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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 1.40
FLIR's Cash to Debt is ranked higher than
83% of the 256 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.71 vs. FLIR: 1.40 )
FLIR' s 10-Year Cash to Debt Range
Min: 0.05   Max: No Debt
Current: 1.4

Equity to Asset 0.69
FLIR's Equity to Asset is ranked higher than
92% of the 262 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.40 vs. FLIR: 0.69 )
FLIR' s 10-Year Equity to Asset Range
Min: 0.17   Max: 0.82
Current: 0.69

0.17
0.82
Interest Coverage 17.08
FLIR's Interest Coverage is ranked higher than
77% of the 163 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 13.99 vs. FLIR: 17.08 )
FLIR' s 10-Year Interest Coverage Range
Min: 3.12   Max: 124.93
Current: 17.08

3.12
124.93
F-Score: 5
Z-Score: 6.53
M-Score: -3.04
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 16.09
FLIR's Operating margin (%) is ranked higher than
94% of the 261 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 7.97 vs. FLIR: 16.09 )
FLIR' s 10-Year Operating margin (%) Range
Min: -20.73   Max: 30.95
Current: 16.09

-20.73
30.95
Net-margin (%) 11.83
FLIR's Net-margin (%) is ranked higher than
92% of the 261 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 5.29 vs. FLIR: 11.83 )
FLIR' s 10-Year Net-margin (%) Range
Min: -30.46   Max: 20.07
Current: 11.83

-30.46
20.07
ROE (%) 10.97
FLIR's ROE (%) is ranked higher than
77% of the 252 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 11.68 vs. FLIR: 10.97 )
FLIR' s 10-Year ROE (%) Range
Min: -89.76   Max: 27.11
Current: 10.97

-89.76
27.11
ROA (%) 7.55
FLIR's ROA (%) is ranked higher than
91% of the 262 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 4.72 vs. FLIR: 7.55 )
FLIR' s 10-Year ROA (%) Range
Min: -27.64   Max: 17.77
Current: 7.55

-27.64
17.77
ROC (Joel Greenblatt) (%) 32.54
FLIR's ROC (Joel Greenblatt) (%) is ranked higher than
85% of the 261 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 26.53 vs. FLIR: 32.54 )
FLIR' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -33.84   Max: 68.07
Current: 32.54

-33.84
68.07
Revenue Growth (%) 6.40
FLIR's Revenue Growth (%) is ranked higher than
78% of the 241 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 5.60 vs. FLIR: 6.40 )
FLIR' s 10-Year Revenue Growth (%) Range
Min: -11.1   Max: 28.1
Current: 6.4

-11.1
28.1
EBITDA Growth (%) -7.10
FLIR's EBITDA Growth (%) is ranked higher than
67% of the 220 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 10.30 vs. FLIR: -7.10 )
FLIR' s 10-Year EBITDA Growth (%) Range
Min: -73   Max: 32.5
Current: -7.1

-73
32.5
EPS Growth (%) -7.50
FLIR's EPS Growth (%) is ranked higher than
65% of the 192 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 10.10 vs. FLIR: -7.50 )
FLIR' s 10-Year EPS Growth (%) Range
Min: -30.7   Max: 88.2
Current: -7.5

-30.7
88.2
» FLIR's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

FLIR Guru Trades in Q1 2013

Meridian Funds 143,200 sh (New)
Jim Simons 872,681 sh (+215.55%)
Paul Tudor Jones 25,200 sh (+80%)
Chuck Royce 1,875,350 sh (+2.65%)
First Pacific Advisors 4,500 sh (-6.25%)
Wallace Weitz 2,565,770 sh (-13.97%)
Ron Baron 750,000 sh (-25%)
Joel Greenblatt 82,194 sh (-58.31%)
Steven Cohen 44,108 sh (-73.69%)
» More
Q2 2013

FLIR Guru Trades in Q2 2013

John Hussman 660,000 sh (New)
Meridian Funds 512,100 sh (+257.61%)
Jim Simons 1,854,360 sh (+112.49%)
Joel Greenblatt 100,704 sh (+22.52%)
Chuck Royce 2,294,090 sh (+22.33%)
Wallace Weitz 2,639,570 sh (+2.88%)
First Pacific Advisors 4,500 sh (unchged)
Ron Baron Sold Out
Paul Tudor Jones 16,600 sh (-34.13%)
Steven Cohen 8,062 sh (-81.72%)
» More
Q3 2013

FLIR Guru Trades in Q3 2013

Steven Cohen 79,368 sh (+884.47%)
Joel Greenblatt 308,389 sh (+206.23%)
John Hussman 750,000 sh (+13.64%)
Chuck Royce 2,249,990 sh (-1.92%)
Wallace Weitz 2,488,605 sh (-5.72%)
Paul Tudor Jones 15,600 sh (-6.02%)
First Pacific Advisors 3,300 sh (-26.67%)
Jim Simons 1,305,960 sh (-29.57%)
» More
Q4 2013

FLIR Guru Trades in Q4 2013

Joel Greenblatt 506,462 sh (+64.23%)
Paul Tudor Jones 20,082 sh (+28.73%)
Wallace Weitz 2,601,235 sh (+4.53%)
Chuck Royce 2,332,050 sh (+3.65%)
First Pacific Advisors 3,300 sh (unchged)
Steven Cohen 74,386 sh (-6.28%)
John Hussman 650,000 sh (-13.33%)
Jim Simons 794,860 sh (-39.14%)
» More
» Details

Insider Trades

Latest Guru Trades with FLIR

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Hussman 2013-12-31 Reduce -13.33%0.17%$28.17 - $33.17 $ 35.721%650000
Joel Greenblatt 2013-12-31 Add 64.23%0.14%$28.17 - $33.17 $ 35.721%506462
Wallace Weitz 2013-12-31 Add 4.53%0.11%$28.17 - $33.17 $ 35.721%2601235
Joel Greenblatt 2013-09-30 Add 206.23%0.21%$27.25 - $33.75 $ 35.714%308389
Wallace Weitz 2013-09-30 Reduce -5.72%0.17%$27.25 - $33.75 $ 35.714%2488605
John Hussman 2013-09-30 Add 13.64%0.16%$27.25 - $33.75 $ 35.714%750000
John Hussman 2013-06-30 New Buy0.81%$23.53 - $26.97 $ 35.744%660000
Meridian Funds 2013-06-30 Add 257.61%0.37%$23.53 - $26.97 $ 35.744%512100
Ron Baron 2013-06-30 Sold Out 0.11%$23.53 - $26.97 $ 35.744%0
Joel Greenblatt 2013-06-30 Add 22.52%0.02%$23.53 - $26.97 $ 35.744%100704
Joel Greenblatt 2013-03-31 Reduce -58.31%0.15%$22.316 - $27 $ 35.742%82194
Meridian Funds 2013-03-31 New Buy0.14%$22.316 - $27 $ 35.742%143200
Ron Baron 2013-03-31 Reduce -25%0.04%$22.316 - $27 $ 35.742%750000
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on FLIR Systems, Inc.

Weitz Funds Comments on FLIR Systems - Jan 21, 2013

David Perkins, CFA, of Guru Wallace Weitz's Weitz Funds comments on its FLIR Systems (FLIR) holding. Read the analysis here.
Check out Wallace Weitz latest stock trades

Wallace Weitz Comments on FLIR Systems - May 22, 2012

Wallace Weitz commented on FLIR Systems (FLIR) in his first-quarter letter:

FLIR Systems (FLIR—$25) makes infrared and thermal imaging equipment for military and commercial use. It is a leader in a secularly expanding industry and earns high returns on capital. It has a history of thoughtful capital deployment and sells at a 35% discount to our current estimate of its business value ($39). Fears of cutbacks in defense spending (which we think are over-stated for FLIR's products) and underestimation of the prospects for FLIR's commercial business caused the stock to decline sharply last summer and to tread water ever since. The combination of future earnings per share growth (which we expect to average at least 15% per year) and a higher valuation for those earnings could make FLIR an excellent long-term holding for several of our Funds.

Check out Wallace Weitz latest stock trades

Top Ranked Articles about FLIR Systems, Inc.

S&P Winners Broadly Held by Billionaires
Over 12 months, FLIR Systems Inc. (FLIR) is up 61%, Mylan Inc. (MYL) is up 64% and Nabors Industries Ltd. (NBR) is up 24%, making them three of the biggest winners in the S&P 500. Here’s a company update about the top billionaire stakeholders, as of June 30, 2013. Read more...
FLIR Systems Inc. - Corporate and Financial Overview
The second suspect in the Boston Marathon bombings is now in police custody, with FLIR playing an important role in his capture; Timothy Alben of the Massachusetts State Police said the following: Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 29.30
FLIR's P/E(ttm) is ranked higher than
59% of the 223 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 19.80 vs. FLIR: 29.30 )
FLIR' s 10-Year P/E(ttm) Range
Min: 12.84   Max: 43.82
Current: 29.3

12.84
43.82
P/B 3.12
FLIR's P/B is ranked higher than
54% of the 238 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.45 vs. FLIR: 3.12 )
FLIR' s 10-Year P/B Range
Min: 1.79   Max: 9.36
Current: 3.12

1.79
9.36
P/S 3.45
FLIR's P/S is ranked lower than
69% of the 262 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.14 vs. FLIR: 3.45 )
FLIR' s 10-Year P/S Range
Min: 2.02   Max: 7.52
Current: 3.45

2.02
7.52
PFCF 16.92
FLIR's PFCF is ranked higher than
77% of the 148 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 22.30 vs. FLIR: 16.92 )
FLIR' s 10-Year PFCF Range
Min: 11.84   Max: 100.88
Current: 16.92

11.84
100.88
EV-to-EBIT 20.25
FLIR's EV-to-EBIT is ranked higher than
53% of the 233 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 14.80 vs. FLIR: 20.25 )
FLIR' s 10-Year EV-to-EBIT Range
Min: 8.4   Max: 31.4
Current: 20.25

8.4
31.4
PEG 6.40
FLIR's PEG is ranked lower than
51% of the 185 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.57 vs. FLIR: 6.40 )
FLIR' s 10-Year PEG Range
Min: 0.48   Max: 21.42
Current: 6.4

0.48
21.42
Shiller P/E 24.42
FLIR's Shiller P/E is ranked higher than
60% of the 209 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 21.97 vs. FLIR: 24.42 )
FLIR' s 10-Year Shiller P/E Range
Min: 13.73   Max: 1590.8
Current: 24.42

13.73
1590.8

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.00
FLIR's Dividend Yield is ranked lower than
71% of the 181 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.80 vs. FLIR: 1.00 )
FLIR' s 10-Year Dividend Yield Range
Min: 0.16   Max: 1.42
Current: 1

0.16
1.42
Dividend Payout 0.35
FLIR's Dividend Payout is ranked higher than
61% of the 161 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.30 vs. FLIR: 0.35 )
FLIR' s 10-Year Dividend Payout Range
Min: 0.17   Max: 0.3
Current: 0.35

0.17
0.3
Yield on cost (5-Year) 1.00
FLIR's Yield on cost (5-Year) is ranked lower than
73% of the 188 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.12 vs. FLIR: 1.00 )
FLIR' s 10-Year Yield on cost (5-Year) Range
Min: 0.16   Max: 1.42
Current: 1

0.16
1.42
Share Buyback Rate 3.60
FLIR's Share Buyback Rate is ranked higher than
94% of the 195 Companies
in the Global Aerospace & Defense industry.

( Industry Median: -0.60 vs. FLIR: 3.60 )
FLIR' s 10-Year Share Buyback Rate Range
Min: 3.6   Max: -36.4
Current: 3.6

Valuation & Return

vs
industry
vs
history
Price/Net Current Asset Value 25.14
FLIR's Price/Net Current Asset Value is ranked lower than
66% of the 35 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 11.10 vs. FLIR: 25.14 )
FLIR' s 10-Year Price/Net Current Asset Value Range
Min: 3.46   Max: 237
Current: 25.14

3.46
237
Price/Tangible Book 5.68
FLIR's Price/Tangible Book is ranked lower than
56% of the 167 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 3.30 vs. FLIR: 5.68 )
FLIR' s 10-Year Price/Tangible Book Range
Min: 1.47   Max: 18.76
Current: 5.68

1.47
18.76
Price/DCF (Projected) 1.35
FLIR's Price/DCF (Projected) is ranked higher than
72% of the 182 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.40 vs. FLIR: 1.35 )
FLIR' s 10-Year Price/DCF (Projected) Range
Min: 0.83   Max: 11.27
Current: 1.35

0.83
11.27
Price/Median PS Value 0.89
FLIR's Price/Median PS Value is ranked higher than
87% of the 245 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.18 vs. FLIR: 0.89 )
FLIR' s 10-Year Price/Median PS Value Range
Min: 0.11   Max: 1.57
Current: 0.89

0.11
1.57
Price/Graham Number 2.68
FLIR's Price/Graham Number is ranked higher than
57% of the 156 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.03 vs. FLIR: 2.68 )
FLIR' s 10-Year Price/Graham Number Range
Min: 0.97   Max: 5.03
Current: 2.68

0.97
5.03
Earnings Yield (Greenblatt) 4.90
FLIR's Earnings Yield (Greenblatt) is ranked higher than
58% of the 241 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 6.80 vs. FLIR: 4.90 )
FLIR' s 10-Year Earnings Yield (Greenblatt) Range
Min: 3.2   Max: 11.9
Current: 4.9

3.2
11.9
Forward Rate of Return (Yacktman) 2.44
FLIR's Forward Rate of Return (Yacktman) is ranked higher than
70% of the 229 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 9.52 vs. FLIR: 2.44 )
FLIR' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -0.8   Max: 42.4
Current: 2.44

-0.8
42.4

Business Description

Industry: Aerospace & Defense » Aerospace & Defense
Compare:BA, ERJ, EADSY, RYCEY, HON » details
Traded in other countries:FL4.Germany
FLIR Systems, Inc. is an Oregon corporation and was incorporated in 1978. It is engaged in the design, manufacture and marketing of thermal imaging systems. The Company's products are used in a variety of applications in commercial, industrial and government markets worldwide. It offers a variety of system configurations to suit specific customer requirements. Its business is organized into two divisions: Commercial Systems and Government Systems. Within these divisions, it had five reporting segments in 2012: Thermal Vision & Measurement and Raymarine, which comprise the Commercial Systems division; and Surveillance, Detection, and Integrated Systems, which make up its Government Systems division: Thermography, Commercial Vision Systems and Government Systems. The Company's Thermography business mainly consists of the design and manufacture of hand-held thermal imaging systems that could detect and measure very small temperature differences, which is useful for a variety of industrial and commercial applications. Uses for its Thermography products include high-end predictive and preventative maintenance, research and development, test and measurement, leak detection and scientific analysis. A growing distribution network has enabled it to penetrate existing and emerging markets and applications worldwide. The Company's Commercial Vision Systems business is focused on the development, manufacture and sale of generally lower cost uncooled products to emerging commercial markets where the main requirement is to see at night or in adverse conditions. These markets are developing rapidly and include such uses as automotive night vision, recreational marine, firefighting, airborne law enforcement and commercial security. Commercial Vision Systems also sells camera cores, readout integrated circuits and other sub-components to OEMs in certain markets. The Company's infrared sensor business, which supplies both internal and external customers, is also part of Commercial Vision Systems. Vertical integration into infrared sensors provides it with the ability to design and produce infrared detectors, allowing the Company to reduce its costs and open new markets The main market for these products is government customers, who use its hand-held and fixed mounted products for such applications as force protection, counter terrorism, search and rescue, perimeter security, navigation safety, law enforcement, narcotics detection, maritime and border patrol and anti-piracy. A substantial portion of its revenue in the Government Systems business is derived from sales to government agencies and it is continuing to expand its military program business, both in the United States and internationally. The Company focuses its product marketing activities on internet promotion, advertising, direct mail, press tours, technical articles for publications and participation in most major trade shows in its industry. Typical Thermography customers include resea

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