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.
Income Statement
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.80M | $436.82M | - | $427.93M | $395.51M | $385.26M | - | $367.16M | $346.70M | $335.18M |
| Cost of Revenue | $118.49M | $132.71M | - | $143.70M | $127.47M | $119.23M | - | $102.72M | $99.24M | $95.41M |
| Gross Profit | $298.32M | $304.12M | - | $284.23M | $268.04M | $266.03M | - | $264.45M | $247.46M | $239.77M |
| R&D | $83.80M | $86.64M | - | $82.86M | $85.59M | $82.16M | - | $82.17M | $81.43M | $80.09M |
| SG&A | $50.50M | $43.21M | - | $34.62M | $36.77M | $33.18M | - | $31.04M | $30.28M | $33.36M |
| Total Operating Expenses | $257.41M | $247.19M | - | $237.43M | $247.27M | $235.50M | - | $230.27M | $222.91M | $230.23M |
| D&A | - | $22.24M | - | - | - | $21.57M | - | - | - | $23.87M |
| Operating Income | $40.91M | $56.92M | - | $80.43M | $20.77M | $30.53M | - | $34.18M | $24.55M | $9.54M |
| Interest Expense | $9.74M | $8.35M | - | $4.85M | $2.50M | $1.29M | - | $657.0K | $1.22M | $704.0K |
| Income Tax | $1.92M | $6.98M | - | $13.38M | $4.83M | $5.33M | - | $5.18M | $4.28M | ($24.0K) |
| Net Income | $30.49M | $46.93M | - | $61.91M | $12.43M | $25.24M | - | $27.18M | $17.31M | $4.50M |
| EPS - Basic | $0.23 | $0.36 | - | $0.47 | $0.09 | $0.19 | - | $0.20 | $0.13 | $0.03 |
| EPS - Diluted | $0.23 | $0.35 | - | $0.47 | $0.09 | $0.19 | - | $0.20 | $0.13 | $0.03 |
Balance Sheet
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $139.24M | $137.67M | $139.80M | $149.00M | $110.87M | $142.88M | $211.11M | $230.70M | $250.42M | $266.71M |
| Accounts Receivable | $389.93M | $415.74M | $445.28M | $380.79M | $356.08M | $312.94M | $341.27M | $279.20M | $258.64M | $241.09M |
| Inventory | $401.63M | $401.06M | $388.16M | $373.54M | $343.63M | $307.89M | $289.24M | $236.73M | $211.02M | $197.18M |
| Accounts Payable | $60.51M | $54.64M | - | - | - | - | - | - | - | - |
| Current Assets | $1.05B | $1.07B | $1.09B | $1.05B | $932.94M | $873.48M | $931.55M | $835.78M | $814.32M | $812.82M |
| Total Assets | $2.36B | $2.38B | $2.36B | $2.25B | $2.17B | $2.07B | $2.11B | $1.84B | $1.83B | $1.83B |
| Current Liabilities | $424.40M | $520.01M | $522.88M | $427.64M | $374.37M | $389.94M | $445.21M | $353.33M | $330.98M | $339.44M |
| Long-term Debt | - | - | - | $542.77M | - | $325.00M | $300.00M | $100.00M | $100.00M | $90.99M |
| Total Liabilities | $1.15B | $1.19B | $1.20B | $1.12B | $999.35M | $864.03M | $891.29M | $611.94M | $596.38M | $604.46M |
| Stockholders' Equity | $1.22B | $1.19B | $1.16B | $1.12B | $1.17B | $1.21B | $1.22B | $1.23B | $1.24B | $1.22B |
| Retained Earnings | ($11.29M) | ($4.63M) | ($14.74M) | ($18.14M) | $21.53M | $76.26M | $112.86M | $132.40M | $161.47M | $180.06M |
Cash Flow
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | $98.71M | - | - | - | ($3.85M) | - | - | - | $29.84M |
| Investing Cash Flow | - | ($48.17M) | - | - | - | ($29.15M) | - | - | - | $6.39M |
| Financing Cash Flow | - | ($54.11M) | - | - | - | ($34.19M) | - | - | - | ($28.22M) |
| CapEx | - | $21.42M | - | - | - | $10.18M | - | - | - | $8.49M |
| Free Cash Flow | - | $77.29M | - | - | - | ($14.03M) | - | - | - | $21.35M |
Ratios
| Metric | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 71.6% | 69.6% | - | 66.4% | 67.8% | 69.1% | - | 72.0% | 71.4% | 71.5% |
| Operating margin | 9.8% | 13.0% | - | 18.8% | 5.3% | 7.9% | - | 9.3% | 7.1% | 2.8% |
| EBITDA margin | - | 18.1% | - | - | - | 13.5% | - | - | - | 10.0% |
| Net margin | 7.3% | 10.7% | - | 14.5% | 3.1% | 6.6% | - | 7.4% | 5.0% | 1.3% |
| Free cash flow margin | - | 17.7% | - | - | - | -3.6% | - | - | - | 6.4% |
| FCF / Net income | - | 1.65 | - | - | - | -0.56 | - | - | - | 4.75 |
| R&D / Revenue | 20.1% | 19.8% | - | 19.4% | 21.6% | 21.3% | - | 22.4% | 23.5% | 23.9% |
| SG&A / Revenue | 12.1% | 9.9% | - | 8.1% | 9.3% | 8.6% | - | 8.5% | 8.7% | 10.0% |
| Effective tax rate | 5.9% | 12.9% | - | 17.8% | 28.0% | 17.4% | - | 16.0% | 19.8% | -0.5% |
| Return on assets | 1.3% | 2.0% | - | 2.8% | 0.6% | 1.2% | - | 1.5% | 0.9% | 0.2% |
| Return on equity | 2.5% | 3.9% | - | 5.5% | 1.1% | 2.1% | - | 2.2% | 1.4% | 0.4% |
| Return on invested capital | - | - | - | 4.0% | - | 1.6% | - | 2.2% | 1.5% | 0.7% |
| Liquidity | ||||||||||
| Current ratio | 2.49 | 2.06 | 2.08 | 2.45 | 2.49 | 2.24 | 2.09 | 2.37 | 2.46 | 2.39 |
| Quick ratio | 1.54 | 1.29 | 1.34 | 1.58 | 1.57 | 1.45 | 1.44 | 1.70 | 1.82 | 1.81 |
| Cash ratio | 0.33 | 0.26 | 0.27 | 0.35 | 0.30 | 0.37 | 0.47 | 0.65 | 0.76 | 0.79 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | 0.48 | - | 0.27 | 0.25 | 0.08 | 0.08 | 0.07 |
| Debt / Assets | - | - | - | 0.24 | - | 0.16 | 0.14 | 0.05 | 0.05 | 0.05 |
| Debt / EBITDA | - | - | - | - | - | 6.24 | - | - | - | 2.72 |
| Interest coverage | 4.2x | 6.8x | - | 16.6x | 8.3x | 23.6x | - | 52.0x | 20.1x | 13.6x |
| Equity multiplier | 1.94 | 2.00 | 2.04 | 2.00 | 1.86 | 1.72 | 1.73 | 1.50 | 1.48 | 1.49 |
| Liabilities / Assets | 0.48 | 0.50 | 0.51 | 0.50 | 0.46 | 0.42 | 0.42 | 0.33 | 0.33 | 0.33 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | 0.18 | - | 0.19 | 0.18 | 0.19 | - | 0.20 | 0.19 | 0.18 |
| Inventory turnover | 0.30 | 0.33 | - | 0.38 | 0.37 | 0.39 | - | 0.43 | 0.47 | 0.48 |
| Days sales outstanding | 341d | 347d | - | 325d | 329d | 296d | - | 278d | 272d | 263d |
| Days inventory outstanding | 1237d | 1103d | - | 949d | 984d | 943d | - | 841d | 776d | 754d |
| Days payable outstanding | 186d | 150d | - | - | - | - | - | - | - | - |
| Cash conversion cycle | 1392d | 1300d | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 5.4% | 13.4% | - | 16.6% | 14.1% | 14.9% | - | 19.2% | 15.1% | 8.3% |
| Revenue CAGR (3y) | 11.4% | 12.2% | - | 7.9% | 5.8% | 7.3% | - | 4.6% | 0.6% | 2.4% |
| Revenue CAGR (5y) | 4.1% | 7.0% | - | 5.9% | 4.4% | 5.1% | - | 3.7% | 2.5% | 3.1% |
| Gross profit growth (YoY) | 11.3% | 14.3% | - | 7.5% | 8.3% | 11.0% | - | 22.5% | 14.9% | 6.3% |
| Operating income growth (YoY) | 97.0% | 86.4% | - | 135.3% | -15.4% | 220.0% | - | - | 49.5% | -94.4% |
| Net income growth (YoY) | 145.2% | 86.0% | - | 127.8% | -28.2% | 461.4% | - | - | 58.9% | -96.6% |
| EPS growth (YoY) | 155.6% | 84.2% | - | 135.0% | -30.8% | 533.3% | - | - | 62.5% | -97.0% |
| EPS CAGR (3y) | 42.2% | -29.8% | - | 6.4% | -25.8% | 3.8% | - | -14.5% | -17.3% | -45.0% |
| EPS CAGR (5y) | 0.0% | 14.2% | - | 13.5% | -13.9% | 6.3% | - | 1.0% | -2.8% | -15.6% |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | -30.7% |
| FCF CAGR (5y) | - | 19.4% | - | - | - | - | - | - | - | -11.5% |
| Book value growth (YoY) | 4.2% | -1.1% | -5.5% | -8.4% | -5.4% | -1.2% | -0.1% | -1.0% | -2.7% | -4.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2022-12-31.
Product / service
$3.31B totalProduct$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 totalRest 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%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing NATIONAL INSTRUMENTS CORP against the 5 most active filers in the same SIC group.