AMETEK (AME) FY2023 results: revenue $6.6 billion, up 7.3% on the year

AMETEK Inc. (AME) reported revenue of $6.6 billion for fiscal 2023, the year ended 31 December 2023, up 7.3% on the year before. Net income was $1.3 billion, up 13.3%, and diluted earnings per share $5.67. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$6.6 billion

+7.3% on the year

FY2016FY2023

Operating margin

25.9%

24.4% a year earlier

FY2016FY2023

Net income

$1.3 billion

+13.3% on the year

FY2016FY2023

Diluted EPS

$5.67

+13.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	6,597	6,151	5,547	+7.3%
Cost of revenue	4,212	4,005	3,634	+5.2%
Gross profit	2,384	2,145	1,913	+11.1%
Gross margin	36.1%	34.9%	34.5%
Research and development	221	199	194	+11.1%
Selling, general and administrative	677	645	604	+5.0%
Operating income	1,707	1,501	1,309	+13.8%
Operating margin	25.9%	24.4%	23.6%
Interest expense	81.8	83.2	80.4	-1.7%
Pre-tax income	1,606	1,429	1,223	+12.4%
Income tax	293	269	233	+8.9%
Effective tax rate	18.3%	18.8%	19.1%
Net income	1,313	1,160	990	+13.3%
Net margin	19.9%	18.9%	17.9%
Diluted EPS	$5.67	$5.01	$4.25	+13.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,735	1,149	1,160	+51.0%
Capital expenditure	136	139	111	-2.0%
Free cash flow	1,599	1,010	1,050	+58.3%
Free cash flow margin	24.2%	16.4%	18.9%
Cash from investing	-2,376	-553	-2,056
Cash from financing	697	-576	39.3
Depreciation and amortisation	338	319	292	+5.7%
Share-based compensation	46.2	47.4	46.1	-2.5%
Buybacks	7.8	333	14.7	-97.7%
Dividends paid	230	202	185	+13.9%
Diluted shares, weighted	232m	232m	233m	-0.0%
Shares outstanding at period end	231m	230m	232m	+0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	8,730	7,477	6,872	+16.8%
Debt	3,313	2,385	2,544	+38.9%
Operating lease liabilities	182	129	129	+41.2%
Other liabilities	2,798	2,440	2,353	+14.6%
Total liabilities and equity	15,024	12,431	11,898	+20.9%
Fixed assets	891	636	617	+40.2%
Goodwill	6,448	5,373	5,239	+20.0%
Intangible assets	4,165	3,342	3,369	+24.6%
Cash and equivalents	410	345	347	+18.7%
Receivables	1,013	919	829	+10.2%
Inventory	1,132	1,044	769	+8.4%
Other assets	964	772	729	+24.9%
Total assets	15,024	12,431	11,898	+20.9%

10-K for the year ended 31 December 2023, filed 20 February 2025: the filing.