Mettler Toledo International (MTD) FY2023 results: revenue $3.8 billion, down 3.4% on the year

Mettler Toledo International Inc. (MTD) reported revenue of $3.8 billion for fiscal 2023, the year ended 31 December 2023, down 3.4% on the year before. Net income was $789 million, down 9.6%, and diluted earnings per share $35.90. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue

$3.8 billion

-3.4% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$789 million

-9.6% on the year

FY2016FY2023

Diluted EPS

$35.90

-6.5% 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	3,788	3,920	3,718	-3.4%
Cost of revenue	1,547	1,612	1,546	-4.0%
Gross profit	2,241	2,308	2,172	-2.9%
Gross margin	59.2%	58.9%	58.4%
Research and development	185	177	170	+4.6%
Selling, general and administrative	904	938	944	-3.7%
Interest expense	77.4	55.4	43.2	+39.7%
Pre-tax income	974	1,071	949	-9.0%
Income tax	185	198	180	-6.6%
Effective tax rate	19.0%	18.5%	19.0%
Net income	789	873	769	-9.6%
Net margin	20.8%	22.3%	20.7%
Diluted EPS	$35.90	$38.41	$32.78	-6.5%

$ 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	966	859	909	+12.4%
Capital expenditure	105	121	108	-13.1%
Free cash flow	861	738	801	+16.6%
Free cash flow margin	22.7%	18.8%	21.6%
Cash from investing	-132	-139	-314
Cash from financing	-860	-716	-591
Depreciation and amortisation	76.6	73.3	67.5	+4.5%
Share-based compensation	17.9	19.7	19.6	-8.8%
Buybacks	900	1,100	1,000	-18.2%
Diluted shares, weighted	22m	23m	23m	-3.3%
Shares outstanding at period end	22m	22m	23m	-2.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-150	24.8	171
Debt	2,081	2,015	1,682	+3.3%
Operating lease liabilities	86.9	86.9	88.3	+0.0%
Other liabilities	1,338	1,366	1,385	-2.1%
Total liabilities and equity	3,356	3,492	3,327	-3.9%
Fixed assets	803	779	799	+3.2%
Goodwill	670	660	649	+1.5%
Intangible assets	285	306	307	-6.7%
Cash and equivalents	69.8	96.0	98.6	-27.3%
Receivables	664	709	647	-6.4%
Inventory	386	442	415	-12.6%
Other assets	477	501	411	-4.7%
Total assets	3,356	3,492	3,327	-3.9%

10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.