TELEDYNE TECHNOLOGIES INC
TDY
Information Technology
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Teledyne Technologies Inc. is a defense electronics and aerospace company that derives significant revenue from military contracts, including the supply of components and subsystems for unmanned aerial vehicles (UAVs) and other airborne intelligence, surveillance, and reconnaissance (ISR) systems. These systems are integral to modern military operations in active conflict zones.
Specific reporting identifies Teledyne as a “major UK arms exporter to Israel” and notes the company provides drone components and works on F-35 fighter jet systems. In February 2026, Teledyne secured a $17.5 million contract for UAVs. Academic research on defense companies explicitly links Teledyne’s stock performance to “geographic proximity to the war zone,” indicating its business is sensitive to and benefits from geopolitical conflict. The company’s operations materially support military activities in active conflict areas without an evident, exclusive civilian purpose that would provide an affirmative defense under the exclusion policy.
Teledyne Technologies operates a dedicated defense division, Teledyne FLIR Defense, which markets specialized military equipment. In early 2026, this unit secured a $17.5 million contract from the Swiss defense procurement agency armasuisse for unmanned systems. It also won a $42.5 million contract from the U.S. Marine Corps in late 2025 for advanced systems and a separate $32 million contract from the U.S. Army for anti-submarine warfare technology. These contracts are for purpose-built military systems, not incidental dual-use products. The company's financial disclosures note a strong focus on government contracts, indicating defense revenue is a material part of its business.
Research Sources
10 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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