Selected Financial Data
since 2005
Income Statement
Albemarle Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit | Net income attributable to Albemarle Corporation |
|---|---|---|---|
| Dec 31, 2022 | 7,320,104) | 2,470,061) | 2,689,816) |
| Dec 31, 2021 | 3,327,957) | 798,434) | 123,672) |
| Dec 31, 2020 | 3,128,909) | 505,812) | 375,764) |
| Dec 31, 2019 | 3,589,427) | 666,123) | 533,228) |
| Dec 31, 2018 | 3,374,950) | 911,540) | 693,562) |
| Dec 31, 2017 | 3,071,976) | 587,749) | 54,850) |
| Dec 31, 2016 | 2,677,203) | 574,551) | 643,675) |
| Dec 31, 2015 | 3,651,335) | 442,435) | 334,906) |
| Dec 31, 2014 | 2,445,548) | 271,298) | 133,316) |
| Dec 31, 2013 | 2,616,416) | 582,909) | 413,171) |
| Dec 31, 2012 | 2,745,420) | 406,164) | 311,536) |
| Dec 31, 2011 | 2,869,005) | 587,840) | 436,280) |
| Dec 31, 2010 | 2,362,764) | 414,848) | 323,720) |
| Dec 31, 2009 | 2,005,394) | 186,280) | 178,368) |
| Dec 31, 2008 | 2,467,115) | 220,917) | 194,202) |
| Dec 31, 2007 | 2,336,187) | 309,887) | 229,690) |
| Dec 31, 2006 | 2,368,506) | 177,484) | 142,969) |
| Dec 31, 2005 | 2,107,499) | 163,896) | 114,867) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by a period of moderate growth and volatility followed by a period of exponential expansion in both top-line and bottom-line results.
- Revenue Growth and Trends
- Net sales exhibited relative stability between 2005 and 2014, generally oscillating between 2.0 billion and 2.8 billion US dollars. A growth phase emerged between 2015 and 2019, with sales reaching a peak of 3.59 billion US dollars in 2019. After a contraction in 2020 to 3.13 billion US dollars, a substantial increase is observed in 2022, where net sales surged to 7.32 billion US dollars, marking the highest revenue level in the analyzed period.
- Operating Profitability
- Operating profit demonstrated a general upward trend over the 17-year period. From a baseline of 163.9 million US dollars in 2005, operating profit grew to a peak of 911.5 million US dollars by 2018. While profitability experienced a decline between 2019 and 2020, falling to 505.8 million US dollars, it recovered sharply in 2022 to reach 2.47 billion US dollars. This indicates a significant expansion in operating margins, particularly in the final year of the data set.
- Net Income Volatility
- Net income attributable to the corporation showed significant fluctuations. Notable contractions occurred in 2014 (133.3 million US dollars) and 2017 (54.8 million US dollars), despite relatively strong net sales in those years. A dramatic shift occurred in 2022, with net income escalating to 2.69 billion US dollars. Notably, the 2022 net income exceeds the operating profit for the same period, suggesting the presence of significant non-operating gains or one-time financial benefits.
- Comparative Margin Analysis
- The relationship between sales and profits shifted from a low-margin profile in the mid-2000s to a high-margin profile by 2022. In 2005, the operating margin was approximately 7.8%, whereas by 2022, it increased to approximately 33.7%. The net profit margin exhibited the most extreme variance, moving from a low of approximately 1.8% in 2017 to approximately 36.7% in 2022.
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Balance Sheet: Assets
Albemarle Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 5,186,917) | 15,456,522) |
| Dec 31, 2021 | 2,007,981) | 10,974,118) |
| Dec 31, 2020 | 2,206,184) | 10,450,946) |
| Dec 31, 2019 | 2,225,109) | 9,860,863) |
| Dec 31, 2018 | 1,998,421) | 7,581,674) |
| Dec 31, 2017 | 2,477,563) | 7,750,772) |
| Dec 31, 2016 | 3,306,618) | 8,161,207) |
| Dec 31, 2015 | 1,831,003) | 9,615,014) |
| Dec 31, 2014 | 3,348,850) | 5,223,103) |
| Dec 31, 2013 | 1,482,915) | 3,584,797) |
| Dec 31, 2012 | 1,407,313) | 3,437,291) |
| Dec 31, 2011 | 1,355,620) | 3,203,824) |
| Dec 31, 2010 | 1,348,198) | 3,068,081) |
| Dec 31, 2009 | 1,032,087) | 2,771,557) |
| Dec 31, 2008 | 1,178,923) | 2,872,717) |
| Dec 31, 2007 | 1,053,438) | 2,830,450) |
| Dec 31, 2006 | 960,854) | 2,530,368) |
| Dec 31, 2005 | 873,663) | 2,547,243) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a significant long-term expansion in the asset base from 2005 to 2022. Total assets grew from approximately $2.55 billion to $15.46 billion, representing a substantial increase in the overall scale of the organization's resources over the seventeen-year period.
- Total Asset Growth Trends
- A period of gradual growth was observed between 2005 and 2013, during which total assets increased from $2.55 billion to $3.58 billion. A sharp acceleration occurred in 2014 and 2015, with total assets peaking at $9.62 billion by the end of 2015. Following a slight contraction and stabilization period between 2016 and 2018, assets resumed a steady upward trajectory, culminating in a significant surge to $15.46 billion in 2022.
- Current Asset Volatility
- Current assets demonstrated higher volatility compared to total assets. While they grew steadily from $873.7 million in 2005 to $1.48 billion in 2013, the subsequent years were marked by fluctuations. Notable spikes occurred in 2014 ($3.35 billion) and 2016 ($3.31 billion), followed by a period of relative stability between 2017 and 2021. The most substantial increase in liquidity was recorded in 2022, where current assets rose to $5.19 billion.
- Asset Composition and Structure
- The relationship between current and total assets shifted notably over the analyzed period. In 2015, a significant divergence is observed where total assets reached $9.62 billion while current assets dropped to $1.83 billion, indicating a heavy concentration of value in non-current assets during that fiscal year. By 2022, the composition shifted back toward higher liquidity, with current assets representing approximately one-third of the total asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
Albemarle Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term debt, including current portion | Total Albemarle Corporation shareholders’ equity | |
|---|---|---|---|
| Dec 31, 2022 | 2,741,015) | 3,217,100) | 7,982,627) |
| Dec 31, 2021 | 1,874,335) | 2,394,239) | 5,625,266) |
| Dec 31, 2020 | 1,801,849) | 3,572,058) | 4,268,227) |
| Dec 31, 2019 | 1,408,996) | 3,050,257) | 3,932,250) |
| Dec 31, 2018 | 1,183,173) | 1,705,210) | 3,585,321) |
| Dec 31, 2017 | 1,200,925) | 1,837,372) | 3,674,549) |
| Dec 31, 2016 | 1,140,103) | 2,369,262) | 3,795,062) |
| Dec 31, 2015 | 1,616,685) | 3,852,019) | 3,254,392) |
| Dec 31, 2014 | 1,139,886) | 2,934,131) | 1,359,465) |
| Dec 31, 2013 | 436,363) | 1,078,864) | 1,627,361) |
| Dec 31, 2012 | 385,009) | 699,288) | 1,833,598) |
| Dec 31, 2011 | 401,178) | 763,673) | 1,591,277) |
| Dec 31, 2010 | 364,177) | 860,910) | 1,416,074) |
| Dec 31, 2009 | 353,264) | 812,713) | 1,205,696) |
| Dec 31, 2008 | 438,367) | 932,264) | 1,065,771) |
| Dec 31, 2007 | 402,917) | 723,938) | 1,278,305) |
| Dec 31, 2006 | 482,949) | 732,590) | 1,028,098) |
| Dec 31, 2005 | 421,917) | 833,453) | 930,275) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position of the organization underwent a significant transformation between 2005 and 2022, characterized by a substantial expansion of the balance sheet. While the early period from 2005 to 2013 showed relatively stable and modest growth in liabilities and equity, a sharp inflection point occurred in 2014, leading to a higher scale of capital operations and increased leverage.
- Current Liabilities Trends
- Current liabilities remained relatively stagnant for nearly a decade, fluctuating between 353 million and 438 million US dollars from 2005 to 2013. A marked increase occurred in 2014, where liabilities jumped to 1.14 billion US dollars. This upward trajectory continued over the following years, culminating in a peak of 2.74 billion US dollars by December 31, 2022, representing a significant increase in short-term obligations.
- Long-term Debt Analysis
- Long-term debt exhibited volatility with a distinct shift in scale starting in 2014. Prior to this, debt levels hovered between 699 million and 932 million US dollars. In 2014, long-term debt surged to 2.93 billion US dollars and peaked at 3.85 billion US dollars in 2015. Despite a period of reduction between 2016 and 2018, debt levels rose again, reaching 3.57 billion US dollars in 2020 before settling at 3.22 billion US dollars in 2022.
- Shareholders' Equity Evolution
- Total shareholders' equity demonstrated a strong long-term growth pattern. From 2005 to 2013, equity grew steadily from 930 million to 1.63 billion US dollars. Following a brief decline in 2014, there was a massive increase to 3.25 billion US dollars in 2015. Equity growth accelerated further in the final years of the period, reaching 7.98 billion US dollars by 2022, indicating a substantial increase in the book value of the company.
- Capital Structure and Solvency Observations
- The relationship between debt and equity shifted over time. In the early years, long-term debt was often comparable to or exceeded shareholders' equity. However, from 2015 onward, the growth in equity significantly outpaced the growth in long-term debt. By 2022, the equity base of 7.98 billion US dollars provided a much larger cushion against the 3.22 billion US dollars in long-term debt, suggesting an improvement in the overall solvency profile and a reduced debt-to-equity ratio compared to the 2014-2015 peak leverage period.
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Cash Flow Statement
Albemarle Corp., 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 |
|---|---|---|---|
| Dec 31, 2022 | 1,907,849) | (1,422,649) | 611,887) |
| Dec 31, 2021 | 344,257) | (666,590) | 50,212) |
| Dec 31, 2020 | 798,914) | (863,573) | 177,261) |
| Dec 31, 2019 | 719,374) | (1,663,625) | 1,042,687) |
| Dec 31, 2018 | 546,165) | (303,695) | (786,526) |
| Dec 31, 2017 | 303,979) | (357,803) | (1,086,868) |
| Dec 31, 2016 | 733,403) | 2,920,488) | (1,577,903) |
| Dec 31, 2015 | 360,689) | (2,160,552) | (478,325) |
| Dec 31, 2014 | 492,609) | (46,133) | 1,609,329) |
| Dec 31, 2013 | 432,859) | (157,742) | (288,046) |
| Dec 31, 2012 | 488,766) | (301,161) | (177,294) |
| Dec 31, 2011 | 487,359) | (212,936) | (329,119) |
| Dec 31, 2010 | 331,309) | (92,191) | (7,938) |
| Dec 31, 2009 | 358,525) | (121,630) | (180,783) |
| Dec 31, 2008 | 315,747) | (163,704) | (13,621) |
| Dec 31, 2007 | 242,542) | (132,930) | (139,670) |
| Dec 31, 2006 | 376,294) | (145,120) | (143,525) |
| Dec 31, 2005 | 168,862) | (78,027) | (69,229) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 reflects a significant expansion in operational scale and periodic strategic shifts in capital allocation and financing. The most prominent trend is the substantial growth in cash generated from core operations, which reached a peak in the final year of the analyzed period.
- Operating Cash Flow Trends
- Cash provided by operating activities grew from 168.8 million in 2005 to 1.9 billion in 2022. While growth was generally positive, the trajectory was non-linear. A period of relative stability was observed between 2008 and 2014, with values typically ranging between 300 million and 500 million. A notable surge occurred in 2016, reaching 733.4 million, followed by a significant acceleration from 2019 onwards, culminating in a record high in 2022 that represents a nearly six-fold increase over the 2021 levels.
- Investing Activities and Capital Expenditure
- Investing activities were consistently negative for the majority of the period, indicating ongoing capital expenditures and investments. However, two extreme anomalies occurred between 2015 and 2016. A significant cash outflow of 2.16 billion was recorded in 2015, immediately followed by a massive cash inflow of 2.92 billion in 2016, suggesting a major asset divestiture or strategic liquidation. In more recent years, investing outflows have intensified, with substantial expenditures recorded in 2019 (-1.66 billion) and 2022 (-1.42 billion), signaling an increase in strategic investments or infrastructure expansion.
- Financing Activity Patterns
- Financing activities remained predominantly negative from 2005 to 2013, reflecting a trend of debt repayment or shareholder returns. This shifted in 2014 with a substantial cash inflow of 1.6 billion. Following this, there were significant outflows in 2016 and 2017, totaling approximately 2.66 billion. A return to positive financing cash flows was observed from 2019 through 2022, with a notable inflow of 1.04 billion in 2019 and 611.8 million in 2022, indicating periods of capital raising or increased borrowing to support growth and investments.
- Overall Cash Flow Dynamics
- The relationship between the three cash flow components suggests a strategic evolution. The period ending in 2022 is characterized by a surge in operating cash flow that more than offset the heavy investing outflows of that year. The volatility in investing and financing activities between 2014 and 2017 points to a major corporate restructuring or portfolio optimization, while the recent trend shows a company leveraging both operational strength and external financing to fund aggressive investment.
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Per Share Data
Albemarle Corp., 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 |
|---|---|---|---|
| Dec 31, 2022 | 22.97 | 22.84 | 1.58 |
| Dec 31, 2021 | 1.07 | 1.06 | 1.56 |
| Dec 31, 2020 | 3.53 | 3.52 | 1.54 |
| Dec 31, 2019 | 5.03 | 5.02 | 1.47 |
| Dec 31, 2018 | 6.40 | 6.34 | 1.34 |
| Dec 31, 2017 | 0.49 | 0.49 | 1.28 |
| Dec 31, 2016 | 5.73 | 5.68 | 1.22 |
| Dec 31, 2015 | 3.01 | 3.00 | 1.16 |
| Dec 31, 2014 | 1.69 | 1.69 | 1.10 |
| Dec 31, 2013 | 4.93 | 4.90 | 0.96 |
| Dec 31, 2012 | 3.49 | 3.47 | 0.80 |
| Dec 31, 2011 | 4.82 | 4.77 | 0.67 |
| Dec 31, 2010 | 3.54 | 3.51 | 0.56 |
| Dec 31, 2009 | 1.95 | 1.94 | 0.50 |
| Dec 31, 2008 | 2.13 | 2.10 | 0.48 |
| Dec 31, 2007 | 2.41 | 2.36 | 0.42 |
| Dec 31, 2006 | 1.51 | 1.47 | 0.35 |
| Dec 31, 2005 | 1.24 | 1.21 | 0.31 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2022 is characterized by significant volatility in earnings contrasted with a consistent, linear increase in dividend distributions. While earnings experienced several sharp contractions and a massive expansion in the final year of the period, the dividend policy remained decoupled from short-term profitability fluctuations.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a non-linear trajectory over the eighteen-year period. Initial growth was observed between 2005 and 2011, reaching a peak of 4.82 in basic EPS. This was followed by a period of high volatility, featuring a sharp decline in 2014, a recovery in 2016, and a significant trough in 2017 where basic EPS fell to 0.49. Following a recovery to 6.40 in 2018, earnings declined again through 2021. The period concluded with an exceptional surge in 2022, with basic earnings per share rising to 22.97, representing the highest value in the recorded history.
- Dividend Distribution Patterns
- Dividend per share demonstrated an uninterrupted upward trend. Starting at 0.31 in 2005, the dividend increased every consecutive year to reach 1.58 by 2022. This steady progression indicates a disciplined capital return strategy that prioritizes consistent growth over mirroring the cyclical nature of the company's annual earnings.
- Earnings and Dividend Correlation
- A divergence is observed between earnings stability and dividend growth. In years of severe earnings contraction, such as 2014, 2017, and 2021, dividends continued to rise. Conversely, the massive earnings spike in 2022 did not trigger a proportional jump in dividend payments, as the increase remained incremental. This suggests a dividend policy based on long-term averages or a commitment to steady shareholder returns regardless of immediate annual performance.
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