Ralliant is a precision instruments and engineered products company that designs, manufactures, and services tools used to test, measure, and monitor critical systems. Spun out of Fortive in June 2025, Ralliant trades on the NYSE under the ticker "RAL." The company operates through two segments: Test and Measurement (~40% of revenue) and Sensors and Safety Systems (~60% of revenue). The Test and Measurement segment sells precision electronic instruments — oscilloscopes, source measurement units, and power supplies — under the Tektronix and Keithley brands to semiconductor companies, hyperscalers, and defense and aerospace manufacturers. The Sensors and Safety Systems segment sells condition monitoring systems for power grid assets (Qualitrol), pressure and flow sensors for industrial and specialty applications (Gems Sensors, Setra, Anderson-Negele), and energetic materials and ignition safety systems for missiles and space programs (PacSci EMC). Ralliant sells directly in North America and through distributors internationally, serving over 90,000 customers in more than 90 countries. Revenue is primarily driven by hardware sales, with software and services as a smaller recurring component. Margins in Test and Measurement are highly volume-sensitive, while Sensors and Safety Systems runs at stronger and more stable margins. Ralliant's growth strategy focuses on three areas: defense (PacSci EMC is embedded in key U.S. programs with a backlog over 2x annual revenues), grid modernization (aging infrastructure and AI data center demand driving utility CapEx), and power electronics for next-generation AI, robotics, and electrified systems.