Crane NXT, Co. (CXT) is a diversified manufacturer specializing in highly engineered industrial products. The company operates globally, providing advanced solutions across various industries, including aerospace, defense, chemical production, and payment automation. CXT's offerings include critical components, fluid handling equipment, and security solutions for physical and digital transactions.
- Crane Payment Innovations (CPI) - Develops electronic equipment and software for payment transaction verification and authentication, advanced automation solutions, processing systems, field service solutions, and remote diagnostics.
- Crane Currency - Provides advanced security solutions for physical products, including banknotes and other security products.
- Aerospace & Electronics (A&E) - Supplies critical components and systems such as pressure sensors, power conversion systems, aircraft braking systems, and fuel gauging systems for commercial and military aerospace, defense, and space markets.
- Process Flow Technologies (PFT) - Manufactures highly engineered fluid handling equipment, including valves, pumps, fluid instrumentation, and sampling components for industries like chemical production, water management, and energy.
- Engineered Materials (EM) - Produces specialized materials for industrial and consumer applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aaron W. Saak Executive | President and CEO | None | CEO of Crane NXT since November 2022; previously led technology-focused businesses at Mobility Solutions and Gilbarco Veeder-Root. | View Report → |
Bianca Shardelow Executive | VP, Controller, and Chief Accounting Officer | None | Chief Accounting Officer since April 2023; previously Chief Audit Executive at Crane NXT. | |
Christina Cristiano Executive | Senior Vice President and CFO | None | CFO of Crane NXT since April 2023; previously VP, Controller, and Chief Accounting Officer at Crane Holdings, Co.. | |
Michael Mahan Executive | President of Crane Payment Innovations (CPI) | None | President of CPI since July 2024; previously led global business units at Schneider Electric and GE. | |
Cristen Kogl Board | Director | Board of Trustees at Lake Forest College; Director of U.S. Chamber of Commerce | Director since 2023; extensive legal expertise, including as Chief Legal Officer at Zebra Technologies. | |
David D. Petratis Board | Director | Director of Sylvamo Corporation; Chairman of MasterBrand, Inc. | Director since July 2023; extensive leadership experience, including as CEO of Allegion plc and Quanex Building Products. | |
Ellen McClain Board | Director | President of Year Up; Director at Crane Company | Director since 2013; financial and operational expertise from senior executive roles, including at Year Up and New York Racing Association. | |
James L. L. Tullis Board | Director, Chair of Nominating and Governance Committee | Chairman of Tullis Health Investors; Chairman of Lord Abbett & Co. Mutual Funds; Director at Alphatec Holdings, Inc. | Director since 1998; venture capital investor with expertise in governance and strategy. | |
John S. Stroup Board | Chairman of the Board | Operating Advisor at Clayton, Dubilier & Rice; Director at Barry-Wehmiller | Chairman of Crane NXT since April 2023; extensive experience in industrial manufacturing and business strategy. | |
Michael Dinkins Board | Director, Audit Committee Chair | President and CEO of Dinkins Financial; Director at The Shyft Group, Inc.; Director at Community Health Systems, Inc.; Director at NCCI | Director since 2019; brings financial expertise from roles as public company CFO and CEO. | |
Sandra Joyce Board | Director | VP at Google Cloud; Head of Mandiant Intelligence at Google; Board Member at National Intelligence University; Member of Silverado Policy Accelerator Strategic Council | Director since April 2024; cybersecurity and national security expert with over 25 years of experience. | |
William Grogan Board | Director | SVP and CFO of Xylem Inc.; Board of Advisors Member at Girard School of Business | Director since April 2023; extensive financial leadership experience, including as CFO of IDEX Corporation. |
- Given that you expect total company revenue to be approximately flat in 2025 even with a full year of OpSec contribution , what specific steps are you taking to drive organic growth in the face of double-digit declines in U.S. currency revenue and softness in the gaming market?
- With the Federal Reserve's anticipated 18% year-over-year decline in 2025 currency orders and a mix skewed toward lower denominations leading to significant revenue decline in your U.S. currency business , how do you plan to mitigate this impact on your overall profitability, and when do you expect the mix to revert to normal levels ?
- In the CPI segment, gaming orders have not accelerated as anticipated, leading to flat revenue expectations in Q4 ; what measures are you implementing to address the prolonged inventory reductions by OEM customers and the resulting impact on your high-margin gaming business?
- Your adjusted free cash flow conversion guidance has been lowered to approximately 70% due to the timing of international currency shipments shifting collections into early 2025 ; can you elaborate on the risks of such timing issues recurring, and how you plan to improve cash flow predictability going forward?
- As you continue to focus on M&A in the authentication space , how do you justify the incremental investments given that recent acquisitions like Tru Tag are expected to contribute only a few million dollars in revenue over the next few years , and what are your criteria for ensuring these deals are accretive to shareholder value?
Research analysts who have asked questions during Crane NXT earnings calls.
Bob Labick
CJS Securities
4 questions for CXT
Damian Karas
UBS
4 questions for CXT
Matt Summerville
D.A. Davidson & Co.
4 questions for CXT
Isaac Sellhausen
Oppenheimer & Co. Inc.
3 questions for CXT
Michael Halloran
Baird
3 questions for CXT
Bobby Brooks
Northland Capital Markets
2 questions for CXT
Robert Brooks
Northland Capital Markets
2 questions for CXT
Mike Halloran
Robert W. Baird & Co. Incorporated
1 question for CXT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
De La Rue Authentication Solutions | 2025 | Acquisition valued at 300 million British pounds in cash, with the transaction scheduled to close in Q2 2025 and funded by a 300 million British pounds delayed draw term loan; this deal strategically expands Crane NXT’s security and authentication offerings and includes transaction costs of $6.5 million in 2024. |
OpSec Security | 2024 | Completed on May 3, 2024 for a base purchase price of $270 million (adjusted net cash of $268.4 million), this acquisition, funded partly by a $210 million revolving facility and cash, enhances Crane NXT’s global brand protection and authentication solutions and was integrated into the Security and Authentication Technologies segment. |
Smart Packaging assets of Tru Tag Technologies | 2024 | Acquired to boost product authentication efforts using a proprietary transparent coating and smartphone verification technology, this asset acquisition is expected to generate high double-digit ROIC by year 3 and create commercial synergies with the OpSec software’s serialization and track-and-trace capabilities. |
Recent press releases and 8-K filings for CXT.
- Crane NXT recently announced the acquisition of Antares Vision S.p.A., a market leader in life sciences and food and beverage inspection, detection, and track and trace technology, which adds approximately $2 billion to its total addressable market. This acquisition is expected to bring Crane NXT's leverage to 2.9 times at closing.
- The Crane Authentication business, formed by combining OpSec and De La Rue Authentication Solutions, is a roughly $260 million annual run rate revenue business. It is currently an approximately 15% EBITDA business, with a target to approach 20% EBITDA by the end of 2026 through synergy actions.
- In its U.S. government currency business, Crane NXT experienced a 40% year-over-year revenue reduction in Q1 2025 due to a planned shutdown for equipment upgrades. The new $10 bill is expected to be in full production by mid-2026.
- The international currency business has an all-time high backlog of over $400 million and is on track to win 10 to 15 new denominations in 2025. The company expects to be above 160 denominations by the end of 2025 out of a total market of approximately 1000.
- Crane NXT plans to use its strong free cash flow to deleverage, expecting to be in the low twos by the end of 2026 and below 2 times by 2027, assuming no further acquisitions.
- Crane NXT, Co. (CXT) announced on September 12, 2025, its definitive agreement to acquire Antares Vision S.p.A., a global leader in inspection, detection, and track & trace technologies, with the intent to take the company private.
- The transaction involves an initial acquisition of an approximate 30% stake at €5.00 per share for about €120 million, followed by a mandatory tender offer for the remaining shares at the same price. The total enterprise value for 100% of Antares Vision's equity capital and current net debt is approximately €445 million.
- Antares Vision generated approximately €200 million in revenue in the fiscal year ended December 31, 2024, with an adjusted EBITDA margin of approximately 15%.
- Crane NXT expects the acquisition to be accretive to Adjusted EPS in the first full year and achieve double-digit Return on Invested Capital (ROIC) by year five, with the overall transaction expected to close in the first half of 2026.
- Crane NXT has announced an agreement to acquire Antares Vision, a global leader in inspection, detection, and track and trace technologies, for an enterprise value of approximately €445 million.
- Antares Vision, which reported approximately €200 million in revenue in 2024 with an adjusted EBITDA margin of approximately 15%, will expand Crane NXT's portfolio into the life sciences and food and beverage end markets.
- The acquisition is expected to be accretive to EPS in the first full year after closing and achieve a double-digit ROIC by year five.
- The deal will be financed through cash and credit facilities, with an expected net leverage of approximately 2.9 times for Crane NXT at closing.
- Crane NXT plans to acquire an initial 30% stake in Antares Vision in 2025, followed by a mandatory public tender offer to take the company private in 2026.
- Crane NXT has announced an agreement to acquire Antares Vision, a global leader in inspection, detection, and track & trace technologies.
- Antares Vision reported ~€200M in revenue and an ~15% Adjusted EBITDA Margin for 2024.
- The acquisition is valued at €5.00 per share, with an Enterprise Value of ~€445M, equating to an EV/EBITDA multiple of ~12x (or ~10x after expected synergies).
- Crane NXT anticipates the transaction to be EPS accretive in 2027 (the first full year after closing) and to achieve double-digit Return on Invested Capital (ROIC) by year-5.
- The transaction timeline includes acquiring ~30% ownership in Q4 2025, followed by a mandatory public tender offer, with the full closing expected in 1H 2026.
- Crane NXT has entered into an agreement to acquire Antares Vision, a global leader in inspection, detection, and track and trace technologies, for an enterprise value of approximately €445 million.
- The acquisition expands Crane NXT's portfolio into the life sciences and food and beverage end markets, providing a leading position in the $2 billion track and trace and inspection technologies market.
- Antares Vision reported approximately €200 million in revenue in 2024 with an adjusted EBITDA margin of approximately 15%, and is expected to generate mid-single digit revenue growth in 2026 and beyond.
- The transaction implies an EV/EBITDA multiple of approximately 12x based on Antares' 2025 adjusted EBITDA guidance, which is expected to reduce to approximately 10x after accounting for synergies.
- The acquisition is projected to be accretive to EPS in the first full year after closing and achieve a double-digit ROIC by year five.
- Crane NXT Co., formed in April 2023 after separation from Crane Company, projects $1.6 billion in sales for the current year, with approximately 50% recurring revenue and segment operating profit margins in the mid-20% range.
- The company operates through two segments: Security and Authentication Technologies (SAT), representing 45% of revenue (projected $735 million in sales this year), and Crane Payment Innovations (CPI), accounting for 55% of revenue (projected $860 million in revenue).
- Recent acquisitions of OPSEC and De La Rue authentication (closed May 1) have formed Crane Authentication, which is expected to increase its operating profit from low to mid-single digits to nearly 20% by the end of 2026.
- Crane NXT reported 9% sales growth in Q2, aligning with full-year guidance, and maintains a net leverage of 2.6 times with strong free cash flow. The company has high confidence in completing another M&A deal within the next 12 months.
- Capital allocation focuses on M&A that is adjacent to the core business, diversifies the portfolio, generates strong returns, and keeps net debt below 3 times, while also paying a competitive dividend targeting a 1% yield.
- Crane NXT reported second quarter 2025 sales of $404 million, a 9% increase year-over-year, and Adjusted EPS of $0.97.
- The company is maintaining its full year 2025 Adjusted EPS guidance in the range of $4.00 to $4.30.
- Sales growth was primarily driven by a 7.2% benefit from acquired OpSec Security and De La Rue Authentication Solutions businesses, while core sales saw a 0.8% decline.
- Crane NXT declared a quarterly dividend of $0.17 per share for the third quarter of 2025, payable on September 10, 2025, to shareholders of record as of August 29, 2025.
- Q1 2025 performance: Achieved 5% sales growth, sales of $330M, and adjusted EPS of $0.54, reflecting steady execution amid pricing and margin pressures .
- Full-year guidance update: Raised SAT sales growth outlook to 19%-21%, with expected segment operating margins of 25.5%-26.5% and reaffirmed EPS guidance of $4–$4.30, supported by pricing and supply chain measures .
- M&A integration: Completion of the De La Rue Authentication Solutions acquisition led to the formation of Crane Authentication, enhancing security and anti-counterfeiting capabilities .
- Segment highlights: While Payment Innovations experienced a slight sales decline, the Security & Authentication segment delivered strong revenue gains and record backlog bolstered by the acquisition .
- Operational update: Core U.S. currency sales declined by 4% due to planned equipment shutdowns .
- Crane NXT reported Q1 2025 net sales of $330.3 million, GAAP EPS of $0.38, and adjusted EPS of $0.54, with noted operational margin pressure compared to the prior year.
- The company completed the acquisition of De La Rue Authentication for £300 million in cash, reinforcing its global position in authentication technologies.
- Updated full-year guidance now projects sales growth of 6% to 8% while maintaining EPS guidance between $4.00 and $4.30, reflecting strategic market adjustments.