We look for generally flat third-quarter results for CTS, anticipating modestly better revenue was offset by higher operating costs, As such, we estimate EPS of $0.61 in 3Q:25 compared to $0.63 a year ago. We think CTS's diversification efforts into more profitable end markets has enabled the company to better endure slower trends in the vehicle market. Despite an active M&A profile, the company has a disciplined capital allocation strategy. At the end of 2Q:25, the company had a net cash position of $11.4 million ($0.38 per share). We look for free cash flow (FCF) of $81.9 million ($2.73 per share) in 2025, allowing net cash to widen to $35.3 million ($1.19 per share). We maintain our price target of $43, which is based on an 18x our 2026 EPS estimate of $2.41. We maintain CTS's moderate risk rating, reflecting the company's strong balance sheet and solid cash flow generation.