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Arphra AIPlain-English read on AMETEK, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.55B | $6.15B | $6.6B | $6.94B | $7.4B | $8.01B | $8.48B | $9.03B | $9.45B |
| Cost of revenue | $3.63B | $4.01B | $4.21B | $4.46B | $4.71B | $5.16B | $5.51B | $5.71B | $6.11B |
| Gross profit | $1.91B | $2.15B | $2.38B | $2.48B | $2.69B | $2.81B | $3.04B | $3.21B | $3.36B |
| Gross margin | +34.48% | +34.88% | +36.14% | +35.68% | +36.38% | +35.08% | +35.86% | +35.51% | +35.59% |
| Operating | |||||||||
| Research & development | $194.2M | $198.8M | $220.8M | $236.6M | $0 | $183.96M | $193.62M | $208.35M | $217.02M |
| Selling, general & administrative | $603.94M | $644.58M | $677.01M | $696.91M | $757.12M | $800.65M | $844.86M | $900.94M | $984.01M |
| Total operating expenses | $603.94M | $644.58M | $677.01M | $696.91M | $757.12M | $830.52M | $839.53M | $938.97M | $974.36M |
| Operating income | $1.31B | $1.5B | $1.71B | $1.78B | $1.94B | $2.05B | $2.17B | $2.31B | $2.41B |
| Operating margin | +23.59% | +24.40% | +25.88% | +25.64% | +26.15% | +25.59% | +25.57% | +25.55% | +25.48% |
| EBITDA | $1.6B | $1.83B | $2.03B | $2.16B | $1.88B | $2.27B | $2.5B | $2.62B | $2.82B |
| EBIT | $1.3B | $1.51B | $1.69B | $1.77B | $1.88B | $2B | $2.2B | $2.34B | $2.45B |
| Below the line | |||||||||
| Interest expense | $80.38M | $83.19M | $81.8M | $112.96M | $81.25M | $107.82M | $109.03M | $121.58M | $126.32M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$85.5M | -$72M | -$101.05M | -$118.02M | -$137.28M | — | — | — | — |
| Pre-tax income | $1.22B | $1.43B | $1.61B | $1.66B | $1.8B | $1.97B | $2.09B | $2.12B | $2.31B |
| Income tax expense | $233.12M | $269.15M | $293.22M | $285.42M | $318.2M | $340.21M | $359.5M | $391.49M | $396.61M |
| Earnings | |||||||||
| Net income | $990.05M | $1.16B | $1.31B | $1.38B | $1.48B | $1.61B | $1.68B | $1.77B | $1.86B |
| Net income · continuing ops | $990.05M | $1.16B | $1.31B | $1.38B | $1.48B | $1.59B | $1.69B | $1.76B | $1.91B |
| Net margin | +17.85% | +18.85% | +19.91% | +19.83% | +20.00% | +20.13% | +19.82% | +19.58% | +19.68% |
| EPS · basic | $4.29 | $5.04 | $5.70 | $5.95 | $6.42 | $8.09 | $8.84 | $9.58 | $10.00 |
| EPS · diluted | $4.25 | $5.01 | $5.67 | $5.93 | $6.40 | $8.14 | $8.81 | $9.50 | $10.03 |
| EPS · low estimate | — | — | — | — | — | $8.03 | $8.51 | $9.01 | $9.74 |
| EPS · high estimate | — | — | — | — | — | $8.24 | $9.19 | $9.77 | $10.41 |
| Shares · basic | 230.96M | 231.54M | 230.52M | 231.26M | 230.45M | 230.3M | 232.74M | 229.48M | 231.42M |
| Shares · diluted | 232.81M | 231.54M | 231.51M | 232.17M | 231.26M | 229.05M | 230.47M | 233.36M | 229.66M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 4 | 2 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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