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View the full Nov 12, 2026 version

Price: $85.08
Discount category: Close to intrinsic value
Next earnings: Feb 11, 2027
Next earnings is estimate: Yes
Company name: added: Ingersoll Rand
Sector: added: Industrial machinery (compressors, pumps and flow equipment)
About: added: Ingersoll Rand Inc. makes mission-critical flow creation and life science and industrial equipment, from its base in Davidson, North Carolina. It has two segments. Industrial Technologies and Services (IT&S) sells compressors, vacuum products, blowers, air treatment, power tools and lifting equipment, and made $1,620 million of Q3 2026 revenue. Precision and Science Technologies (P&ST) sells liquid, gas, air and powder handling equipment for life sciences, industrial, aerospace and defense uses, and made $445 million. Q3 2026 orders were $2,345 million, up 21%, revenue was $2,065 million, up 6%, and adjusted EBITDA was $584 million, which is 28.3% of revenue. Vicente Reynal is Chairman and Chief Executive Officer. Ingersoll Rand grows by buying companies: it bought Lone Star Blower for $88.9 million on August 3, 2026. The pick is the common stock on the NYSE (IR), in US dollars.
Thesis: added: The market prices Ingersoll Rand as a cyclical industrial company whose margins are under pressure from inflation and tariffs. The IT&S adjusted EBITDA margin without tariff refunds fell 1.2 percentage points from a year earlier to 27.8% in Q3 2026. Reported Q3 profit also included a $380.1 million gain from the ILC Dover insurance settlements and a tariff refund, so adjusted results without the refunds are the cleaner measure. For the price to rise, the orders that grew 18% organically in Q3 must turn into revenue above the 2% to 3.5% organic growth that the company guides for 2026, margins must recover from inflation, and buybacks and acquisitions must keep adding to earnings per share. The board added $2 billion to the buyback program. The Q4 report in February 2027 and its 2027 plan are the next test. If orders convert and margins recover, the gap can close within about two years. If costs keep rising faster than prices, or if industrial demand weakens, the gap could last longer.
Risks: added: Industrial cycle. Orders for compressors, pumps and other equipment follow industrial spending. A fall in demand would cut revenue, and fixed costs would cut profit faster. Margin pressure. The IT&S adjusted EBITDA margin without tariff refunds was down 1.2 percentage points from a year earlier in Q3 2026, mainly because of inflation. Tariffs add costs, and refunds of IEEPA tariffs may not repeat. Acquisitions. Ingersoll Rand grows through many purchases. A purchase can fail to deliver its profit. In 2025 it booked impairments of $229.7 million on businesses from the ILC Dover transaction. Debt. Debt was $4,736.5 million at September 30, 2026, of which $700.2 million, the 5.197% notes due June 2027, is current. Net debt to adjusted EBITDA was 1.6 times. Leadership changes. The segment head of Precision and Science Technologies retired in October 2026, and the board gave the Chief Executive Officer a new equity award tied to performance.
Balance sheet: added: At September 30, 2026, Ingersoll Rand had cash of $1,342.7 million and debt of $4,736.5 million ($700.2 million due within a year and $4,036.3 million long-term), so net debt was $3,393.8 million. Net debt to adjusted EBITDA was 1.6 times. Liquidity was $3.9 billion, which includes $2.6 billion of undrawn credit lines. Equity attributable to Ingersoll Rand was $10,503.0 million and noncontrolling interests were $65.0 million. It had 384,019,778 shares outstanding at October 23, 2026. In Q3 2026 it bought back $350 million of shares. The share repurchase authorization is $313 million remaining plus a $2 billion increase. All amounts are in US dollars. As of Sep 30, 2026.
Checkpoints: added: Feb 11, 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: Full-year adjusted EBITDA of $2,130 million or more without tariff refunds, with growth guided for 2027, passes; lower EBITDA or flat guidance fails. Apr 29, 2027 (estimate): Q1 2027 results: IT&S margin. Pending. Watch: An IT&S adjusted EBITDA margin above the Q3 2026 level of 27.8% without refunds passes; a lower margin fails.
Recent events: added: Oct 30, 2026: Ingersoll Rand said that Michael Weatherred, Senior Vice President of the Precision and Science Technologies segment, retired on October 27, 2026 and will advise the company through May 2028. The board also approved a new performance-based equity award for Vicente Reynal, the Chief Executive Officer. Oct 29, 2026: Ingersoll Rand reported Q3 2026 results. Orders were $2,345 million, up 21%, revenue was $2,065 million, up 6%, and adjusted net income was $415 million ($1.07 per share). Without IEEPA tariff refunds, adjusted EBITDA was $552 million and adjusted earnings per share were $1.01. It updated its 2026 guidance and added $2 billion to its share repurchase program. Oct 29, 2026: Ingersoll Rand said that it reached settlements with insurance carriers and other parties for the ILC Dover transaction, with gross recoveries of about $425.1 million. It collected $25.0 million in Q2 and $162.5 million in Q3 2026 and expects the rest in Q4 2026. It also expected to close the purchase of a US pump manufacturer on October 30, 2026. Aug 3, 2026: Ingersoll Rand completed the purchase of Lone Star Blower, Inc. for $88.9 million in cash. Lone Star makes blowers and compressors and joins the IT&S segment.