# STANDEX INTERNATIONAL CORP/DE/ (SXI)

Informational only - not investment advice.

CIK: 0000310354
SIC: 3580 Refrigeration & Service Industry Machinery
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3580 Refrigeration & Service Industry Machinery](/industry/3580/)
Latest 10-K filed: 2026-08-14
SEC page: https://www.sec.gov/edgar/browse/?CIK=310354
Filing source: https://www.sec.gov/Archives/edgar/data/310354/000143774926027789/sxi20260630_10k.htm

## At a glance

FY2026 · period end 2026-06-30 · filed 2026-08-14 · accession 0001437749-26-027789 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310354.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 891,597,000 USD | 2026 | verified |
| Net income | 104,632,000 USD | 2026 | verified |
| Assets | 1,585,708,000 USD | 2026 | verified |
| Free cash flow | 64,364,000 USD | 2026 | computed |
| Net margin | 11.74% | 2026 | computed |
| Operating margin | 21.71% | 2026 | computed |
| Revenue YoY | +12.85% | 2026 | computed |
| ROE | 13.85% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SXI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 11.7% | 7.7% | 68 | 110 |
| Operating margin | 21.7% | 13.1% | 86 | 104 |
| Revenue growth | 12.8% | 5.8% | 68 | 111 |
| FCF margin | 7.2% | 9.6% | 32 | 103 |
| ROE | 13.9% | 11.7% | 59 | 108 |
| ROA | 6.6% | 5.6% | 60 | 111 |
| Liabilities / equity | 1.10 | 1.10 | 50 | 108 |
| Current ratio | 2.40 | 2.02 | 65 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 891597000 | USD | 2026 | 2026-08-14 |
| Net income | 104632000 | USD | 2026 | 2026-08-14 |
| Assets | 1585708000 | USD | 2026 | 2026-08-14 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310354.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 647,885,000 | 595,515,000 | 639,931,000 | 604,535,000 | 656,232,000 | 735,339,000 | 741,048,000 | 720,635,000 | 790,107,000 | 891,597,000 |
| Net income |  | 46,545,000 | 36,604,000 | 67,914,000 | 20,188,000 | 36,473,000 | 61,393,000 | 138,992,000 | 73,074,000 | 55,760,000 | 104,632,000 |
| Operating income |  | 56,919,000 | 78,142,000 | 79,476,000 | 60,528,000 | 59,165,000 | 88,294,000 | 171,089,000 | 101,738,000 | 93,549,000 | 193,584,000 |
| Gross profit |  | 215,553,000 | 225,999,000 | 234,667,000 | 215,455,000 | 241,261,000 | 269,946,000 | 285,096,000 | 282,001,000 | 315,248,000 | 372,032,000 |
| Diluted EPS |  | 3.65 | 2.86 | 5.38 | 1.63 | 2.97 | 5.06 | 11.58 | 6.14 | 4.64 | 8.67 |
| Operating cash flow |  | 63,439,000 | 64,925,000 | 73,346,000 | 47,242,000 | 83,582,000 | 77,716,000 | 90,801,000 | 92,656,000 | 69,595,000 | 89,563,000 |
| Capital expenditures | 9,936,000 |  | 23,567,000 | 32,507,000 | 21,521,000 | 21,752,000 | 23,891,000 | 24,270,000 | 20,298,000 | 28,343,000 | 25,199,000 |
| Dividends paid |  | 7,852,000 | 8,888,000 | 9,826,000 | 10,606,000 | 11,449,000 | 12,249,000 | 12,985,000 | 13,902,000 | 15,033,000 | 16,185,000 |
| Share buybacks |  | 7,807,000 | 2,652,000 | 33,394,000 | 10,437,000 | 21,200,000 | 31,425,000 | 25,527,000 | 31,824,000 | 9,906,000 | 4,402,000 |
| Assets |  | 867,676,000 | 916,937,000 | 921,889,000 | 930,878,000 | 962,223,000 | 934,439,000 | 1,024,929,000 | 1,005,057,000 | 1,566,880,000 | 1,585,708,000 |
| Stockholders' equity |  | 408,664,000 | 450,795,000 | 464,313,000 | 461,632,000 | 506,425,000 | 499,343,000 | 607,449,000 | 621,503,000 | 711,677,000 | 755,214,000 |
| Cash and cash equivalents |  | 88,566,000 | 109,602,000 | 93,145,000 | 118,809,000 | 136,367,000 | 104,844,000 | 195,706,000 | 154,203,000 | 104,542,000 | 178,734,000 |
| Free cash flow |  |  | 41,358,000 | 40,839,000 | 25,721,000 | 61,830,000 | 53,825,000 | 66,531,000 | 72,358,000 | 41,252,000 | 64,364,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 7.18% | 6.15% | 10.61% | 3.34% | 5.56% | 8.35% | 18.76% | 10.14% | 7.06% | 11.74% |
| Operating margin |  | 8.79% | 13.12% | 12.42% | 10.01% | 9.02% | 12.01% | 23.09% | 14.12% | 11.84% | 21.71% |
| Return on equity |  | 11.39% | 8.12% | 14.63% | 4.37% | 7.20% | 12.29% | 22.88% | 11.76% | 7.84% | 13.85% |
| Return on assets |  | 5.36% | 3.99% | 7.37% | 2.17% | 3.79% | 6.57% | 13.56% | 7.27% | 3.56% | 6.60% |
| Liabilities / equity |  | 1.12 | 1.03 | 0.99 | 1.02 | 0.90 | 0.87 | 0.69 | 0.62 | 1.20 | 1.10 |
| Current ratio |  | 2.26 | 2.38 | 2.36 | 2.70 | 2.61 | 2.51 | 3.43 | 3.37 | 2.88 | 2.40 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SXI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310354.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-09-30 |  |  | 1.53 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 1.69 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | 6.77 | reported discrete quarter |
| 2024-Q1 | 2023-09-30 | 184,774,000 | 18,814,000 | 1.58 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 178,400,000 | 18,871,000 | 1.59 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 177,267,000 | 15,798,000 | 1.33 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 180,194,000 | 19,591,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 170,464,000 | 18,197,000 | 1.53 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 189,814,000 | 857,000 | 0.07 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 207,780,000 | 21,880,000 | 1.81 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 222,049,000 | 14,826,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 217,431,000 | 15,056,000 | 1.25 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 221,320,000 | 2,120,000 | 0.17 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 224,595,000 | 66,978,000 | 5.55 | reported discrete quarter |
| 2026-Q4 | 2026-06-30 | 228,251,000 | 20,477,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SXI's latest 10-K: [/company/SXI/business/](/company/SXI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SXI's latest 10-K: [/company/SXI/risk-factors/](/company/SXI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/310354/000143774926014992/sxi20260331_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-06
Report date: 2026-03-31

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements contained in this periodic report that are not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as “should,” “could,” “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “continue,” or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company’s business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: the impact of pandemics and other global crises or catastrophic events on employees, our supply chain, and the demand for our products and services around the world; materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the automotive, construction, aerospace, defense, transportation, food service equipment, consumer appliance, energy, oil and gas and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, certain materials used in electronics parts, petroleum based products, and refrigeration components; the impact of higher transportation and logistics costs, especially with respect to transportation of goods from Asia; the impact of inflation on the costs of providing our products and services; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer meet our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and potential increases in trade tariffs; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; increased costs from acquisitions to improve and coordinate managerial, operational, financial, and administrative systems, including internal controls over financial reporting and compliance with the Sarbanes-Oxley Act of 2002, and other costs related to such systems in connection with acquired businesses; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; our ability to increase manufacturing production to meet demand including as a result of labor shortages; the impact on our operations of any successful cybersecurity attacks; and potential changes to future pension funding requirements. For a more comprehensive discussion of these and other factors, see the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the SEC and available on the Company’s website. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.

31

Overview

We are a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets. We are headquartered in Salem, New Hampshire. Our businesses work in close partnership with our customers to deliver custom solutions or engineered components that solve their unique and specific needs, an approach we call "Customer Intimacy". 

On March 9, 2026, we completed the divestiture of Federal Industries to a third party for cash proceeds of $68.3 million. The divestiture supports continued portfolio simplification and enables us to focus on larger businesses and fast growth end market opportunities. Post the divestiture, the Hydraulics business was combined with the Engraving business under the Engraving & Hydraulics segment and the Engineering Technologies segment has been re-named as the Aerospace & Defense segment. We believe that this name change will improve understanding of the business and its end markets. As a result, the Company will now report under the four operating segments of Electronics, Aerospace & Defense, Scientific, and Engraving & Hydraulics. 

Our long-term business strategy is to create, improve, and enhance shareholder value by building more profitable, focused industrial platforms through our Standex Value Creation System. This methodology employs four components: Balanced Performance Plan, Growth Disciplines, Operational Excellence, and Talent Management and provides both a company-wide framework and tools used to achieve our goals. We intend to continue investing organically and inorganically in high margin and growth businesses using this balanced and proven approach. 

It is our objective to grow larger and more profitable business units through a commitment to both organic and inorganic initiatives. We have a particular focus on identifying and investing in businesses, new products and new applications that complement our existing products and will increase our overall scale, global presence and capabilities. We continue to pursue acquisitions that are strategically aligned with our businesses and where the opportunity meets our investment metrics. We have divested, and likely will continue to divest, businesses that are not strategic or do not meet our growth and return expectations.

As a result of our portfolio moves over the past several years, we have transformed Standex to a company with a more focused group of businesses selling customized solutions to high value end markets via a compelling customer value proposition.  The narrowing of the portfolio allows for greater management focus on driving operational disciplines and positions us well to use our cash flow from operations to invest selectively in our ongoing pipeline of organic and inorganic opportunities.

The Company’s strong historical cash flow has been a cornerstone for funding our capital allocation strategy. We use cash flow generated from operations to fund investments in capital assets to upgrade our facilities, improve productivity and lower costs, invest in the strategic growth programs described above, including organic growth, and to return cash to our shareholders through payment of dividends and stock buybacks. 

Restructuring expenses reflect costs associated with our efforts of continuously improving operational efficiency and expanding globally in order to remain competitive in our end user markets. We incur costs for actions to size our businesses to a level appropriate for current economic conditions, improve our cost structure, enhance our competitive position and increase operating margins. Such expenses include costs for moving facilities to locations that allow for lower fixed and variable costs, external consultants who provide additional expertise starting up plants after relocation, downsizing operations because of changing economic conditions, and other costs resulting from asset redeployment decisions. Shutdown costs include severance, benefits, stay bonuses, lease and contract terminations, asset write-downs, costs of moving fixed assets, and moving and relocation costs. Vacant facility costs include maintenance, utilities, property taxes and other costs.

Because of the diversity of the Company’s businesses, end user markets and geographic locations, management does not use specific external indices to predict the future performance of the Company, other than general information about broad macroeconomic trends.  Each of our individual business units serves niche markets and attempts to identify trends other than general business and economic conditions which are specific to its business and which could impact its performance. Those units report pertinent information to senior management, which uses it to the extent relevant to assess the future performance of the Company. A description of any such material trends is described below in the applicable segment analysis.

32

We monitor a number of key performance indicators (“KPIs”) including net sales, income from operations, backlog, effective income tax rate, gross profit margin, and operating cash flow. A discussion of these KPIs is included below. We may also supplement the discussion of these KPIs by identifying the impact of foreign exchange rates, acquisitions, and other significant items when they have a material impact on a specific KPI. 

We believe the discussion of these items provides enhanced information to investors by disclosing their impact on the overall trend which provides a clearer comparative view of the KPI, as applicable.  For discussion of the impact of foreign exchange rates on KPIs, we calculate the impact as the difference between the current period KPI calculated at the current period exchange rate as compared to the KPI calculated at the historical exchange rate for the prior period.  For discussion of the impact of acquisitions or divestitures, we isolate the effect on the KPI amount that would have existed regardless of such acquisition or divestiture.  Sales resulting from synergies between the acquisition and existing operations of the Company are considered organic growth for the purposes of our discussion.

Unless otherwise noted, references to years are to fiscal years.

Results from Continuing Operations

[[GREPCENT_TABLE]]
[["","","Three Months Ended March 31,","","","Nine Months Ended March 31,"],["(In thousands, except percentages)","","2026","","","2025","","","2026","","","2025"],["Net sales","","$","224,595","","","$","207,780","","","$","663,346","","","$","568,058"],["Gross profit margin","","","40.9","%","","","39.7","%","","","41.4","%","","","39.4","%"],["Income from operations","","","90,826","","","","26,253","","","","156,034","","","","58,815"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(In thousands)","","Three Months Ended March 31, 2026","","","Nine Months Ended March 31, 2026"],["Net sales, prior year period","","$","207,780","","","$","568,058"],["Components of change in sales:"],["Organic sales change","","","13,542","","","","26,284"],["Effect of acquisitions","","","3,327","","","","66,858"],["Effect of divestitures","","","(2,913",")","","","(2,913",")"],["Effect of exchange rates","","","2,859","","","","5,059"],["Net sales, current period","","$","224,595","","","$","663,346"]]
[[/GREPCENT_TABLE]]

Net Sales

Net sales increased in the third quarter of fiscal year 2026 by $16.8 million or 8.1%, when compared to the prior year quarter. Acqu

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/310354/000143774926027789/sxi20260630_10k.htm
Complete FY 2026 MD&A: /company/SXI/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-14
Report date: 2026-06-30

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets. We have four operating and reportable segments. Please refer to Item 1. Business, above, for additional information regarding our segment structure and management strategy.

16

Table of Contents

As part of our ongoing strategy:

[[GREPCENT_TABLE]]
[["","o","On July 2, 2026, we acquired the remaining 9.9% interest in India-based Narayan Powertech (Narayan), a leading manufacturer of low voltage and medium voltage instrument transformers."],["","o","On March 9, 2026, we completed the divestiture of Federal Industries to a third party for cash proceeds of $68.3 million. The divestiture supports continued portfolio simplification and enables us to focus on larger businesses and fast growth end market opportunities. Post the divestiture, the Hydraulics business was combined with the Engraving business under the Engraving & Hydraulics segment, and the Engineering Technologies segment was re-named as the Aerospace & Defense (A&D) segment. We believe that this name change will improve understanding of the business and its end markets. As a result, the Company now reports under the four operating segments of Electronics, A&D, Scientific, and Engraving & Hydraulics."],["","o","On February 4, 2025, we acquired McStarlite Co. (\"McStarlite\"), a leading provider of complex sheet metal aerospace components, financed from our existing Credit Facility. Its results are reported in the A&D segment beginning in the third quarter of fiscal year 2025."],["","o","On November 18, 2024, we acquired Nascent Technology Manufacturing, which designs and produces high-reliability magnetics components for critical defense and industrial applications. Its results are reported in the Electronics segment beginning in the second quarter of fiscal year 2025."],["","o","On November 14, 2024, we acquired Custom Biogenic Systems, it specializes in the development and manufacturing of advanced cryogenic equipment, including unique isothermal freezers with dry liquid nitrogen technology, to the pharmaceutical and biobank end markets within life sciences. Its results are reported in the Scientific segment beginning in the second quarter of fiscal year 2025."],["","o","On October 28, 2024, we acquired the Amran/Narayan Group in cash and stock transactions. These transactions represented, at the time, a combined enterprise value of approximately $467.5 million, comprised of 85% cash and 15% in Standex common stock for Amran Instrument Transformers and 90.1% cash and 9.9% in Standex common stock for Narayan Powertech Pvt. Ltd. The 9.9% share exchange related to Narayan Powertech Pvt. Ltd. was subject to India regulatory approval. The cash consideration of the transactions was financed using cash-on-hand, existing credit facilities, and a $250 million 364-day term loan with existing lenders. We converted the 364-day term loan into an exercise of the accordion feature under our existing credit facilities. This acquisition significantly expands our sales in the fast-growing, high-margin electrical grid end market and our presence in India. Its results are reported in the Electronics segment beginning in the second quarter of fiscal year 2025."],["","o","On May 3, 2024, we acquired Sanyu Electric Pte Ltd, or SEPL, a privately held distributor of reed relays. Its results are reported in the Electronics segment."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","o","On February 19, 2024, we acquired, through our subsidiary Standex Electronics Japan Corporation, privately-held, Japanese-based Sanyu Switch Co., Ltd (Sanyu). Sanyu designs and manufactures reed relays, test sockets, testing systems for semiconductor and other electronics manufacturing, and other switching applications. Its results are reported in the Electronics segment."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","o","On July 31, 2023, we acquired Minntronix, a privately held company. Minntronix designs and manufactures customized as well as standard magnetics components and products including transformers, inductors, current sensors, coils, chokes, and filters. The products are used in applications across cable fiber, smart meters, industrial control and lighting, electric vehicles, and home security markets. Its results will be reported in the Electronics segment."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","o","In the third quarter of fiscal year 2023, we divested our Procon business for $75.0 million. This transaction reflected the continued simplification of our portfolio and enabled greater focus on managing our larger platforms and pursuing growth opportunities. Proceeds were deployed towards organic and inorganic initiatives and returning capital to shareholders. Its results were reported within our Specialty Solutions segment. In fiscal year 2023, we received $67.0 million cash consideration and recorded a pre-tax gain on the sale of $62.1 million in the Consolidated Financial Statements. Cash consideration received at closing excludes amounts held in escrow and was net of closing cash."]]
[[/GREPCENT_TABLE]]

As a result of these portfolio moves, we have transformed Standex to a company with a more focused group of businesses selling customized solutions to high value end markets via a compelling customer value proposition. The narrowing of the portfolio allows for greater management focus on driving operational disciplines and positions us well to use our cash flow from operations to invest selectively in our ongoing pipeline of organic and inorganic opportunities.

The Company’s strong historical cash flow has been a cornerstone for funding our capital allocation strategy. We use cash flow generated from operations to fund investments in capital assets to upgrade our facilities, improve productivity and lower costs, invest in the strategic growth programs described above, including organic growth and acquisitions, and to return cash to our shareholders through payment of dividends and stock buybacks. 

Restructuring expenses reflect costs associated with our efforts of continuously improving operational efficiency and expanding globally in order to remain competitive in our end-user markets. We incur costs for actions to size our businesses to a level appropriate for current economic conditions, improve our cost structure, enhance our competitive position and increase operating margins. Such expenses include costs for moving facilities to locations that allow for lower fixed and variable costs, external consultants who provide additional expertise starting up plants after relocation, downsizing operations because of changing economic conditions, and other costs resulting from asset redeployment decisions. Shutdown costs include severance, benefits, stay bonuses, lease and contract terminations, asset write-downs, costs of moving fixed assets, and moving and relocation costs. Vacant facility costs include maintenance, utilities, property taxes and other costs.

Because of the diversity of the Company’s businesses, end user markets and geographic locations, management does not use specific external indices to predict the future performance of the Company, other than general information about broad macroeconomic trends. Each of our individual business units serves niche markets and attempts to identify trends other than general business and economic conditions which are specific to its business and which could impact their performance. Those units report pertinent information to senior management, which uses it to the extent relevant to assess the future performance of the Company.  A description of any such material trends is described below in the applicable segment analysis.

17

Table of Contents

We monitor a number of key performance indicators (“KPIs”) including net sales, income from operations, backlog, effective income tax rate, gross profit margin, and operating cash flow. A discussion of these KPIs is included below.  We may also supplement the discussion of these KPIs by identifying the impact of foreign exchange rates, acquisitions, and other significant items when they have a material impact on a specific KPI. 

We believe the discussion of these items provides enhanced information to investors by disclosing their impact on the overall trend which provides a clearer comparative view of the KPI, as applicable. For discussion of the impact of foreign exchange rates on KPIs, the Company calculates the impact as the difference between the current period KPI calculated at the current period exchange rate as compared to the KPI calculated at the historical exchange rate for the prior period. For discussion of the impact of acquisitions, we isolate the effect on the KPI amount that would have existed regardless of our acquisition. Sales resulting from synergies between the acquisition and existing operations of the Company are considered organic growth for the purposes of our discussion.

Unless otherwise noted, references to years are to fiscal years.

Consolidated Results from Continuing Operations (in thousands):

[[GREPCENT_TABLE]]
[["","","2026","","","2025","","","2024"],["Net sales","","$","891,597","","","$","790,107","","","$","720,635"],["Gross profit margin","","","41.7","%","","","39.9","%","","","39.1","%"],["Restructuring costs","","","12,186","","","","6,903","","","","8,206"],["Deal related expenses","","","4,059","","","","21,434","","","","2,622"],["Other operating (income) expense, net","","","-","","","","-","","","","110"],["(Gain) loss on sale of business","","","(57,085",")","","","-","","","","(274",")"],["Income from operations","","","193,584","","","","93,549","","","","101,738"],["Backlog (realizable within 1 year)","","$","318,468","","","$","245,596","","","$","185,296"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","2026","","","2025","","","2024"],["Net sales","","$","891,597","","","$","790,107","","","$","720,635"],["Components of change in sales:"],["Effect of acquisitions","","","66,387","","","","123,636","","","","40,427"],["Effect of exchange rates","","","4,282","","","","(343",")","","","(1,842",")"],["Effect of business divestitures","","","(12,828",")","","","-","","","","(21,259",")"],["Organic sales change","","","43,649","","","","(53,821",")","","","(37,739",")"]]
[[/GREPCENT_TABLE]]

Net Sales

Net sales increased for fiscal year 2026 by $101.5 million, or 12.8% when compared to the prior year period. Acquisitions accounted for increased sales of $66.4 million, or 8.4%. Divestitures reduced sales by $12.8 million, or 1.6%. Organic sales increased by $43.6 million, or 5.5%, primarily due to increased sales into fast growth markets and contributions from new products. Sales included $263.8 million in the period attributed to fast growth markets. New products accounted for 5.3% of sales growth. 

Net sales increased for fiscal year 2025 by $69.5 million, or 9.6% when compared to the prior year period. Acquisitions accounted for increased sales of $123.6 million, or 17.2%. Organic sales decreased by $53.8 million, or 7.5%, due to general economic softness in Europe and North America in the Electronics segment, the impact of National Institutes of Health (NIH) funding cuts in the Scientific segment and continued softness in North America from delays in new platform rollout in the Engraving & Hydraulics segment. Sales included $184.2 million in the period attributed to fast growth markets. New products accounted for 2.5% of sales growth.

We discuss our results and outlook for each segment below. 

Gross Profit 

Gross profit in fiscal year 2026 increased to $372.0 million, or a gross margin of 41.7%, as compared to $315.2 million, or a gross margin of 39.9%, for the prior year. The margin increase was a result of high

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/SXI/mda/fy2026/
All MD&A years: /company/SXI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/SXI/mda/fy2025/): filed 2025-08-04; accession 0001437749-25-024450 (https://www.sec.gov/Archives/edgar/data/310354/000143774925024450/sxi20250630_10k.htm)
- [FY 2024 MD&A](/company/SXI/mda/fy2024/): filed 2024-08-02; accession 0001437749-24-024465 (https://www.sec.gov/Archives/edgar/data/310354/000143774924024465/sxi20240630_10k.htm)
- [FY 2023 MD&A](/company/SXI/mda/fy2023/): filed 2023-08-04; accession 0001437749-23-022156 (https://www.sec.gov/Archives/edgar/data/310354/000143774923022156/sxi20230630_10k.htm)
- [FY 2022 MD&A](/company/SXI/mda/fy2022/): filed 2022-08-05; accession 0001437749-22-019128 (https://www.sec.gov/Archives/edgar/data/310354/000143774922019128/sxi20220630_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3580 Refrigeration & Service Industry Machinery) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SXI.md · JSON record: /company/SXI.json · verified financials: /company/SXI/financials.json / /company/SXI/financials.csv · machine TOC for the whole site: /llms.txt