Over Q4 2022, the most recently reported quarter, MSI saw revenue beat estimates, growing by almost 17% year-over-year to $2.7 billion, driven primarily by higher land mobile radio (LMR) and video security and access control sales. Moreover, Wall Street has also been quite positive on the stock, while macro tailwinds such as slower interest rate hikes by the Fed and signs of cooling inflation also appear to have helped. MSI’s core LMR product is a cash cow of sorts, given that customers are generally locked in once they buy into the system.