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Steven Volkmann

Research Analyst at Jefferies Financial Group Inc.

Stephen Volkmann is a Managing Director, Equity Research Analyst at Jefferies Financial Group Inc., specializing in the Industrials sector with a focus on machinery, automotive, and related companies. He covers major firms including Caterpillar (CAT), Deere & Co. (DE), AGCO, and Parker-Hannifin (PH), achieving a strong track record ranked #96 out of 9,435 Wall Street analysts on TipRanks with a 64% success rate across 402 ratings and average returns of 18.1% per rating, highlighted by a +166.4% return on his Buy call for PH. Volkmann joined Jefferies in December 2008 after prior roles as Executive Director at JPMorgan Securities (2006-2008) and Morgan Stanley (1995-2006), and Research Associate at PaineWebber (1992-1995). He holds a BA in Economics and International Relations from the University of Massachusetts, is a Chartered Financial Analyst (CFA) charterholder, and is FINRA registered.

Steven Volkmann's questions to Ingersoll Rand (IR) leadership

Question · Q4 2025

Steven Volkmann asked if rising valuations across the board, including in the M&A funnel, are changing Ingersoll Rand's approach to capital deployment. He also inquired if there's anything visible now that would make the order cadence in 2026 different from the last couple of years.

Answer

CFO Vik Kini stated that Ingersoll Rand continues to perform well with pre-synergy multiples, averaging around 9.2x in 2025, and the recent Scinomix acquisition was in a similar range. He attributed this to their differentiated M&A flywheel, which often involves sole-source, cultivated, family-owned companies. Regarding order cadence, Vik Kini said they don't guide on orders but expect the book-to-bill to be around 1 on a full-year basis, with a healthier first half and slightly lower second half due to normal seasonality and long-cycle dynamics, implying no dramatic differences from prior years.

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