Knowles Rebases 8-10% Growth Target to 2029 From $688 Million

Knowles has rolled its 8% to 10% annual revenue growth target forward to 2029, rebasing the plan on an estimated $688 million of 2026 revenue. The company disclosed the targets in slides filed with the SEC on Nov. 10 for meetings at the Baird Global Industrial Conference.

The new plan runs from 2026 to 2029. It targets compound annual revenue growth of 8% to 10% and adjusted EBITDA growth of 10% to 14%, with cash from operations of 16% to 20% of revenue. At those rates, revenue would reach roughly $867 million to $916 million in 2029, by MLQ.ai's calculation.

The ranges are not new. Knowles first set the same 8-10% revenue and 10-14% adjusted EBITDA targets at its investor day in May 2025. That version measured growth from 2024 revenue of $554 million. The November deck moves the starting point to 2026, which Knowles estimates will close at $688 million of revenue and $174 million of adjusted EBITDA, based on the midpoint of the fourth-quarter guidance issued Oct. 22. That compares with $593 million of revenue and $140 million of adjusted EBITDA in 2025.

Where does the growth come from?

The deck splits the target into three components:

• Precision Devices, the capacitor and RF filter business, growing 6% to 8% a year.
• MedTech and Specialty Audio, mainly hearing-aid components, growing 2% to 4%.
• Acquisitions adding 4%.

Precision Devices generated 55% of 2025 revenue; MedTech and Specialty Audio contributed 45%. By end market, MedTech accounted for 45%, industrial 30%, defense and aerospace 21%, and electrification and energy 4%. The May 2025 deck had also targeted a 300 to 500 basis point rise in adjusted EBITDA margin; the November slides do not repeat that figure.

This year is running well ahead of the plan. Third-quarter revenue was $184.0 million, up 20% from $152.9 million a year earlier. Over 2017 to 2026 the company puts its revenue growth at 9% a year and adjusted EBITDA growth at 12%.

What is the revenue trajectory?

Knowles revenue from continuing operations, in millions of dollars:

Year	Revenue	Adjusted EBITDA	Cash flow
2024	554	129	105.7
2025	593	140	146.5
2026E	688	174	n/a

The 2026 estimate reflects nine-month results plus the midpoint of fourth-quarter guidance. Revenue has climbed from $321 million in 2017 to a projected $688 million this year, with a dip to $355 million in 2020 and a peak-and-trough through 2022 ($479 million) and 2023 ($457 million).

How will the company deploy capital?

Acquisitions are the focal point of capital allocation. Knowles targets a return of 200 to 300 basis points above its cost of capital and caps net leverage at 2.75 times EBITDA. The company cites more than $340 million of liquidity.

Other capital plans:

• Capital spending of 3% to 5% of revenue over a cycle.
• $271 million executed of a $400 million share repurchase program through the fourth quarter of 2025.
• From 2022 to 2025, the company spent $263 million on acquisitions centered on Cornell Dubilier, $210 million buying back 12 million shares, and $71 million on capital expenditure.

Operating cash flow attributable to continuing operations, a non-GAAP measure, reached $146.5 million in 2025, or 24.7% of revenue.

The rebased targets signal that Knowles expects its 2026 momentum, including 20% third-quarter revenue growth, to sustain through the decade, with Precision Devices and further acquisitions carrying the largest share of the expansion.