UFP Technologies (UFPT) FY2024 results: revenue $504 million, up 26.1% on the year

UFP Technologies Inc. (UFPT) reported revenue of $504 million for fiscal 2024, the year ended 31 December 2024, up 26.1% on the year before. Net income was $59 million, up 31.3%, and diluted earnings per share $7.58. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$504 million

+26.1% on the year

FY2017FY2024

Operating margin

16.0%

14.4% a year earlier

FY2017FY2024

Net income

$59 million

+31.3% on the year

FY2017FY2024

Diluted EPS

$7.58

+30.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	504	400	354	+26.1%
Cost of revenue	358	288	264	+24.3%
Gross profit	147	112	90.3	+30.7%
Gross margin	29.1%	28.1%	25.5%
Research and development	10.4	7.2	9.3	+44.4%
Selling, general and administrative	62.2	50.9	45.8	+22.3%
Operating income	80.9	57.7	55.4	+40.3%
Operating margin	16.0%	14.4%	15.7%
Interest expense	8.1	3.6	2.8	+121.2%
Pre-tax income	73.0	53.9	52.7	+35.5%
Income tax	14.0	9.0	10.9	+56.4%
Effective tax rate	19.2%	16.7%	20.7%
Net income	59.0	44.9	41.8	+31.3%
Net margin	11.7%	11.2%	11.8%
Diluted EPS	$7.58	$5.83	$5.45	+30.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	66.6	41.3	17.7	+61.1%
Capital expenditure	9.7	10.5	13.8	-8.0%
Free cash flow	56.9	30.8	4.0	+84.6%
Free cash flow margin	11.3%	7.7%	1.1%
Cash from investing	-210	-10.5	1.3
Cash from financing	152	-30.0	-25.9
Depreciation and amortisation	14.7	11.4	11.9	+29.0%
Share-based compensation	6.8	4.6	3.2	+47.4%
Diluted shares, weighted	8m	8m	8m	+1.1%
Shares outstanding at period end	8m	8m	8m	+0.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	343	286	238	+19.8%
Debt	189	32.0	55.0	+491.8%
Operating lease liabilities	12.4	10.7	n/a	+15.7%
Finance lease liabilities	0.0	0.1	n/a	-64.6%
Other liabilities	84.4	75.2	85.6	+12.2%
Total liabilities and equity	629	404	378	+55.6%
Fixed assets	70.6	62.1	58.1	+13.6%
Goodwill	190	113	113	+67.4%
Intangible assets	144	64.1	68.4	+125.0%
Cash and equivalents	13.4	5.3	4.5	+155.6%
Receivables	84.7	64.4	55.1	+31.4%
Inventory	87.5	70.2	53.5	+24.7%
Other assets	38.9	24.7	25.6	+57.2%
Total assets	629	404	378	+55.6%

10-K for the year ended 31 December 2024, filed 27 February 2026: the filing.