UFP Technologies (UFPT) FY2021 results: revenue $206 million, up 15.0% on the year

UFP Technologies Inc. (UFPT) reported revenue of $206 million for fiscal 2021, the year ended 31 December 2021, up 15.0% on the year before. Net income was $16 million, up 18.8%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 14 March 2022.

Revenue

$206 million

+15.0% on the year

FY2014FY2021

Operating margin

10.3%

9.3% a year earlier

FY2014FY2021

Net income

$16 million

+18.8% on the year

FY2014FY2021

Diluted EPS

$2.09

+18.1% 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	206	179	198	+15.0%
Cost of revenue	155	135	144	+15.2%
Gross profit	51.1	44.7	54.0	+14.4%
Gross margin	24.8%	24.9%	27.2%
Research and development	8.5	8.2	8.8	+3.7%
Selling, general and administrative	29.5	27.5	29.3	+7.2%
Operating income	21.2	16.7	24.7	+26.8%
Operating margin	10.3%	9.3%	12.5%
Interest expense	0.0	0.1	0.7	-53.0%
Pre-tax income	21.2	16.3	23.6	+30.2%
Income tax	5.3	2.9	3.9	+82.5%
Effective tax rate	25.1%	17.9%	16.5%
Net income	15.9	13.4	19.8	+18.8%
Net margin	7.7%	7.5%	10.0%
Diluted EPS	$2.09	$1.77	$2.63	+18.1%

$ 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	14.3	25.0	31.2	-42.9%
Capital expenditure	5.4	4.4	5.8	+23.5%
Free cash flow	8.9	20.7	25.5	-57.0%
Free cash flow margin	4.3%	11.5%	12.8%
Cash from investing	-101	-4.3	-5.8
Cash from financing	74.0	-0.3	-24.9
Depreciation and amortisation	8.4	8.3	8.2	+1.7%
Share-based compensation	2.4	1.8	1.6	+34.4%
Diluted shares, weighted	8m	8m	8m	+0.6%
Shares outstanding at period end	8m	8m	7m	+0.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	194	177	162	+9.9%
Debt	75.0	0.0	0.0
Operating lease liabilities	6.9	0.9	1.9	+626.6%
Finance lease liabilities	0.2	0.1	0.0	+150.0%
Other liabilities	57.6	25.3	24.8	+127.8%
Total liabilities and equity	334	203	189	+64.4%
Fixed assets	56.6	53.8	56.7	+5.2%
Goodwill	108	51.8	51.8	+108.2%
Intangible assets	67.6	19.7	21.0	+242.8%
Cash and equivalents	11.1	24.2	3.7	-54.1%
Receivables	39.4	26.4	28.6	+49.0%
Inventory	33.4	18.6	18.3	+79.4%
Other assets	18.1	8.6	8.5	+111.2%
Total assets	334	203	189	+64.4%

10-K for the year ended 31 December 2021, filed 14 March 2022: the filing.