Masco (MAS) FY2020 results: revenue $7.2 billion, up 7.2% on the year
Masco Corp. (MAS) reported revenue of $7.2 billion for fiscal 2020, the year ended 31 December 2020, up 7.2% on the year before. Net income was $1.2 billion, up 30.9%, and diluted earnings per share $4.59. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$7.2 billion
+7.2% on the year
FY2013FY2020
Operating margin
18.0%
16.2% a year earlier
FY2013FY2020
Net income
$1.2 billion
+30.9% on the year
FY2013FY2020
Diluted EPS
$4.59
+42.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,188
6,707
6,654
+7.2%
Cost of revenue
4,601
4,336
4,327
+6.1%
Gross profit
2,587
2,371
2,327
+9.1%
Gross margin
36.0%
35.4%
35.0%
Selling, general and administrative
1,292
1,274
1,250
+1.4%
Operating income
1,295
1,088
1,077
+19.0%
Operating margin
18.0%
16.2%
16.2%
Interest expense
144
159
156
-9.4%
Pre-tax income
1,131
914
907
+23.7%
Income tax
269
230
221
+17.0%
Effective tax rate
23.8%
25.2%
24.4%
Net income
1,224
935
734
+30.9%
Net margin
17.0%
13.9%
11.0%
Diluted EPS
$4.59
$3.22
$2.37
+42.5%
$ million except per share. Read moreFree 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
953
833
1,032
+14.4%
Capital expenditure
114
162
219
-29.6%
Free cash flow
839
671
813
+25.0%
Free cash flow margin
11.7%
10.0%
12.2%
Cash from investing
531
582
-651
-8.8%
Cash from financing
-886
-1,291
-1,020
Depreciation and amortisation
133
159
156
-16.4%
Share-based compensation
45.0
35.0
27.0
+28.6%
Buybacks
727
896
654
-18.9%
Dividends paid
145
144
134
+0.7%
Dividend per share
$0.55
$0.51
$0.45
+7.8%
Diluted shares, weighted
264m
288m
307m
-8.3%
Shares outstanding at period end
258m
276m
294m
-6.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
195
-235
-111
Non-controlling interest
226
179
180
+26.3%
Redeemable equity
0.0
n/a
n/a
Debt
2,795
2,773
2,979
+0.8%
Operating lease liabilities
149
162
n/a
-8.0%
Finance lease liabilities
26.0
n/a
n/a
Other liabilities
2,386
2,148
2,345
+11.1%
Total liabilities and equity
5,777
5,027
5,393
+14.9%
Fixed assets
908
878
885
+3.4%
Goodwill
563
509
511
+10.6%
Intangible assets
357
259
288
+37.8%
Investments
n/a
n/a
0.0
Cash and equivalents
1,326
697
552
+90.2%
Receivables
1,138
997
990
+14.1%
Inventory
876
754
798
+16.2%
Other assets
609
933
1,369
-34.7%
Total assets
5,777
5,027
5,393
+14.9%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.