| Stage | TER | % of rev | VLTO | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.3B | 100.00% | $1.5B | 100.00% | VLTO ×1.16 |
| Gross profit | $771M | 59.06% | $908M | 60.17% | VLTO +1.1pp |
| Operating income | $402M | 30.78% | $298M | 19.75% | TER +11.0pp |
| Pre-tax income | $404M | 30.96% | $273M | 18.09% | TER +12.9pp |
| Net income | $348M | 26.63% | $253M | 16.77% | TER +9.9pp |
| Stage | TER | VLTO | Gap · A − B |
|---|---|---|---|
| Revenue | $1.3B100.00% | $1.5B100.00% | VLTO ×1.16 |
| Gross profit | 59.06%$771M | 60.17%$908M | VLTO +1.1pp |
| Operating income | 30.78%$402M | 19.75%$298M | TER +11.0pp |
| Pre-tax income | 30.96%$404M | 18.09%$273M | TER +12.9pp |
| Net income |
| 26.63%$348M |
| 16.77%$253M |
| TER +9.9pp |
No disclosed counterparties: TER, VLTO.