Taylor Devices, Inc.
Taylor Devices makes shock isolators and dampers, now mostly for defense. August-quarter sales fell to $7.3m, but the backlog is a record $55.2m and cash is $49.1m with no debt.
- Price (20 Oct 26)
- $55.00
- Price target (12-24m)
- $78.50
- Scenario value*
- $80.87
- Bear/Base/Bull
- 33.55 / 78.52 / 132.88
- Market cap
- $177.4m
- Enterprise value
- $128.3m
- Free float
- 97.8% of S/O
- Avg daily vol, 3m
- 41k / $2.4m
- Short interest
- 4.7% float
- Institutional own.
- 51%
- Largest holder
- Wax Asset Mgmt., 9.2%
- Insider and board
- 7.8% incl. options
Probability-weighted over 12 to 24 months.
The thesis
- The weak quarter was caused by timing, and demand is at a record. Sales were weak in the August quarter because many orders were booked late in the May quarter, so their revenue slipped into later quarters. The order book has since reached a record $55.2m on 31 August 2026.
- Taylor is a defense supplier but is not priced like one. By FY26 they were 66% of sales, and 92% of the order book on 31 May 2026. Yet Taylor trades at 18.0 times trailing EBITDA against a peer median of 22.8 times.
- The balance sheet buys the thesis time. Taylor had $49.1m in cash and short-term investments and no debt on 31 August 2026, which is 27.7% of its $177.4m market value. That gives them room to wait for orders to ship without borrowing or selling shares at a bad price.
- The $19.0m order looks like the start of a production program. It is the largest single order in Taylor’s history and delivers over four years: $1.7m in FY27, $5.0m in FY28, $10.0m in FY29 and $2.3m in FY30.
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