UFP Technologies (UFPT) FY2022 results: revenue $354 million, up 71.5% on the year

UFP Technologies Inc. (UFPT) reported revenue of $354 million for fiscal 2022, the year ended 31 December 2022, up 71.5% on the year before. Net income was $42 million, up 163.1%, and diluted earnings per share $5.45. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2023.

Revenue

$354 million

+71.5% on the year

FY2015FY2022

Operating margin

15.7%

10.3% a year earlier

FY2015FY2022

Net income

$42 million

+163.1% on the year

FY2015FY2022

Diluted EPS

$5.45

+160.8% 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	354	206	179	+71.5%
Cost of revenue	264	155	135	+69.8%
Gross profit	90.3	51.1	44.7	+76.6%
Gross margin	25.5%	24.8%	24.9%
Research and development	9.3	8.5	8.2	+9.4%
Selling, general and administrative	45.8	29.5	27.5	+55.3%
Operating income	55.4	21.2	16.7	+161.1%
Operating margin	15.7%	10.3%	9.3%
Interest expense	2.8	0.0	0.1	+6,984.6%
Pre-tax income	52.7	21.2	16.3	+148.6%
Income tax	10.9	5.3	2.9	+105.5%
Effective tax rate	20.7%	25.1%	17.9%
Net income	41.8	15.9	13.4	+163.1%
Net margin	11.8%	7.7%	7.5%
Diluted EPS	$5.45	$2.09	$1.77	+160.8%

$ 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	17.7	14.3	25.0	+24.1%
Capital expenditure	13.8	5.4	4.4	+155.4%
Free cash flow	4.0	8.9	20.7	-55.5%
Free cash flow margin	1.1%	4.3%	11.5%
Cash from investing	1.3	-101	-4.3
Cash from financing	-25.9	74.0	-0.3
Depreciation and amortisation	11.9	8.4	8.3	+41.3%
Share-based compensation	3.2	2.4	1.8	+32.1%
Diluted shares, weighted	8m	8m	8m	+0.6%
Shares outstanding at period end	8m	8m	8m	+0.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	238	194	177	+22.2%
Debt	55.0	75.0	0.0	-26.7%
Operating lease liabilities	n/a	6.9	0.9
Finance lease liabilities	n/a	0.2	0.1
Other liabilities	85.6	57.6	25.3	+48.8%
Total liabilities and equity	378	334	203	+13.2%
Fixed assets	58.1	56.6	53.8	+2.7%
Goodwill	113	108	51.8	+4.7%
Intangible assets	68.4	67.6	19.7	+1.1%
Cash and equivalents	4.5	11.1	24.2	-60.0%
Receivables	55.1	39.4	26.4	+39.9%
Inventory	53.5	33.4	18.6	+60.1%
Other assets	25.6	18.1	8.6	+41.3%
Total assets	378	334	203	+13.2%

10-K for the year ended 31 December 2022, filed 16 March 2023: the filing.