Ayna

Here’s the full picture from Q2 2026 industrials earnings — 750+ companies released earnings. 27% missed. 73% beat. Five key findings: The scorecard: Miss rates receded as demand firmed. The overall miss rate fell to 27% — an eight-quarter low. Large-cap companies missed at 21%, while small caps missed at 39%. What it cost: Companies that missed fell around 4%. One miss was priced in over days, but a pattern of misses showed up in valuation multiples. Rare missers traded at a 14% premium to their segment, while chronic missers traded at a 25% discount. Where you play matters: Segment exposure mattered. Semiconductors recorded the lowest miss rate at 11%, while Energy was the weakest at 42%. Nine of 11 segments improved from the prior quarter. Small-cap recovery: Small-cap misses returned to pre-earnings levels within 10 days, driven by small caps in healthier segments, which rose about 5%. Large-cap misses ended 7% lower. The say-do premium: Delivering on the financial guidance and operational commitments made during the previous earnings call meant a smaller drop. Companies that kept those commitments fell just 2% even when they missed, compared with an 11% decline for those that delivered on none of them. Bottom line: What you did shaped the reaction as much as where you stood. Delivering on your prior commitments carried as much weight as your segment and scale. Questions? Reach out to Gaurav Batra, Nidhi Arora, or Kislay Bhambu. 

How does a company known for GPS and survey instruments become the software platform for the built world without letting go of the hardware? Trimble is on a mission to transform the way the world works. In practice, that has meant expanding from instruments into software that connects the physical and digital worlds across construction, geospatial, and transportation. In the latest episode of the Titanium Economy Podcast, Mohit Jaju, President, Ayna sits down with Mark Schwartz, Group President of AECO Software at Trimble Inc., to talk about how that happened and where AI takes it next. A few threads from the conversation: Day zero integration replaced the old playbook. For years, Trimble ran acquisitions independently to protect their value, until fragmented data and workflows forced a rethink. Now critical functions like contracting and sales integrate up front, the rest within 90 to 120 days. Agents are only as good as the data beneath them. Agent Studio began as an internal platform for 1,500 developers, then opened to customers. With 39 million projects in Trimble Connect, the first win is simply finding what matters, from the current design to a single risk clause. Sequencing decides the payoff. Hand developers AI tools and productivity lifts 10 to 15%. Change team structure and workflow first, then add AI, and it reaches 30 to 50%. Mark puts the split at roughly 80% people, 20% technology. Bend technology around a broken process, and you get more complexity. Watch on YouTube: https://lnkd.in/gP-ahVPW Listen wherever you get your podcasts: https://lnkd.in/gb6yFfyr

Healthcare is adopting AI 2.2x faster than the broader economy. But most of it goes to documentation, billing, and admin, not patient outcomes. That gap is exactly what Synopsys's New Ventures group is trying to close. In the latest episode of the Titanium Economy Podcast, Vineet Gupta sits down with Buvna Ayyagari, SVP of New Ventures at Synopsys Inc, to discuss how AI-powered simulation could do for Health & Life Sciences what EDA did for chip design. A few things that stood out: The most mature use cases are already in the clinic. Cardiovascular medicine is leading. AI-powered simulation is being used to design devices, determine patient-specific sizing and positioning, and assess post-placement risk. Biology is a harder modeling problem than silicon. Every patient is different. Data is sparse and fragmented. The accuracy bar that EDA clears routinely doesn't exist yet in healthcare, and that's the core challenge. The EDA playbook is the blueprint. Chip design went from fragmented, siloed tools to a standardized, integrated workflow over decades. Health and Life Sciences is at the start of that same journey, and reusable, FDA-approved simulation models could be the unlock. Incentives have to align. FDA is moving toward accepting simulation-based evidence. Per-case reimbursement for computational modeling is gaining traction. Both need to land for adoption to scale. Watch on YouTube: https://lnkd.in/gKQZ3fru Listen wherever you get your podcasts: https://lnkd.in/gg7CfQkk [Note: Figures sourced from Menlo Ventures 2025 State of AI in Healthcare report.]

Meet our 2026 G49 Speaker: Peter Lee, President, Microsoft Science (Microsoft) How do you separate what AI can really do from the noise around it? In the summer of 2022, before GPT-4 was public, Peter Lee was one of a small group of researchers given early access. He spent months testing it in one of the highest-stakes fields there is: medicine. The experience reshaped how he thinks about what's possible, and led him to co-author The AI Revolution in Medicine: GPT-4 and Beyond. Peter's view is that the leaders who get the most out of AI are the ones who see past the hype and ask the bigger question: what becomes possible now that wasn't before, and how do you act on it at scale? At the 2026 G49 Summit, that's the conversation Peter wants to have. He joins the panel Intelligence at Scale: Opportunity, Trust & the Limits of AI in Industry to share what he's learned, and to hear what it means for leaders making real decisions. 2026 G49 Summit | September 16–18 | Stanly Ranch, Napa, CA Co-convened by Ayna and Fernweh Group | 60+ CEOs, investors, and board members influencing leading companies and the world's most critical sectors Visit the 2026 G49 website https://lnkd.in/gvZ-KWyn, or reach out to Gaurav Batra or Jack Schroeder to learn more.

$2B market cap in 2017. More than $10B today. $3.1B in revenue. 31.6% Adjusted EBITDA margin.   That's Advanced Drainage Systems, Inc. — the company behind the pipe under the parking lot, the drainage channel on the highway, the septic chamber beneath the new subdivision. The infrastructure that keeps water moving, quietly, everywhere.   In the latest episode of the Titanium Economy Podcast, Akshay Sethi sits down with D. Scott Barbour, President and CEO of Advanced Drainage Systems, to discuss how that growth happened and what it takes to keep building from here.   A few things that stood out:   Three moves drove the story. Get pricing right. Fix cost and logistics. Make the right acquisitions.   Material conversion is a decade-long runway. Only 35 to 40% of the market has converted from concrete to plastic. Each new market requires regulatory approval, engineering acceptance, then contractor adoption. ADS runs that playbook every day.   Recycling is an economic strategy, not a marketing message. 500 million pounds of plastic recycled annually, vertically integrated into the resin supply. As virgin and recycled resin prices diverge, that integration compounds.   The biggest acquisition mistake is moving too fast. You don't see what makes a business tick until you own it. ADS has never missed an integration plan. Many thanks to Scott for the time and perspective on a playbook that has quietly built one of America's most durable water infrastructure businesses.   Watch on YouTube: https://lnkd.in/gV6mPqB8 Listen wherever you get your podcasts: https://lnkd.in/gKNWQe6q   Note: figures sourced from ADS earnings releases

Every highway that drains after a storm. Every construction site that stays dry. Every farm that doesn't flood. Advanced Drainage Systems, Inc. (ADS) is the reason.   Since 1966, ADS has done one thing exceptionally well: managing water. Stormwater, onsite wastewater, drainage across commercial, residential, infrastructure, and agriculture. 70 manufacturing facilities. 5,800+ employees. $3.1Bn in revenue. ~$10Bn market cap. And 2.8 billion pounds of plastic recycled in just the last five years. The compounding shows: 9x share price growth since IPO in 2014.   D. Scott Barbour, President and CEO of ADS, calls it "the Great American story." A couple of young engineers with a product. Salespeople who found the market. Capital raised, plants built, risks taken, acquisitions made. Built over decades into a company with real scale and real impact. Proud to spotlight Advanced Drainage Systems as part of the Industrials 250. 250 companies that have built, powered, and grown America across 250 years of independence.   Watch the i250 video: https://lnkd.in/gYHXAGU8 | Learn more: https://lnkd.in/gQgQ_8Db For questions, reach out to JD Kristenson (谭舒凯), Gaurav Batra, or Nidhi Arora. #Industrials250 #AdvancedDrainageSystems #AmericanManufacturing #WaterManagement #MadeInAmerica  

Why do some small-cap industrial companies quietly compound their market cap 5x, 10x, even 12x — while others, same sector, same starting line, stay stuck below a billion? In our latest research, we analyzed the universe of 300+ US small- and mid-cap industrial companies (market caps between $100M and $5B).  Two cohorts emerged: 18 Value Builders – started below $1B in January 2021, crossed $1.5B or more by 2026. 43 Value Trappers – stayed below $1B for five years, grew less than 50%.  The story in numbers first:  ROIC: Builders 5.3% → 9.6%. Trappers 6.0% → 3.5%  Gross margin: Builders +636 bps. Trappers −198 bps  OCF margin: Builders +310 bps. Trappers −458 bps  EV/Sales: Builders 0.6x → 1.9x. Trappers 0.9x → 0.7x Five tenets separate them: Margin Engine — The ROIC gap lives entirely on the income statement. Asset turnover is nearly identical. EBIT margins diverged 8.1 pp. Trappers compete on price; Builders price on value Market Selection — 84% of Builders in tailwind markets. 50% of Trappers in headwinds. Not a single Builder in a declining end market.  Portfolio Discipline — Trappers don't just fail to create value through M&A — they actively destroy margin structure: SG&A +58 bps post-deal, gross margin −153 bps Cash Conversion — Builders cut NWC from 19% → 12% of revenue. Trappers let it drift to 21% from 18%. A 768-bps OCF divergence Credibility Compound — Builder CEOs averaged 12 years in role vs. 8 for Trappers, with 100% narrative retention over the five years. Trappers cycled frameworks with every leadership change. Blue-chip institutions now own 31% of Builder equity vs. 17% of Trapper equity – a gap that was under 2 pp in 2016 and is nearly 14 pp today The valuation trap escape exists — but it's organizationally hard.  Five plays: reposition into markets that reward differentiation; build application engineering and integration before raising price – only 1 in 5 industrials that announced increases captured 150+ bps of gross margin expansion; convert margin into cash by tightening working capital; divest to genuine excellence; build investor infrastructure to capture the multiple. None of this is technically complicated. All of it cuts against instinct. The companies that execute consistently – without cycling through new frameworks – compound. The rest is arithmetic. The 18 Value Builders (market cap increase from Jan 2021 to Jan 2026):  Argan, Inc. (6x), Astronics Corporation (5x), Bel Fuse Inc. (12x), Benchmark (1.5x), CECO Environmental Corporation (9x), Digi International (3x), DXP Enterprises, Inc. (4x), Hawkins, Inc. (5x), Interface (3x), Navios Maritime Partners L.P. (12x), DNOW (3x), Powell Industries Inc. (11x), Tutor Perini Corporation (5x), UFP Technologies (5x), United States Lime & Minerals (5x), V2X Inc (3x), VSE Corporation (10x), and Willdan (3x) Read the full article here: https://lnkd.in/gwHf97Um Reach out to Gaurav Batra, Kislay Bhambu, or Nidhi Arora with questions or feedback.   

As we celebrate America’s 250th anniversary, we’re proud to continue to recognize the Industrial 250 — the companies, leaders, and workers building the backbone of our economy and shaping the future of American industry. The year is only half over, but this campaign continues, just as America’s story continues - with progress, resilience, and shared purpose. The work ahead is meaningful, and so is the opportunity to honor the people and businesses keeping our industrial base strong. Thank you to everyone contributing to this effort and to the indomitable spirit of American innovation. Learn more about the i250: https://lnkd.in/gQgQ_8Db

Thrilled to welcome Ayna's Summer Intern Class of 2026! This talented group brings a diverse mix of experiences and perspectives and have already been making an impact at Ayna. Anvitha Mandhadi – A junior at Purdue University's Mitchell E. Daniels, Jr. School of Business studying Business Analytics & Information Management. Anvitha is passionate about the intersection of AI, emerging technologies, and business strategy. Darius Lorens – A rising senior at the University of Michigan studying Computer Science and Business. Most recently, Darius worked as a software developer at Detroit-based startup Kavari Health, where he leveraged tools like Claude Code to build new features for a hospital analytics platform. Dina Nguyen – Studying Commerce at University of Virginia concentrating in Finance and Information Technology. Dina is interested in operations, strategy, and business transformation across industrial and technology-driven sectors. Keshav Govindarajan – A rising senior at the Miami Herbert Business School studying Business Technology and Management. Keshav enjoys using Python, SQL, Tableau, and Excel to solve business problems and has interests spanning auditing, inventory management, marketing strategy, and sales optimization. Marshall Yang (Junjie Yang) – A first-year MBA student at the USC Marshall School of Business. Marshall brings experience in financial modeling and due diligence across the technology, energy, and manufacturing industries. Matthew Chung - A recent graduate of the University of Washington with a degree in Informatics (Data Science concentration). Matthew brings hands-on experience in SQL, Python, R, Tableau, and full-stack web development. Passionate about using AI thoughtfully, he enjoys analyzing data and translating technical concepts for non-technical audiences. William Wallace – A rising senior at Pomona College majoring in Economics and Mathematics. William brings a strong analytical foundation and is excited to apply his quantitative skills to real-world business challenges. To learn more about Ayna's internship and other employment opportunities please reach out to Nicole Bagnoli, SHRM-CP