Superconductor Technologies Inc. revenue jumped on 249% and EBITDA Margin surged on 1,281 pp from -1,744% to -463%
03/21/2019 • About Superconductor Technologies Inc. (
$SCON) • By InTwits
Superconductor Technologies Inc. reported 2018 financial results today. Here are the key drivers of the company's long term financial model:
- The company operates at negative EBITDA Margin: -463.2%
- Superconductor Technologies Inc. spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2014-2018 is 0.0%. Average EBITDA Margin for the same period was -1,506.5%
- Superconductor Technologies Inc. has high CAPEX intensity: 5 year average CAPEX/Revenue was 138.0%. At the same time it's a lot of higher than industry average of 30.9%.
- CAPEX is quite volatile: $0m in 2018, $0m in 2017, $0m in 2016, $0m in 2015, $4m in 2014
- The company has unprofitable business model: ROIC is -138.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 249%. Revenue decline was slowing down on average by 92.6 pp per annum in 2014-2018. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 22.0 pp from -6.5% to -28.5% in FY2018. During the last 5 years EBITDA Margin bottomed in 2016 at -6,950% and was growing since that time.
Gross Margin jumped on 541 pp from -663% to -122% in 2018. During 2014-2018 Gross Margin bottomed in 2016 at -2,529% and was growing since that time. SG&A as a % of Revenue dropped on 655 pp from 911% to 255% in 2018. During the last 5 years SG&A as a % of Revenue topped in 2016 at 3,928% and was declining since that time.
Net Income margin jumped on 1,614 pp from -2,136% to -523% in 2018. During the last 5 years Net Income margin bottomed in 2016 at -8,485% and was growing since that time.
Investments (CAPEX, working capital and M&A)
In 2018 the company had CAPEX/Revenue of 12.1%. Superconductor Technologies Inc.'s CAPEX/Revenue dropped on 45.6 pp from 57.8% in 2015 to 12.1% in 2018.
Return on investment
The company operates at negative ROIC (-138.6%) and ROE (-137.2%). ROIC dropped on 38.1 pp from -101% to -139% in 2018. ROE dropped on 38.0 pp from -99.2% to -137% in 2018. During the last 5 years ROIC topped in 2016 at -82.6% and was declining since that time. During 2014-2018 ROE topped in 2016 at -81.7% and was declining since that time.
Leverage (Debt)
The company has no debt. Cash jumped on 83.8%.
Financial and operational results
FY ended 12/31/2018
Superconductor Technologies Inc. ($SCON) key annual financial indicators| mln. $ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 0.632 | 0.244 | 0.131 | 0.446 | 1.556 | 248.9% |
| Gross Profit | -0.926 | -2.760 | -3.313 | -2.957 | -1.899 | |
| SG&A | 5.389 | 5.838 | 5.146 | 4.062 | 3.972 | -2.2% |
| EBITDA | -10.975 | -10.265 | -9.104 | -7.778 | -7.208 | |
| Net Income | -8.251 | -8.602 | -11.116 | -9.527 | -8.131 | |
Balance Sheet
|
|---|
| Cash | 1.238 | 7.469 | 10.452 | 3.056 | 5.616 | 83.8% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 3.704 | 0.141 | 0.000 | 0.152 | 0.189 | 24.3% |
Ratios
|
|---|
| Revenue growth | -63.0% | -61.4% | -46.3% | 240.5% | 248.9% | |
| EBITDA growth | 19.2% | -6.5% | -11.3% | -14.6% | -7.3% | |
|
|---|
| Gross Margin | -146.5% | -1,131.1% | -2,529.0% | -663.0% | -122.0% | 541.0% |
| EBITDA Margin | -1,736.6% | -4,207.0% | -6,949.6% | -1,743.9% | -463.2% | 1,280.7% |
| SG&A, % of revenue | 852.7% | 2,392.6% | 3,928.2% | 910.8% | 255.3% | -655.5% |
| Net Income Margin | -1,305.5% | -3,525.4% | -8,485.5% | -2,136.1% | -522.6% | 1,613.5% |
| CAPEX, % of revenue | 586.1% | 57.8% | 0.0% | 34.1% | 12.1% | -21.9% |
|
|---|
| ROIC | -217.6% | -148.5% | -82.6% | -100.6% | -138.6% | -38.1% |
| ROE | -145.9% | -100.5% | -81.7% | -99.2% | -137.2% | -38.0% |
Peers in Electronic Components
Below we provide Superconductor Technologies Inc. benchmarking against other companies in Electronic Components industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Akoustis Technologies, Inc. ($AKTS) | | | | | 148.3% |
| CPS Technologies Corp. ($CPSH) | | -5.9% | -29.5% | -5.0% | 48.0% |
| Littelfuse, Inc. ($LFUS) | | 1.9% | 21.7% | 15.7% | 40.7% |
| Cavitation Technologies Inc ($CVAT) | | -73.6% | 267.5% | -40.9% | 22.6% |
| Airgain, Inc. ($AIRG) | | 9.0% | 56.3% | 14.0% | 22.4% |
| |
|---|
| Median (22 companies) | | 0.0% | 2.1% | 7.7% | 14.1% |
|---|
| Superconductor Technologies Inc. ($SCON) | | -61.4% | -46.3% | 240.5% | 248.9% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Cavitation Technologies Inc ($CVAT) | 93.5% | 85.0% | 93.2% | 93.5% | 90.6% |
| Dolby Laboratories ($DLB) | 92.7% | 90.2% | 89.4% | 89.1% | 87.9% |
| Flexpoint Sensor Systems Inc ($FLXT) | 96.7% | 95.2% | 92.7% | 87.9% | 86.1% |
| Airgain, Inc. ($AIRG) | 44.6% | 41.9% | 44.4% | 47.1% | 43.7% |
| II-VI Incorporated ($IIVI) | 33.2% | 36.6% | 37.8% | 40.0% | 39.8% |
| |
|---|
| Median (22 companies) | 33.2% | 36.7% | 33.7% | 38.3% | 37.6% |
|---|
| Superconductor Technologies Inc. ($SCON) | -146.5% | -1,131.1% | -2,529.0% | -663.0% | -122.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Corning Incorporated ($GLW) | 32.2% | 27.5% | 27.9% | 27.3% | 25.4% |
| Dolby Laboratories ($DLB) | 34.1% | 29.1% | 30.9% | 30.8% | 25.1% |
| Amphenol Corporation ($APH) | 22.5% | 22.9% | 22.6% | 23.6% | 24.2% |
| Vishay Intertechnology, Inc. ($VSH) | 14.8% | 11.9% | 15.4% | 18.7% | 21.3% |
| IEH Corp ($IEHC) | 18.4% | 21.2% | 18.0% | 16.3% | 20.2% |
| |
|---|
| Median (22 companies) | 9.4% | 12.2% | 14.1% | 11.4% | 12.7% |
|---|
| Superconductor Technologies Inc. ($SCON) | -1,736.6% | -4,207.0% | -6,949.6% | -1,743.9% | -463.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Akoustis Technologies, Inc. ($AKTS) | | | | 334.0% | 574.7% |
| CBAK Energy Technology, Inc. ($CBAK) | 8.0% | 92.4% | 57.2% | 20.6% | 30.1% |
| Corning Incorporated ($GLW) | 11.1% | 13.7% | 12.0% | 17.8% | 19.9% |
| II-VI Incorporated ($IIVI) | 4.3% | 7.1% | 7.0% | 14.3% | 13.2% |
| Knowles Corporation ($KN) | 7.4% | 7.4% | 4.5% | 6.9% | 9.7% |
| |
|---|
| Median (22 companies) | 3.9% | 2.7% | 3.4% | 4.2% | 3.8% |
|---|
| Superconductor Technologies Inc. ($SCON) | 586.1% | 57.8% | 0.0% | 34.1% | 12.1% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Vishay Intertechnology, Inc. ($VSH) | 8.3% | 4.5% | 9.8% | 18.4% | 27.8% |
| IEH Corp ($IEHC) | 27.7% | 28.2% | 24.2% | 19.2% | 26.1% |
| Amphenol Corporation ($APH) | 19.1% | 18.5% | 18.3% | 19.2% | 21.1% |
| Inrad Optics Inc ($INRD) | -26.7% | -5.2% | -9.2% | -10.4% | 17.7% |
| Littelfuse, Inc. ($LFUS) | 14.3% | 11.1% | 11.7% | 15.8% | 12.1% |
| |
|---|
| Median (22 companies) | 6.9% | 6.1% | 6.4% | 7.0% | 8.4% |
|---|
| Superconductor Technologies Inc. ($SCON) | -217.6% | -148.5% | -82.6% | -100.6% | -138.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Belden Inc ($BDC) | 3.9x | 5.2x | 2.1x | 2.6x | 2.3x |
| Inrad Optics Inc ($INRD) | | 9.9x | | | 1.4x |
| Corning Incorporated ($GLW) | -0.7x | -0.0x | -0.5x | 0.3x | 1.3x |
| Bel Fuse Inc. ($BELFA) | 4.6x | 2.0x | | 1.4x | 1.3x |
| Amphenol Corporation ($APH) | 1.4x | 0.8x | 1.4x | 1.1x | 1.2x |
| |
|---|
| Median (15 companies) | -0.6x | -0.2x | -0.5x | -0.3x | 0.6x |
|---|
