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ST, Sensata Technologies Holding plc

Electronic Components & Instruments capital-intensive CyclicalSerial acquirer

We are a global industrial technology company that strives to help our customers and partners safely deliver a cleaner, more efficient, electrified, and connected world.

For more than 100 years, we have been developing and innovating a wide range of customized solutions that address increasingly complex engineering and operating performance requirements for our customers' mission-critical applications.

We develop, manufacture, and sell sensors and sensor-rich solutions, electrical protection components and systems, and other products.

Latest annual: FY2025 10-K

ST · Sensata Technologies Holding plc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.7B

−5.8% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.7B 5-yr avg $3.9B

Gross margin 29% 5-yr avg 31%

Operating margin 6.9% 5-yr avg 9.6%

ROIC 2% 5-yr avg 6%

Owner-earnings margin 14% 5-yr avg 10%

Free cash flow margin 14% 5-yr avg 10%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Serial acquirer. Goodwill and acquired intangibles are 53% of assets, with meaningful acquisition spending in 4 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 33% and operating margin about 15% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between 3.8% and 20% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 8%). By owner earnings: roughly 12% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$3.2B	$3.3B	$3.5B	$3.5B	$3.0B	$3.8B	$4.0B	$4.1B	$3.9B	$3.7B	$3.7B	RevenueRevenue
35%	35%	36%	34%	30%	33%	33%	31%	29%	29%	29%	Gross marginGross mgn
9%	9%	9%	8%	10%	9%	9%	9%	10%	10%	10%	SG&A / revenueSG&A/rev
4%	4%	4%	4%	4%	4%	5%	4%	4%	4%	3%	R&D / revenueR&D/rev
$492M	$556M	$710M	$557M	$338M	$633M	$670M	$182M	$149M	$238M	$257M	Operating incomeOp. inc.
15.4%	16.8%	20.2%	16.1%	11.1%	16.6%	16.6%	4.5%	3.8%	6.4%	6.9%	Operating marginOp. mgn
$262M	$408M	$599M	$283M	$164M	$364M	$311M	($4M)	$129M	$31M	$49M	Net incomeNet inc.
18%	-1%	—	28%	1%	12%	22%	—	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$522M	$558M	$621M	$620M	$560M	$554M	$461M	$457M	$552M	$622M	$625M	Operating cash flowOp. cash
$308M	$270M	$245M	$259M	$255M	$259M	$281M	$307M	$313M	$256M	$245M	DepreciationDeprec.
($67M)	($141M)	($248M)	$59M	$121M	($94M)	($163M)	$124M	$72M	$309M	$307M	Working capital & otherWC & other
$130M	$145M	$160M	$161M	$107M	$144M	$150M	$185M	$159M	$131M	$117M	CapexCapex
4.1%	4.4%	4.5%	4.7%	3.5%	3.8%	3.7%	4.6%	4.0%	3.5%	3.1%	Capex / revenueCapex/rev
$391M	$413M	$461M	$458M	$453M	$410M	$311M	$272M	$393M	$490M	$508M	Owner earningsOwner earn.
12.2%	12.5%	13.1%	13.3%	14.9%	10.7%	7.7%	6.7%	10.0%	13.2%	13.6%	Owner earnings marginOE mgn
$391M	$413M	$461M	$458M	$453M	$410M	$311M	$272M	$393M	$490M	$508M	Free cash flowFCF
12.2%	12.5%	13.1%	13.3%	14.9%	10.7%	7.7%	6.7%	10.0%	13.2%	13.6%	Free cash flow marginFCF mgn
$0	$0	$228M	$32M	$64M	$736M	$632M	$0	$0	—	$0	AcquisitionsAcquis.
—	—	—	—	$0	$0	$51M	$72M	$72M	$70M	$70M	Dividends paidDiv. paid
$0	$0	$399M	$350M	$35M	$48M	$292M	$88M	$69M	$121M	—	BuybacksBuybacks
8%	12%	14%	8%	7%	10%	9%	2%	—	2%	2%	ROICROIC
14%	17%	23%	11%	6%	12%	10%	-0%	4%	1%	2%	Return on equityROE
—	—	—	—	6%	12%	8%	−3%	2%	−1%	−1%	Retained to equityRetained/eq
											Balance sheet
$351M	$753M	$730M	$774M	$1.9B	$1.7B	$1.2B	$508M	$594M	$573M	$635M	Cash & investmentsCash+inv
$500M	$557M	$582M	$558M	$577M	$653M	$742M	$744M	$660M	$657M	$693M	ReceivablesReceiv.
$390M	$446M	$492M	$507M	$451M	$588M	$645M	$713M	$615M	$618M	$606M	InventoryInvent.
$299M	$323M	$380M	$377M	$394M	$459M	$532M	$482M	$362M	$413M	$446M	Accounts payablePayables
$591M	$680M	$694M	$688M	$634M	$783M	$856M	$975M	$913M	$862M	$853M	Operating working capitalOper. WC
$1.3B	$1.8B	$1.9B	$2.0B	$3.0B	$3.1B	$2.8B	$2.1B	$2.0B	$2.0B	$2.1B	Current assetsCur. assets
$583M	$629M	$640M	$635M	$1.5B	$836M	$1.2B	$824M	$711M	$775M	$759M	Current liabilitiesCur. liab.
2.3×	2.9×	3.0×	3.1×	2.0×	3.7×	2.4×	2.6×	2.8×	2.6×	2.8×	Current ratioCurr. ratio
$3.0B	$3.0B	$3.1B	$3.1B	$3.1B	$3.5B	$3.9B	$3.5B	$3.4B	$3.2B	$3.2B	GoodwillGoodwill
$6.2B	$6.6B	$6.8B	$6.8B	$7.8B	$8.6B	$8.8B	$7.7B	$7.1B	$6.8B	$6.8B	Total assetsAssets
$3.2B	$3.2B	$3.2B	$3.2B	$4.0B	$4.2B	$4.2B	$3.4B	$3.2B	$2.8B	$3.5B	Total debtDebt
$2.9B	$2.5B	$2.5B	$2.5B	$2.1B	$2.5B	$3.0B	$2.9B	$2.6B	$2.3B	$2.9B	Net debt / (cash)Net debt
—	—	—	—	—	3.5×	3.4×	1.0×	1.0×	1.6×	1.8×	Interest coverageInt. cov.
$1.9B	$2.3B	$2.6B	$2.6B	$2.7B	$3.1B	$3.1B	$3.0B	$2.9B	$2.8B	$2.9B	Shareholders’ equityEquity
0.5%	0.6%	0.7%	0.5%	0.6%	0.7%	0.8%	0.7%	1.0%	0.7%	0.7%	Stock comp / revenueSBC/rev
—	—	—	—	—	—	—	$322M	$150M	$226M	$226M	Goodwill written downGW imp.
											Per share
171M	172M	170M	162M	158M	159M	156M	152M	151M	147M	147M	Shares out (diluted)Shares
$18.68	$19.21	$20.73	$21.30	$19.26	$23.97	$25.84	$26.65	$26.10	$25.18	$25.43	Revenue / shareRev/sh
$1.53	$2.37	$3.53	$1.75	$1.04	$2.28	$1.99	$-0.03	$0.85	$0.21	$0.33	EPS (diluted)EPS
$2.28	$2.40	$2.71	$2.83	$2.87	$2.57	$1.99	$1.79	$2.61	$3.33	$3.47	Owner earnings / shareOE/sh
$2.28	$2.40	$2.71	$2.83	$2.87	$2.57	$1.99	$1.79	$2.61	$3.33	$3.47	Free cash flow / shareFCF/sh
—	—	—	—	$0.00	$0.00	$0.33	$0.47	$0.48	$0.48	$0.48	Dividends / shareDiv/sh
$0.76	$0.84	$0.94	$1.00	$0.67	$0.91	$0.96	$1.21	$1.05	$0.89	$0.79	Cap. spending / shareCapex/sh
$11.33	$13.62	$15.36	$15.89	$17.11	$19.42	$19.95	$19.70	$19.18	$18.94	$19.48	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.4%/yr	+5.5%/yr
Owner earnings / share	+4.3%/yr	+3.1%/yr
EPS	−19.7%/yr	−27.2%/yr
Capital spending / share	+1.8%/yr	+5.7%/yr
Book value / share	+5.9%/yr	+2.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

147Mpeak FY2017

ROIC

2%low FY2023

Gross margin

29%low FY2025

Net debt ÷ owner earnings

4.6×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$490Mowner earningsvs.$31Mnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $31M of profit into $490M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$31M

Owner earnings$490M · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$31M	$129M	($4M)	$311M	$364M
Depreciation & amortizationnon-cash charge added back	+$256M	+$313M	+$307M	+$281M	+$259M
Stock-based compensationreal costnon-cash, but a real cost	+$25M	+$39M	+$30M	+$32M	+$26M
Working capital & othertiming of cash in and out, other non-cash items	+$309M	+$72M	+$124M	−$163M	−$94M
Cash from operations	$622M	$552M	$457M	$461M	$554M
Capital expenditurecash put back in to keep running and to grow	−$131M	−$159M	−$185M	−$150M	−$144M
Owner earnings	$490M	$393M	$272M	$311M	$410M
Owner-earnings marginowner earnings ÷ revenue	13%	10%	7%	8%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $25M), owner earnings is nearer $465M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.6×

Thin

Operating income $238M ÷ interest expense $149M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $2.3B · 9.5× operating profit

Heavy net debt

Cash $573M − debt $2.8B

What this means
Netting $573M of cash and short-term investments against $2.8B of debt leaves $2.3B owed, about 9.5× a year's operating profit (11.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 93d

Long (60+ days)

DSO 65 + DIO 86 − DPO 58 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 8%

Solid through the cycle

9-yr median, range 2%–14%; 2% latest = NOPAT $119M ÷ invested capital $5.0B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid through the cycle

10-yr median margin, range 7%–15%; latest $490M = operating cash $622M − maintenance capex $131M

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 12% median across 10 years. Treating stock comp as the real expense it is (less $25M of SBC) leaves $465M.
Are earnings backed by cash? 19.86×

Cash-backed

Cash from ops $622M ÷ net income $31M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 39%

Reinvests most of it

Dividends + buybacks $191M ÷ Owner Earnings $490M

What this means
Of $490M Owner Earnings, $191M (39%) went back to shareholders, $70M dividends, $121M buybacks. Net of $25M stock comp, the real buyback was about $96M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.51×

Harvesting

Capex $131M ÷ depreciation $256M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.57×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.8B vs $1.2B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −88%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.36/share (latest year $0.22), the averaged base the calculator's gate runs on, and book value is $19.15/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 17% → 5% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 17% early to 5% lately, median 15% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2024 · 3.8% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.7%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.1B

Cash & short-term investments$635M
Receivables$693M
Inventory$606M
Other current assets$153M

Current liabilities$759M

Debt due within a year$700M
Accounts payable$446M

Current ratio2.75×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.95×stricter: inventory excluded

Cash ratio0.84×strictest: cash alone against what's due

Working capital$1.3Bthe cushion left after near-term bills

Debt due this year vs. cash$700M due · $635M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+2.6%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 2.8×

Deeper floors

Tangible book value($699M)equity stripped of goodwill & intangibles

Net current asset value($1.9B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.6B$73M of it operating leases

Deferred revenue$15Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$0

'28$0

'29$646M

'30$950M

later$1.3B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$0the near wall, the part most exposed to today’s credit conditions

Biggest single year$950Min 2030the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$2.8Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2016–2025

Over the record, the business generated $5.5B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.5B · 27%
Dividends$265M · 5%
Buybacks$1.4B · 25%
Retained (debt / cash)$2.4B · 43%

Returned to owners$1.7B
41% of the owner earnings the business produced over the span, $265M as dividends and $1.4B as buybacks.
Average price paid for buybacks$52.76
Across the years where the filing reports a share count, 8M shares were bought for $399M, about $52.76 each.
Net change in share count−14.5%
The diluted count fell from 171M to 147M, so the buybacks outran the stock issued to staff.
Dividend record$0.48/sh
Paid in 4 of the years on record. It was never cut over the span.
Return on what it retained−4%
Of the earnings it kept rather than paid out ($879M over the span), annual owner earnings (first three years vs last three) fell $37M, so each retained $1 gave back about 0.04 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.6B53% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$1.7Bover 10 years buying other businesses, against $1.5B of capital spent building

$698M written down across 3 years (2023, 2024, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 41% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Cote	$6.8M	$8.4M	$410M
2022	Mr. Cote	$6.8M	$826k	$311M
2023	Mr. Cote	$6.8M	$5.2M	$272M
2024	Mr. Cote	$5.6M	−$3.4M	$393M
2024	Ms. Sullivan	$7.7M	$6.7M	$393M
2025	Mr. von Schuckmann	$12.6M	$14.8M	$490M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$25M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 11% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Sensata Technologies Holding plc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid receivables and inventory outpace sales?28% → 35% of sales
Receivables and inventory grew from $890M to $1.3B while revenue grew 16%: working capital is climbing faster than sales (28% of revenue then, 35% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electronic Components & Instruments

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AMEAMETEK Inc.	$7.4B	35%	23.2%	13%	19%
COHRCoherent Corp.	$5.8B	38%	11.0%	8%	6%
MKSIMKS Instruments	$3.9B	45%	15.6%	8%	13%
STSensata Technologies Holding plc	$3.7B	33%	15.8%	8%	12%
BRKRBruker	$3.4B	48%	13.2%	18%	7%
VNTVontier Corporation Common Stock	$3.1B	44%	18.2%	17%	14%
RVTYRevvity Inc.	$2.9B	68%	12.5%	6%	12%
ITRIItron Inc.	$2.4B	32%	5.2%	6%	4%
Group median	—	41%	14.4%	8%	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Sensata Technologies Holding plc has delivered.

Today’s price $

Through the cycle, Sensata Technologies Holding plc earns about $458M on its 12.4% median owner-earnings margin. This year’s 13.2% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($458M) Net of stock comp (−$25M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+5%/yr

Owner-earnings growth · ’16→’25+1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $508M on 145M shares outstanding, per the 10-Q cover, as of 2026-04-16; net debt $2.9B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ST against another business →

The owners of ST: the meeting and the votes →

Cite: Owner Scorecard, "Sensata Technologies Holding plc (ST), the owner's record," https://ownerscorecard.com/c/ST, data as of 2026-07-09.

Manual order: ← SSTK its page in the Manual STAA →

Industry order: ← SNX the Electronic Components & Instruments chapter TER →