The problem is that this stock is sort of an ETF really. People partially analyze it for it's back log. But how is that back log distributed among it's operating regions? While ships can be moved, fixed assets are more difficult. And one segment that is underutilized, under performs. That reduces margins company wide.
Today which is different from the past, world wide competition prevents lucrative margins to carry the slower segments.
So it is almost going to take a world wide boom for the MDR engine to run on all cylinders. And the smart money understands this. So a "record backlog" has to be redefined and currently is greeted with a yawn.
In one phrase, I would say that this company has become more cyclical than ever. This means patience on the way up and a rapid trigger on the way down.