Snap-on (SNA) FY2021 results: revenue $4.6 billion, up 16.7% on the year

Snap-on Inc. (SNA) reported revenue of $4.6 billion for fiscal 2021, the year ended 1 January 2022, up 16.7% on the year before. Net income was $820 million, up 30.9%, and diluted earnings per share $14.92. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$4.6 billion

+16.7% on the year

FY2014FY2021

Operating margin

24.4%

22.3% a year earlier

FY2014FY2021

Net income

$820 million

+30.9% on the year

FY2014FY2021

Diluted EPS

$14.92

+30.4% 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	4,602	3,942	4,068	+16.7%
Research and development	61.1	57.4	59.1	+6.4%
Operating income	1,124	880	962	+27.6%
Operating margin	24.4%	22.3%	23.7%
Interest expense	53.1	54.0	49.0	-1.7%
Pre-tax income	1,087	835	922	+30.1%
Income tax	247	189	212	+30.6%
Effective tax rate	22.7%	22.6%	23.0%
Net income	820	627	694	+30.9%
Net margin	17.8%	15.9%	17.0%
Diluted EPS	$14.92	$11.44	$12.41	+30.4%

$ 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	967	1,009	675	-4.2%
Capital expenditure	70.1	65.6	99.4	+6.9%
Free cash flow	896	943	575	-4.9%
Free cash flow margin	19.5%	23.9%	14.1%
Cash from investing	-290	-188	-222
Cash from financing	-819	-84.3	-409
Depreciation and amortisation	105	96.7	92.4	+8.4%
Share-based compensation	41.4	19.5	23.8	+112.3%
Buybacks	431	174	238	+147.4%
Dividends paid	276	243	217	+13.4%
Dividend per share	$5.11	$4.47	$3.93	+14.3%
Diluted shares, weighted	55m	55m	56m	+0.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	4,182	3,825	3,409	+9.3%
Non-controlling interest	21.9	21.7	21.7	+0.9%
Debt	1,200	1,451	1,150	-17.3%
Operating lease liabilities	34.2	34.0	37.5	+0.6%
Finance lease liabilities	4.5	7.4	10.0	-39.2%
Other liabilities	1,317	1,219	1,065	+8.1%
Total liabilities and equity	6,760	6,557	5,694	+3.1%
Goodwill	1,116	982	914	+13.7%
Intangible assets	302	261	244	+15.7%
Cash and equivalents	780	923	184	-15.5%
Receivables	682	641	695	+6.5%
Inventory	804	746	760	+7.7%
Other assets	3,075	3,004	2,896	+2.4%
Total assets	6,760	6,557	5,694	+3.1%

10-K for the year ended 1 January 2022, filed 11 February 2022: the filing.