates that industrial automation volume recovery has faltered and high-margin software mix gains are insufficient to offset fixed cost overhead, compressing operating earnings.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
| Выручка | 8 342 000 000 |
|---|---|
| Себестоимость выручки | 4 326 000 000 |
| Валовая прибыль | 4 016 000 000 |
| Операционные расходы | 2 593 000 000 |
| Операционная прибыль | 1 423 000 000 |
| Внереализационные статьи и налоги | -554 000 000 |
| Чистая прибыль | 869 000 000 |
| Активы, всего | 11 219 000 000 |
|---|---|
| Денежные средства | 468 000 000 |
| Оборотные активы | 3 911 000 000 |
| Обязательства, всего | 7 508 000 000 |
| Краткосрочные обязательства | 3 445 000 000 |
| Акционерный капитал | 3 654 000 000 |
Финансовые данные на конкретную дату, использованные в анализе от 2026-05-13.
| Период | Выручка | EBITDA | Чистая прибыль | Операционный денежный поток | Свободный денежный поток | Capex | Амортизация | Компенсация акциями | Выкуп акций | Выплаченные дивиденды | Чистое привлечение долга | Инвестиционный денежный поток | Финансовый денежный поток | Денежные средства на начало | Денежные средства на конец | Денежные средства и инвестиции | Общий долг | Операционная маржа | ROIC | WACC | Спред ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022-09-30 | 7,8 млрд | 1,4 млрд | 932,2 млн | 823,1 млн | 682 млн | 141,1 млн | 238,9 млн | 68,1 млн | 301,3 млн | 519,4 млн | -150,4 млн | — | — | — | — | 490,7 млн | 4,2 млрд | 17,2 % | — | 8,6 % | — |
| 2023-09-30 | 9,1 млрд | 2 млрд | 1,4 млрд | 1,4 млрд | 1,2 млрд | 161 млн | 250 млн | 88 млн | 312 млн | 542 млн | -876 млн | — | — | — | — | 1,1 млрд | 3,3 млрд | 18,7 % | — | 9,6 % | — |
| 2024-09-30 | 8,3 млрд | 1,6 млрд | 953 млн | 864 млн | 639 млн | 225 млн | 317 млн | 100 млн | 595 млн | 571 млн | 674 млн | — | — | — | — | 471 млн | 4,1 млрд | 14,4 % | — | 8,4 % | — |
| 2025-09-30 | 8,3 млрд | 1,4 млрд | 869 млн | 1,5 млрд | 1,4 млрд | 186 млн | 325 млн | 85 млн | 425 млн | 591 млн | -410 млн | — | — | — | — | 468 млн | 3,6 млрд | 17,1 % | — | 9,3 % | — |
ROK trades at 31.5x forward earnings against a peer median of 25.6x; EV/EBITDA of 27.6x against a peer median of 21.9x; 6 peers.
Normal capex phase; returning capital via dividends (55% payout) while investing in software expansion.
Accelerated reshoring, nearshoring, and aging demographics drive structural demand for factory automation.
Macroeconomic industrial capex slowdown as manufacturers delay upgrades.
Normal capex phase; returning capital via dividends (55% payout) while investing in software expansion.
Zero weight long; potential short candidate or source of funding.
Liquidate long positions; the 64% downside risk to fair value presents extreme capital destruction risk.
Upside case depends on the report valuation range and named growth catalysts.
The 65% divergence from external benchmarks is completely structurally supported by Reverse DCF implied growth differentials and the multiple mean-reversion argument.
Sell. Market cap of over $50B is profoundly disconnected from a $1B base FCFF.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Intense competition from Siemens and ABB forces pricing pressure, preventing the expected software mix margin expansion.
Persistent top-line stagnation or contraction confirms that customer destocking has transitioned into structural end-market demand weakness, undermining premium valuation multiples predicated on double-digit industrial automation expansion.
Текущее значение:0.9% for the period ended 2025-09-30
Предупреждение, еслиDrops below 0.0% YoY over two consecutive quarters
Gross margin contraction reflects pricing concessions against global automation competitors or unfavorable product mix shifts away from proprietary software architectures, weakening economic moat strength.
Текущее значение:48.1% for the period ended 2025-09-30
Предупреждение, еслиCompresses below 45.0% over any annual reporting period
A steep drop in cash conversion would indicate uncollected distributor receivables or stranded factory inventories, tying up operational liquidity and signalling weakening channel demand.
Текущее значение:1.777 as of the 2026-05-13 analysis date
Предупреждение, еслиDrops below 1.100 over any trailing twelve-month period
Declining returns on capital demonstrate that factory automation investments and facility expansions are failing to generate targeted productivity gains, impairing shareholder value creation relative to capital costs.
Текущее значение:11.6% as of the 2026-05-13 analysis date
Предупреждение, еслиFalls below 9.0% over any fiscal year
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discount the explicit dividend path and its Gordon-growth terminal value at cost of equity.
Solve for the growth rate that makes the model value equal the report-date share price.
Valuation normalizes to mature industrial averages as the market digests the impossibility of sustained 18.8% growth.
Warning level: Drops below 0.0% YoY over two consecutive quarters. Persistent top-line stagnation or contraction confirms that customer destocking has transitioned into structural end-market demand weakness, undermining premium valuation multiples predicated on double-digit industrial automation expansion.
Warning level: Compresses below 45.0% over any annual reporting period. Gross margin contraction reflects pricing concessions against global automation competitors or unfavorable product mix shifts away from proprietary software architectures, weakening economic moat strength.
Warning level: Drops below 1.100 over any trailing twelve-month period. A steep drop in cash conversion would indicate uncollected distributor receivables or stranded factory inventories, tying up operational liquidity and signalling weakening channel demand.
Warning level: Falls below 9.0% over any fiscal year. Declining returns on capital demonstrate that factory automation investments and facility expansions are failing to generate targeted productivity gains, impairing shareholder value creation relative to capital costs.
| Маржа |
|---|
| ROK | Rockwell Automation Inc. | $50.6B | 31.5x | 5.8x | 27.6x | — | — |
| GEV | GE Vernova Inc. | 43.8x | 7.3x | 82.9x | 75.7% | 5.5% | |
| ETN | Eaton Corporation plc | 25.6x | 5.5x | 27.9x | 20.8% | 16.1% | |
| PH | Parker-Hannifin Corporation | 25.9x | 5.3x | 21.9x | 24.8% | 21.5% | |
| CMI | Cummins Inc. | 21.2x | 2.9x | 20.6x | 22.0% | 9.8% | |
| EMR | Emerson Electric Co. | 19.2x | 4.2x | 15.2x | 12.3% | 24.2% |
