OSIS
OSI Systems, Inc.
OSIS's fundamentals are mixed: free cash flow more than doubled, while its operating margin held steady at 12%. At 21x earnings, it's trading in line with its usual 22x. Analysts expect earnings growth.
OSIS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
OSIS's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
OSIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $160 | -18% |
| Forward | 17x | $196 | — |
| Current | 21x | $196 | — |
| Fair | 22x | $206 | +5% |
| Expensive | 28x | $257 | +31% |
Historical ranges are pointers, not guarantees.
OSIS's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
OSIS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for OSIS, with profitability holding steady.
OSIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.75 | +26% |
| Q3 2026 | $9.33 | +5.7% |
| Q2 2026 | $9.00 | +3.4% |
| Q1 2026 | $8.76 | +6.6% |
| Q4 2025 | $8.83 | +14% |
| Q3 2025 | $8.83 | +15% |
| Q2 2025 | $8.70 | +18% |
| Q1 2025 | $8.22 | +13% |
| Q4 2024 | $7.77 | +18% |
OSIS's earnings per share have climbed steadily: $9.33 over the past year, up 5.7% from the year before, and higher year over year for 12 quarters in a row.
OSIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $403.5M | +4.9% |
| Q2 2026 | $484.1M | -4.1% |
| Q1 2026 | $453.2M | +2% |
| Q4 2025 | $464.1M | +11% |
| Q3 2025 | $384.6M | +12% |
| Q2 2025 | $505M | +5% |
| Q1 2025 | $444.4M | +9.6% |
| Q4 2024 | $419.8M | +12% |
OSIS's revenue fell from its 2025 peak and has held roughly level since: $403M last quarter, up 4.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.3% | -0.3 points |
| Q2 2026 | 15% | +0.8 points |
| Q1 2026 | 12% | -0.9 points |
| Q4 2025 | 13% | -1.1 points |
| Q3 2025 | 8.6% | -0.2 points |
| Q2 2025 | 14% | +1.4 points |
| Q1 2025 | 13% | 0 points |
| Q4 2024 | 14% | -0.2 points |
OSIS's operating margin was 8.3% last quarter, about level with the same quarter a year ago.
OSIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $29.4M | +191% |
| Q2 2026 | $172.8M | +$178.4M |
| Q1 2026 | $6.9M | -91% |
| Q4 2025 | $55.5M | +18% |
| Q3 2025 | $10.1M | +$55M |
| Q2 2025 | -$5.6M | +$32M |
| Q1 2025 | $77.1M | +$134.1M |
| Q4 2024 | $47.1M | +$74M |
OSIS generated $265M in free cash flow over the past year, up 106% from the year before.
OSIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -5.9% | -1M shares |
| 1 year | -7% | -1.2M shares |
| 3 years | -5.4% | -923K shares |
| 5 years | -11% | -2.1M shares |
| Available history | -13% | -2.4M shares |
OSIS has 16M diluted shares, down 7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $62.8M |
| Q2 2026 | $124.9M |
| Q1 2026 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $80.4M |
| Q2 2023 | — |
OSIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.9x | Moderate |
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.5x | Healthy |
OSIS's net debt is about 2.9 years of its operating earnings (EBITDA), up from 1.2 years a year ago.
OSIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.7 | Neutral |
| Stochastic | 20.0 | Oversold |
OSIS's weekly RSI is 39 (neutral) and its Stochastic is 20 (oversold).
OSIS PE vs Technology Sector
| Metric | OSIS | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 43 | 35 | 8 pts above |
OSIS is trading at 21x earnings, a 25% discount to the Technology sector's median of 28x.
OSIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $196.6 | 0.4% below |
| 20 week MA | $207.3 | 5.5% below |
| 50 week MA | $238.9 | 18% below |
| 100 week MA | $228.5 | 14% below |
| 200 week MA | $178.0 | 10% above |
OSIS has fallen below most of its moving averages, though it's still 10% above its 200-week average.
OSIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.2 | $93.1 | -8% |
| 2021 | $93.1 | $92.3 | -0.9% |
| 2022 | $92.3 | $79.6 | -14% |
| 2023 | $79.6 | $129.1 | +62% |
| 2024 | $129.1 | $171.4 | +33% |
| 2025 | $171.4 | $269.8 | +57% |
| 2026 YTD | $269.8 | $196.0 | -27% |
OSIS has finished lower in three of the last six years. It's down 27% so far in 2026.