stockrowWhat it does
Crane Company manufactures engineered components and systems for aerospace, defense, space and industrial applications. Founded in 1855, the company is led by President and Chief Executive Officer Alejandro Alcala.
Its Aerospace & Advanced Technologies business supplies equipment used in aircraft, military systems and space applications. Products include aircraft brake controls, pressure sensors, pumps, power conversion equipment and microwave components. It sells both original equipment for new systems and replacement parts for equipment already in service.
Process Flow Technologies makes equipment that controls, measures or moves fluids. Its products include valves, pumps, sensors and insulated piping for applications ranging from pharmaceutical production and chemical processing to municipal water and wastewater systems. Its equipment also serves cryogenic applications, which involve very low temperatures.
Crane has expanded its sensing and measurement capabilities through acquisitions. In January 2026, it acquired Druck, Panametrics, Reuter-Stokes and optek-Danulat. Druck is being integrated into Aerospace & Advanced Technologies; the other businesses are being integrated into Process Flow Technologies.
Crane has also announced an acquisition of Trillium Pumps and a divestiture of Building Services and Utilities. The company says the sale completes its exit from nonresidential construction. Both transactions were described as announced or pending in the company’s latest update.
How it makes money
Crane earns revenue by selling engineered equipment, systems and parts. Its aerospace business sells to original equipment manufacturers building new aircraft and other systems, as well as to aftermarket customers buying parts for equipment in service. Its process business sells valves, pumps, piping and measurement equipment for industrial and infrastructure applications.
In 2025, Process Flow Technologies accounted for 54.5% of revenue. Within aerospace, the product range spans brake and landing controls, sensing systems, fluid and thermal management, power solutions and microwave equipment. Aftermarket sales provide a source of repeat demand, although those purchases can vary with airline activity and maintenance requirements.
Process Flow Technologies includes process valves and related products, pumps and systems, and commercial valves. The process portfolio includes isolation valves, control and diagnostic systems, and insulated piping. Pumps and systems serve water and wastewater customers, while commercial valves have served nonresidential construction, gas utilities and municipal markets. The announced Building Services and Utilities sale is intended to change that exposure.
Crane’s 2025 core sales growth was driven primarily by higher pricing. Cost of sales includes materials, labor and other manufacturing costs; the company also incurs engineering, selling and administrative expenses.
Total sales were $2,305.0 million in 2025; total sales rose 28% year over year in Q3 2026. Crane’s four acquisitions contributed 21% sales growth in that quarter.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Process Flow Technologies | $1.3 billion | 54.5% | 4.81% |
| Aerospace and Electronics | $1.0 billion | 45.5% | 12.5% |
Customers and how it sells
Crane serves aircraft manufacturers and aftermarket customers in commercial and military aerospace, as well as defense and space customers. In 2025, commercial customers accounted for 61% of Aerospace & Advanced Technologies sales and military customers for 39%. Original equipment accounted for 66% of segment sales and aftermarket customers for 34%.
Process Flow Technologies serves pharmaceutical, chemical, nuclear, cryogenic and general industrial customers, alongside water and wastewater, gas utility and municipal markets. Its pumps business focuses primarily on municipal and industrial water and wastewater applications in the United States. The company has announced a sale of its Building Services and Utilities business, whose primary exposure is nonresidential construction.
The United States accounted for 59.4% of company revenue in 2025, and continental Europe accounted for 16.9%. Crane’s aerospace manufacturing facilities are in the United States, United Kingdom, Taiwan and France. Its process-valve operations have manufacturing facilities and sales and service centers across North America, South America, Europe, the Middle East, Asia and Australia.
Crane had approximately 7,100 employees worldwide at December 31, 2025. Its workforce was located in 29 countries.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $1.4 billion | 59.4% | 13.1% |
| Continental Europe | $390.1 million | 16.9% | −0.20% |
| Other international | $320.8 million | 13.9% | 0.31% |
| United Kingdom | $149.1 million | 6.47% | 8.28% |
| Canada | $76.2 million | 3.31% | 4.67% |
Suppliers and costs
Crane buys raw materials from many independent sources around the world. Its inputs include steel, copper, cast iron, electronic components, aluminum, plastics and petroleum-based products. The company also sources components for its manufacturing operations and has a company-wide process to source from fewer suppliers and, where possible, obtain parts from lower-cost countries.
Aerospace & Advanced Technologies has experienced supply disruptions caused by insufficient availability of certain components and raw materials. Crane says delays in sourcing those inputs could disrupt or temporarily stop some manufacturing operations. It does not identify a sole-source supplier in the available business description.
Crane’s manufacturing costs include materials, labor and other production expenses, including tariffs. It also spends on engineering, selling and administration. In 2025, higher material, labor and other manufacturing costs contributed to an increase in cost of sales, partly offset by productivity gains. Crane says it could face pressure on operating profit if input prices rise and it cannot pass the increases on to customers.
- Revenue$2.3B
- Cost of revenue−$1.3B
- Selling, general and administrative−$548.6M
- Operating income$424.2M
Competitive position
Crane operates in highly competitive markets and says its competitors differ by geography and end market. It competes on product quality, technology, price, customer service and delivery. The company does not estimate a precise market share, and no competing companies are named in the available business disclosures.
Crane develops new products and customizes existing ones for customer requirements. Its aerospace products include aircraft braking systems and pressure sensors, while its process products include valves and controls for demanding fluid-handling applications. The company owns patents, trademarks, copyrights, trade secrets and licenses, although it says no single intellectual-property right is material to the business on its own.
Our reading: Engineering capabilities and customer-specific products can support differentiation, particularly in applications where reliability and accuracy matter, but Crane still faces price and technology competition.
Our reading: The breadth of its intellectual property offers some protection, but the absence of a single material right and the possibility of competing technologies limit what can be inferred about its strength.
Our reading: Aftermarket sales provide an ongoing customer relationship in aerospace, but the evidence does not establish how readily customers can switch suppliers.
Growth opportunities
Crane seeks to grow through product development, manufacturing improvements and acquisitions that complement its existing businesses. Its aerospace strategy includes investment in sensing, power conversion, next-generation aircraft engines, radar and space applications. The company expects demand to benefit from aircraft deliveries, maintenance requirements, defense investment and increasing use of electrical systems in aerospace and defense.
In Process Flow Technologies, Crane targets pharmaceutical, cryogenic, water and wastewater, chemical and general industrial markets. The company expects those markets to outgrow the overall process market, supported by factors including infrastructure investment, wastewater regulation and healthcare demand.
Crane acquired Druck, Panametrics, Reuter-Stokes and optek-Danulat in January 2026. It has also announced an acquisition of Trillium Pumps and a divestiture of Building Services and Utilities. The company expects Trillium to strengthen its position in water and wastewater.
In Q3 2026, Process Flow Technologies core orders grew 20% year over year. Crane also secured pharmaceutical orders related to GLP-1 capacity expansion and additional cryogenics wins supporting space launches. The company expects low single digit core growth for Process Flow Technologies for the full year and aerospace core growth modestly above its long-term 7% to 9% growth framework.
- $2.1BFY2021
- $1.8BFY2022
- $1.9BFY2023
- $2.1BFY2024
- $2.3BFY2025
- $160.0MFY2026 guidance
Structural risks
- Demand and spending: Aerospace sales can fall if air travel weakens, airlines buy fewer spare parts or aircraft manufacturers reduce production. Military demand depends on government spending, while Process Flow Technologies depends on economic conditions, customer capital spending and commodity prices.
- Supply and input costs: Shortages of components or materials can delay or interrupt manufacturing. Steel, copper, resins and electronic components can rise in price, and tariffs add uncertainty. Crane may be unable to pass all increases on to customers.
- Acquisition integration: Acquired businesses can bring unplanned expenses, unidentified liabilities and challenges in retaining employees or applying consistent controls. Crane may not achieve expected efficiencies or integrate acquisitions profitably.
- Competition and technology: Competitors can improve products, reduce costs or introduce new technologies. Crane could lose market share or face price erosion if it cannot make comparable advances or develop and launch products effectively.
- Government and international exposure: Trade restrictions, tariffs, currency movements and geopolitical instability can affect demand, costs and reported results. Government-contract rules also impose requirements whose breach could result in penalties or exclusion from contracting.
- Product liability: Defects or alleged harm involving Crane products can lead to liability or warranty claims. Insurance and established reserves may not cover all costs.
Bottom line
Our reading
Our reading: Crane combines aerospace original-equipment and aftermarket sales with industrial fluid-handling equipment across several end markets. Its engineering capabilities and installed-product demand support the business, while aircraft cycles, industrial spending and input availability remain important exposures. The recent acquisitions add sensing and measurement businesses, but their contribution depends on successful integration and sustained customer demand.