Industrial automation + software (Emerson) — process automation + (Aspen) industrial software
AI exposure 9% — derived from reported segment revenue, not asserted.
Physical Infrastructure → Industrial & Factory Automation · figures rebased to Q3 FY2026, reported 2026-08-04
Final Control at 32.5% of revenue is Emerson's largest single business and Sensors adds a further 22.4% — 54.9% of the company in Industrial & Factory Automation, which is what the Intelligent Devices group holds. Control Systems & Software at 24.6% is tagged secondary in Industrial & Automation Software: DeltaV, Ovation and AspenTech are where Emerson's AI actually sits. Test & Measurement, the National Instruments business, is 9.1%. Safety & Productivity at 11.3% is off-map by kind — professional tools for the building trades. Rebased 2026-09 onto Emerson's disclosed business-unit sales after it re-segmented.
Also tagged: secondary in Software Stack → Industrial & Automation Software; emerging in Connectivity → Test & Measurement Instruments.
Emerson re-segmented and now discloses net sales for each business unit, which is what the Atlas had been estimating. Q3 FY2026 (quarter ended June 30, 2026, $4,873M): Final Control $1,586M = 32.5%, Control Systems & Software $1,199M = 24.6%, Sensors $1,091M = 22.4%, Safety & Productivity $552M = 11.3%, Test & Measurement $445M = 9.1%. Sensors and Final Control are reported together as the Intelligent Devices group (54.9%) and Control Systems & Software with Test & Measurement as the Software & Systems group (33.7%). The Atlas was on the retired structure, carrying Intelligent Devices at…
Moat. Process-automation installed base (DeltaV, Ovation) where control systems run 20-30 years and re-platforming is rarely worth the risk, now paired with AspenTech owned outright rather than held as a stake — software ACV $1.68B (+9% YoY) across roughly 2,000 enterprise customers, with the AVA agentic-AI layer launched May 2026.
Bottleneck / pricing power. Genuinely strong in the power vertical and unremarkable elsewhere. Ovation lead times now extend into late 2027 and 2028 — the control layer for behind-the-meter data-center generation is sold out more than a year forward — with power orders +37% and semiconductor orders +53% in fiscal Q3 2026. The chemicals and traditional oil-and-gas core is barely growing and China is still -3%, which is what holds the blended rate at ~3.5% underlying.
Role in the AI stack. The process-automation + industrial-software layer.
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