Michelin (ML.PA) stock price, revenue, and financials

Michelin market cap is €17 b, and annual revenue was €24.14 b in FY 2019

€17 B

ML.PA Mkt cap, 15-Sept-2020

€9.4 B

Michelin Revenue H1, 2020
Michelin Gross profit (H1, 2020)2.3 B
Michelin Gross profit margin (H1, 2020), %24.3%
Michelin Net income (H1, 2020)-137 M
Michelin EBIT (H1, 2020)177 M
Michelin Cash, 30-Jun-20202.8 B
Michelin EV23 B

Michelin Revenue

Michelin revenue was €24.14 b in FY, 2019 which is a 9.6% year over year increase from the previous period.

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Michelin Revenue Breakdown

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Michelin revenue breakdown by business segment: 49.1% from Automotive & related distribution, 24.2% from Specialty businesses & related distribution and 26.7% from Road transportation & related distribution

Michelin revenue breakdown by geographic segment: 36.9% from North America, 36.7% from Europe and 26.5% from Other

Michelin Income Statement

Annual

EURFY, 2017FY, 2018FY, 2019

Revenue

22.0b22.0b24.1b

Revenue growth, %

0%10%

Cost of goods sold

14.8b14.9b17.1b

Gross profit

7.1b7.1b7.1b

Gross profit Margin, %

33%32%29%

Sales and marketing expense

1.9b1.9b1.4b

R&D expense

641.0m648.0m687.0m

General and administrative expense

1.9b1.8b2.0b

Operating expense total

4.4b4.3b4.1b

EBIT

2.6b2.6b2.7b

EBIT margin, %

12%12%11%

Interest expense

177.0m210.0m303.0m

Interest income

5.0m2.0m4.0m

Pre tax profit

2.4b2.2b2.2b

Income tax expense

661.0m570.0m506.0m

Net Income

1.7b1.7b1.7b

EPS

9.39.39.7

Half Year

EURH1, 2018H1, 2019H1, 2020

Revenue

10.6b11.8b9.4b

Cost of goods sold

7.1b8.3b7.1b

Gross profit

3.5b3.5b2.3b

Gross profit Margin, %

33%30%24%

Sales and marketing expense

932.0m667.0m577.0m

R&D expense

322.0m333.0m311.0m

General and administrative expense

943.0m1.1b972.0m

Operating expense total

2.2b2.1b2.0b

EBIT

1.4b1.3b177.0m

EBIT margin, %

13%11%2%

Interest expense

91.0m156.0m129.0m

Interest income

1.0m3.0m

Pre tax profit

1.2b1.1b(58.0m)

Income tax expense

292.0m269.0m79.0m

Net Income

917.0m844.0m(137.0m)

EPS

5.14.7(0.7)

Michelin Balance Sheet

Annual

EURFY, 2017FY, 2018FY, 2019

Cash

1.7b2.1b1.5b

Accounts Receivable

3.1b3.3b3.5b

Inventories

4.5b4.4b4.7b

Current Assets

10.8b11.2b11.1b

PP&E

10.9b11.4b13.2b

Goodwill

1.1b2.7b2.4b

Total Assets

25.3b29.4b31.7b

Accounts Payable

3.0b2.9b3.1b

Short-term debt

493.0m1.1b1.2b

Current Liabilities

5.9b6.8b7.1b

Long-term debt

2.4b5.0b5.9b

Non-Current Liabilities

8.1b10.5b11.4b

Total Debt

2.9b6.2b7.1b

Total Liabilities

14.0b17.3b18.4b

Common Stock

359.0m360.0m357.0m

Additional Paid-in Capital

2.9b2.9b2.8b

Retained Earnings

8.3b9.3b10.3b

Total Equity

11.3b12.2b13.2b

Debt to Equity Ratio

0.3 x0.5 x0.5 x

Debt to Assets Ratio

0.1 x0.2 x0.2 x

Financial Leverage

2.2 x2.4 x2.4 x

Half Year

EURH1, 2018H1, 2019H1, 2020

Cash

1021.0t1.4b2.8b

Accounts Receivable

3658.0t3.8b2.8b

Inventories

4633.0t5.1b4.3b

Current Assets

10694.0t12.1b11.5b

PP&E

11064.0t12.8b12.5b

Goodwill

2216.0t2.5b2.3b

Total Assets

27351.0t32.2b31.2b

Accounts Payable

2735.0t3.1b1.9b

Short-term debt

2564.0t2.4b2.6b

Current Liabilities

7649.0t8.3b7.4b

Long-term debt

2611.0t6.0b6.2b

Non-Current Liabilities

8223.0t11.6b11.5b

Total Debt

5175.0t8.4b8.8b

Total Liabilities

15872.0t19.9b18.9b

Common Stock

358.0t360.0m357.0m

Additional Paid-in Capital

2873.0t2.9b2.8b

Retained Earnings

7255.0t8.7b9.9b

Total Equity

11479.0t12.3b12.2b

Debt to Equity Ratio

0.5 x0.7 x0.7 x

Debt to Assets Ratio

0.2 x0.3 x0.3 x

Financial Leverage

2.4 x2.6 x2.5 x

Michelin Cash Flow

Annual

EURFY, 2017FY, 2018FY, 2019

Net Income

1.7b1.7b1.7b

Depreciation and Amortization

1.3b1.3b1.8b

Accounts Receivable

(317.0m)(52.0m)(81.0m)

Inventories

(311.0m)4.0m147.0m

Accounts Payable

404.0m(124.0m)(135.0m)

Cash From Operating Activities

2.7b2.8b3.3b

Purchases of PP&E

(1.7b)(1.7b)(1.8b)

Cash From Investing Activities

(2.1b)(4.8b)(2.2b)

Long-term Borrowings

(24.0m)(19.0m)(238.0m)

Dividends Paid

(584.0m)(637.0m)(665.0m)

Cash From Financing Activities

(719.0m)2.3b(1.7b)

Net Change in Cash

(53.0m)327.0m(662.0m)

Interest Paid

422.0m216.0m371.0m

Income Taxes Paid

563.0m497.0m619.0m

Half Year

EURH1, 2018H1, 2019H1, 2020

Net Income

917.0m844.0m(137.0m)

Depreciation and Amortization

658.0m858.0m882.0m

Accounts Receivable

(404.0m)(452.0m)262.0m

Inventories

(175.0m)(283.0m)304.0m

Accounts Payable

(96.0m)176.0m(840.0m)

Cash From Operating Activities

805.0m769.0m490.0m

Purchases of PP&E

(890.0m)(665.0m)(769.0m)

Cash From Investing Activities

(2.9b)(1.4b)(832.0m)

Long-term Borrowings

(11.0m)(113.0m)(114.0m)

Dividends Paid

(637.0m)(665.0m)

Cash From Financing Activities

1.3b(141.0m)1.7b

Net Change in Cash

(752.0m)(767.0m)1.3b

Interest Paid

98.0m180.0m155.0m

Income Taxes Paid

211.0m387.0m129.0m

Michelin Ratios

EURFY, 2017

EV/EBIT

8.9 x

EV/CFO

8.6 x

Revenue/Employee

203.7k

Debt/Equity

0.3 x

Debt/Assets

0.1 x

Financial Leverage

2.2 x

P/E Ratio

13.4

Michelin Operating Metrics

FY, 2017FY, 2018FY, 2019

Business Lines

14 14 19

Covers Booked (BookaTable)

40 m40 m

Countries (Dealerships and Distribution Hubs)

29 29 30

Countries (Facilities)

17 25 26

Countries (Marketing Operations)

170 170 170

Dealerships and Distribution Hubs

4 k7 k7.62 k

Dealerships and Distribution Hubs (Africa, India, Middle East)

219

Dealerships and Distribution Hubs (Asia)

1.96 k

Dealerships and Distribution Hubs (Europe)

2.95 k

Dealerships and Distribution Hubs (North America)

2.40 k

Dealerships and Distribution Hubs (South America)

84

Maps and Guides Published

8 m8 m

Product Lines

8

Production Capacity (Tires)

4.03 m

Production Facilities

70 67 117

Production Facilities (Africa, India, Middle East)

4

Production Facilities (Asia)

26

Production Facilities (Europe)

45

Production Facilities (North America)

37

Production Facilities (South America)

5

R&D Facilities

9

R&D Facilities (Africa, India, Middle East)

1

R&D Facilities (Asia)

4

R&D Facilities (Europe)

2

R&D Facilities (North America)

1

R&D Facilities (South America)

1

Suppliers

52 k52 k50 k

Tires Produced

190 m190 m

Michelin Human Capital

FY, 2019FY, 2018FY, 2017
Male, percent81.4 %81.9 %82.5 %
Female, percent18.6 %18.1 %17.5 %

Job Roles

FY, 2019FY, 2018FY, 2017
Female (Board), percent22.5 %
Male (Board)27.5 %
Female (Management), percent13.7 %8.9 %8.5 %
Male (Management), percent36.3 %24.4 %24.8 %
Male (Executive Leadership), percent29.1 %29.5 %
Male (Top Managers), percent27.1 %27.3 %
Female (Top Managers), percent6.2 %6 %
Other4.2 %3.9 %

Michelin Employee Rating

3.8513 votes
Culture & Values
3.8
Work/Life Balance
3.7
Senior Management
3.2
Salary & Benefits
3.5
Career Opportunities
3.4
Source