Selected Financial Data
since 2010
Income Statement
Generac Holdings Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Income from operations | Net income (loss) attributable to Generac Holdings Inc. |
|---|---|---|---|
| Dec 31, 2021 | 3,737,184) | 721,136) | 550,494) |
| Dec 31, 2020 | 2,485,200) | 479,106) | 350,576) |
| Dec 31, 2019 | 2,204,336) | 372,163) | 252,007) |
| Dec 31, 2018 | 2,023,464) | 357,181) | 238,257) |
| Dec 31, 2017 | 1,672,445) | 251,064) | 159,386) |
| Dec 31, 2016 | 1,444,453) | 204,617) | 98,788) |
| Dec 31, 2015 | 1,317,299) | 179,561) | 77,747) |
| Dec 31, 2014 | 1,460,919) | 293,375) | 174,613) |
| Dec 31, 2013 | 1,485,765) | 351,465) | 174,539) |
| Dec 31, 2012 | 1,176,306) | 223,555) | 93,223) |
| Dec 31, 2011 | 791,976) | 112,981) | 324,643) |
| Dec 31, 2010 | 592,880) | 90,296) | (97,952) |
Based on: 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).
Generac Holdings Inc. demonstrated significant top-line and bottom-line growth between 2010 and 2021, characterized by a substantial expansion in scale and a general increase in operational profitability.
- Revenue Trajectory
- Net sales exhibited a strong long-term upward trend, increasing from US$ 592.88 million in 2010 to US$ 3.737 billion in 2021. Growth was largely consistent, although a brief contraction occurred between 2014 and 2015, where sales declined from US$ 1.461 billion to US$ 1.317 billion. The most significant growth surge was observed between 2020 and 2021, with net sales increasing by approximately 50% in a single fiscal year.
- Operational Performance
- Income from operations grew from US$ 90.30 million in 2010 to US$ 721.14 million in 2021. A period of volatility is evident between 2013 and 2015, during which operating income peaked at US$ 351.47 million before retreating to US$ 179.56 million. Following 2015, the company maintained a consistent year-over-year increase in operating income, suggesting an improvement in operational leverage and cost efficiency as the business scaled.
- Net Income and Profitability
- The company moved from a net loss of US$ 97.95 million in 2010 to a substantial net profit of US$ 550.49 million in 2021. While 2011 showed an anomalous spike in net income to US$ 324.64 million, the period from 2012 to 2021 reflects a more organic and accelerating growth pattern. Net income grew steadily from US$ 98.79 million in 2016 to US$ 550.49 million in 2021, closely mirroring the growth in operating income and indicating a stable tax and interest environment.
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Balance Sheet: Assets
Generac Holdings Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 1,848,464) | 4,877,780) |
| Dec 31, 2020 | 1,669,733) | 3,235,423) |
| Dec 31, 2019 | 1,195,829) | 2,665,669) |
| Dec 31, 2018 | 1,120,769) | 2,426,314) |
| Dec 31, 2017 | 818,556) | 2,019,964) |
| Dec 31, 2016 | 683,509) | 1,861,684) |
| Dec 31, 2015 | 661,372) | 1,792,816) |
| Dec 31, 2014 | 730,478) | 1,882,542) |
| Dec 31, 2013 | 654,179) | 1,798,205) |
| Dec 31, 2012 | 522,553) | 1,603,847) |
| Dec 31, 2011 | 383,265) | 1,552,793) |
| Dec 31, 2010 | 272,519) | 1,209,883) |
Based on: 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).
The financial trajectory of the asset base from 2010 to 2021 reflects a period of sustained expansion, characterized by significant growth in both liquidity and total capital employed.
- Total Asset Expansion
- Total assets grew from US$ 1.21 billion in 2010 to US$ 4.88 billion by 2021. Growth remained consistent for the majority of the period, with a notable acceleration occurring between 2020 and 2021, during which total assets increased by approximately 50.7% in a single fiscal year.
- Current Asset Trends
- Current assets exhibited a strong upward trajectory, rising from US$ 272.5 million in 2010 to US$ 1.85 billion in 2021. A brief contraction was observed in 2015, where current assets declined from US$ 730.5 million to US$ 661.4 million, but this was followed by a period of rapid growth, particularly after 2017.
- Asset Composition and Liquidity Shift
- A structural shift in the balance sheet is evident over the analyzed decade. In 2010, current assets comprised approximately 22.5% of total assets. By 2021, this proportion increased to approximately 37.9%, indicating a significant increase in the relative weight of short-term assets and a higher overall liquidity position.
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Balance Sheet: Liabilities and Stockholders’ Equity
Generac Holdings Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total borrowings and finance lease obligations | Stockholders’ equity attributable to Generac Holdings Inc. | |
|---|---|---|---|---|
| Dec 31, 2021 | 1,155,907) | 2,605,643) | 980,056) | 2,213,774) |
| Dec 31, 2020 | 641,524) | 1,779,012) | 885,193) | 1,390,293) |
| Dec 31, 2019 | 497,064) | 1,571,591) | 898,864) | 1,032,382) |
| Dec 31, 2018 | 560,706) | 1,604,049) | 923,956) | 760,549) |
| Dec 31, 2017 | 388,872) | 1,416,204) | 928,722) | 559,552) |
| Dec 31, 2016 | 341,939) | 1,427,434) | 1,052,921) | 401,122) |
| Dec 31, 2015 | 213,224) | 1,326,945) | 1,059,348) | 465,871) |
| Dec 31, 2014 | 240,522) | 1,392,743) | 1,088,017) | 489,799) |
| Dec 31, 2013 | 250,845) | 1,481,134) | 1,197,395) | 317,071) |
| Dec 31, 2012 | 294,859) | 1,140,219) | 893,818) | 463,628) |
| Dec 31, 2011 | 165,390) | 783,904) | 597,874) | 768,889) |
| Dec 31, 2010 | 86,685) | 768,816) | 657,229) | 441,067) |
Based on: 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).
The organization experienced a significant expansion of its balance sheet between 2010 and 2021, characterized by a substantial increase in both total liabilities and stockholders' equity. Total liabilities grew from $768.8 million in 2010 to $2.61 billion by 2021. Simultaneously, stockholders' equity attributable to the company rose from $441.1 million to $2.21 billion over the same period, indicating a strengthening of the capital base.
- Current Liabilities Trends
- Current liabilities exhibited a consistent upward trajectory, increasing from $86.7 million in 2010 to $1.16 billion in 2021. A notable acceleration occurred between 2020 and 2021, during which current liabilities nearly doubled from $641.5 million to $1.16 billion, suggesting a sharp increase in short-term operational obligations.
- Debt and Borrowing Structure
- Total borrowings and finance lease obligations peaked in 2013 at approximately $1.20 billion before entering a period of gradual decline and stabilization. Between 2013 and 2020, these obligations were managed downward to $885.2 million, before increasing slightly to $980.1 million in 2021. This pattern indicates that the growth in total liabilities in the later years was driven more by current liabilities than by long-term borrowing.
- Equity Growth and Solvency
- Stockholders' equity showed volatility in the early part of the decade, declining to a low of $317.1 million in 2013. However, from 2014 onward, equity entered a phase of sustained and accelerating growth. The increase from $559.6 million in 2017 to $2.21 billion in 2021 suggests a significant accumulation of retained earnings or capital infusions, which improved the overall solvency profile by offsetting the increase in total liabilities.
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Cash Flow Statement
Generac Holdings Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2021 | 411,156) | (817,287) | (102,970) |
| Dec 31, 2020 | 486,533) | (124,095) | (30,428) |
| Dec 31, 2019 | 308,887) | (170,078) | (41,918) |
| Dec 31, 2018 | 247,227) | (108,894) | (52,034) |
| Dec 31, 2017 | 261,116) | (31,922) | (160,143) |
| Dec 31, 2016 | 253,409) | (105,822) | (195,705) |
| Dec 31, 2015 | 188,619) | (104,328) | (154,483) |
| Dec 31, 2014 | 252,986) | (95,491) | (116,023) |
| Dec 31, 2013 | 259,944) | (144,549) | (73,399) |
| Dec 31, 2012 | 235,594) | (69,345) | (151,352) |
| Dec 31, 2011 | 169,712) | (95,953) | (59,216) |
| Dec 31, 2010 | 114,481) | (11,204) | (186,001) |
Based on: 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).
The financial data from 2010 to 2021 indicates a period of significant expansion in operational efficiency and a strategic shift in capital allocation. Operating cash flows have demonstrated a consistent long-term upward trajectory, while financing activities have remained consistently negative, suggesting a persistent commitment to debt reduction or shareholder returns. A notable pivot occurred in the final year of the analyzed period, characterized by a substantial increase in investing outflows.
- Operating Cash Flow Performance
- Net cash provided by operating activities grew from 114.5 million in 2010 to 411.2 million in 2021. This represents a nearly fourfold increase over the period. The growth was relatively steady until 2020, where a significant spike to 486.5 million was observed, marking the highest operational cash generation in the recorded history.
- Investing Activities and Asset Acquisition
- For the majority of the period between 2010 and 2020, net cash used in investing activities fluctuated between 11.2 million and 170.1 million. However, 2021 saw an unprecedented increase in investing outflows, reaching 817.3 million. This abrupt surge suggests a major strategic investment, such as a large-scale acquisition or significant infrastructure expansion, that far exceeds the historical average of previous years.
- Financing Activity Trends
- Cash used in financing activities remained negative throughout the entire 11-year span, indicating that the company consistently utilized cash to settle obligations or distribute capital. Outflows were highest in 2010 at 186.0 million and generally trended downward, reaching a minimum of 30.4 million in 2020, before increasing to 103.0 million in 2021.
- Overall Cash Flow Dynamics
- The relationship between these three streams reveals a transition from a phase of steady operational growth and moderate financing outflows to a phase of aggressive investment. By 2021, the scale of investing activities exceeded the cash generated from operations, necessitating the use of existing cash reserves or external financing to fund the increased capital expenditure.
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Per Share Data
Generac Holdings 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 |
|---|---|---|---|
| Dec 31, 2021 | 8.51 | 8.30 | 0.00 |
| Dec 31, 2020 | 5.61 | 5.48 | 0.00 |
| Dec 31, 2019 | 4.09 | 4.03 | 0.00 |
| Dec 31, 2018 | 3.57 | 3.54 | 0.00 |
| Dec 31, 2017 | 2.58 | 2.56 | 0.00 |
| Dec 31, 2016 | 1.51 | 1.50 | 0.00 |
| Dec 31, 2015 | 1.14 | 1.12 | 0.00 |
| Dec 31, 2014 | 2.55 | 2.49 | 0.00 |
| Dec 31, 2013 | 2.56 | 2.51 | 5.00 |
| Dec 31, 2012 | 1.38 | 1.35 | 6.00 |
| Dec 31, 2011 | 4.84 | 4.79 | 0.00 |
| Dec 31, 2010 | -1.65 | -1.65 | 0.00 |
Based on: 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).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings profile demonstrates a transition from early volatility and net losses toward a period of sustained and accelerating growth. After an initial period of fluctuation between 2010 and 2015, profitability per share entered a consistent expansion phase.
- Earnings Per Share Trajectory
- Basic earnings per share recovered from a loss of -1.65 USD in 2010 to a peak of 4.84 USD in 2011. Following a period of instability where earnings fluctuated between 1.14 USD and 2.56 USD from 2012 through 2017, a sustained upward trend began in 2018. This acceleration resulted in Basic EPS rising from 3.57 USD in 2018 to 8.51 USD by 2021.
- Analysis of Dilution
- Diluted earnings per share tracked closely with basic earnings throughout the observation period. The narrow spread between basic and diluted figures suggests that the impact of dilutive securities remained minimal, ensuring that the growth in profitability was reflected consistently across all share classes.
- Dividend Distribution Trends
- Dividend payments were inconsistent and limited to a short timeframe. Distributions were recorded only in 2012 at 6.00 USD and 2013 at 5.00 USD. The cessation of dividends from 2014 onward, occurring simultaneously with a long-term increase in earnings, indicates a strategic shift in capital allocation, prioritizing retained earnings or reinvestment over direct cash distributions to shareholders.
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