Industrial Robotics and Automation Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 21

←→Full screen

INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION

Industrial Automation: The Premium Sits with Growth

How the market prices eight industrial automation platforms today, what separates the two ends of the range, and what strategic buyers have paid for automation assets.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E)

Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 21 · INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION

   Cover page introducing the September 2026 sector outlook for Industrial Robotics and Automation.

   We open with the industry frame: industrial robotics and automation, priced as of September 2026. The pages that follow build to one finding — the premium in this sector sits with growth investors expect to repeat.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION Industrial Automation: The Premium Sits with Growth How the market prices eight industrial automation platforms today, what separates the two ends of the range, and what strategic buyers have paid for automation assets. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E) Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections plus appendix.

   We've structured this deck so the bottom line comes first — read section one alone and you have the whole story. The sections that follow walk through the landscape, the valuation build, precedent deals and the strategic implications, with full detail held in the appendix. That order lets a client stop early without losing the conclusion, or keep going for the evidence behind it.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line What This Set Says About Industrial Automation 02 The Landscape Who Builds the Line, and Who Supplies It 03 Valuation & Situations The Range Is Wide, and the Top Is Priced on Forward Growth 04 Precedent Transactions Strategic Buyers Bought Application Depth 05 Strategic Implications From Evidence to the Operating Plan 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   In Industrial Robotics and Automation, the Higher Prices Sit with the Faster-Growing Machinery and Cell Builders

   The report's central finding: higher valuations concentrate in the faster-growing machinery and cell-builder names.

   Across the eight-company universe, EV/EBITDA on CY2026E consensus is our primary basis, and it puts the sector median at 18.0x. The top of the range reaches 43.3x while the bottom sits at 9.7x — a spread this wide is itself the story. Segment position and growth rate both track with where a name lands in that range, and the transactions we've recorded show operating buyers paying for exactly that kind of depth. So the read for this room is simple: price here follows growth and application depth, not scale alone.

   Everything on this page

   01 · THE BOTTOM LINE In Industrial Robotics and Automation, the Higher Prices Sit with the Faster-Growing Machinery and Cell Builders The full story on one page · figures on EV / EBITDA (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. Qualitative characterisations are NeuraCap views. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Enterprise Value Is the Standard Across Automation, and the Range Around the Middle Is Wide EV / EBITDA on CY2026E leads because 7 of the 8 names carry a forward estimate. The middle of the range is 18.0x, with the two names at the top at 43.3x and the two at the bottom at 9.7x. 2 The Faster-Growing Names Carry the Higher Price Split at 7% forward growth, the four faster-growing names with a forward estimate sit at 20.9x against 10.7x for the three slower ones. Because a forward lens already credits forecast growth, a premium that survives it points to earnings buyers expect to last. 3 Owning the Line and Supplying the Line Are Priced Differently Automated production machinery and robotic cells account for 75% of the eight names, and the middle of that group prices at 19.0x. The adjacent models — motion control components and medication-management workflow software — sit at 13.3x. 4 Operating Companies Are Doing the Buying, Which Reads as a Push for Deeper Capability 9 of the 9 recorded transactions shown were announced by operating companies rather than financial buyers. What they bought was application depth, installed base and channel access inside a chosen vertical — the parts of an automation business that are slow to build organically. 18.0x Sector median EV/EBITDA CY2026E consensus · 7 rated of 8 companies 43.3x Premium end EV/EBITDA vs 9.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 17 Transactions with disclosed terms 69 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   Section divider introducing the market map of eight companies across two groups.

   This section maps who builds the line and who supplies it, across eight names in two groups. Most of the weight sits with the machinery and robotic-cell builders.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Who Builds the Line, and Who Supplies It Eight names in two groups, with the weight sitting in machinery and robotic cells. 02 of 06 Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Most of the Sector's Market Value Sits with the Makers of Automated Production Machinery

   Market map showing where the sector's value concentrates by business segment.

   Of the eight approved companies, 75% sit in automated production machinery and robotic cells — that's where most of the sector's market value concentrates. We group each name by segment and take the median EV/EBITDA (CY2026E) within each group to keep the comparison fair. That concentration matters because it means the sector's pricing conversation is really a conversation about this one group. So when we talk about where the premium sits, we're mostly talking about machinery and cell builders.

   Everything on this page

   02 · MARKET MAP Most of the Sector's Market Value Sits with the Makers of Automated Production Machinery 8 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AUTOMATED PRODUCTION MACHINERY AND ROBOTIC CELLS 6 cos median 19.0x Emerson Electric (EMR) Rockwell (ROK) Dover (DOV) Symbotic (SYM) JBT Marel (JBTM) Richtech (RR) Six of the eight names build, integrate and service the lines themselves, so installed base, backlog conversion and aftermarket attach set the earnings base. ADJACENT MODELS 2 cos median 13.3x Novanta (NOVT) Omnicell (OMCL) Two names sell into automation without owning the line — components into machine builders, and workflow software into a regulated vertical.

6. 06
   02 · LANDSCAPE

   Owning the Line Prices Differently from Supplying It

   Segment comparison showing machinery and cell builders priced apart from adjacent supply models.

   The machinery and robotic-cell group prices at a median of 19.0x, against 13.3x for the adjacent motion-control and workflow-software models. That gap tells us the market is drawing a real line between owning the production line and supplying components into it. It's a segment-level pattern on rated names only, so we'd size any specific name against its own group median rather than the sector as a whole. So what: segment matters as much as growth when we're framing where a name should sit.

   Everything on this page

   02 · LANDSCAPE Owning the Line Prices Differently from Supplying It Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Automated production machinery and robotic cells 6 75% 19.0x Emerson Electric Co. (EMR) · Rockwell Automation, Inc. (ROK) · +4 more Six names supply production line automation. Emerson Electric Co. (EMR), Rockwell Automation, Inc. (ROK), Dover Corporation (DOV), Symbotic Inc. (SYM), JBT Marel Corporation (JBTM) and Richtech Robotics Inc. Class B Common Stock (RR) build, integrate and service the lines. Five of the six carry a forward estimate, and the middle of that group prices at 19.0x. Adjacent models 2 25% 13.3x Novanta Inc. (NOVT) · Omnicell, Inc. (OMCL) Two names supply the line. Novanta Inc. (NOVT) sells motion control and automation components into machine builders; Omnicell, Inc. (OMCL) sells medication-management workflow software and services into hospital pharmacy. Both carry a forward estimate, and the group prices at 13.3x.

7. 07
   SECTION 03

   03

   Section divider introducing the public-market valuation range and its growth drivers.

   This section walks the full valuation range across the seven rated names and shows what separates the top from the bottom. The forward lens already prices in growth, so what survives it is the part of the story worth testing further.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Range Is Wide, and the Top Is Priced on Forward Growth Forward EV / EBITDA on CY2026E across the seven names with a forward estimate. 03 of 06 Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   Buyers Pay up at the Top, and the Forward Lens Already Credits the Growth

   Full ranked valuation range across the seven rated companies against the sector median.

   Across all seven rated companies, EV/EBITDA (CY2026E) runs across the range, with a sector median of 18.0x. Buyers are paying up at the top of that range, and because this is a forward multiple, that premium already sits on top of expected growth. A premium that survives a forward lens is a signal the market expects the earnings behind it to repeat, not just to arrive once. So the names at the top carry a different kind of expectation than the ones at the median.

   Everything on this page

   03 · PUBLIC MARKET VALUATION Buyers Pay up at the Top, and the Forward Lens Already Credits the Growth EV / EBITDA (CY2026E) · all 7 rated companies, sorted descending · sector median 18.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2026E) basis. Panel commentary is a NeuraCap view. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 43.3x CORE · median 18.0x DISCOUNT · median 9.7x Sector median 18.0x WHAT SEPARATES THE TWO ENDS The top is priced forward. The two names at the top of the range sit at 43.3x through the middle on CY2026E EV / EBITDA. Both are machinery and robotic cell businesses, one scaling deployments and one carrying deep controls content across a large installed base. The bottom carries project weight. The two names at the bottom of the range sit at 9.7x through the middle. Both run below the covered median on EBITDA margin, and their revenue is more project- and program-weighted, which is associated with a thinner service annuity to cushion a capex trough. A forward premium signals durability. The lens is CY2026E EV / EBITDA, so forecast growth already sits inside the denominator. A premium that survives that test is associated with earnings the market expects to repeat — backlog conversion, aftermarket attach and retrofit and modernisation work rather than a single program.

9. 09
   03 · VALUATION DRIVERS

   Buyers Pay up Where Forward Growth Is Faster

   Valuation split by revenue-growth cohort and by margin cohort.

   Split at 7% forward revenue growth, the faster-growing names price at a median of 20.9x against 10.7x for the slower group. We see the same pattern from the margin side of the cut, on the rated names with the required estimates. This is an association in the data we've assembled, not a claim that growth causes the multiple — but the pattern is consistent enough to plan around. So growth and margin are the two variables we'd check first when sizing any name against the group.

   Everything on this page

   03 · VALUATION DRIVERS Buyers Pay up Where Forward Growth Is Faster Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 24% The Growth Split Is Where the Price Gap Opens Split at 7% forward growth, the four faster-growing names with a forward estimate sit at 20.9x, against 10.7x for the three slower ones. The gap is associated with expected growth, and it is visible on a lens that already credits the forecast. Today's Margin Does Not Line up with the Top of the Range Dover Corporation (DOV) runs a 26% EBITDA margin and prices at 12.3x, below the middle of the range. Symbotic Inc. (SYM) sits at the top of the range on a 13% margin. Reported profitability and the forward rating point in different directions across this set. Annuity Conversion Is the Part an Owner Sets Customer capex timing is shared across the sector. The share of revenue coming from spares and service contracts, retrofit and modernisation, and standard product rather than engineered-to-order work is the part a management team sets — and it is what carries earnings through a soft order year. Regulated Exposure Alone Is Not What Is Being Paid For Validation and change-control regimes in food, pharmacy and logistics lengthen qualification and raise switching costs. Even so, Omnicell, Inc. (OMCL) sits at 8.7x on 4% forward growth, so a sticky regulated installed base is associated with a premium here only where growth comes with it.

10. 10
    03 · SITUATION MAP

    Three Names Hold Both a Higher Price and a Higher Margin

    Two-by-two map of companies by valuation versus margin relative to sector medians.

    We cut the universe on EV/EBITDA against the 18.0x sector median and on EBITDA margin against the 24% covered median. Three names clear both cuts — priced above the median and carrying the higher margin — and that combination is what the market is rewarding. This is an observation on where names sit today, not a recommendation to act on any one of them. So the map is a starting point for the questions in the next section, not a conclusion in itself.

    Everything on this page

    03 · SITUATION MAP Three Names Hold Both a Higher Price and a Higher Margin Cut on EV / EBITDA vs the sector median (18.0x) (rows) and EBITDA margin vs the covered median (24%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid up, Margin Behind It Above-median multiple · above-median EBITDA margin 3 names Emerson Electric Co. (EMR) · Rockwell Automation, Inc. (ROK) · Novanta Inc. (NOVT) Emerson Electric Co. (EMR), Rockwell Automation, Inc. (ROK) and Novanta Inc. (NOVT) sit above the middle of the range on the forward multiple and above the covered median EBITDA margin of 24%. Installed base, controls content and aftermarket attach are the common thread, and the task is defending that mix as customer capex moves. Paid up Ahead of Margin Above-median multiple · below-median EBITDA margin 1 names Symbotic Inc. (SYM) Symbotic Inc. (SYM) is priced at 62.7x on CY2026E EV / EBITDA with an EBITDA margin below the covered median of 24%. The market is pricing deployment scale and backlog conversion ahead of today's reported profit, which raises the stakes on program concentration in the order book. Margin Ahead of the Price Below-median multiple · above-median EBITDA margin 1 names Dover Corporation (DOV) Dover Corporation (DOV) runs an EBITDA margin above the covered median while pricing at 12.3x, below the middle of the range. The question for a business in this position is which part of the mix the market is not yet crediting: standard product share, aftermarket attach or forward order visibility. Below the Middle on Both Below-median multiple · below-median EBITDA margin 2 names JBT Marel Corporation (JBTM) · Omnicell, Inc. (OMCL) JBT Marel Corporation (JBTM) at a 17% EBITDA margin and Omnicell, Inc. (OMCL) at 14% sit below the middle of the range on both measures. Both carry project- or program-weighted revenue, and converting that into service contracts, spares and modernisation work is the operating lever in front of them.

11. 11
    03 · THE AGENDA

    Owners Can Act on Revenue Mix, Pricing and Capital Allocation Before the Next Capex Cycle

    The strategic questions this valuation pattern raises for owners and acquirers.

    The pattern we've shown points to three levers an owner or acquirer can actually work with: revenue mix, pricing, and capital allocation. We frame these as the questions this data puts on the table before the next capex cycle, not as instructions. They're observations grounded in the cohort data we've walked through, not investment advice. So the agenda here is where a management team's own decisions can move the multiple, separate from where the broader market cycle moves it.

    Everything on this page

    03 · THE AGENDA Owners Can Act on Revenue Mix, Pricing and Capital Allocation Before the Next Capex Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Turn Projects into an Annuity Spares, service contracts, retrofit and modernisation work behind an installed base carry earnings through a soft order year. In this set, the names priced above the middle of the range are the ones with that annuity underneath the equipment revenue. What changes the answer: Service and spares revenue growing faster than project revenue over consecutive periods. Standardise the Cell Repeatable, productised cells and modules carry different margin durability from one-off engineered-to-order integration, because bid margin is easier to hold to completion. Shifting the standard product share of revenue is a mix decision a management team makes directly. What changes the answer: Project gross margin at completion holding against bid margin across successive programs. Attach the Software and Data Layer Controls architecture, fleet orchestration and MES linkage raise content per line and lengthen switching cycles. Buyers in the recorded transactions paid for capability of this kind rather than for incremental machine content. What changes the answer: Software and subscription content rising as a share of content per line. Deepen One Regulated Vertical Validation and change-control regimes in food, pharmacy and logistics lengthen qualification and make a qualified installed base hard to displace. Depth in a named process is what acquirers in this record went looking for. What changes the answer: Order intake from a second named program inside the same vertical.

12. 12
    SECTION 04

    04

    Section divider introducing nine recorded automation transactions since 2019.

    This section turns to the deal record: nine recorded automation transactions, running from 2019 through a pending 2025 deal. Strategic buyers have set the going rate here, and we'll show what they were actually paying for.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Bought Application Depth Nine recorded automation transactions, from 2019 through a pending 2025 deal. 04 of 06 Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    Strategic Buyers Have Set the Going Rate for Automation Assets Since 2019

    Three detailed deal case studies illustrating what strategic buyers paid for in automation M&A.

    We walk three of the recorded transactions with disclosed terms as case studies, priced on LTM financials at announcement — the complete list sits in the appendix. Revenue multiples across the record ran from 2.4x for integration-led work up to 7.8x where the target brought a mobile robot fleet and vertical access. These are deal-basis multiples, not directly comparable to the CY2026E public basis we use elsewhere in this report, and we're not claiming a spread between the two. So what: the buyers in this record paid up specifically for application depth and installed base, and that's the same quality the public market is pricing today.

    Everything on this page

    04 · DEAL CASE STUDIES Strategic Buyers Have Set the Going Rate for Automation Assets Since 2019 3 of 17 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 58 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2017 $24.9B Emerson Electric Co. acquires Rockwell Automation, Inc. EV / LTM revenue 4.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transactions recorded in this set were announced by operating companies buying application depth, installed base or channel access inside a chosen vertical. Read against that pattern, the fit here is capability and customer access that are slow to replicate organically. HOW THE TARGET WAS VALUED Pricing in this record splits by maturity: capability-stage targets were benchmarked on revenue, while established platforms were benchmarked on earnings. The fit of buyer and target sets which of those two benchmarks applies. Nov-2020 $360M CSW Industrials, Inc. acquires T.A. Industries, Inc. d/b/a TRUaire EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED CSW Industrials, Inc. is a diversified industrial platform; T.A. Industries, Inc. d/b/a TRUaire sells branded air distribution products through distribution channels. The transaction suggests a buyer adding repeatable, standardised product revenue rather than project-weighted engineered work. HOW THE TARGET WAS VALUED The deal completed at $360M as recorded in the filing, the largest disclosed dollar value among the three carried here. It sits in a record where the disclosed earnings multiples were 14.3x and 18.7x. Nov-2025 $230M Duravant LLC acquires Matthews Automation Solutions, LLC EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Duravant LLC operates food processing and packaging equipment brands; Matthews Automation Solutions, LLC supplies order-fulfilment and warehouse automation. The transaction suggests a buyer extending from the packaging end of a customer's operation into the fulfilment end, where installed base and service attach travel together. HOW THE TARGET WAS VALUED Enterprise value is recorded at $230M, with the transaction pending as of this record. Against the dollar values carried here, it sits between the smaller capability bolt-on and the larger completed platform purchase.

14. 14
    SECTION 05

    05

    Section divider moving from the evidence to the operating plan.

    This section turns the evidence into an operating plan: the moves it points to, and what would change the answer. We frame these as directional views grounded in the analysis, not as recommendations.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS From Evidence to the Operating Plan The moves this set points to, and the evidence that would change the answer. 05 of 06 Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    Mix and Annuity Are the Parts an Owner Sets

    Strategic implications for owners, boards and acquirers, framed around mix and the service annuity.

    The parts of this business an owner actually sets are revenue mix and the service annuity behind the installed base — not the capex cycle itself, which is shared across the sector. For boards, the operating companies behind all nine recorded transactions were buying application depth, which puts build-versus-buy squarely on the capital allocation agenda. For acquirers, the deal record shows vertical know-how priced above raw hardware content. So the questions this section raises are the ones we'd want an owner or acquirer to resolve over the next twelve months.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Mix and Annuity Are the Parts an Owner Sets NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Revenue Mix Is the Lever in Your Hands The market here is paying for earnings it expects to repeat: aftermarket attach, spares and service contracts, and retrofit work behind a large installed base. Capex timing is shared across the sector, but the standard product share and the service annuity are set inside the business. FOR BOARDS Concentration in the Order Book Shows up in the Price Single-program weight and fixed-price engineered-to-order exposure sit with the project-weighted models at the bottom of the range. Build-versus-buy is the live capital allocation question: 9 of the 9 recorded transactions here were announced by operating companies buying application depth. FOR ACQUIRERS Vertical Know-How Priced Above Hardware Content Revenue multiples in this record ran from 2.4x for integration-led work to 7.8x where the target brought a mobile robot fleet and vertical access. Structure follows the earnings base — earnouts tied to backlog conversion and management rollover are customary where application engineers are the asset.

16. 16
    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    This closing section carries the full comparables detail behind every figure in the body, the valuation basis, and where each disclosure lives. It's the reference section for any figure a client wants to trace back to its source.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier

    Full public comparables table across the eight-company universe, grouped by valuation tier.

    Of the eight companies in this universe, seven carry an eligible EV/EBITDA (CY2026E) and are rated against the 18.0x sector median; one has no eligible multiple. Every rated row here also sits in the companion workbook, which carries the complete field set. This appendix is the full detail behind every valuation figure shown earlier in the deck. So a client can trace any multiple we've quoted back to the specific name it came from.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (18.0x); amber marks below · 7 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.4x · median 43.3x · 2 companies Symbotic Inc. SYM Automated production machinery and robotic cells $23.7B 62.7x 25% 13% n/a Rockwell Automation, Inc. ROK Automated production machinery and robotic cells $51.7B 23.9x 7% 24% n/a CORE — 11.5x–21.4x · median 18.0x · 3 companies Emerson Electric Co. EMR Automated production machinery and robotic cells $102B 19.0x 5% 28% n/a Novanta Inc. NOVT Motion control and automation components $5.0B 18.0x 16% 24% 42 Dover Corporation DOV Automated production machinery and robotic cells $27.4B 12.3x 7% 26% 31 DISCOUNT — <11.5x · median 9.7x · 2 companies JBT Marel Corporation JBTM Automated production machinery and robotic cells $7.4B 10.7x 6% 17% 24 Omnicell, Inc. OMCL Adjacent: medication-management workflow software and… $1.5B 8.7x 4% 14% 16

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full list of precedent transactions with disclosed terms, newest first, part one.

    This is the complete list of the 17 transactions with disclosed terms out of 69 recorded, ordered newest first. Multiples are shown on LTM financials at announcement, on a deal basis rather than the CY2026E public basis used elsewhere. Figures are shown as recorded in the underlying filing, including where data-quality flags apply. So this table is the primary-source record behind the deal commentary earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (69 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 58 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Duravant LLC → Matthews Automation Solutions, LLC $230M n/a n/a Duravant LLC agreed to acquire Matthews Automation Solutions, LLC in November 2025, adding order-fulfilment and warehouse automation to a food processing and packaging equipment platform. The logic reads as extending along the same customer's operation. Mar-2022 Singapore Technologies Engineering Ltd → TransCore Partners, LLC n/a n/a 18.7x Singapore Technologies Engineering Ltd announced the purchase of TransCore Partners, LLC in March 2022 at 18.7x EBITDA. That sits at the upper end of the two earnings multiples disclosed in this record. Aug-2021 Spirent Communications plc → Sarcos Corp. n/a 3.7x n/a Spirent Communications plc announced a transaction with Sarcos Corp. in August 2021, recorded at 3.7x revenue. Where earnings are still being built behind deployment spend, buyers price on revenue and read it against gross margin mix and the order book. Aug-2021 SPX Technologies → Enterprise Control Systems n/a 4.7x n/a SPX Technologies announced the acquisition of Enterprise Control Systems in August 2021 at 4.7x revenue, as recorded in the filing. In this record, specialist control and communications products priced above the integration-led transaction on the same revenue basis. Jul-2021 ABB → ASTI Mobile Robotics Group n/a 7.8x n/a ABB announced the purchase of ASTI Mobile Robotics Group in July 2021 at 7.8x revenue. A robotics and motion OEM buying mobile robot capability points to fleet orchestration and vertical access rather than incremental machinery content. Dec-2020 AeroVironment, Inc. → Telerob Gesellschaft für Fernhantierungstechnik mbH $9M n/a n/a AeroVironment, Inc. announced the purchase of Telerob Gesellschaft für Fernhantierungstechnik mbH in December 2020, recorded at $9M. Transactions of this size add application depth in a narrow vertical rather than scale. Nov-2020 CSW Industrials, Inc. → T.A. Industries, Inc. d/b/a TRUaire $360M n/a n/a CSW Industrials, Inc. completed the acquisition of T.A. Industries, Inc. d/b/a TRUaire in November 2020 at $360M. A diversified industrial platform added a branded, standardised product line with replacement demand behind it. Sep-2019 Shopify Inc. → 6 River Systems, Inc. n/a 18.0x n/a Shopify Inc. announced the purchase of 6 River Systems, Inc. in September 2019, recorded at 18.0x revenue. A commerce platform buying fulfilment robotics was buying deployment capability, and the price sat on revenue rather than on earnings. Apr-2019 Hitachi, Ltd. → JR Automation Technologies, LLC n/a 2.4x 14.3x Hitachi, Ltd. announced the purchase of JR Automation Technologies, LLC in April 2019 at 2.4x revenue and 14.3x EBITDA. A diversified industrial acquiring a systems integrator is buying application engineers and customer relationships, which is why management rollover…

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full list of precedent transactions with disclosed terms, newest first, part two.

    This continues the same list of the 17 disclosed-terms transactions out of 69 recorded, still ordered newest first. The basis is unchanged from the previous page — LTM financials at announcement, deal terms as recorded in the filing. So together these two pages give a client the complete disclosed-terms record referenced throughout the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (69 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 58 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2018 Barnes Group Inc. → Gimatic S.r.l. n/a 7.7x n/a Apr-2018 Teradyne, Inc. → Mobile Industrial Robots n/a 22.7x n/a Nov-2017 Emerson Electric Co. → Rockwell Automation, Inc. $24.9B 4.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2017 Timken → Groeneveld Group n/a n/a 14.0x Jul-2016 Honeywell International Inc. → Intelligrated n/a 2.0x n/a May-2016 Midea Group Co. Ltd. → Kuka AG n/a 1.6x n/a May-2015 Teradyne, Inc. → Universal Robots n/a 7.5x n/a Mar-2012 Amazon.com, Inc. → Kiva Systems, Inc. n/a 7.8x n/a

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page explaining sources, valuation basis and data-quality exclusions.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in the body links back to the record it was taken from, and where it doesn't, this appendix names the source directly. So this is the page to open first if a client wants to test any number in the deck against its origin.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Industrial Robotics and Automation and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of 8 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 386 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (385) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    The Top of This Range Pairs Faster Growth with Earnings Buyers Expect to Repeat.

    Closing statement summarizing the report's finding on growth and durable earnings.

    The top of this range pairs faster growth with earnings buyers expect to repeat, and that's the thread running through every section of this report. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    The Top of This Range Pairs Faster Growth with Earnings Buyers Expect to Repeat. NeuraCap AI — Industrial Robotics and Automation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Industrial Robotics and Automation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

More coverage in Industrials

• Bi-Weekly Update · Sep 28, 2026Industrial Robotics and Automation Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Maintenance, Repair and Overhaul (MRO) Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Launch Vehicles and Services Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Infrastructure Construction Sector Outlook — September 2026