Custom engineered mechatronic products — user interfaces, LED lighting, sensors, power distribution components for automotive, industrial, data center, and aerospace markets. | AGI Score: 5/10 | P/TB: 0.74x | Analysis date: 2026-03-13
Trading at 0.74x book value. Makes power distribution components for data centers (AGI-adjacent). Serves automotive (EV transition), industrial, aerospace. Custom engineering = sticky customer relationships. Physical products with real assets.
Custom engineered mechatronic products — user interfaces, LED lighting, sensors, power distribution components for automotive, industrial, data center, and aerospace markets.
Sector: Electronic Components | Employees: 6,500
Category: Minimal Impact
AGI provides modest demand boost via increased data center infrastructure build-out (power distribution, high-speed connectivity components). Margin expansion possible through AGI-driven design automation and manufacturing optimization. Strategic assets include engineering expertise and OEM relationships. Moderate disruption/innovation risk if AGI enables new interface technologies or manufacturing methods. Overall mixed—benefits from data center demand but faces automation of design work and potential product obsolescence. Neutral to slight positive.
Data center power distribution is a growing market. 0.74x book = buying assets cheap. Custom engineering = high switching costs. EV transition drives new interface/sensor demand. Diversified end markets provide stability.
Automotive exposure is risky (OEM pricing pressure, EV transition disruption). Custom engineering means revenue depends on design wins — lumpy. Company has been struggling (stock down significantly). Small cap with limited visibility.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213M | $220M | $249M | $266M | $211M | $301M | $289M | $1B | $1B | $1B |
| Net Income | $85M | $93M | $37M | $23M | $30M | $31M | $16M | $77M | $-123M | $-63M |
| Operating Income | $110M | $111M | $118M | $107M | $147M | $128M | $112M | $90M | $-112M | $-24M |
| Operating Cash Flow | $111M | $145M | $118M | $102M | $141M | $180M | $99M | $133M | $48M | $26M |
| CapEx | $23M | $22M | $48M | $50M | $45M | $25M | $38M | $42M | $50M | $42M |
| Total Assets | $656M | $704M | $916M | $1B | $1B | $1B | $1B | $2B | $1B | $1B |
| Stockholders Equity | $470M | $541M | $459M | $690M | $783M | $918M | $914M | $942M | $766M | $693M |
| Shares Outstanding | 38,333,484 | 37,283,096 | 37,281,630 | 37,405,298 | 37,574,671 | 38,038,615 | 37,234,086 | 36,016,686 | 35,470,471 | 35,330,586 |
| Free Cash Flow* | $88M | $123M | $70M | $52M | $96M | $155M | $61M | $91M | $-3M | $-15M |
| Share Count Change | — | -2.7% | -0.0% | +0.3% | +0.5% | +1.2% | -2.1% | -3.3% | -1.5% | -0.4% |
*FCF = Operating Cash Flow - CapEx
| Balance Sheet Item | Latest FY |
|---|---|
| Total Assets | $1B |
| PP&E (net) | $222M |
| Cash & Equivalents | $104M |
| Goodwill | $173M |
| Intangible Assets | $238M |
| Total Liabilities | $1B |
| Long-Term Debt | $317M |
| Stockholders Equity | $693M |
| Tangible Book Value | $282M |
Goodwill: $173M — this is a real risk; if written down, equity shrinks
Intangible Assets: $238M
PP&E: $222M — physical assets that could be liquidated
Tangible Book Value: $282M ($7.97 per share)
| Metric | Value | Notes |
|---|---|---|
| Book Value / Share | $19.58 | Stockholders equity / shares |
| Tangible Book Value / Share | $7.97 | Equity minus goodwill & intangibles |
| Price / Revenue | 0.19x | Market cap / TTM revenue |
| OCF Yield | 37.7% | Operating cash flow / market cap |
| FCF Yield | 41.4% | Free cash flow / market cap |
| Floor Price Estimate (60% TBV) | $4.78 | Conservative: 60% of tangible book value per share |
Tangible Book Value per share: $7.97
Conservative Floor (60% of TBV): $4.78 — At this price, you are buying hard assets at 60 cents on the dollar with margin of safety.
Current price $5.13 is below tangible book value ($7.97).
Item 1. Business Description of Business We are a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer and produce mechatronic products for Original Equipment Manufacturers (“OEMs”) utilizing our broad range of technologies for user interface, light-emitting diode (“LED”) lighting system, power distribution and sensor applications. Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment and consumer appliance. Fiscal Year Our fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The fiscal year ended May 3, 2025 was a 53-week fiscal year. Fiscal 2024 ended on April 27, 2024 and fiscal 2023 ended on April 29, 2023, and each represented 52 weeks of results. Operating Segments Our business is managed, and our financial results are reported, based on the following three segments: Automotive, Industrial and Interface. We reported a fourth segment, Medical, through fiscal 2024. See Note 15, “Segment Information and Geographic Area Information” to the consolidated financial statements in this Annual Report for further information. The Automotive segment supplies electronic and el
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included in this Annual Report. This discussion and analysis of our financial condition and results of operations also contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements because of a variety of factors, including those set forth under Item 1A, “ Risk Factors” of this Annual Report. We undertake no duty to update any such forward-looking statements to conform to actual results or changes in our expectations. Overview Our Business We are a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer and produce mechatronic products for OEMs utilizing our broad range of technologies for user interface, LED lighting system, power distribution and sensor applications. Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing in
What assets exist? PP&E of $222M. Total assets of $1B Tangible book value of $282M. Goodwill of $173M is a risk.
Are buybacks real? No significant buybacks reported.
Is the business durable? Electronic Components with AGI score 5/10. Low AGI disruption risk — physical business that AGI does not easily replace.
What is the floor? At $4.78 (60% of TBV), downside is limited by hard assets. Current price $5.13 is above the floor estimate.
Data sources: SEC EDGAR XBRL, yfinance, 10-K filing extracts, AGI scoring framework. Analysis date: 2026-03-13.