MOOG INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MOOG INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,412	2,498	2,709	2,905	2,885	2,852	3,036	3,316	3,609	3,861
Cost of revenue	1,700	1,764	1,923	2,089	2,118	2,076	2,211	2,414	2,590	2,795
Gross profit	712	734	774	816	744	776	821	898	1,012	1,057
Research and development	147	144	130	126	111	126	110	107	113	93.7
Selling, general and administrative	340	346	388	405	398	412	449	475	501	554
Operating income	238	259	262	321	216	271	283	344	404	450
Interest expense	34.6	34.6	36.2	39.3	38.9	33.9	36.8	59.8	66.3	72.1
Other non-operating income					-20.7	2.54	-1.17	-8.87	-17.3	-9.6
Pre-tax income	173	182	182	227	5.42	204	203	222	270	313
Income tax	49.2	41.3	86.8	52.4	-3.79	46.6	47.8	46.4	61	77.6
Net income to minority interests	-3.11	-0.87	0.12	0	0
Net income	127	141	95.2	175	9.21	157	155	175	209	235
EBITDA	337	349	351	406	303	361	371	433	500	553
EPS, basic	3.49	3.94	2.67	5.01	0.28	4.90	4.85	5.50	6.53	7.42
EPS, diluted	3.47	3.90	2.64	4.96	0.28	4.87	4.83	5.47	6.45	7.33
Shares, basic (weighted)	36.3	35.9	35.7	34.9	33.3	32.1	32	31.8	32	31.7
Shares, diluted (weighted)	36.5	36.2	36.1	35.2	33.4	32.3	32.1	32	32.4	32.1
Dividend per share	0.00	0.00	0.50	1.00	0.75	1.00	1.03	1.07	1.11	1.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	325	368	126	89.7	84.6	99.6	102	69	61.7	62
Receivables	688	728	794	954	856	946	990
Inventory	479	489	513	535	623	613	588	718	863	914
Other current assets	34.7	41.5	44.4	47.1	49.8	58.8	60.3	64.3	87.7	142
Total current assets	1,527	1,626	1,479	1,629	1,613	1,719	1,756	1,934	2,123	2,370
Property, plant and equipment	522	523	553	587	600	646	689	826	929	1,020
Lease right-of-use assets				0	68.4	60.4	69.1	56.1	52.6	52.8
Goodwill	740	774	797	784	822	852	805	821	834	842
Intangible assets	114	109	95.5	79.6	85	106	85.4	71.6	63.5	66.1
Other non-current assets	25.8	31.5	22.6	14.6	17.6	32.8	38.1	50.3	52.7	52.5
Total assets	3,005	3,091	2,964	3,114	3,226	3,433	3,432	3,768	4,078	4,426
Accounts payable	144	171	207	258	177	201	232	265	294	318
Accrued liabilities	117	107	170	189	220	212	215	242	313	320
Deferred revenue				137	203	264	297	338	302	373
Short-term debt	0.17	0.3	0.37	0.25	0.35	80.4	0.92	0	0	1.56
Total current liabilities	589	629	681	728	711	869	838	958	1,013	1,119
Long-term debt	1,005	957	859	833	930	823	837	863	874	944
Lease liabilities					60.8	57.3	66.2	56.4	53.2	52.5
Other non-current liabilities	4.34	5.61	35.7	30.6	118	113	116	155	166	180
Total liabilities	2,011	1,876	1,739	1,792	1,983	2,033	1,995	2,167	2,249	2,434
Total debt	1,005	957	859	833	930	904	838	863	874	946
Paid-in capital	466	492	502	511	473	510	516	608	785	839
Retained earnings	1,707	1,850	1,974	2,129	2,113	2,238	2,360	2,463	2,636	2,835
Treasury stock	-742	-739	-738	-770	-991	-1,008	-1,047	-1,058	-1,082	-1,209
Other comprehensive income	-435	-337	-373	-415	-285	-248	-311	-255	-203	-158
Shareholders' equity	988	1,214	1,225	1,322	1,243	1,400	1,437	1,602	1,829	1,993
Minority interests		0
Total equity	988	1,214	1,225	1,322	1,243	1,400	1,437	1,602	1,829	1,993
Total liabilities and equity	3,005	3,091	2,964	3,114	3,226	3,433	3,432	3,768	4,078	4,426

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	124	140	95.4	175	9.21	157	155	175	209	235
Depreciation and amortization	98.7	90.2	88.6	85.3	87	90.2	88.4	89.3	96	104
Stock-based compensation	3.27	4.58	5.8	6.46	5.66	7.46	8.88	10.6	15	16.7
Deferred income tax	4.25	10.8	30.6	-4.6	-40.8	8.16	11.7	-35	-29.7	-6.54
Change in receivables	1.67	-44.6	-67.6	-79.9	112	-73.5	-86.9
Change in inventory	12.6	-6	-32.5	-96.7	-99	19.6	-28.7	-127	-131	-51.8
Change in payables	-21.8	26.9	36	52.5	-84.1	20.5	43.3	28.6	26.4	24.7
Cash from operations	216	218	102	181	279	293	247	140	198	273
Capital expenditures	-67.2	-75.8	-94.5	-118	-88.3	-129	-139	-177	-152	-145
Acquisitions	-11	-40.5	-48.4	0	-54.3	-77.6	-11.8	0	-5.91	-41.2
Cash from investing	-79.2	-110	-142	-116	-146	-191	-85.2	-167	-156	-175
Debt issued	20	0	15	0	492	0	0
Debt repaid	-10.1	-0.17	-25.9	-0.41	-300	0	0
Share buybacks	-44.9	-8.64	-8.22	-41	-232	-31.7	-48.6	-29.3	-36.7	-143
Dividends paid	0	0	-17.9	-34.9	-25.2	-32.1	-33	-34.1	-35.5	-36.4
Cash from financing	-120	-75.7	-222	-98.7	-143	-87	-135	-22.7	-48.2	-98.3
Exchange rate effect	-3.75	10.4	1.54	-2.18	2.31	0.77	-10.3	2.04	1.32	-1.86
Net change in cash	13	43	-259	-35.2	-7.48	15.8	16.4	-48.2	-4.61	-2.32
Free cash flow	149	142	7.89	63	191	164	107	-37.7	45.9	128
Interest paid	34.2	33.8	36.7	38.9	38.4	35.2	34.8	59.5	65.4	71
Income taxes paid	41.5	44.2	34.2	36.5	59.1	44	24	69.3	78.5	100

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $387.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.2%	Gross profit / revenue.
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	16.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.1%	Pre-tax income / revenue.
Net margin	8.7%	Net income / revenue.
FCF margin	8.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	13.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.9%	Net income / average total assets.
Return on invested capital (ROIC)	16.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.5%	Research and development expense / revenue.
SG&A / revenue	13.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	91.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	92.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	38.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	179.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.09x	Current assets / current liabilities.
Quick ratio	0.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.0%	Total debt / total assets.
Liabilities / assets	53.4%	Total liabilities / total assets.
Net debt	$841.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.58x	Operating income / interest expense.
Working capital	$1.36B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	4.01x	Revenue / average property, plant and equipment.
Inventory turnover	3.32x	Cost of revenue / average inventory.
Days inventory	110 days	365 x average inventory / cost of revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
FCF conversion	92.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$134.62	Revenue / diluted weighted shares.
FCF per share	$10.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.14	Cash from operations / diluted weighted shares.
Book value per share	$69.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.38	Tangible book value / shares outstanding.
Cash per share	$2.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	9.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	22.1%	Share buybacks / free cash flow, when free cash flow is positive.

What was MOOG INC.'s revenue in fiscal 2025?

MOOG INC. reported revenue of $3.86B for fiscal 2025, 7% higher than the year before.

Was MOOG INC. profitable in fiscal 2025?

Yes. Net income was $235.0M, a net margin of 6.1%.

How much free cash flow did MOOG INC. generate in fiscal 2025?

Cash from operations of $273.1M minus capital expenditures of $144.7M left free cash flow of $128.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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