Hickok Inc revenue surged on 179%
03/25/2019 • About Hickok Inc (
$HICKA) • By InTwits
Hickok Inc reported FY2018 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Hickok Inc is a fast growth stock: FY2018 revenue growth was 179%, 5 year revenue CAGR was 59.3% at FY2018 ROIC
- It operates with medium-size leverage: Net Debt/EBITDA is 0.1x while industry average is -0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Hickok Inc's Revenue surged on 179%. Revenue growth showed slowdown in FY18Q4 - it was 94.0% YoY.
Gross Margin dropped on 10.6 pp from 33.7% to 23.1% in FY2018. Gross Margin declined at -5.2 pp per annum in the last 5 years.
Net Income margin showed almost no change in FY2018.
Financial and operational results
FY ended 11/30/-0001
Hickok Inc ($HICKA) key annual financial indicators| mln. $ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 6.306 | 5.853 | 6.646 | 23.817 | 66.378 | 178.7% |
| Gross Profit | 2.695 | 2.685 | 2.311 | 8.024 | 15.304 | 90.7% |
| SG&A | | 1.799 | 2.146 | | 7.769 | |
| EBITDA | 0.063 | -0.061 | -0.732 | 3.403 | | |
| Net Income | 0.008 | -0.122 | 4.633 | 1.408 | 3.614 | 156.6% |
Balance Sheet
|
|---|
| Cash | 0.390 | 0.346 | 3.061 | 0.935 | | |
| Short Term Debt | 0.000 | 0.000 | 0.689 | 1.002 | | |
| Long Term Debt | 0.200 | 0.200 | 4.734 | 10.256 | | |
Cash flow
|
|---|
| Capex | 0.142 | 0.065 | 0.036 | 0.333 | | |
Ratios
|
|---|
| Revenue growth | -2.5% | -7.2% | 13.5% | 258.4% | 178.7% | |
| EBITDA growth | -77.6% | -197.3% | 1,098.2% | -565.1% | | |
|
|---|
| Gross Margin | 42.7% | 45.9% | 34.8% | 33.7% | 23.1% | -10.6% |
| EBITDA Margin | 1.0% | -1.0% | -11.0% | 14.3% | |
| SG&A, % of revenue | | 30.7% | 32.3% | | 11.7% | |
| Net Income Margin | 0.1% | -2.1% | 69.7% | 5.9% | 5.4% | -0.5% |
| CAPEX, % of revenue | 2.2% | 1.1% | 0.5% | 1.4% | | |
|
|---|
| ROIC | 0.0% | -4.5% | -10.6% | 15.3% | | |
| ROE | 0.3% | -4.5% | 84.3% | 15.4% | | |
| Net Debt/EBITDA | -3.0x | | | 3.0x | |
Hickok Inc ($HICKA) key quoterly financial indicators
| mln. $ | FY18Q1 | FY18Q2 | FY18Q3 | FY18Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 12 | 14 | 20 | 21 | | 404.0% | 306.2% | 173.8% | 94.0% |
| Net Income | 0 | 0 | 1 | 1 | | | 85.1% | 59.0% | 137.6% |
Balance Sheet
|
|---|
Ratios
|
|---|
| Gross Margin | 25.4% | 25.6% | 22.5% | 21.1% | | 0.7% | -15.5% | -19.4% | -6.8% |
| Net Income Margin | 3.1% | 2.9% | 7.6% | 6.4% | | 16.5% | -3.5% | -5.5% | 1.2% |
Peers in Electronic Equipment & Instrum
Below we provide Hickok Inc benchmarking against other companies in Electronic Equipment & Instrum 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 |
|---|
| Electro Scientific Industries, Inc. ($ESIO) | | -12.2% | 15.9% | -12.7% | 128.5% |
| Microvision, Inc. ($MVIS) | | 163.6% | 60.7% | -34.7% | 82.8% |
| Ipsidy Inc ($IDTY) | | | | | 66.2% |
| Magal Security Systems Ltd. ($MAGS) | | -17.8% | 6.4% | -5.2% | 44.0% |
| nLIGHT, Inc. ($LASR) | | | | 36.8% | 38.1% |
| |
|---|
| Median (61 companies) | -78.5% | 4.5% | 0.3% | 3.6% | 9.1% |
|---|
| Hickok Inc ($HICKA) | | -7.2% | 13.5% | 258.4% | 178.7% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Intellicheck, Inc. ($IDN) | 58.2% | 57.1% | 80.0% | 85.5% | 91.3% |
| Image Sensing Systems, Inc. ($ISNS) | 74.7% | 77.1% | 71.0% | 79.9% | 80.9% |
| National Instruments Corporation ($NATI) | 74.4% | 74.1% | 74.5% | 74.5% | 75.4% |
| Cognex Corporation ($CGNX) | 77.9% | 77.2% | 75.2% | 75.6% | 74.4% |
| Applied DNA Sciences Inc ($APDN) | | | 82.2% | 77.3% | 69.1% |
| |
|---|
| Median (60 companies) | 41.7% | 41.8% | 41.2% | 41.8% | 42.0% |
|---|
| Hickok Inc ($HICKA) | 42.7% | 45.9% | 34.8% | 33.7% | 23.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Cognex Corporation ($CGNX) | 32.9% | 30.1% | 31.9% | 36.0% | 30.1% |
| Coherent, Inc. ($COHR) | 14.2% | 16.7% | 18.9% | 24.9% | 26.6% |
| Hollysys Automation Technologies, Ltd. ($HOLI) | 21.3% | 26.9% | 23.5% | 16.1% | 23.9% |
| Electro Scientific Industries, Inc. ($ESIO) | -10.1% | -19.1% | -2.0% | -17.8% | 23.1% |
| FLIR Systems, Inc. ($FLIR) | 20.7% | 22.8% | 21.3% | 20.0% | 21.7% |
| |
|---|
| Median (61 companies) | 5.5% | 5.2% | 3.4% | 3.0% | 3.5% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Wrap Technologies Inc ($WRTC) | | | | | 61.4% |
| ClearSign Combustion Corporation ($CLIR) | | 80.3% | 22.1% | 17.4% | 17.7% |
| LightPath Technologies, Inc. ($LPTH) | 16.8% | 5.0% | 6.5% | 7.8% | 7.7% |
| Giga-tronics Inc ($GIGA) | 1.7% | 0.1% | 1.3% | 0.3% | 7.0% |
| Applied DNA Sciences Inc ($APDN) | 8.4% | 3.9% | 16.1% | 3.1% | 6.8% |
| |
|---|
| Median (61 companies) | 1.8% | 2.0% | 2.1% | 1.7% | 2.3% |
|---|
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Evans & Sutherland Computer Corp ($ESCC) | | | 83.3% | 39.6% | 55.3% |
| Electro Scientific Industries, Inc. ($ESIO) | -11.7% | -19.7% | -7.1% | -22.9% | 31.5% |
| Coherent, Inc. ($COHR) | 9.9% | 13.1% | 15.6% | 24.0% | 21.5% |
| Zebra Technologies Corporation ($ZBRA) | 3.3% | 0.9% | 2.2% | 10.2% | 20.8% |
| Cognex Corporation ($CGNX) | 18.3% | 15.6% | 17.7% | 25.6% | 20.1% |
| |
|---|
| Median (72 companies) | 3.3% | 2.3% | 2.2% | 1.8% | 1.1% |
|---|
| Hickok Inc ($HICKA) | 0.0% | -4.5% | -10.6% | 15.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Itron, Inc. ($ITRI) | 2.1x | 1.9x | 1.0x | 2.0x | 12.3x |
| Track Group Inc ($TRCK) | | | | | 12.2x |
| Mesa Laboratories, Inc. ($MLAB) | 0.7x | 1.1x | 1.7x | 2.0x | 3.5x |
| Trimble Inc. ($TRMB) | 1.3x | 1.7x | 1.1x | 1.3x | 3.4x |
| MTS Systems Corporation ($MTSC) | -0.0x | -0.4x | 5.8x | 3.9x | 3.2x |
| |
|---|
| Median (36 companies) | -0.7x | -0.9x | -0.8x | -0.8x | -0.9x |
|---|
