Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Price to Book Value (P/BV) since 2010
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Generac Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Gross Profit Margin
- The gross profit margin generally exhibited an upward trend from early 2017 through 2020, increasing from around 33.3% to nearly 39.4%. However, starting in 2021, it showed a decline, falling to approximately 31.8% by mid-2022 before a slight rebound to around 35.4%. This suggests improved efficiency or pricing power until 2020, followed by increased cost pressures or sales mix changes.
- Cost of Goods Sold (COGS)
- COGS as a percentage of sales decreased from approximately 66.7% in early 2017 to mid-60% levels by 2020, reflecting better cost controls or operational efficiencies. From 2021 onward, COGS increased again to over 68% at one point in early 2022, indicating rising input costs or lower margin product mix impacting profitability.
- Operating Expenses
- Operating expenses, cumulatively comprising selling, research and development (R&D), and general and administrative (G&A) costs, displayed notable fluctuations during the period. Selling expenses decreased from around 12.1% in 2017 to near 8.4%-9.3% in recent quarters, suggesting increased efficiency in sales and service functions. R&D expenses fluctuated modestly around 2.3% to 3.9%, with occasional spikes, possibly linked to increased investment in innovation at intervals. G&A expenses showed a downward trend overall, from over 6.3% in 2017 to below 4% by 2021, indicating cost optimization efforts.
- Acquisition Related Costs and Amortization of Intangibles
- Acquisition-related costs appeared only in limited periods during 2022 (around -2.0%), implying recent acquisition activities impacting expenses. Amortization of intangibles steadily decreased from -2.16% in 2017 to about -1.0% to -1.3% in 2020, followed by a gradual increase to around -2.3% in early 2022, reflecting both prior acquisitions and newer intangible asset amortization.
- Income from Operations
- Operating income margins improved significantly from 9.6% in early 2017 to highs around 23.4% by 2021 end, demonstrating strong operating leverage and profitability enhancements. However, in 2022, operating income declined to roughly 13.6%-16.8%, indicating increased costs or margin pressures.
- Interest Expense and Other Income/Expenses
- Interest expense decreased from -3.25% in 2017 to below -1% towards 2021 and 2022, showing reduced debt levels or favorable financing conditions. Investment income remained modest but positive throughout. Losses related to extinguishment of debt and pension settlement occurred sporadically, impacting non-operating expenses during selected periods. Other net expenses were small and fluctuated around zero.
- Income Before Taxes and Tax Provision
- Income before income taxes followed the pattern of operating income, peaking near 23% in late 2020 and 2021, then decreasing to approximately 12.8%-15.8% by mid-2022. The provision for income taxes varied between roughly 0.1% to -5.1%, occasionally lower in volatile quarters, influencing net profitability.
- Net Income
- Net income margins showed marked improvement, rising from a low single-digit range near 3.9% in early 2017 to double digits exceeding 18% in 2021. The margin then decreased to near 10.0%-12.1% in 2022. This pattern reflects the combined effect of earlier margin expansion followed by headwinds such as increased costs, acquisition expenses, or external factors affecting profitability.
- Summary
- The data reveals a sustained improvement in profitability and cost efficiency from 2017 through 2020, with increasing gross margins, operational leverage, and net income margins. However, from 2021 onward, profitability faced pressures from rising costs, increased acquisition-related expenses, and less favorable gross margins, leading to contraction in operating and net income margins by mid-2022. Interest expenses decreased steadily, indicating debt management, but acquisition and amortization costs have increased somewhat recently. Overall, the company experienced strong growth and margin improvement in the early years analyzed, followed by emerging margin challenges more recently.