Ingersoll Rand Inc.

Ingersoll Rand Inc. is a global provider of mission-critical flow creation equipment — compressors, pumps, vacuum systems, and blowers — that sit at the heart of nearly every industrial process and a growing number of life sciences applications, generating $7,650.9 million in revenue in fiscal 2025. The company traces its name back to 1871, but the modern Ingersoll Rand is largely a creation of the last eight years: a 2020 merger between Gardner Denver and what remained of the old Ingersoll Rand industrial business after the climate and security divisions were spun off, followed by an extraordinary run of 76 acquisitions that has roughly tripled revenue and built a second segment in precision and life sciences from scratch.

This is a story about an industrial compounder whose growth depends on a machine most investors can't inspect: the M&A flywheel. The numbers are compelling on the surface — $2.1 billion in adjusted EBITDA, a 27% margin, an aftermarket business that covers roughly 36% of revenue, and a balance sheet with room to keep buying. The questions underneath matter more. Can Ingersoll Rand sustain its acquisition pace — and more importantly, its discipline — as the portfolio grows more complex? Is the Precision and Science Technologies segment a genuine second engine or a collection of niche assets held together by deal-making? And at 34 times trailing earnings, what exactly is the market paying for?

The file turns on a single debate: whether the company that Vicente Reynal has assembled is a durable compounding machine that happens to use M&A as fuel, or an acquisition vehicle whose organic growth hasn't yet proven it can stand on its own.