Mettler Toledo International (MTD) FY2021 results: revenue $3.7 billion, up 20.5% on the year

Mettler Toledo International Inc. (MTD) reported revenue of $3.7 billion for fiscal 2021, the year ended 31 December 2021, up 20.5% on the year before. Net income was $769 million, up 27.6%, and diluted earnings per share $32.78. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$3.7 billion

+20.5% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$769 million

+27.6% on the year

FY2014FY2021

Diluted EPS

$32.78

+31.6% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,718	3,085	3,009	+20.5%
Cost of revenue	1,546	1,284	1,267	+20.4%
Gross profit	2,172	1,801	1,741	+20.6%
Gross margin	58.4%	58.4%	57.9%
Research and development	170	140	144	+21.2%
Selling, general and administrative	944	820	819	+15.1%
Interest expense	43.2	38.6	37.4	+12.0%
Pre-tax income	949	749	681	+26.8%
Income tax	180	146	120	+23.5%
Effective tax rate	19.0%	19.5%	17.7%
Net income	769	603	561	+27.6%
Net margin	20.7%	19.5%	18.6%
Diluted EPS	$32.78	$24.91	$22.47	+31.6%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	909	725	603	+25.4%
Capital expenditure	108	92.5	97.3	+16.3%
Free cash flow	801	632	506	+26.7%
Free cash flow margin	21.6%	20.5%	16.8%
Cash from investing	-314	-100	-99.1
Cash from financing	-591	-744	-477
Depreciation and amortisation	67.5	57.7	54.1	+16.9%
Share-based compensation	19.6	18.7	18.3	+4.9%
Buybacks	1,000	775	775	+29.0%
Diluted shares, weighted	23m	24m	25m	-3.1%
Shares outstanding at period end	23m	23m	24m	-2.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	171	283	421	-39.4%
Debt	1,682	1,334	1,291	+26.0%
Operating lease liabilities	88.3	n/a	60.9
Other liabilities	1,385	1,197	1,016	+15.7%
Total liabilities and equity	3,327	2,815	2,789	+18.2%
Fixed assets	799	799	749	+0.1%
Goodwill	649	550	536	+17.9%
Intangible assets	307	197	206	+56.2%
Cash and equivalents	98.6	94.3	208	+4.6%
Receivables	647	594	566	+9.0%
Inventory	415	298	274	+39.3%
Other assets	411	283	250	+45.2%
Total assets	3,327	2,815	2,789	+18.2%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.