CTS's reported 4Q:25 adjusted EPS of $0.62 was modestly ahead of our $0.60 projection. Revenue was up 8.5% year over year in the fourth quarter. The company's diversified markets (mostly medical, aerospace & defense and industrial) rose 16% and accounted for an estimated 59% of 4Q:25 revenue. Transportation sales, estimated at 41% of revenue, were down 1%. Relative to our expectations, better volume and a lower tax rate and share count aided EPS. The company issued 2026 guidance, putting revenue at $550-$580 million (midpoint up 4% year over year) and EPS of $2.30-$2.45. We modestly increase our EPS estimates to $2.41 (from $2.40) in 2026 and $2.71 (from $2.60) in 2027. 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 4Q:25, the company had a net cash position of $24.8 million ($0.85 per share). We look for free cash flow (FCF) of $88.1 million ($2.99 per share) in 2026, allowing net cash to widen to $108.1 million $3.70 per share). Our higher profit outlook takes our price target to $54 (from $52), which is based on a constant 20x our upwardly revised 2027 EPS estimate of $2.71 (was $2.60). We maintain CTS's moderate risk rating, reflecting the company's strong balance sheet and solid cash flow generation.