Mettler Toledo International (MTD) FY2022 results: revenue $3.9 billion, up 5.4% on the year

Mettler Toledo International Inc. (MTD) reported revenue of $3.9 billion for fiscal 2022, the year ended 31 December 2022, up 5.4% on the year before. Net income was $873 million, up 13.5%, and diluted earnings per share $38.41. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$3.9 billion

+5.4% on the year

FY2015FY2022

Operating margin

n/a

FY2015FY2022

Net income

$873 million

+13.5% on the year

FY2015FY2022

Diluted EPS

$38.41

+17.2% 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	3,920	3,718	3,085	+5.4%
Cost of revenue	1,612	1,546	1,284	+4.2%
Gross profit	2,308	2,172	1,801	+6.3%
Gross margin	58.9%	58.4%	58.4%
Research and development	177	170	140	+4.3%
Selling, general and administrative	938	944	820	-0.6%
Interest expense	55.4	43.2	38.6	+28.1%
Pre-tax income	1,071	949	749	+12.8%
Income tax	198	180	146	+9.8%
Effective tax rate	18.5%	19.0%	19.5%
Net income	873	769	603	+13.5%
Net margin	22.3%	20.7%	19.5%
Diluted EPS	$38.41	$32.78	$24.91	+17.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	859	909	725	-5.5%
Capital expenditure	121	108	92.5	+12.7%
Free cash flow	738	801	632	-7.9%
Free cash flow margin	18.8%	21.6%	20.5%
Cash from investing	-139	-314	-100
Cash from financing	-716	-591	-744
Depreciation and amortisation	73.3	67.5	57.7	+8.6%
Share-based compensation	19.7	19.6	18.7	+0.3%
Buybacks	1,100	1,000	775	+10.0%
Diluted shares, weighted	23m	23m	24m	-3.2%
Shares outstanding at period end	22m	23m	23m	-3.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	24.8	171	283	-85.5%
Debt	2,015	1,682	1,334	+19.8%
Operating lease liabilities	86.9	88.3	n/a	-1.6%
Other liabilities	1,366	1,385	1,197	-1.4%
Total liabilities and equity	3,492	3,327	2,815	+5.0%
Fixed assets	779	799	799	-2.6%
Goodwill	660	649	550	+1.8%
Intangible assets	306	307	197	-0.5%
Cash and equivalents	96.0	98.6	94.3	-2.6%
Receivables	709	647	594	+9.6%
Inventory	442	415	298	+6.5%
Other assets	501	411	283	+21.8%
Total assets	3,492	3,327	2,815	+5.0%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.