AMETEK (AME) FY2022 results: revenue $6.2 billion, up 10.9% on the year

AMETEK Inc. (AME) reported revenue of $6.2 billion for fiscal 2022, the year ended 31 December 2022, up 10.9% on the year before. Net income was $1.2 billion, up 17.1%, and diluted earnings per share $5.01. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$6.2 billion

+10.9% on the year

FY2015FY2022

Operating margin

24.4%

23.6% a year earlier

FY2015FY2022

Net income

$1.2 billion

+17.1% on the year

FY2015FY2022

Diluted EPS

$5.01

+17.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	6,151	5,547	4,540	+10.9%
Cost of revenue	4,005	3,634	2,997	+10.2%
Gross profit	2,145	1,913	1,544	+12.2%
Gross margin	34.9%	34.5%	34.0%
Research and development	199	194	159	+2.4%
Selling, general and administrative	645	604	516	+6.7%
Operating income	1,501	1,309	1,028	+14.7%
Operating margin	24.4%	23.6%	22.6%
Interest expense	83.2	80.4	86.1	+3.5%
Pre-tax income	1,429	1,223	1,082	+16.8%
Income tax	269	233	210	+15.5%
Effective tax rate	18.8%	19.1%	19.4%
Net income	1,160	990	872	+17.1%
Net margin	18.9%	17.9%	19.2%
Diluted EPS	$5.01	$4.25	$3.77	+17.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,149	1,160	1,281	-1.0%
Capital expenditure	139	111	74.2	+25.6%
Free cash flow	1,010	1,050	1,207	-3.8%
Free cash flow margin	16.4%	18.9%	26.6%
Cash from investing	-553	-2,056	61.6
Cash from financing	-576	39.3	-539
Depreciation and amortisation	319	292	255	+9.4%
Share-based compensation	47.4	46.1	41.6	+2.8%
Buybacks	333	14.7	4.7	+2,162.4%
Dividends paid	202	185	165	+9.5%
Diluted shares, weighted	232m	233m	231m	-0.5%
Shares outstanding at period end	230m	232m	230m	-0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	7,477	6,872	5,949	+8.8%
Debt	2,385	2,544	2,414	-6.3%
Operating lease liabilities	129	129	128	+0.1%
Other liabilities	2,440	2,353	1,866	+3.7%
Total liabilities and equity	12,431	11,898	10,357	+4.5%
Fixed assets	636	617	527	+3.0%
Goodwill	5,373	5,239	4,225	+2.6%
Intangible assets	3,342	3,369	2,624	-0.8%
Cash and equivalents	345	347	1,213	-0.4%
Receivables	919	829	597	+10.9%
Inventory	1,044	769	559	+35.8%
Other assets	772	729	613	+5.9%
Total assets	12,431	11,898	10,357	+4.5%

10-K for the year ended 31 December 2022, filed 20 February 2025: the filing.