Flir Systems Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Flir Systems Inc (FLIR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Flir Systems Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 1,940M vs 659,422M combined for tracked competitors (0.3% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-3.7% annualized vs trailing 12 months), vs decelerating (-20.4%) for its tracked peer group.
- Growth: Flir Systems Inc generated 3.6% revenue growth year over year in Q1 2021, vs 2.2% for its tracked competitors combined.
- Profitability: Its 8.3% net margin compares with 6.3% for the peer group.
- Peer revenue share: Flir Systems Inc accounted for 0.4% of combined revenue among its tracked peer group, up from 0.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.45M compares with $0.47M for the peer group (1.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FLIR Sales vs. its Competitors, Q1 2021
Flir Systems Inc reported revenue growth of 3.63 % year on year in Q1 2021, above its competitors' combined revenue growth of 2.18 %.
With a net margin of 8.30 %, Flir Systems Inc achieved higher profitability than its competitors (6.26 %).
Flir Systems Inc generated 0.35 % of the combined sales of its peer group, up from 0.35 % a year earlier.
Flir Systems Inc vs. its Competitors, Q1 2021
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Flir Systems Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Flir Systems Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Flir Systems Inc's competitor groups requires a Commercial License.
For context: the Aerospace & Defense industry grew revenue 13.0% year over year, combined, vs 3.6% for Flir Systems Inc. Flir Systems Inc's share of combined industry revenue moved from 0.40% to 0.37%, a loss of 0.03 percentage points.
Flir Systems Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Flir Systems Inc | Yes | Yes | No | No |
| Competitors combined (51) | ||||
| High-Confidence Competitors (8) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 0.00 % (0 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FLIR Stock Performance relative to its Competitors
FLIR Stock Performance relative to High-Confidence Competitors
FLIR Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Sifco Industries Inc | 282.9% | Outperformed |
| 2 | Frequency Electronics Inc | 282.9% | Outperformed |
| 3 | Viasat Inc | 282.9% | Outperformed |
| 4 | Richardson Electronics Ltd | 282.9% | Outperformed |
| 5 | Acme United Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Flir Systems Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Flir Systems Inc's Comment on Competition and Industry Peers
Many of the markets that TVM addresses are emerging from the early-adopter environments to broader-based demand, which has attracted competitors. While our market share in thermography products is significant, estimated to be approximately 60 percent based on independent industry research, we view the TVM market as highly competitive, with both large and niche providers of thermal camera equipment. We believe the key drivers of success in these markets are: technological proficiency in imaging sensors, product design and functionality, product quality, product cost, ability to deliver in a timely manner, trustworthy customer service, customer training, distribution reach, brand name, and scalability of operations. We are uniquely positioned to operate in this competitive environment given our demonstrated ability to innovate high-quality sensors at low cost due to our operating model, our advanced research and development capabilities, our established and reliable distribution and service network, our diversified manufacturing operations, and our broad product offering. Our competitors vary market by market, but include divisions of Danaher (Fluke), General Dynamics, L-3 Communications, Sofradir, Axis Communications, NEC, Testo, and numerous smaller companies.
The maritime electronics markets are intensely competitive with many established brands and companies. We compete with these companies through innovation, product capabilities and perceived value, relationships with OEMs and distributors, and product availability and service. We believe we compete successfully with our strength in distribution, established brand name, engineering capabilities, and renewed financial flexibility. Our principal competitors include Furuno, Garmin, Navico, Johnson Controls, as well as numerous smaller companies.
The Surveillance segment operates in highly competitive markets. Many of our competitors in the government sector are well established contractors for various governments and have more financial and other resources than we possess. The principal competitive factors in the government markets include technical innovation, agency relationships, product quality and reliability, price, and ability to deliver. We believe we compete successfully in these markets with our best-in-class technologies, our products’ abilities to outperform customer requirements and competitors’ products, our lower priced solutions that result from our commercial operating model, and our service and support functions that exist in the field and near the customer. Our current principal competitors in the Surveillance markets include divisions of BAE Systems, DRS (a Finmeccanica company), Elbit Systems, General Dynamics, L-3 Communications, Lockheed Martin, Raytheon, Sagem, Sofradir, and Thales.
The markets in which Detection competes are dynamic and highly competitive. Success in these markets depends on our ability to develop new technologies to meet rapidly evolving customer needs, reduce production and development costs, integrate with third-party devices and systems, establish and foster relationships with key government and commercial customers, and recruit highly technical personnel. Detection competes in various markets with companies such as Agilent Technologies, Canberra Industries, Idaho Technologies, NUCSAFE, Safran, SAIC, Smiths Detection, Thermo Fisher Scientific, and United Technologies.
The diverse portfolio of solutions Integrated Systems is able to provide places the business in competition with a wide variety of companies in the homeland security, defense, and industrial sectors. Integrated Systems competes with diversified defense integrators, commercial security system integrators, and divisions of large technology companies, such as: Boeing, Cobham, Honeywell, L-3 Communications, Lockheed Martin, Northrup Grumman, Raytheon, SAIC, Cassidian, Telephonics, and Thales.
Publicly Traded Peers of Flir Systems Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Flir Systems Inc | 7,603.05 | 1,940.08 |
| General Electric Company | 327,072.33 | 50,638.00 |
| Rtx Corporation | 252,538.65 | 93,500.00 |
| The Boeing Company | 152,016.57 | 93,995.00 |
| Lockheed Martin Corporation | 116,821.05 | 77,014.00 |
| Trane Technologies Plc | 102,114.15 | 22,209.90 |
| SUBTOTAL | 1,585,204.92 | 661,362.18 |
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Sources: Flir Systems Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Flir Systems Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Flir Systems Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| 908 Devices inc | Named by the company | 85% |
| Mirion Technologies Inc | Named by the company | 85% |
| Garmin Ltd | Named by the company | 85% |
| Senstar Technologies Corporation | Named by the company | 85% |
| Elbit Systems Ltd | Named by the company | 85% |
| Canberra Industries | Named by the company | 85% |
| BAE Systems | Named by the company | 85% |
| Integrated Systems | Named by the company | 85% |
| L-3 Communications | Named by the company | 85% |
| Idaho Technologies | Named by the company | 85% |
| Agilent Technologies | Named by the company | 85% |
| Axis Communications | Named by the company | 85% |
| United Technologies | Named by the company | 85% |
| Northrop Grumman Corp | Named by the company | 85% |
| Viasat Inc | Named by the company | 85% |
| Itt Inc | Named by the company | 85% |
| Aerovironment Inc | Named by the company | 85% |
| Honeywell International Inc | Named by the company | 85% |
| Textron Inc | Named by the company | 85% |
| Technical Communications Corporation | Named by the company | 85% |
| Kratos Defense and Security Solutions inc | Named by the company | 85% |
| Leonardo Drs Inc | Named by the company | 85% |
| Iteris inc | Named by the company | 85% |
| Osi Systems inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Flir Systems Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Flir Systems Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| General Electric Company | Commercial Engines and Services, Reportable 72.90 % |
| Rtx Corporation | Pratt and Whitney 35.98 % |
| The Boeing Company | Commercial Airplanes 47.85 % |
| Lockheed Martin Corporation | Aeronautics 40.43 % |
| Johnson Controls International Plc | Americas 66.79 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Flir Systems Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Flir Systems Inc | 7,603 | 454,884 | 55,326 |
| General Electric Company | 327,072 | 888,386 | 157,579 |
| Rtx Corporation | 252,539 | 519,444 | 45,139 |
| The Boeing Company | 152,017 | 516,456 | 13,440 |
| Lockheed Martin Corporation | 116,821 | 626,130 | 51,114 |
| Trane Technologies Plc | 102,114 | 504,770 | 67,557 |
| PEERS TOTAL | 1,577,602 | 465,340 | 33,394 |
Flir Systems Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Rtx Corporation | UNITED STATES 52.99 % |
| Lockheed Martin Corporation | United States 70.72 % |
| Trane Technologies Plc | Americas 80.46 % |
| 3m Company | Americas 54.09 % |
| Northrop Grumman Corp | United States 85.81 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Flir Systems Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Aerospace & Defense industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (56 companies). See the full Aerospace & Defense industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 48.29 % | 30.34 % (avg) | +18.0 pp |
| Operating Margin | 17.59 % | industry median | +10.1 pp |
| EBITDA Margin | 21.67 % | 4.86 % (avg) | +16.8 pp |
| Capital Intensity (Capex / Revenue) | 3.02 % | 7.10 % (avg) | -4.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Flir Systems Inc's Valuation vs Competitive Position
Valuation multiples vs the Aerospace & Defense industry average (56 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Aerospace & Defense industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 31.3x | 36.1x | -4.8x |
| EV / EBITDA | 19.2x | 21.5x | -2.3x |
| P/B | 4.0x | 5.2x | -1.2x |
| Return on Equity | 12.84 % | industry aggregate | 4.93 % |
| Return on Invested Capital | 7.46 % | 2.63 % (avg) | 4.83 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Flir Systems Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 6.48 % | 2.29 % | 1.73 % | 6.75 % | 8.32 % | -1.37 % | 6.27 % | 1.94 % |
| Operating Margin | 16.09 % | 16.94 % | 19.64 % | 17.79 % | 16.11 % | 17.94 % | 14.48 % | 16.49 % |
| Return on Invested Capital | 6.72 % | 6.99 % | 8.47 % | 7.95 % | 6.95 % | 7.42 % | 5.90 % | 7.13 % |
| P/E | 19.0x | 22.8x | 16.9x | 29.2x | 61.4x | 22.4x | 42.2x | 27.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Flir Systems Inc's Strategic Group Map
Every company in Flir Systems Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Flir Systems Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Flir Systems Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.02 % vs industry average 7.10 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Flir Systems Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Flir Systems Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Flir Systems Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Flir Systems Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Flir Systems Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 10.1 points above the industry median.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-3.7% annualized vs trailing 12 months).
Opportunities
- Industry revenue growing at a healthy 15.0% median pace.
- Trades at a lower P/E than the industry average (31.3x vs 36.1x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-20.4% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Flir Systems Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Flir Systems Inc | 0.16 | 2.54 | 0.39 |
| General Electric Company | - | 0.86 | 1.09 |
| Rtx Corporation | 0.12 | 1.03 | 0.70 |
| The Boeing Company | 0.08 | 1.17 | 22.01 |
| Lockheed Martin Corporation | 0.14 | 1.14 | 2.92 |
| Trane Technologies Plc | 0.06 | 1.15 | 0.54 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Flir Systems Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Flir Systems Inc | Q1 2021 | +3.6 % | +151.6 % |
| General Electric Company | Q2 2026 | +21.1 % | +16.6 % |
| Rtx Corporation | Q2 2026 | +14.5 % | +30.4 % |
| The Boeing Company | Q2 2026 | +8.0 % | - |
| Lockheed Martin Corporation | Q2 2026 | +10.5 % | +436.8 % |
| Trane Technologies Plc | Q2 2026 | +10.6 % | +6.4 % |
| PEERS TOTAL | +9.6 % | -40.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Flir Systems Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Flir Systems Inc | Q1 2021 | +11.5 % | +11.5 % |
| General Electric Company | Q2 2026 | +540.9 % | +2.4 % |
| Rtx Corporation | Q2 2026 | +50.7 % | +11.5 % |
| The Boeing Company | Q2 2026 | +9.0 % | +71.7 % |
| Lockheed Martin Corporation | Q2 2026 | +1.1 % | -9.4 % |
| Trane Technologies Plc | Q2 2026 | +14.2 % | -15.0 % |
Flir Systems Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Flir Systems Inc | 7.34% | 8.55% | 12.84% |
| General Electric Company | 6.98% | 11.25% | 48.50% |
| Rtx Corporation | 4.75% | 6.63% | 12.06% |
| The Boeing Company | 1.51% | 4.33% | 105.14% |
| Lockheed Martin Corporation | 10.40% | 14.74% | 86.24% |
| Trane Technologies Plc | 13.29% | 18.86% | 34.76% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Flir Systems Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Flir Systems Inc | 32.03 | 3.92 |
| General Electric Company | 36.88 | 6.46 |
| Rtx Corporation | 32.51 | 2.70 |
| The Boeing Company | 69.92 | 1.62 |
| Lockheed Martin Corporation | 18.66 | 1.52 |
| Trane Technologies Plc | 34.79 | 4.60 |
| PEERS AVERAGE | 33.33 | 2.40 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.
