Company Reports

Allegion sells building access products to a range of institutional, commercial, and residential customers. It has a strong presence in all parts of a building’s life, from design and construction to maintenance and upgrades.

We're relaunching research coverage on Allegion, a North American leader in building access products such as locks, handles, doors, readers, and keypads.

Allegion reported second-quarter sales growth of 12.7% year over year from strong US growth and international acquisitions. Modest operating margin expansion resulted in 16.2% growth in earnings per share.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion reported first-quarter sales growth of 9.7% year over year, driven by acquisitions and currency tailwinds in its international segment. However, nearly 200 basis points of operating margin contraction resulted in a 7% decline in earnings per share.

Allegion reported fourth-quarter organic sales growth of 3.3% year over year. The firm grew its top line 7.8% over the full year, driven by strength in its international segment. Management guides for mid-single-digit topline growth in 2026, split evenly between organic and inorganic sources.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion's revenue exceeded $1 billion for the second consecutive quarter; third-quarter sales grew nearly 11% year over year, with 4 points of growth from acquisitions. Adjusted earnings per share of $2.30 came in 6.5% higher than last year.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion's second-quarter revenue exceeded $1 billion, up 6% year over year or 3% excluding acquisitions and favorable currency translation. Adjusted EPS of $2.04 came in 4% higher than last year. Management had an upbeat tone on the earnings call and raised its 2025 sales and EPS guidance.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion held an investor day on May 6. Management highlighted revenue growth opportunities from increased adoption of electronic products and acquisitions. Allegion's long-term growth framework targets low-double-digit earnings growth.

Allegion's first-quarter organic revenue grew 4% year over year to $942 million, and adjusted operating margin rose 150 basis points to 22.7%. Management still sees full-year reported sales growth of 1%-3% and adjusted EPS of $7.65-$7.85, compared with $7.53 in 2024.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion's fourth-quarter organic revenue increased 3.5% year over year driven by solid growth across residential and nonresidential markets in the Americas. Consolidated adjusted operating margin expanded 10 basis points to 22.1% even with margin pressure from the international segment.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Allegion's third-quarter financial performance was largely in line with our expectations. Sales increased 5% year over year (3% organic) and adjusted operating margin expanded 100 basis points to 24.2%. 2024 EPS guidance is now $7.35-$7.45 ($7.15-7.30 previously).

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.

Wide-moat Allegion’s second-quarter financial performance came in ahead of our expectations, and we’ve raised our fair value estimate 2% to $151 per share due to our more optimistic near-term revenue growth profit margin outlook.

Allegion, a global leader in security products and solutions, was spun off from Ingersoll-Rand in December 2013. No longer forced to compete for capital from a conglomerate parent, Allegion has employed a more robust acquisition strategy to expand its scale, technological capabilities, and product portfolio. At roughly 80% of sales and 90% of segment profitability, the Americas segment is Allegion's largest and strongest business, with a leading position in locks, exit devices, and door controls. The Americas business has been the key driver of Allegion’s stable, industry-leading profitability, which is a testament to the firm’s market position and pricing power. We expect the Americas business to post mid- to high-single-digit organic growth, on average, over the next five years as the segment capitalizes on the convergence of electronics and mechanical security solutions, and on the increased retrofitting, upgrading, and spending across commercial and residential end markets. The segment’s already strong profit margins should benefit from a mix shift to higher-priced electronics products and operating leverage on increased volume, partially offset by structurally lower profit margins from the acquired access technologies business.