TransDigm Group (TDG) FY2022 results: revenue $5.4 billion, up 13.2% on the year

TransDigm Group Inc. (TDG) reported revenue of $5.4 billion for fiscal 2022, the year ended 30 September 2022, up 13.2% on the year before. Net income was $866 million, up 27.4%, and diluted earnings per share $13.40. The figures are the company's own, from the 10-K it filed with the SEC on 10 November 2022.

Revenue

$5.4 billion

+13.2% on the year

FY2015FY2022

Operating margin

40.8%

35.2% a year earlier

FY2015FY2022

Net income

$866 million

+27.4% on the year

FY2015FY2022

Diluted EPS

$13.40

+28.7% 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	5,429	4,798	5,103	+13.2%
Cost of revenue	2,330	2,285	2,456	+2.0%
Gross profit	3,099	2,513	2,647	+23.3%
Gross margin	57.1%	52.4%	51.9%
Research and development	94.9	106	131	-10.5%
Selling, general and administrative	748	685	727	+9.2%
Operating income	2,215	1,691	1,751	+31.0%
Operating margin	40.8%	35.2%	34.3%
Pre-tax income	1,127	715	740	+57.6%
Income tax	261	34.0	87.0	+667.6%
Effective tax rate	23.2%	4.8%	11.8%
Net income	866	680	699	+27.4%
Net margin	16.0%	14.2%	13.7%
Diluted EPS	$13.40	$10.41	$8.96	+28.7%

$ 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	948	913	1,213	+3.8%
Capital expenditure	119	105	105	+13.3%
Free cash flow	829	808	1,108	+2.6%
Free cash flow margin	15.3%	16.8%	21.7%
Cash from investing	-553	-785	799
Cash from financing	-2,148	-70.0	1,230
Depreciation and amortisation	253	253	283	0.0%
Share-based compensation	153	129	93.0	+18.6%
Buybacks	912	0.0	19.0
Dividends paid	1,091	73.0	1,928	+1,394.5%
Dividend per share	$18.50	$0.00	$32.50
Diluted shares, weighted	58m	58m	57m	-0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-3,773	-2,916	-3,972
Non-controlling interest	7.0	6.0	4.0	+16.7%
Debt	19,795	19,998	20,009	-1.0%
Operating lease liabilities	71.0	79.0	n/a	-10.1%
Finance lease liabilities	144	98.0	55.0	+46.9%
Other liabilities	1,863	2,050	2,299	-9.1%
Total liabilities and equity	18,107	19,315	18,395	-6.3%
Fixed assets	807	770	752	+4.8%
Goodwill	8,641	8,568	7,889	+0.9%
Intangible assets	2,750	2,791	2,610	-1.5%
Cash and equivalents	3,001	4,787	4,717	-37.3%
Receivables	967	791	720	+22.3%
Inventory	1,332	1,185	1,283	+12.4%
Other assets	609	423	424	+44.0%
Total assets	18,107	19,315	18,395	-6.3%

10-K for the year ended 30 September 2022, filed 10 November 2022: the filing.