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Red Flags Detected

  • Material Weakness (new) — Company disclosed material weaknesses in control environment and revenue process controls; auditor Deloitte issued adverse opinion on internal control over financial reporting as of March 28, 2026.
  • Auditor Change (new) — Deloitte replaced Freed Maxick as auditor for FY2026; Freed Maxick's prior-year report showed effective controls, while Deloitte's first-year report identifies material weaknesses.
NASDAQ: TRNS TRANSCAT INC 10-K

TRNS FY26: Revenue +19% on Essco/Martin deals, but operating margin falls to 4.0% on costs

Filed May 27, 2026 · Period ending March 28, 2026 · Compared to 10-K May 27, 2025 · ~2 min read

Key Changes

  • high

    Material weaknesses in internal controls disclosed for first time; auditor Deloitte issued adverse opinion on controls, citing insufficient qualified personnel and deficient revenue process controls.

    Controls & Procedures verify on EDGAR →
  • high

    Operating margin compressed 240bp to 4.0% (from 6.4%) as $23.3M in higher operating expenses—including $5.3M acquisition amortization, $3.8M stock comp, $1.7M executive transition costs—outpaced revenue growth.

    MD&A: Operating Income verify on EDGAR →
  • high

    Essco acquisition (largest in company history, $85.4M) closed Aug 2025, adding Boston Metro calibration presence; leverage ratio rose from 0.78 to 2.03 as debt increased $67M to fund the deal.

    Business & MD&A: Acquisitions verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify