Selected Financial Data
since 2005
Income Statement
Microchip Technology Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income |
|---|---|---|---|
| Mar 31, 2022 | 6,820,900) | 1,849,600) | 1,285,500) |
| Mar 31, 2021 | 5,438,400) | 998,100) | 349,400) |
| Mar 31, 2020 | 5,274,200) | 647,100) | 570,600) |
| Mar 31, 2019 | 5,349,500) | 714,300) | 355,900) |
| Mar 31, 2018 | 3,980,800) | 936,300) | 255,400) |
| Mar 31, 2017 | 3,407,807) | 275,817) | 164,639) |
| Mar 31, 2016 | 2,173,334) | 352,345) | 324,132) |
| Mar 31, 2015 | 2,147,036) | 425,620) | 369,009) |
| Mar 31, 2014 | 1,931,217) | 458,864) | 395,281) |
| Mar 31, 2013 | 1,581,623) | 178,553) | 127,389) |
| Mar 31, 2012 | 1,383,176) | 396,516) | 336,705) |
| Mar 31, 2011 | 1,487,205) | 474,183) | 418,950) |
| Mar 31, 2010 | 947,729) | 244,959) | 217,005) |
| Mar 31, 2009 | 903,297) | 233,328) | 248,820) |
| Mar 31, 2008 | 1,035,737) | 301,665) | 297,748) |
| Mar 31, 2007 | 1,039,671) | 347,811) | 357,029) |
| Mar 31, 2006 | 927,893) | 326,364) | 242,369) |
| Mar 31, 2005 | 846,936) | 258,647) | 213,785) |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The financial trajectory from 2005 to 2022 is characterized by substantial top-line growth accompanied by fluctuating operational efficiency and net profitability. While revenue expanded consistently over the long term, earnings demonstrated higher volatility, indicating varying cost structures or external economic impacts over the seventeen-year period.
- Revenue Growth Trends
- Net sales increased from 846.9 million in 2005 to 6.82 billion in 2022. This growth occurred in three distinct phases: a period of modest increase between 2005 and 2010, a phase of steady expansion from 2011 to 2016, and a period of rapid acceleration starting in 2017. Notably, sales grew from 2.17 billion in 2016 to 6.82 billion in 2022, representing a significant scaling of market reach and volume.
- Operational Performance and Volatility
- Operating income exhibited significant volatility relative to sales growth. After reaching 474.1 million in 2011, operating income experienced a sharp contraction to 178.5 million by 2013. A period of recovery and subsequent acceleration began in 2018, with operating income rising from 936.3 million in 2018 to a peak of 1.85 billion in 2022, indicating a substantial increase in operational leverage during the final year of the analyzed period.
- Net Income Analysis
- Net income patterns generally mirrored operating income but showed specific periods of divergence. A significant anomaly is observed in 2017, where net income dropped to 164.6 million despite a substantial increase in net sales to 3.4 billion and an operating income of 275.8 million. This suggests the presence of significant non-operating expenses or one-time charges during that fiscal year. Recovery followed, leading to a record net income of 1.28 billion in 2022.
- Profitability Ratios and Margins
- The relationship between sales and profit suggests varying margin stability. While the company maintained a strong presence, the gap between operating income and net income fluctuated, particularly between 2017 and 2020. However, the 2022 results indicate a simultaneous peak in both operating and net margins, reflecting an optimal alignment of revenue growth and cost management.
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Balance Sheet: Assets
Microchip Technology Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Mar 31, 2022 | 2,452,600) | 16,199,500) |
| Mar 31, 2021 | 2,145,200) | 16,478,800) |
| Mar 31, 2020 | 2,217,200) | 17,426,100) |
| Mar 31, 2019 | 2,214,800) | 18,350,000) |
| Mar 31, 2018 | 3,356,300) | 8,257,200) |
| Mar 31, 2017 | 2,305,040) | 7,686,881) |
| Mar 31, 2016 | 3,096,713) | 5,567,515) |
| Mar 31, 2015 | 2,664,617) | 4,780,713) |
| Mar 31, 2014 | 1,969,399) | 4,067,630) |
| Mar 31, 2013 | 2,236,370) | 3,851,405) |
| Mar 31, 2012 | 2,015,861) | 3,083,776) |
| Mar 31, 2011 | 1,774,983) | 2,968,058) |
| Mar 31, 2010 | 1,610,969) | 2,516,313) |
| Mar 31, 2009 | 1,742,789) | 2,421,439) |
| Mar 31, 2008 | 1,717,730) | 2,512,307) |
| Mar 31, 2007 | 1,084,737) | 2,269,541) |
| Mar 31, 2006 | 1,118,829) | 2,350,596) |
| Mar 31, 2005 | 1,075,348) | 1,817,554) |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The asset base of Microchip Technology Inc. exhibited substantial expansion between 2005 and 2022, characterized by a distinct shift in asset composition and a significant increase in total valuation.
- Total Asset Growth Trajectory
- Total assets grew steadily from 1.82 billion USD in 2005 to 5.57 billion USD by 2016. A period of rapid acceleration followed, with total assets increasing to 7.69 billion USD in 2017 and reaching a peak of 18.35 billion USD in 2019. Between 2019 and 2022, a moderate downward trend is observed, with total assets declining to 16.20 billion USD.
- Current Asset Performance
- Current assets displayed more volatility than total assets. From a base of 1.08 billion USD in 2005, current assets reached a peak of 3.36 billion USD in 2018. Notable fluctuations occurred during this period, specifically in 2014 and 2017, where values dipped before rebounding. From 2019 to 2022, current assets stabilized, fluctuating between 2.15 billion USD and 2.45 billion USD.
- Structural Shift in Asset Composition
- A significant change in the asset structure is observable. In 2005, current assets constituted approximately 59% of total assets. By 2019, this proportion decreased to approximately 12%, despite the increase in absolute value. This suggests a massive accumulation of non-current assets relative to liquid assets, indicating a shift toward long-term investments, intangible assets, or the effects of large-scale acquisitions.
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Balance Sheet: Liabilities and Stockholders’ Equity
Microchip Technology Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|
| Mar 31, 2022 | 1,399,000) | 7,687,400) | 5,894,800) |
| Mar 31, 2021 | 2,409,600) | 8,904,100) | 5,337,100) |
| Mar 31, 2020 | 1,637,400) | 9,482,200) | 5,585,500) |
| Mar 31, 2019 | 2,374,500) | 10,307,000) | 5,287,500) |
| Mar 31, 2018 | 2,017,400) | 3,068,300) | 3,279,800) |
| Mar 31, 2017 | 704,450) | 2,950,476) | 3,270,711) |
| Mar 31, 2016 | 382,009) | 2,483,037) | 2,150,919) |
| Mar 31, 2015 | 353,972) | 1,826,858) | 2,044,654) |
| Mar 31, 2014 | 336,079) | 1,020,758) | 2,135,461) |
| Mar 31, 2013 | 341,611) | 983,385) | 1,933,470) |
| Mar 31, 2012 | 247,873) | 355,050) | 1,990,673) |
| Mar 31, 2011 | 340,316) | 347,334) | 1,812,438) |
| Mar 31, 2010 | 203,390) | 340,672) | 1,533,380) |
| Mar 31, 2009 | 155,645) | 1,149,184) | 990,766) |
| Mar 31, 2008 | 191,081) | 1,150,128) | 1,036,223) |
| Mar 31, 2007 | 255,920) | —) | 2,004,368) |
| Mar 31, 2006 | 608,969) | 268,954) | 1,726,189) |
| Mar 31, 2005 | 306,665) | 45,454) | 1,485,734) |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The financial trajectory from 2005 to 2022 is characterized by a significant escalation in leverage and a corresponding expansion of the equity base, particularly in the latter half of the period. While the early years showed relative stability in obligations, the period following 2017 indicates a strategic shift in capital structure and financing activities.
- Current Liabilities Trends
- Short-term obligations remained relatively contained between 2005 and 2016, generally fluctuating below 400 million USD. A regime shift occurred in 2017, where liabilities rose to approximately 704 million USD, followed by a sharp increase to over 2 billion USD by 2018. Current liabilities peaked in 2019 at approximately 2.37 billion USD, before stabilizing in a higher range between 1.4 billion and 2.4 billion USD through 2022.
- Total Debt Analysis
- Debt levels exhibited significant volatility and growth over the observed timeframe. Following a period of fluctuation between 2005 and 2012, a steady upward trend began in 2013, with debt rising from 983 million USD to approximately 3.07 billion USD by 2018. A dramatic surge occurred in 2019, with total debt peaking at 10.31 billion USD. Since this peak, a consistent deleveraging trend has been observed, with total debt reducing to 7.69 billion USD by March 31, 2022.
- Stockholders’ Equity Growth
- Equity showed a long-term upward trajectory, starting at 1.49 billion USD in 2005 and reaching 5.89 billion USD by 2022. Growth was gradual until 2016, after which the pace of equity accumulation accelerated. Notably, equity increased from 2.15 billion USD in 2016 to 3.27 billion USD in 2017, and further expanded to exceed 5 billion USD from 2019 onward, reflecting a substantial increase in the book value of the company.
- Capital Structure and Solvency Observations
- The relationship between debt and equity underwent a fundamental change in 2019. Prior to this year, the company maintained a conservative leverage profile. The 2019 spike in total debt suggests a major financing event or acquisition. While the debt-to-equity ratio increased sharply during this period, the simultaneous growth in stockholders' equity and the subsequent reduction in total debt since 2019 indicate a transition toward stabilizing the balance sheet and reducing financial risk.
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Cash Flow Statement
Microchip Technology Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Mar 31, 2022 | 2,842,700) | (477,700) | (2,327,600) |
| Mar 31, 2021 | 1,916,500) | (173,300) | (1,864,200) |
| Mar 31, 2020 | 1,543,800) | (133,200) | (1,438,200) |
| Mar 31, 2019 | 1,674,800) | (6,811,000) | 4,663,500) |
| Mar 31, 2018 | 1,419,600) | (1,011,700) | (415,300) |
| Mar 31, 2017 | 1,050,104) | (2,837,973) | 595,461) |
| Mar 31, 2016 | 744,483) | 800,397) | (59,944) |
| Mar 31, 2015 | 721,182) | (678,317) | 98,548) |
| Mar 31, 2014 | 676,564) | (503,279) | (235,016) |
| Mar 31, 2013 | 446,179) | (936,756) | 382,170) |
| Mar 31, 2012 | 396,458) | (256,482) | (208,145) |
| Mar 31, 2011 | 582,661) | (187,850) | (183,017) |
| Mar 31, 2010 | 452,047) | (195,262) | (210,984) |
| Mar 31, 2009 | 308,654) | (19,827) | (330,234) |
| Mar 31, 2008 | 447,307) | 55,655) | (182,703) |
| Mar 31, 2007 | 429,769) | (442,224) | (385,341) |
| Mar 31, 2006 | 437,323) | (136,602) | 195,822) |
| Mar 31, 2005 | 352,710) | (370,729) | (18,585) |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The company has demonstrated a consistent and significant expansion in its ability to generate cash from core operations over the seventeen-year period analyzed. Net cash provided by operating activities grew from $352.7 million in 2005 to $2.84 billion by 2022, representing a substantial increase in operational liquidity and scale. While a temporary contraction occurred in 2009, the subsequent trend shows an accelerated growth trajectory, particularly after 2016, when operating cash flows consistently exceeded $1 billion annually.
- Operating Cash Flow Dynamics
- A sustained upward trend is observed in operating cash flows, with a notable acceleration beginning in 2017. The growth from $1.05 billion in 2017 to $2.84 billion in 2022 suggests an increase in profitability and efficiency in converting earnings into cash. The resilience of these flows is evident as they continued to climb even during the 2020 period, reflecting strong fundamental demand and pricing power.
- Investment Expenditure and Strategic Acquisitions
- Investing activities are characterized by high volatility, shifting between moderate capital expenditures and massive strategic outlays. Significant cash outflows were recorded in 2017 ($2.84 billion) and peaked in 2019 with a disbursement of $6.81 billion. These spikes indicate a strategy of aggressive growth through acquisitions or major infrastructure investments, contrasting with periods of minimal investing activity, such as in 2020 and 2021.
- Financing Strategies and Capital Structure
- Financing activities show a transition from sporadic borrowing and repayments to large-scale capital movements. A significant inflow of $4.66 billion in 2019 aligns with the peak in investing outflows, suggesting that major acquisitions were heavily funded through debt or equity issuance. In the subsequent years from 2020 to 2022, the company transitioned to consistent and increasing net cash outflows in financing, ranging from $1.44 billion to $2.33 billion, which is typically indicative of debt repayment, share repurchases, or dividend distributions.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a cycle of organic growth followed by leveraged expansion. The period between 2017 and 2019 shows a strategic pivot where operating cash was supplemented by financing to fund massive investments. By 2022, the company achieved a state of high internal cash generation, allowing it to fund both its investments and significant financing outflows (capital returns) simultaneously without compromising operational stability.
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Per Share Data
Microchip Technology Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Mar 31, 2022 | 2.33 | 2.27 | 0.91 |
| Mar 31, 2021 | 0.67 | 0.65 | 0.75 |
| Mar 31, 2020 | 1.19 | 1.11 | 0.73 |
| Mar 31, 2019 | 0.76 | 0.71 | 0.73 |
| Mar 31, 2018 | 0.55 | 0.52 | 0.73 |
| Mar 31, 2017 | 0.38 | 0.36 | 0.72 |
| Mar 31, 2016 | 0.80 | 0.75 | 0.72 |
| Mar 31, 2015 | 0.92 | 0.83 | 0.72 |
| Mar 31, 2014 | 1.00 | 0.91 | 0.71 |
| Mar 31, 2013 | 0.33 | 0.31 | 0.71 |
| Mar 31, 2012 | 0.88 | 0.83 | 0.70 |
| Mar 31, 2011 | 1.12 | 1.08 | 0.69 |
| Mar 31, 2010 | 0.59 | 0.58 | 0.68 |
| Mar 31, 2009 | 0.68 | 0.67 | 0.68 |
| Mar 31, 2008 | 0.72 | 0.70 | 0.61 |
| Mar 31, 2007 | 0.83 | 0.81 | 0.49 |
| Mar 31, 2006 | 0.58 | 0.57 | 0.29 |
| Mar 31, 2005 | 0.52 | 0.51 | 0.11 |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2022 is characterized by significant volatility in earnings contrasted with a highly stable and progressive dividend policy. While earnings per share experienced several cycles of growth and contraction, the dividend payouts remained resilient, often decoupled from short-term profitability fluctuations.
- Earnings per Share (EPS) Trends
- Basic and diluted earnings per share exhibit a pattern of cyclical volatility. From a starting point of 0.52 (Basic) in 2005, earnings peaked in 2011 at 1.12 before experiencing a sharp decline to 0.33 in 2013. Subsequent recovery led to a peak of 1.19 in 2020, followed by a substantial surge to 2.33 by March 31, 2022. The minimal variance between basic and diluted EPS throughout the period indicates that the impact of dilutive instruments on shareholder value has remained consistently low.
- Dividend Distribution Patterns
- Dividend per share demonstrates a disciplined upward trajectory. A period of rapid growth is observed between 2005 and 2009, where payments increased from 0.11 to 0.68. Following this growth phase, the dividend entered a period of extreme stability between 2010 and 2021, maintaining a tight range between 0.68 and 0.75. A notable step-up to 0.91 occurred in 2022, aligning with the significant increase in annual earnings.
- Analysis of Dividend Sustainability
- A divergence is evident between earnings volatility and dividend consistency. In several fiscal years, specifically 2013 and 2017, the dividend per share exceeded the basic earnings per share. The maintenance of dividend payments during these troughs suggests a strategic commitment to shareholder returns, likely supported by retained earnings or cash reserves, ensuring that distributions remained unaffected by temporary earnings contractions.
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