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CXT

Crane NXT, Co.

CXT

Crane NXT, Co. • NYSE
$56.30 ▲ 0.39% (+0.22)
Market Cap $3.23 B
52w High $69.00
52w Low $41.54
Dividend Yield 0.68%
P/E 21.01
Volume 500.92K
Outstanding Shares 57.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $445.1M ▲ $110.7M ▼ $50.5M ▲ 11.346% ▲ $0.88 ▲ $102.7M ▲
Q2-2025 $404.4M ▲ $120.9M ▲ $24.9M ▲ 6.157% ▼ $0.43 ▲ $76.3M ▲
Q1-2025 $330.3M ▼ $102.9M ▼ $21.7M ▼ 6.57% ▼ $0.38 ▼ $61.2M ▼
Q4-2024 $399.1M ▼ $109.7M ▲ $57.6M ▲ 14.432% ▲ $1.01 ▲ $96.5M ▼
Q3-2024 $403.5M $96.3M $47.1M 11.673% $0.82 $101.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185M ▲ $2.918B $1.705B ▼ $1.214B ▲
Q2-2025 $152.5M ▼ $2.918B ▲ $1.741B ▲ $1.175B ▲
Q1-2025 $173.8M ▲ $2.429B ▲ $1.322B ▲ $1.107B ▲
Q4-2024 $165.8M ▲ $2.386B ▼ $1.322B ▼ $1.065B ▼
Q3-2024 $165.1M $2.411B $1.34B $1.071B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50.9M ▲ $92M ▲ $-10.1M ▲ $-51.5M ▼ $30.3M ▲ $78.7M ▲
Q2-2025 $25M ▲ $62.8M ▲ $-399M ▼ $306.8M ▲ $-20.9M ▼ $55.8M ▲
Q1-2025 $21.7M ▼ $-19.1M ▼ $-13.6M $38M ▲ $12M ▲ $-32.2M ▼
Q4-2024 $57.6M ▲ $81.1M ▲ $-13.6M ▼ $-53.7M ▲ $-600K ▲ $70.3M ▲
Q3-2024 $47.1M $66.7M $-13.3M $-74.4M $-9.1M $53.5M

Revenue by Products

Product Q3-2022Q4-2022Q1-2023
Aerospace And Electronics
Aerospace And Electronics
 $60.00M ▲$190.00M ▲$70.00M ▼
Engineered Materials
Engineered Materials
 $30.00M ▲$80.00M ▲$30.00M ▼
Payment and Merchandising Technologies
Payment and Merchandising Technologies
 $340.00M ▲$1.00Bn ▲$330.00M ▼
Process Flow Technologies
Process Flow Technologies
 $190.00M ▲$560.00M ▲$200.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue shrank meaningfully when Crane NXT was separated from its former parent, then returned to a moderate growth path in the last year. The business today is smaller but clearly more focused on security, payments, and authentication. Profitability looks solid for an industrial company. Gross margins remain healthy and fairly stable, showing that the company has pricing power and differentiated products. Operating and net income have held up reasonably well even through restructuring and acquisition activity, which often put pressure on margins. Earnings per share dipped after the spin but have stabilized, suggesting the core franchise is profitable and resilient, though not yet in a strong acceleration phase. Overall, the income statement points to a focused niche industrial technology business with good margins, modest top‑line growth so far, and ongoing integration and scaling efforts that will be important to watch.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been reshaped by a spin-off and subsequent acquisitions. Total assets are much lower than before the separation, which is consistent with a more focused business scope. Debt has come down from earlier peak levels, but the company still carries a meaningful amount of borrowings, so leverage is moderate rather than ultra‑conservative. Cash on hand has declined from earlier highs, in part due to deal activity, but the company still maintains a reasonable liquidity cushion. Shareholders’ equity has been rebuilt to a comfortable level relative to debt, giving the company financial flexibility, though not unlimited room for highly aggressive expansion without further funding. Given the acquisition strategy, it is likely that intangible assets and goodwill form a sizable portion of the balance sheet, which adds integration and impairment risk but is typical for technology‑heavy industrial businesses built around proprietary know‑how and brands.

Cash Flow

Cash Flow Cash generation is a relative strength. Over most recent years, the company has converted a good share of its accounting profits into operating cash flow, after one weak year around the time of the spin. This suggests earnings are largely backed by real cash, not just accounting entries. Capital spending needs appear modest, which means a large portion of operating cash flow tends to drop down into free cash flow. That makes Crane NXT more flexible in how it funds acquisitions, debt repayment, and shareholder returns. The main watch point is that the absolute level of cash flow, while solid relative to profits, is not huge compared with the growth ambitions and acquisition program. Future deals or a banknote redesign cycle may require careful balancing of cash, debt, and investment pace.

Competitive Edge

Competitive Edge Crane NXT occupies a defensible niche at the intersection of secure payments, currency, and product authentication. Its core micro‑optic technology for banknotes and brand protection is complex, patented, and hard to replicate, which gives it a meaningful technological moat. The company benefits from long‑standing relationships with central banks, governments, and major commercial customers. These relationships tend to come with long contract cycles and high switching costs, especially for currency and high‑security documents, creating a sticky revenue base. The payment systems side also enjoys a large installed base that generates recurring aftermarket and service revenue. On the risk side, there is meaningful exposure to a relatively small number of large customers, including the U.S. government, and to regulatory and policy decisions around currency and security standards. Competition from other security, authentication, and payment technology providers is intense, and the mix shift from cash to digital payments could challenge some traditional products, even as it opens new digital opportunities. Overall, the company’s moat looks real but must be actively maintained through continuous innovation, strong execution with governments, and successful integration of acquired businesses.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Crane NXT’s strategy. The company’s micro‑optic technology for banknotes and product authentication is a signature innovation, providing visually distinctive and hard‑to‑counterfeit features that underpin its security offerings. Recent acquisitions, such as OpSec Security and De La Rue’s authentication business, significantly broaden its toolkit beyond physical security into digital brand protection, secure tax stamps, and government revenue-protection systems. The formation of a dedicated authentication unit suggests a clear plan to integrate these capabilities into a comprehensive platform. On the payments side, solutions like the Betbridge cashless system for casinos show that the company is investing to keep up with the shift toward digital and mobile payments, not just traditional cash handling. Management is also emphasizing AI‑enabled verification, cloud‑based analytics, and smartphone‑based authentication, which are key to staying relevant as security moves into blended physical‑digital environments. The main execution risks lie in integrating acquired technologies and teams, avoiding overlap, and ensuring that R&D is focused on the most scalable platforms rather than fragmented niche offerings.

Summary

Crane NXT today is a focused industrial technology company centered on secure payments, currency, and authentication, rather than a broad industrial conglomerate. Its income statement shows a smaller but profitable business with healthy margins and early signs of renewed growth after the spin. The balance sheet is sound but not pristine: leverage is moderate, the cash cushion is reasonable, and intangibles are likely significant due to acquisitions. Cash flow is a relative bright spot, with solid conversion of earnings into free cash and modest capital spending needs, though the company’s growth ambitions will test how far this cash can stretch. Competitively, Crane NXT benefits from proprietary technologies, high switching costs, and deep relationships with government and commercial clients. These form a real moat but come with concentration and regulatory risk. The company is leaning heavily into innovation and M&A, especially in authentication and digital security, aiming to capture long‑term trends such as anti‑counterfeiting, brand protection, and the evolution of payments. Overall, Crane NXT appears to be a niche, technology‑driven industrial player with solid profitability, good cash generation, and meaningful growth opportunities, balanced by integration, leverage, and customer‑concentration risks that merit close ongoing attention.

NEWS

November 5, 2025 · 4:05 PM UTC

Crane NXT Reports Third Quarter 2025 Results

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October 8, 2025 · 4:05 PM UTC

Crane NXT Announces Dates for Third Quarter 2025 Earnings Release and Earnings Call

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October 1, 2025 · 7:45 AM UTC

Crane NXT Announces Appointment of Kim DiMaurizio as Senior Vice President and Chief People Officer

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September 23, 2025 · 7:30 AM UTC

Crane NXT Expects High Single Digit Revenue Growth in its U.S. Currency Business in 2026

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September 12, 2025 · 2:34 AM UTC

Crane NXT to Acquire Antares Vision, a Global Leader in Inspection, Detection, and Track & Trace Technologies

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