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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Net income (loss) trends
- The net income demonstrated significant volatility over the observed period. Starting with a positive figure of 29,205 thousand US dollars at the end of 2018, it sharply declined to 882 thousand in 2019. A loss manifested in 2020, worsening to -1,724 thousand US dollars, and deepening further to -60,018 thousand in 2021. However, a robust recovery occurred in 2022, with net income surging to 147,139 thousand US dollars.
- Earnings before tax (EBT) trends
- Earnings before tax exhibit a pattern similar to net income. The value decreased from 28,104 thousand US dollars in 2018 to 2,070 thousand in 2019, followed by a negative result of -6,291 thousand in 2020 and a significant drop to -141,375 thousand in 2021. A notable rebound occurred in 2022, with EBT reaching 196,518 thousand US dollars, marking the highest value in the period.
- Earnings before interest and tax (EBIT) trends
- EBIT shows a consistent pattern with EBT, declining from 28,190 thousand US dollars in 2018 to 2,116 thousand in 2019. The figure turned negative in 2020 (-6,236 thousand) and further deteriorated to -141,347 thousand in 2021. In 2022, EBIT reversed sharply to a positive 197,006 thousand US dollars, indicating a strong operational recovery.
- Earnings before interest, tax, depreciation, and amortization (EBITDA) trends
- EBITDA reveals significant fluctuations across the years. Beginning with a high of 38,805 thousand US dollars in 2018, it decreased substantially to 13,477 thousand in 2019 and further dropped to 6,239 thousand in 2020. In 2021, EBITDA recorded a major loss of -122,653 thousand US dollars but surged dramatically in 2022 to 221,387 thousand US dollars, the peak value in the examined period.
- General insights
- The data indicates a period of financial instability and losses from 2019 through 2021, with the most substantial negative impacts observed in 2021 across all earnings measures. The turnaround in 2022 is markedly pronounced, with all profitability metrics improving significantly beyond their initial 2018 values. This suggests a recovery phase driven by factors that substantially improved operational efficiency and profitability in the most recent year.
Enterprise Value to EBITDA Ratio, Current
Selected Financial Data (US$ in thousands) | |
Enterprise value (EV) | |
Earnings before interest, tax, depreciation and amortization (EBITDA) | |
Valuation Ratio | |
EV/EBITDA | |
Benchmarks | |
EV/EBITDA, Competitors1 | |
Boeing Co. | |
Caterpillar Inc. | |
Eaton Corp. plc | |
GE Aerospace | |
Honeywell International Inc. | |
Lockheed Martin Corp. | |
RTX Corp. | |
EV/EBITDA, Sector | |
Capital Goods | |
EV/EBITDA, Industry | |
Industrials |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Enterprise value (EV)1 | ||||||
Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
Valuation Ratio | ||||||
EV/EBITDA3 | ||||||
Benchmarks | ||||||
EV/EBITDA, Competitors4 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
Lockheed Martin Corp. | ||||||
RTX Corp. | ||||||
EV/EBITDA, Sector | ||||||
Capital Goods | ||||||
EV/EBITDA, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The analysis of the annual financial data reveals several noteworthy trends in key financial metrics over the reviewed period.
- Enterprise Value (EV)
- The enterprise value exhibits a general upward trajectory across the years. Starting at approximately $2.9 billion at the end of 2018, the EV increased significantly to over $14.2 billion by the end of 2022. This represents a substantial growth indicating an expansion in market valuation or acquisition activities impacting the company's valuation base.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA shows considerable volatility over the period. Initially, EBITDA was positive at around $38.8 million in 2018 but then decreased sharply, reaching a low of negative $122.7 million in 2021, signaling operational challenges or substantial non-cash expenses. In 2022, EBITDA recovered strongly to $221.4 million, the highest within the given years, suggesting a significant turnaround in operational profitability.
- EV/EBITDA Ratio
- The EV/EBITDA ratio, which is an indicator of valuation relative to earnings, has shown extreme fluctuations. It started at 75.12 in 2018 and surged to an exceptionally high level of 1601.8 in 2020, likely due to the low EBITDA values during this period. The ratio is not calculable for 2021 because of negative EBITDA. By 2022, it decreased to 64.57, a much lower and more reasonable valuation metric, indicating the market was valuing the company more favorably relative to its earnings compared to previous years.
In summary, the company experienced significant growth in enterprise value alongside highly volatile operational earnings. The sharp fluctuations in EBITDA and the resulting EV/EBITDA ratio suggest periods of operational difficulty followed by a robust recovery in 2022. These patterns highlight both the risk and potential in the company's financial performance during the analyzed period.