🎯 THE EVENT: HLIO is unveiling its "Core 2030" long-term strategic plan at this Investor Day. Sean Bagan (CEO) specifically teased this on the Q4 call: "The leadership team and I look forward to unveiling The Core 2030 Strategy on March 20th. This strategy will define the next chapter of growth and outline our vision for Helios Technologies' future." This is the first major strategic reset since the post-pandemic restructuring.
🏢 Company Snapshot
Market Cap~$2.4B
Price (3/6)$65.10
FY25 Revenue$839M (+4% Y/y)
FY25 Pro Forma Rev+6% (ex-CFP)
FY26E EPS (guide)$2.60–$2.90
Q1 26 Rev Guide$218M–$223M
Dividend Streak116 qtrs (28+ yrs)
CEOSean Bagan
CFOJeremy Evans
VP IRTania Almond
🎯 What to Listen For
- Core 2030 targets — revenue, margin, EPS LT framework. What does "sustainable growth" mean in numbers?
- M&A appetite — after CFP divestiture, are they buyers? What profile? How funded?
- Organic growth algorithm — go-to-market wins vs market recovery. How much is self-help vs cycle?
- Electronics segment trajectory — Q4 was +31% Y/y. Sustainable or one-time?
- Tariff/reshoring impact — manufacturing footprint positioning. US vs global mix.
- Capital allocation — buyback vs dividends vs M&A. New share repurchase started in 2025.
- Margin bridge to 2030 — GM was 33.6% in Q4. EBITDA 20.1%. Where can they go?
👥 Key People You'll See
| Name | Title | Notes |
|---|
| Sean Bagan | President & CEO | Formally named 2025. Driving "performance-driven culture." 9 consecutive quarters of meeting/beating guidance. |
| Jeremy Evans | EVP, CFO | Promoted 2025. 2 years at Helios in finance leadership before CFO role. |
| Tania Almond | VP IR & Corp Comms | Your RSVP contact. tania.almond@heliostechnologies.com | 410-960-4411 |
| Rick Martich | President, Hydraulics (large) | Runs one of two major Hydraulics businesses |
| Matteo Arduini | President, Hydraulics | Runs the other Hydraulics business unit |
| Billy Aldridge | President, Electronics | Promoted 2025. Electronics grew 31% in Q4. |
📍 CCA Position Context
| Fund | Weight | Rank | Price 3/6 | YTD %Rank |
|---|
| CCASX (Small Cap) | 2.40% | #20 of 45 | $65.10 | 23rd %ile |
| CCSMX (SMid Cap) | 1.29% | #33 of 47 | $65.10 | 23rd %ile |
Not held in CMCMX (Micro). Mid-sized position in both funds. YTD performance near bottom quartile — this Investor Day is a potential catalyst for re-rating if Core 2030 targets are compelling.
📈 VERDICT: Strong beat across the board. Q4 was the exclamation point on a "turnaround year." Revenue +17% Y/y (+29% pro forma ex-CFP), GM expanded 350 bps, op margin nearly doubled. Record free cash flow. Q1 26 guide $220.5M midpoint blew past Street at $201M. Full year EPS guide $2.75 midpoint in line. JP Morgan raised PT to $85.
Q4 2025 Results vs Consensus
| Metric | Q4 Actual | Consensus | Beat/Miss | Y/y Change |
|---|
| Revenue | $210.7M | $197.9M | +6.4% | +17.4% |
| Adj. EPS | $0.81 | $0.72 | +12.6% | +145% (vs $0.33) |
| Adj. EBITDA | $42.3M | $40.2M | +5.3% | |
| EBITDA Margin | 20.1% | | | Back in the 20s |
| Gross Margin | 33.6% | | | +350 bps Y/y |
| Operating Margin | 12.2% | | | +480 bps (vs 7.4%) |
| FCF Margin | 19.2% | | | +340 bps (vs 15.8%) |
Segment Performance
⚙️ Hydraulics
Q4 Growth+10% reported / +27% pro forma
Pro Forma excl CFPDivested end of Sep — cleaner comp
Key driversGo-to-market wins, new products
PMI contextExtended contraction in 2025
2026 outlookPMI + IP improving together
💡 Electronics
Q4 Growth+31% Y/y
PresidentBilly Aldridge (promoted 2025)
Key questionSustainable or catch-up?
2026 Guidance
| Metric | FY26 Guide | Q1 26 Guide | Street Was |
|---|
| Revenue | ~6% pro forma growth | $218M–$223M ($220.5M mid) | $201.1M (Q1) |
| Adj. EPS | $2.60–$2.90 ($2.75 mid) | | $2.75 (in line) |
Q1 guide was 9.7% above consensus. FY EPS in line. Street characterizes the FY guide as "conservative" — sellside expects upside through the year. JP Morgan calls out Core 2030 as the catalyst.
FY 2025 Full Year Summary
Revenue$839M (+4% reported, +6% pro forma)
Gross Margin32.3% (+100 bps Y/y)
Gross Profit$271M (+7.5% Y/y)
Free Cash FlowRecord year
Shareholder Return1% buyback + 28-yr dividend streak
First revenue growth in3 years
Key CEO Quotes (Sean Bagan, Q4 Call)
"Results finished ahead of recent expectations, with all businesses reporting quarterly sales and earnings growth, leading to full-year sales growth for the first time in three years, while also delivering record free cash flow."
"I am more confident than ever in our strategy, our team, and our ability to deliver sustainable growth and increasing earnings power."
"The leadership team and I look forward to unveiling The Core 2030 Strategy on March 20th. This strategy will define the next chapter of growth and outline our vision for Helios Technologies' future."
🎯 GOAL: Core 2030 is the centerpiece. Push for specificity on targets, bridge assumptions, and what's priced in vs what's aspirational. This is your chance to calibrate whether the stock's mid-20s YTD %ile ranking is mispricing the setup.
Tier 1 — Must Ask (Core 2030 Strategy)
- What are the specific financial targets in Core 2030 — revenue, EBITDA margin, EPS CAGR, ROIC? Is there a revenue target (e.g., $1.2B+)?CORE 2030
- How much of the growth plan is organic vs M&A? If M&A, what's the target profile — bolt-on hydraulics, electronics adjacencies, new verticals?CAPITAL ALLOC
- What's the bridge from 20% EBITDA margins today to your 2030 target? How much is volume leverage vs mix vs pricing vs cost-out?MARGINS
- You returned to growth after 3 years of declines. How much of 2025 was self-help (go-to-market, new products) vs cycle recovery? How do you disaggregate that?ORGANIC GROWTH
- Electronics grew 31% in Q4. Walk us through the sustainability of that trajectory — is this a new product cycle, share gains, or backlog flush?ELECTRONICS
Tier 2 — Operational Deep Dives
- You've had 4 consecutive quarters of gross margin expansion. Where are the next 200-300 bps? Is 35%+ GM achievable in the medium term?MARGINS
- The CFP divestiture improved mix. Are there other portfolio pruning candidates? How do you think about the 80/20 on your product portfolio?PORTFOLIO
- PMI and IP were weak most of 2025 yet you grew. What happens to the model if we get a real manufacturing recovery? What's the upside case look like?CYCLE
- Tariff exposure — what % of COGS is imported? Which products/regions are most exposed? Are you seeing any reshoring-driven demand?TARIFF
- New product launches — you mentioned elevated cadence in 2025 with more planned for 2026. What's the vitality index (% revenue from new products)?INNOVATION
- Helios Center of Engineering Excellence was dissolved and engineers went back to BUs. Was that an acknowledgment the centralized model didn't work? What changed?ORG DESIGN
Tier 3 — Capital Allocation & Governance
- You initiated a buyback in 2025 (1% of shares). What's the framework — opportunistic or programmatic? What's the authorization size?BUYBACK
- Balance sheet capacity — what's the current leverage? Target leverage for M&A? Willingness to lever up for a transformative deal?BALANCE SHEET
- Guidance has been met or beat 9 straight quarters. Is this a cultural change (sandbagging) or genuine improvement in forecasting?CREDIBILITY
For the Facility Tour (Sun Hydraulics)
- What's the current capacity utilization at this facility? How much incremental revenue can you serve before needing capex?CAPACITY
- What does the automation roadmap look like? Where are you in the journey from manual to lights-out?AUTOMATION
- How are you handling workforce availability in Sarasota? Any labor constraint risks?LABOR
Recent Sellside Coverage (Post Q4)
JP Morgan
"4Q First Take: Helios Delivers Big in 4Q and Sets Sights Higher for 2026"
PT raised to $85
Calls out Core 2030 as key catalyst. Strong execution narrative.
KeyBanc
"Hydraulics Delivers a Strong Finish to 2025; Initial 2026 Outlook Appears Conservative"
PT $82
View: guide is conservative, expect beat-and-raise cadence to continue.
Stifel
"4Q25 Beats, 2026 Guidance Outlook In Line with a Strong 1Q26"
Buy rating. Emphasizes internal progress and demand stabilization.
Baird
"4Q25, Operating Momentum Builds into 2026"
Remain Buyers. Momentum narrative.
CJS Securities
"Q4 Beat, FY26 Guide In Line, MO Maintained"
PT $75
More conservative PT but still constructive.
Consensus Summary
Street RatingMajority Buy/Overweight
PT Range$75 (CJS) – $85 (JPM)
FY26 EPS Consensus~$2.75
Key DebateSelf-help vs cycle; sustainability of Electronics
CatalystCore 2030 Investor Day — March 20
📋 CCA Internal Notes (OneDrive)
📝 Your Quick Looks — Read Before the Trip
| Document | Date | Location |
|---|
| HLIO 2025 Q4 Earnings Quick Look LATEST | 2026-03-02 | __Stocks/HLIO/CCA/ |
| HLIO 2025 Q2 Earnings Quick Look | 2025-08-04 | __Stocks/HLIO/CCA/ |
| HLIO 2025 Q1 Earnings Quick Look | 2025-05-06 | __Stocks/HLIO/CCA/ |
| HLIO 2024 Q4 Earnings Quick Look | 2025-02-24 | __Stocks/HLIO/CCA/ |
| HLIO 2024 Q3 Earnings Quick Look | 2024-11-05 | __Stocks/HLIO/CCA/ |
Q1 25 Quick Look highlights: Beat on rev + adj EPS. Cost controls + sequential margin expansion. But: management pulled full-year 2025 guidance, warned of ~$15M direct tariff impact in H2. Key question for Investor Day: how did they navigate the tariff headwind better than feared?
Q4 24 Quick Look highlights: In-line quarter. Strong margin resilience in Electronics, exceptional FCF. Conservative FY25 guide viewed as achievable. $100M share buyback authorized. Useful context: compare the conservative guide then vs the conservative guide now — pattern of under-promise, over-deliver.
HLIO Excel Model
FileHLIO_MODL.xlsx
LocationOneDrive/#Research/__Stocks/HLIO/
⚠️ Update model with Q4 actuals + 2026 guidance before the trip
Historical Sellside Notes (OneDrive Archive)
Full sellside report archive available at OneDrive/#Research/__Stocks/HLIO/Sellside_Reports/
Notable pre-Q4: Stifel mgmt meetings (Dec 4) highlighted improved execution driving share gains. KeyBanc investor meetings (Sep 4) reiterated OW, raised PT to $61.
⚠️ OPEN ITEMS: Flights not booked. Hotel not booked. 14 days out — prices climbing. Coordinate with Bob on same flights/hotel/rental.
Schedule — Thursday March 19
8–10 AM
✈️ Fly PHL → SRQ NOT BOOKED
Target: depart PHL 8–10 AM, arrive SRQ by 2–3 PM
PHL → SRQ direct options are limited. Check 1-stop via CLT, ATL, or DFW
Carriers: American, Southwest. Book at aa.com, southwest.com, or google.com/flights
Must arrive by 4 PM to freshen up before reception
~3 PM
🏨 Check into hotel NOT BOOKED
Freshen up before reception. See hotel section below.
Coordinate with Bob on same hotel — text/email him
6:00 PM
🥂 Welcome Reception @ HLIO HQ CONFIRMED
6–8 PM at Helios Technologies HQ — 7456 16th St E, Sarasota, FL
Casual networking. Full leadership team present.
Best opportunity for 1-on-1 time with Sean Bagan & Jeremy Evans before the formal program
Both John & Bob confirmed for this event
Schedule — Friday March 20 (INVESTOR DAY)
7:30 AM
☕ Registration & Breakfast
Mote Science Education Aquarium, Sarasota FL
~20 min drive from HLIO HQ area. Check if shuttle provided or drive.
8:00 AM
📊 Investor Day Program Begins
CORE 2030 STRATEGY UNVEIL — the main event
Expected presenters: Sean Bagan (CEO), Jeremy Evans (CFO), Rick Martich (Hydraulics), Matteo Arduini (Hydraulics), Billy Aldridge (Electronics)
Product demos from flagship businesses on-site
Bring printed question list (Tier 1 + Tier 2 from Questions tab)
~12:30 PM
🍽️ Lunch & Networking
Work the room. Follow up on presentation questions.
1:30 PM
Formal Program Concludes
2:00 PM
🏭 Sun Hydraulics Facility Tour CONFIRMED
2–3 PM. Shuttle provided from Mote Aquarium to facility.
Original Sun Hydraulics manufacturing location — the OG factory.
Both John & Bob confirmed. ~1 hour guided tour.
Ask about capacity utilization, automation roadmap, labor availability (see Questions tab)
~3:00 PM
Shuttle back to venue / head to airport
Drive time Mote Aquarium → SRQ airport: ~25 min
5–6 PM
✈️ Fly SRQ → PHL NOT BOOKED
Target: 5–6 PM departure, home by ~10 PM
Latest reasonable: ~7 PM (gets home before midnight)
Fallback: if nothing good Friday evening, book early Saturday AM
✈️ Flight Booking Guide
🛫 Outbound — Thu 3/19
RoutePHL → SRQ
Target depart8–10 AM
Must arrive by4:00 PM
Direct flightsLimited — check 1-stops
Common connectionsCLT, ATL, DFW
CarriersAmerican, Southwest
Check google.com/flights for best options. Allegiant sometimes runs PHL-SRQ direct.
🛬 Return — Fri 3/20
RouteSRQ → PHL
Tour ends~3:00 PM
Drive to SRQ~25 min
Target depart5–6 PM
Latest reasonable~7 PM
FallbackEarly Sat AM
🏨 Hotels (Negotiated Rates)
⭐ TOP PICK: Westin Sarasota
Address100 Marina View Dr, Sarasota, FL 34236
Rate Code"UDS" at Marriott.com
WhyBest location (downtown waterfront), nicest property
Bookingmarriott.com → enter "UDS" as corporate code
| Hotel | Phone | Rate Code / Ask For | Tier |
|---|
| DoubleTree by Hilton (SRQ Airport area) | 941-355-9000 | "Sun Hydraulics" rate | $$ |
| Hampton Inn | 941-355-8619 | "Helios Technologies" rate | $ |
| Homewood Suites | 941-309-3904 | "Helios Technologies" rate | $ |
| Courtyard by Marriott | 941-360-2626 | "Helios Technologies" rate | $ |
All negotiated rates subject to availability. Book ASAP — 14 days out, rates climbing. 1 night only (Thu 3/19).
🚗 Ground Transportation
| Option | Cost | Notes |
|---|
| Rental car | ~$50–80/day | Most flexibility. Easy airport → hotel → HQ → venue loop. Recommended. |
| Uber/Lyft | Varies | Works in Sarasota but can be spotty in industrial areas near HQ |
| Split with Bob | Half | Coordinate — if on same flights, share a rental |
Key distances:
SRQ Airport → Westin Sarasota: ~15 min
SRQ Airport → HLIO HQ (7456 16th St E): ~10 min
HLIO HQ → Mote Aquarium: ~20 min
Mote Aquarium → Sun Hydraulics plant: shuttle provided
📱 Key Contacts
Tania Almond
VP IR & Corp Comms, Helios
Emailtania.almond@heliostechnologies.com
Phone410-960-4411
RSVP contact. Reach out for any logistics questions.
Bob Mitchell
Managing Partner, CCA
Emailbmitchell@conestogacapital.com
Phone484-654-1380
Traveling together. Coordinate flights, hotel, rental car.
Key Venues
HLIO HQ:
7456 16th St E, Sarasota, FL
Mote Aquarium:
1600 Ken Thompson Pkwy, Sarasota, FL
🔴 CRITICAL PATH: Flights and hotel are the bottleneck. Everything else can be done in the next 2 weeks, but travel needs to be booked NOW.
🔴 Book Now (This Week)
- Book outbound flight: PHL → SRQ, Thu 3/19, depart 8–10 AM (google.com/flights)
- Book return flight: SRQ → PHL, Fri 3/20, depart 5–6 PM
- Book hotel: Westin Sarasota (marriott.com, corp code "UDS") — 1 night Thu 3/19
- Coordinate with Bob: Email/text re: same flights, same hotel, share rental car?
- Book rental car at SRQ (or confirm ride-share plan with Bob)
- Block calendar: 3/19–3/20 as OOO / traveling
🟡 Week of 3/10 (Research Prep)
- Read Q4 earnings transcript in full (Motley Fool or HLIO website)
- Read JPM note ($85 PT, Core 2030 catalyst thesis) — in OneDrive HLIO/Sellside_Reports/
- Read KeyBanc note ("guide looks conservative," PT $82)
- Read Stifel Dec 4 mgmt meeting notes — pre-earnings management color
- Read Baird note ("Operating Momentum Builds into 2026")
- Review HLIO model (HLIO_MODL.xlsx) — update for Q4 actuals + 2026 guide
- PMI correlation analysis — how much is HLIO cycle vs self-help?
- Peer comp — HLIO YTD perf vs industrial peer set (small/SMid + large cap)
- Review CONEXPO product launches (CONEXPO happening this week — new wave of products mentioned on call)
🟢 Week of 3/17 (Final Prep)
- Print question list (Tier 1 + Tier 2 + Facility Tour from Questions tab)
- Prep 1-page thesis summary for Bob — current view, key debates, what we need to hear
- Check Sarasota weather for 3/19–3/20 (dress code: business casual for reception, smart casual for day)
- Confirm rental car / ground transport
- Download HLIO investor deck from hlio.com (usually posted pre-event)
- Charge devices, pack notebook — facility tour may restrict phones
- Reply to Tania confirming facility tour attendance (Bob already confirmed both)
📝 Post-Trip (Fri 3/20 Evening – Mon 3/23)
- Write Core 2030 takeaway memo for IC — key targets, surprises, conviction changes
- Update HLIO model with any new LT targets from Core 2030
- Debrief with Bob — align on conviction level, position sizing direction
- Assess position sizing: increase, hold, or trim? (currently 2.40% CCASX, 1.29% CCSMX)
- File site visit notes to OneDrive (__Stocks/HLIO/Mgmt/) + Signal vault
- Send thank-you email to Tania Almond
- Update CCA Names watchlist if conviction level changes