UFP Technologies (UFPT) FY2023 results: revenue $400 million, up 13.1% on the year

UFP Technologies Inc. (UFPT) reported revenue of $400 million for fiscal 2023, the year ended 31 December 2023, up 13.1% on the year before. Net income was $45 million, up 7.5%, and diluted earnings per share $5.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$400 million

+13.1% on the year

FY2016FY2023

Operating margin

14.4%

15.7% a year earlier

FY2016FY2023

Net income

$45 million

+7.5% on the year

FY2016FY2023

Diluted EPS

$5.83

+7.0% 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	400	354	206	+13.1%
Cost of revenue	288	264	155	+9.2%
Gross profit	112	90.3	51.1	+24.3%
Gross margin	28.1%	25.5%	24.8%
Research and development	7.2	9.3	8.5	-22.6%
Selling, general and administrative	50.9	45.8	29.5	+11.1%
Operating income	57.7	55.4	21.2	+4.1%
Operating margin	14.4%	15.7%	10.3%
Interest expense	3.6	2.8	0.0	+31.9%
Pre-tax income	53.9	52.7	21.2	+2.2%
Income tax	9.0	10.9	5.3	-17.9%
Effective tax rate	16.7%	20.7%	25.1%
Net income	44.9	41.8	15.9	+7.5%
Net margin	11.2%	11.8%	7.7%
Diluted EPS	$5.83	$5.45	$2.09	+7.0%

$ 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	41.3	17.7	14.3	+132.9%
Capital expenditure	10.5	13.8	5.4	-23.9%
Free cash flow	30.8	4.0	8.9	+678.1%
Free cash flow margin	7.7%	1.1%	4.3%
Cash from investing	-10.5	1.3	-101
Cash from financing	-30.0	-25.9	74.0
Depreciation and amortisation	11.4	11.9	8.4	-4.0%
Share-based compensation	4.6	3.2	2.4	+44.7%
Diluted shares, weighted	8m	8m	8m	+0.5%
Shares outstanding at period end	8m	8m	8m	+0.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	286	238	194	+20.4%
Debt	32.0	55.0	75.0	-41.8%
Operating lease liabilities	10.7	n/a	6.9
Finance lease liabilities	0.1	n/a	0.2
Other liabilities	75.2	85.6	57.6	-12.2%
Total liabilities and equity	404	378	334	+6.9%
Fixed assets	62.1	58.1	56.6	+7.0%
Goodwill	113	113	108	+0.2%
Intangible assets	64.1	68.4	67.6	-6.2%
Cash and equivalents	5.3	4.5	11.1	+18.2%
Receivables	64.4	55.1	39.4	+16.9%
Inventory	70.2	53.5	33.4	+31.1%
Other assets	24.7	25.6	18.1	-3.6%
Total assets	404	378	334	+6.9%

10-K for the year ended 31 December 2023, filed 27 February 2026: the filing.