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

Michelin market cap is €21.5 b, and annual revenue was €23.8 b in FY 2021

€21.5 B

ML.PA Mkt cap, 27-May-2022

€23.8 B

Michelin Revenue FY, 2021
Michelin Revenue growth (FY, 2020 - FY, 2021), %16%
Michelin Gross profit (FY, 2021)7 B
Michelin Gross profit margin (FY, 2021), %29.4%
Michelin Net income (FY, 2021)1.8 B
Michelin EBIT (FY, 2021)2.8 B
Michelin Cash, 31-Dec-20214.5 B
Michelin EV25 B
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Michelin Revenue

Michelin revenue was €23.8 b in FY, 2021 which is a 16.2% 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: 49.4% from Automotive & related distribution, 26.2% from Road transportation & related distribution and 24.4% from Specialty businesses & related distribution

Michelin revenue breakdown by geographic segment: 37.3% from Europe, 34.7% from North America and 28.0% from Other

Michelin Income Statement

Annual

USDFY, 2019FY, 2020FY, 2021

Revenue

24.1b20.5b23.8b

Revenue growth, %

10%(15%)16%

Cost of goods sold

17.1b14.8b16.8b

Gross profit

7.1b5.7b7.0b

Gross profit Margin, %

29%28%29%

Sales and marketing expense

1.4b1.2b1.1b

R&D expense

687.0m646.0m682.0m

General and administrative expense

2.0b1.9b2.1b

Operating expense total

4.1b3.8b4.0b

EBIT

2.7b1.4b2.8b

EBIT margin, %

11%7%12%

Interest expense

303.0m237.0m206.0m

Interest income

4.0m11.0m

Pre tax profit

2.2b979.0m2.5b

Income tax expense

506.0m354.0m626.0m

Net Income

1.7b625.0m1.8b

EPS

9.73.510.2

Half Year

EURH1, 2019H1, 2020H1, 2021

Revenue

11.8b9.4b11.2b

Cost of goods sold

(7.4b)(7.1b)(7.8b)

Gross profit

4.4b2.3b3.5b

R&D expense

(333.0m)(311.0m)(328.0m)

Operating expense total

(2.1b)(2.0b)(2.0b)

Depreciation and amortization

(897.0m)(90.0m)(41.0m)

EBITDA

2.3b227.0m1.5b

EBIT

1.4b137.0m1.4b

Interest expense

(212.0m)(156.0m)(130.0m)

Interest income

9.0m

Pre tax profit

1.1b(58.0m)1.3b

Income tax expense

(269.0m)(79.0m)(264.0m)

Net Income

851.0m(137.0m)1.0b

Michelin Balance Sheet

Annual

USDFY, 2019FY, 2020FY, 2021

Cash

1.5b4.7b4.5b

Accounts Receivable

3.5b3.0b3.6b

Inventories

4.7b4.0b5.3b

Current Assets

11.1b13.1b15.1b

PP&E

13.2b10.8b11.2b

Goodwill

2.4b2.1b2.3b

Total Assets

31.7b31.6b34.7b

Accounts Payable

3.1b2.3b3.2b

Short-term debt

1.2b1.8b1.9b

Current Liabilities

7.1b7.1b9.0b

Long-term debt

5.9b7.0b6.1b

Non-Current Liabilities

11.4b11.9b10.7b

Total Debt

7.1b8.7b8.0b

Total Liabilities

18.4b19.0b19.7b

Common Stock

357.0m357.0m357.0m

Additional Paid-in Capital

2.8b2.7b2.7b

Total Equity

13.2b12.6b15.0b

Debt to Equity Ratio

0.5 x0.7 x0.5 x

Debt to Assets Ratio

0.2 x0.3 x0.2 x

Financial Leverage

2.4 x2.5 x2.3 x

Half Year

USDH1, 2019H1, 2020H1, 2021

Cash

1.4b2.8b3.8b

Accounts Receivable

3.8b2.8b3.5b

Inventories

5.1b4.3b4.7b

Current Assets

12.1b11.5b13.5b

PP&E

12.8b12.5b10.7b

Goodwill

2.5b2.3b2.2b

Total Assets

32.2b31.2b32.2b

Accounts Payable

3.1b1.9b2.4b

Short-term debt

2.4b2.6b1.9b

Current Liabilities

8.3b7.4b7.7b

Long-term debt

6.0b6.2b6.1b

Non-Current Liabilities

11.6b11.5b10.7b

Total Debt

8.4b8.8b8.0b

Total Liabilities

19.9b18.9b18.4b

Common Stock

360.0m357.0m357.0m

Additional Paid-in Capital

2.9b2.8b2.7b

Total Equity

12.3b12.2b13.8b

Debt to Equity Ratio

0.7 x0.7 x0.6 x

Debt to Assets Ratio

0.3 x0.3 x0.2 x

Financial Leverage

2.6 x2.5 x2.3 x

Michelin Cash Flow

Annual

USDFY, 2019FY, 2020FY, 2021

Net Income

1.7b625.0m1.8b

Depreciation and Amortization

1.8b1.8b1.7b

Accounts Receivable

(81.0m)92.0m(370.0m)

Inventories

147.0m552.0m(1.1b)

Accounts Payable

(135.0m)(19.0m)527.0m

Cash From Operating Activities

3.3b3.4b2.9b

Purchases of PP&E

(1.8b)(1.4b)(1.5b)

Cash From Investing Activities

(2.2b)(1.4b)(1.8b)

Long-term Borrowings

(238.0m)(244.0m)(244.0m)

Dividends Paid

(665.0m)(357.0m)(410.0m)

Cash From Financing Activities

(1.7b)1.3b(1.4b)

Net Change in Cash

(662.0m)3.3b(265.0m)

Interest Paid

371.0m305.0m227.0m

Income Taxes Paid

619.0m315.0m562.0m

Half Year

EURH1, 2019H1, 2020H1, 2021

Net Income

842.0m(137.0m)1.0b

Depreciation and Amortization

858.0m882.0m856.0m

Accounts Receivable

262.0m(412.0m)

Inventories

(283.0m)304.0m(629.0m)

Accounts Payable

164.0m(840.0m)186.0m

Cash From Operating Activities

769.0m490.0m1.0b

Purchases of PP&E

(769.0m)(654.0m)

Cash From Investing Activities

(1.4b)(832.0m)(656.0m)

Short-term Borrowings

603.0m

Long-term Borrowings

3.3b(114.0m)(124.0m)

Dividends Paid

(665.0m)(410.0m)

Cash From Financing Activities

(141.0m)1.7b(1.3b)

Net Change in Cash

(767.0m)1.3b(935.0m)

Interest Paid

155.0m68.0m

Income Taxes Paid

129.0m278.0m

Michelin Ratios

EURH1, 2019

Debt/Equity

0.7 x

Debt/Assets

0.3 x

Financial Leverage

2.6 x

Michelin Operating Metrics

FY, 2019FY, 2020FY, 2021

Business Lines

191919

Countries (Dealerships and Distribution Hubs)

303030

Countries (Facilities)

262626

Countries (Marketing Operations)

170170177

Dealerships and Distribution Hubs

7.62 k7.6 k7.9 k

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

219250250

Dealerships and Distribution Hubs (Asia)

1.96 k2 k2.1 k

Dealerships and Distribution Hubs (Europe)

2.95 k3 k3.2 k

Dealerships and Distribution Hubs (North America)

2.4 k2.3 k2.3 k

Dealerships and Distribution Hubs (South America)

845050

Production Capacity (Tires)

4.03 m

Production Facilities

117117123

Production Facilities (Africa, India, Middle East)

444

Production Facilities (Asia)

263232

Production Facilities (Europe)

454643

Production Facilities (North America)

373938

Production Facilities (South America)

566

R&D Facilities

999

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

111

R&D Facilities (Asia)

444

R&D Facilities (Europe)

222

R&D Facilities (North America)

111

R&D Facilities (South America)

111

Suppliers

50 k50 k50 k

Michelin Human Capital

FY, 2020FY, 2019FY, 2018
Male, percent27%27.1%20.5%
Female, percent6.4%6.2%
Male (Board)18.4%18.3%
Female (Board), percent15%15%
Male (Management), percent23.8%24.2%18.3%
Female (Management), percent9.4%9.1%6.7%
Male (Executive Leadership), percent21.8%
Male (Top Managers), percent20.3%
Other12.4%

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