# Resideo Technologies, Inc. (REZI)

> Source: Nexqual · https://nexqual.com/REZI · data as of 2026-10-23 16:57 UTC · cite as "Nexqual, Resideo Technologies, Inc. (REZI), nexqual.com/REZI" · informational, not investment advice.

**Price:** USD 17.71 (-0.45% today) · US market open, as of October 23, 2026 at 16:57 UTC; quotes may be delayed. Prev close 17.71 · day 17.34–17.76 · 52w 15.9–31.52 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $7.65B, net income $427M (5.6% margin), free cash flow -$1.40B (SEC filings).
- Valuation: P/E 6.3x (avg 21.5x at the last 2 fiscal year-ends), EV/EBITDA 7.9x, net debt $3.07B.
- Earnings quality: non-operating income $139M vs operating income $527M over the last four quarters; P/E excluding non-operating income ≈8.8x (estimate: non-operating income taxed at the company's 12.3% effective rate).
- 5 of 80 tracked superinvestors hold REZI (13F, Q2 2026): 0 new, 4 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $83K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $848K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 29.83 (range 20–45).
- Total return with dividends: 1Y -41.5% vs S&P 500 +14.6%; 5Y +3.2% vs S&P 500 +77.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.4, revenue estimate $714M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.85B | $6.37B | $6.24B | $6.76B | $7.47B | $7.65B |
| Gross profit | $1.58B | $1.77B | $1.70B | $1.90B | $2.20B | — |
| Operating income | $559M | $611M | $547M | $520M | $607M | $527M |
| Net income | $242M | $283M | $210M | $116M | -$527M | $427M |
| EPS (diluted) | $1.13 | $1.32 | $0.99 | $0.42 | -$2.62 | — |
| Free cash flow | $252M | $67.0M | $335M | $364M | -$1.25B | -$1.40B |
| Gross margin | 27.1% | 27.7% | 27.2% | 28.1% | 29.4% | — |
| Operating margin | 9.6% | 9.6% | 8.8% | 7.7% | 8.1% | 6.9% |
| Net margin | 4.1% | 4.4% | 3.4% | 1.7% | -7.1% | 5.6% |
| Revenue growth | +15.3% | +9.0% | -2.0% | +8.3% | +10.5% | — |
| Cash + short-term investments | $775M | $326M | $636M | $692M | $661M | — |
| Total debt | $1.24B | $1.43B | $1.42B | $2.02B | $3.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 6.3x · P/E ex non-operating (est.) ≈8.8x · P/S 0.3x · EV/EBITDA 7.9x · EV/Sales 0.8x · P/B 0.9x · FCF yield -52.02% · Earnings yield 15.88% · Net debt $3.07B · EV $5.76B
P/E at fiscal year-ends: Dec 2024 29.6x, Dec 2023 13.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold REZI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 1.90% | $191M | Added +1.0% |
| David Einhorn | Greenlight Capital | 1.35% | $52.9M | Added +7.9% |
| Bill Miller | Miller Value Partners | 0.51% | $2.1M | Reduced -1.2% |
| Tweedy Browne |  | 0.20% | $2.6M | Added +15.1% |
| Richard Pzena | Pzena Investment Management | 0.15% | $52.5M | Added +22.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2025-08-12 | Richardson Nina | Director | 2,789 | $83K | 4.6% | Yes (adopted November 27, 2024) | Too little history (no open-market trades in 2022) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $848K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-17 | Mehta Amit Ashvin | SVP, Strategy & Business Ops | 10,928 | $226K | 20.68 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Foster Joshua Peter | SVP, GC & Corp Sec | 15,317 | $315K | 20.58 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Surran Thomas A | President and CEO | 15,000 | $307K | 20.46 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 29.83 (low 20, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citizens | Initiated | Market Outperform | $22 |
| 2026-09-28 | Evercore ISI Group | Initiated | Outperform | $30 |
| 2026-07-13 | Morgan Stanley | Target lowered | Overweight | $50 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -41.5% | +3.2% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -41.5% | +0.6% |
| Volatility (annualized) | 61.0% | 48.9% |
| Max drawdown | -47.6% (Oct 2025→Oct 2026) | -48.5% (Nov 2021→Oct 2023) |

## Peers (Industrial Distribution)
DNOW (DNOW Inc.) USD 15.81 +2.60% · DXPE (DXP Enterprises, Inc.) USD 157.92 +0.16% · GIC (Global Industrial Company) USD 44.52 -0.87% · DSGR (Distribution Solutions Group, I) USD 35.03 -0.11% · SITE (SiteOne Landscape Supply, Inc.) USD 103.61 +0.43% · XMTR (Xometry, Inc.) USD 89.92 +0.85%

## More
Full page: https://nexqual.com/REZI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in REZI's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1740332/000174033226000005/rezi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Honeywell (HON) | "In connection with the Honeywell Spin-Off, we entered into the Tax Matters Agreement with Honeywell, pursuant to which we are responsible and will indemnify Honeywell for certain taxes, including certain income taxes, sa…" |

Other companies that name REZI in their own reports (relationship from REZI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | WATSCO INC (WSO) | 10-K 2026-02-27 | "We distribute products manufactured by Flexible Technologies, Inc., a subsidiary of Smiths Group plc ("Flexible Technologies"), Resideo Technologies, Inc. ("Resideo"), Southwark Metal Mfg." |
| supplier | HONEYWELL INTERNATIONAL INC (HON) | 10-K 2026-02-17 | "Net cash provided by operating activities from continuing operations increased by $963 million, driven by the receipt of the Resideo indemnification and reimbursement agreement termination payment of …" |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| ADI Global Distribution | $1.29B | 64.9% | +0.7% | $64.0M | 5.0% |
| Products and Solutions | $695.0M | 35.1% | +4.4% | $138.0M | 19.9% |
| Total revenue | $1.98B | 100% | — | $202.0M | 10.2% |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Safety & Security | $262.0M | 13.2% | +8.7% |
| Air | $220.0M | 11.1% | +0.0% |
| Energy Service | $137.0M | 6.9% | +4.6% |
| Public Utilities Inventory Water | $76.0M | 3.8% | +2.7% |
| Total revenue | $1.98B | 100% | — |
The lines above cover 35.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.82B | 77.9% | +11.2% |
| Europe | $1.10B | 14.7% | +5.0% |
| Other International | $557.0M | 7.5% | +15.3% |
| Total revenue | $7.47B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.40 | $0.80 | -49.4% | $714.0M | 3 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.86 | -47.1% | $729.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.00 | $2.85 | -29.8% | $3.90B | 3 |
| Next fiscal year (ends 2027-12-31) | $2.06 | $3.03 | -32.2% | $3.00B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±16.3%; last 8 reports averaged ±14.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 73.3% | ±16.3% |
| 2027-02-19 | 119 | 52.9% | ±23.6% |
| 2027-05-21 | 210 | 55.8% | ±32.6% |