NATI · National Instruments Corp - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Annual Quarterly

Income Statement

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Revenue	$1.66B	$1.47B	$1.29B	$1.35B	$1.23B	$1.29B
Cost of Revenue	$534.72M	$420.96M	$371.12M	$336.89M	$313.12M	$328.32M
Gross Profit	$1.12B	$1.05B	$915.55M	$1.02B	$1.03B	$961.06M
R&D	$331.71M	$335.99M	$280.38M	$272.45M	$261.07M	$231.76M
SG&A	$148.84M	$127.22M	$129.86M	$122.77M	$108.88M	$105.60M
Total Operating Expenses	$963.82M	$930.55M	$875.75M	$841.77M	$852.53M	$815.28M
D&A	$90.71M	$99.40M	$87.06M	$73.54M	$70.67M	$72.69M
Operating Income	$192.07M	$118.17M	$199.55M	$174.55M	$172.88M	$145.78M
Interest Expense	$16.59M	$3.78M	$1.88M	-	-	-
Income Tax	$32.23M	$14.26M	$55.10M	$18.39M	$21.40M	$94.97M
Net Income	$139.64M	$89.31M	$143.66M	$162.15M	$155.06M	$52.41M
EPS - Basic	$1.06	$0.68	$1.10	$1.23	$1.17	$0.40
EPS - Diluted	$1.05	$0.67	$1.09	$1.22	$1.16	$0.40

Balance Sheet

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Cash & Equivalents	$139.80M	$211.11M	$260.23M	$194.62M	$259.39M	$290.16M
Accounts Receivable	$445.28M	$341.27M	$266.87M	$248.87M	$242.96M	$248.82M
Inventory	$388.16M	$289.24M	$194.01M	$200.41M	$194.15M	$184.59M
Accounts Payable	-	-	-	-	-	-
Current Assets	$1.09B	$931.55M	$849.51M	$947.36M	$1.02B	$894.09M
Total Assets	$2.36B	$2.11B	$1.88B	$1.65B	$1.67B	$1.57B
Current Liabilities	$522.88M	$445.21M	$381.85M	$306.12M	$282.98M	$269.25M
Long-term Debt	-	$300.00M	$92.04M	-	-	-
Total Liabilities	$1.20B	$891.29M	$659.62M	$475.54M	$432.88M	$438.41M
Stockholders' Equity	$1.16B	$1.22B	$1.22B	$1.18B	$1.24B	$1.13B
Retained Earnings	($14.74M)	$112.86M	$211.10M	$242.54M	$356.42M	$313.24M

Cash Flow

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Operating Cash Flow	$42.96M	$143.50M	$180.77M	$224.41M	$274.58M	$200.20M
Investing Cash Flow	($83.47M)	($223.72M)	($61.30M)	($17.95M)	($210.00M)	($70.50M)
Financing Cash Flow	($26.45M)	$33.66M	($56.45M)	($270.82M)	($90.84M)	($91.63M)
CapEx	$48.19M	$40.98M	$49.65M	$60.86M	$34.66M	$30.26M
Free Cash Flow	($5.23M)	$102.52M	$131.12M	$163.55M	$239.92M	$169.94M

Ratios

Metric	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Profitability
Gross margin	67.7%	71.4%	71.2%	75.1%	83.5%	74.5%
Operating margin	11.6%	8.0%	15.5%	12.9%	14.1%	11.3%
EBITDA margin	17.1%	14.8%	22.3%	18.3%	19.8%	16.9%
Net margin	8.4%	6.1%	11.2%	12.0%	12.6%	4.1%
Free cash flow margin	-0.3%	7.0%	10.2%	12.1%	19.5%	13.2%
FCF / Net income	-0.04	1.15	0.91	1.01	1.55	3.24
R&D / Revenue	20.0%	22.9%	21.8%	20.1%	21.3%	18.0%
SG&A / Revenue	9.0%	8.7%	10.1%	9.1%	8.9%	8.2%
Effective tax rate	18.8%	13.8%	27.7%	10.2%	12.1%	64.4%
Return on assets	5.9%	4.2%	7.6%	9.8%	9.3%	3.3%
Return on equity	12.1%	7.3%	11.7%	13.8%	12.5%	4.6%
Return on invested capital	-	6.7%	11.0%	-	-	-
Liquidity
Current ratio	2.08	2.09	2.22	3.09	3.61	3.32
Quick ratio	1.34	1.44	1.72	2.44	2.93	2.64
Cash ratio	0.27	0.47	0.68	0.64	0.92	1.08
Leverage
Debt / Equity	-	0.25	0.08	-	-	-
Debt / Assets	-	0.14	0.05	-	-	-
Debt / EBITDA	-	1.38	0.32	-	-	-
Interest coverage	11.6x	31.3x	106.0x	-	-	-
Equity multiplier	2.04	1.73	1.54	1.40	1.35	1.39
Liabilities / Assets	0.51	0.42	0.35	0.29	0.26	0.28
Efficiency
Asset turnover	0.70	0.69	0.68	0.82	0.73	0.82
Inventory turnover	1.38	1.46	1.91	1.68	1.61	1.78
Days sales outstanding	98d	85d	76d	67d	72d	70d
Days inventory outstanding	265d	251d	191d	217d	226d	205d
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	-	-	-	-	-	-
P / S	-	-	-	-	-	-
EV / EBITDA	-	-	-	-	-	-
Growth
Revenue growth (YoY)	12.7%	14.2%	-4.9%	10.2%	-4.7%	5.0%
Revenue CAGR (3y)	7.0%	6.2%	-0.1%	3.3%	0.1%	1.2%
Revenue CAGR (5y)	5.1%	3.7%	1.0%	1.7%	0.9%	2.4%
Gross profit growth (YoY)	7.0%	14.5%	-9.9%	-0.9%	6.7%	5.0%
Operating income growth (YoY)	62.5%	-40.8%	14.3%	1.0%	18.6%	21.8%
Net income growth (YoY)	56.3%	-37.8%	-11.4%	4.6%	195.8%	-36.7%
EPS growth (YoY)	56.7%	-38.5%	-10.7%	5.2%	190.0%	-37.5%
EPS CAGR (3y)	-4.9%	-16.7%	39.7%	24.0%	16.2%	-26.1%
EPS CAGR (5y)	21.3%	0.9%	8.1%	4.3%	12.6%	-11.3%
FCF growth (YoY)	-	-21.8%	-19.8%	-31.8%	41.2%	12.2%
FCF CAGR (5y)	-	-7.5%	0.4%	13.3%	14.5%	31.4%
Book value growth (YoY)	-5.5%	-0.1%	4.1%	-5.0%	9.8%	1.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2022-12-31.

Product / service

$3.31B total

Product$1.50B · 45.3%

Portfolio$510.68M · 15.4%

Semiconductor Electronics$431.94M · 13.0%

Aerospace Defense Government$412.57M · 12.4%

Transportation$301.79M · 9.1%

Maintenance$156.26M · 4.7%

Geographic

$3.09B total

Rest Of The World$730.00M · 23.6%

US$687.00M · 22.3%

Americas$606.06M · 19.6%

Asia Pacific$472.62M · 15.3%

EMEA$351.84M · 11.4%

CN$240.00M · 7.8%

Stability scores

Altman Z′

FY 2022 · bankruptcy risk

1.52

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2022 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✗Cash flow > net income
-Long-term debt decreased
✗Current ratio improved
✓No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Services-Prepackaged Software

Company	Revenue (last FY)	Net margin	ROE
TEAM	$5.22B	-4.9%	-19.1%
CRM	$37.90B	16.4%	10.5%
NOW	$13.28B	13.2%	13.5%
FRSH	$838.81M	21.9%	17.8%
DDOG	$3.43B	3.1%	2.9%

Comparing NATIONAL INSTRUMENTS CORP against the 5 most active filers in the same SIC group.