Brady

BRC · NYSE · Industrials · Financials, fiscal 2017 to 2026

BRC · Last close · November 6, 2026

$78.72

Brady's revenue rose 9.8% to $1.7 billion in fiscal 2026. Its operating margin was 15.9%, up from 15.6% a year earlier. Free cash flow was $193 million, up 25.4%. It paid out $88 million in dividends and buybacks, 46% of free cash flow. The diluted share count fell 0.7%.

BRADY CORP Latest fiscal year ended July 31, 2026 10-K filed September 3, 2026 · 0000746598-26-000044 Updated November 5, 2026

Revenue

$1.7B

9.8%

Operating margin

15.9%

0.2 pts

Net income

$205M

8.5%

Free cash flow

$193M

25.4%

Return on capital

18.1%

0.5 pts

Market cap

$3.8B

Nov 6 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Brady does

Brady makes identification solutions and workplace safety products. These include labels, signs, tags and printers that mark premises, products and people, and help customers meet safety and regulatory rules. It sells to a broad base of customers across many industries and countries, and says no individual customer represents 10% or more of its net sales.

The company reports two segments organized by region: Americas & Asia (North America, South America and Asia), and Europe & Australia (Europe, the Middle East, Africa and Australia). It says it competes by offering proprietary, customized products, good service, and strong distribution in specialized niche markets, and it makes smaller acquisitions to add scale.

After its fiscal year ended, on August 3, 2026, Brady bought Honeywell's PSS business for $1.4 billion in cash. PSS makes mobile computers, scanners, printers and software, and the purchase adds products for tracking goods in retail, transportation and warehousing. Brady paid with cash, bank borrowings and new senior notes.

Its biggest risks, as it describes them

Problems joining the Honeywell PSS business into Brady's own.
More debt after funding the purchase, which limits its financial flexibility.
Higher costs and shortages of raw materials and components.
Customers and distributors refusing price increases or moving to lower-cost sources.
Disruptions from conflicts and shipping problems in its global operations.

From Brady's annual report on Form 10-K, filed September 3, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, net income grew 8.9% a year; the filings' structured data doesn't give diluted earnings per share.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	114	152	250	174	187
Debt incl. finance leases	0	0	91	100	15
Net debt (negative means net cash)	−114	−152	−159	−75	−172
Net debt to EBITDA	−0.5x	−0.6x	−0.6x	−0.3x	−0.6x
Debt to equity	0.0x	0.0x	0.1x	0.1x	0.0x
Interest coverage	151.3x	63.6x	77.9x	49.9x	27.2x
Current ratio	1.9x	2.0x	2.3x	1.9x	1.9x
Quick ratio	1.2x	1.4x	1.7x	1.3x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Brady's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Brady's projections

What Brady says to expect

Fiscal 2027: adjusted diluted earnings per shareThe Company expects Adjusted Diluted EPS* for the year ending July 31, 2027 to range from $6.25 to $6.75 per share, which represents a range of growth of between 18.1 percent to 27.6 percent compared to 2026. The Company expects approximately $0.80 Adjusted Diluted EPS* accretion from the IPS segment, net of the cost of financing the transaction, with the majority of the contribution in the second half of the fiscal year as the business is integrated.
Fiscal 2027: segment revenue and profitThe Company expects revenue from the IDS segment to grow approximately 5 percent organically, and expects the IPS segment to contribute revenue of approximately $1.15 billion for the year ending July 31, 2027. Segment profit as a percentage of sales is expected to be approximately 20 percent within the IDS segment, and is expected to be in the low-double digits within the IPS segment.
Fiscal 2027: depreciation, capital spending, tax rateOther elements of the Company’s 2027 guidance include depreciation expense of approximately $45 million, capital expenditures of approximately $40 million, and a full-year income tax rate of approximately 21 percent.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 3, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $1.0 million of Brady shares on the open market, and 7 insiders sold $6.6 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 18, 2026	Thomas F DeBruineChief Operating Officer	Sold	5,739	$84.00	$482,076	Form 4
Jun 10, 2026	Vineet A NargolwalaPresident & CEO, Director	Bought	13,011	$76.86	$1.0 million	Form 4
Jan 5, 2026	Thomas F DeBruineChief Operating Officer	Sold	5,538	$81.00	$448,578	Form 4
Dec 19, 2025	Ann ThorntonCFO and Treasurer	Sold	4,080	$81.95	$334,356	Form 4
Dec 10, 2025	Brett WilmsPresident - EMEA & Australia	Sold	3,791	$78.13	$296,191	Form 4
Nov 25, 2025	Russell ShallerPresident & CEO, Director	Sold	17,130	$81.25	$1.4 million	Form 4
Nov 25, 2025	Andrew GormanGeneral Counsel&Corp Secretary	Sold	12,528	$80.01	$1.0 million	Form 4
Nov 21, 2025	Bradley C RichardsonDirector	Sold	1,000	$78.33	$78,330	Form 4
Nov 19, 2025	Elizabeth P BrunoDirector	Sold	23,705	$74.71	$1.8 million	Form 4
Nov 19, 2025	Brett WilmsPresident - EMEA & Australia	Sold	10,894	$74.44	$810,971	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	7 of 9	5 of 9	7 of 9
Rule of 40	13.8%	23.0%	21.4%
Altman Z''	7.55	6.81	7.62
Accruals ratio	−4.0%	0.5%	−2.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Fail
F-score	7 of 9	5 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Brady side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Brady	FY26	9.8%	15.9%	11.6%	18.1%	−0.6x	7
Deluxe	FY25	0.5%	10.9%	8.2%	7.6%	3.8x	7	Compare
AZZ	FY26	4.6%	16.0%	26.9%	10.7%	1.4x	7	Compare
Zurn Elkay Water Solutions	FY25	8.3%	16.4%	—	11.2%	0.6x	8	Compare
Armstrong World Industries	FY25	12.1%	26.6%	15.2%	26.9%	0.6x	9	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,113	1,174	1,161	1,081	1,145	1,302	1,332	1,341	1,514	1,662
Revenue growth	−0.7%	5.4%	−1.1%	−6.8%	5.9%	13.8%	2.3%	0.7%	12.8%	9.8%
Gross profit	558	588	579	529	561	632	657	688	761	860
Research and development	40	45	45	41	45	58	61	68	80	94
Operating income	131	153	162	138	167	193	225	243	237	264
Net income	96	91	131	112	130	150	175	197	189	205
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	52	52	53	53	52	52	50	48	48	48
Cash flow
Cash from operations	144	143	162	141	206	118	209	255	181	244
Capital expenditure	15	22	33	27	27	43	19	80	28	52
Free cash flow	129	121	129	114	178	75	190	175	154	193
Dividends paid	42	43	45	46	46	46	45	45	46	46
Share buybacks	0	2	3	64	4	109	75	72	51	42
Acquisitions	0	0	0	0	244	0	0	0	144	17
Stock-based compensation	10	10	12	9	10	10	8	7	12	23
Balance sheet at fiscal year end
Cash and short-term investments	134	181	279	218	147	114	152	250	174	187
Debt incl. finance leases	108	53	50	0	0	0	0	91	100	15
Total assets	1,050	1,057	1,157	1,142	1,378	1,367	1,389	1,516	1,734	1,852
Total liabilities	350	305	306	279	415	456	398	449	542	494
Shareholders' equity	700	700	700	752	963	911	991	1,067	1,192	1,358
Margins and ratios
Gross margin	50.1%	50.1%	49.9%	48.9%	49.0%	48.5%	49.4%	51.3%	50.3%	51.8%
Operating margin	11.8%	13.0%	14.0%	12.8%	14.6%	14.8%	16.9%	18.1%	15.6%	15.9%
Net margin	8.6%	7.8%	11.3%	10.4%	11.3%	11.5%	13.1%	14.7%	12.5%	12.4%
Free cash flow margin	11.6%	10.3%	11.2%	10.5%	15.6%	5.8%	14.3%	13.1%	10.2%	11.6%
Rule of 40 (growth + FCF margin)	10.9%	15.8%	10.0%	3.7%	21.4%	19.5%	16.6%	13.8%	23.0%	21.4%
Return on capital	14.6%	14.7%	24.8%	21.9%	19.6%	18.7%	21.3%	22.2%	18.6%	18.1%
Return on equity	14.7%	13.0%	18.8%	15.5%	15.1%	16.0%	18.4%	19.2%	16.8%	16.1%
Return on assets	9.1%	8.6%	11.9%	9.8%	10.3%	10.9%	12.7%	13.6%	11.7%	11.4%
Net debt to EBITDA	−0.2x	−0.7x	−1.2x	−1.4x	−0.8x	−0.5x	−0.6x	−0.6x	−0.3x	−0.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Brady's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Brady.