CyberOptics Corporation reports 642% Net Income growth in 2020
02/18/2021 • About CyberOptics Corporation (
$CYBE) • By InTwits
CyberOptics Corporation reported FY2020 financial results today. Here are the key drivers of the company's long term financial model:
- CyberOptics Corporation is a growth stock: FY2020 revenue growth was 18.3%, 5 year revenue CAGR was 11.3% at FY2020 ROIC 9.1%
- The company has business model with low profitability: ROIC is 9.1%
- It operates with high leverage: Net Debt/EBITDA is 5.0x while industry average is -1.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 18.3%. Revenue growth showed slowdown in FY20Q4 - it was 0.1% YoY.
Gross Margin showed almost no change in FY2020. SG&A as a % of Revenue decreased on 4.7 pp from 27.0% to 22.3% in FY2020.
Net Income margin increased on 6.9 pp from 1.3% to 8.2% in FY2020.
Return on investment
The company operates at low ROIC (9.1%) and ROE (9.3%). ROIC increased on 7.0 pp from 2.0% to 9.1% in FY2020. ROE increased on 7.9 pp from 1.4% to 9.3% in FY2020.
Leverage (Debt)
Debt increased on 6.1% while cash jumped on 43.9%.
CyberOptics Corporation has no short term refinancing risk: cash is higher than short term debt (1,025.5%).
Management team
The company's CEO Subodh K Kulkarni has spent 7 years with the company. Jeffrey A Bertelsen is a the company's CFO. Jeffrey A Bertelsen has spent 15 years at the company.
Financial and operational results
CyberOptics Corporation ($CYBE) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 66.240 | 53.333 | 64.720 | 59.263 | 70.117 | 18.3% |
| Gross Profit | 29.055 | 24.760 | 28.611 | 26.302 | 31.217 | 18.7% |
| SG&A | 14.796 | 15.657 | 16.389 | 16.004 | 15.648 | -2.2% |
| EBITDA | 8.239 | 3.300 | 5.858 | 4.117 | | |
| Net Income | 11.562 | 1.312 | 2.827 | 0.774 | 5.742 | 641.9% |
Balance Sheet
|
|---|
| Cash | 10.640 | 6.944 | 9.248 | 5.836 | 8.399 | 43.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.688 | 0.819 | 19.0% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 3.141 | 3.244 | 3.3% |
Cash flow
|
|---|
| Capex | 1.363 | 1.226 | 1.964 | 1.301 | | |
Ratios
|
|---|
| Revenue growth | 61.1% | -19.5% | 21.4% | -8.4% | 18.3% | |
| EBITDA growth | -4,325.1% | -59.9% | 77.5% | -29.7% | | |
|
|---|
| Gross Margin | 43.9% | 46.4% | 44.2% | 44.4% | 44.5% | 0.1% |
| EBITDA Margin | 12.4% | 6.2% | 9.1% | 6.9% | |
| SG&A, % of revenue | 22.3% | 29.4% | 25.3% | 27.0% | 22.3% | -4.7% |
| Net Income Margin | 17.5% | 2.5% | 4.4% | 1.3% | 8.2% | 6.9% |
| CAPEX, % of revenue | 2.1% | 2.3% | 3.0% | 2.2% | | |
|
|---|
| ROIC | 15.2% | 2.2% | 6.8% | 2.0% | 9.1% | 7.0% |
| ROE | 27.2% | 2.6% | 5.2% | 1.4% | 9.3% | 7.9% |
| Net Debt/EBITDA | -1.3x | -2.1x | -1.6x | -0.5x | |
CyberOptics Corporation ($CYBE) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 16 | 16 | 21 | 17 | | 9.7% | 6.3% | 68.0% | 0.1% |
| Net Income | 1 | 2 | 2 | 1 | | 70.5% | 251.9% | - | 772.6% |
Balance Sheet
|
|---|
| Cash | 6 | 7 | 6 | 8 | | -34.8% | -31.6% | -30.1% | 43.9% |
| Short Term Debt | 1 | 1 | 1 | 1 | | 189.8% | 85.6% | 12.1% | 19.0% |
| Long Term Debt | 4 | 4 | 3 | 3 | | 4.7% | 6.2% | 7.7% | 3.3% |
Ratios
|
|---|
| Gross Margin | 44.3% | 45.7% | 41.8% | 47.0% | | -2.6% | 1.9% | -2.7% | 4.4% |
| Net Income Margin | 5.1% | 10.2% | 8.6% | 8.7% | | 1.8% | 7.1% | 11.5% | 7.7% |
Peers in Semiconductor Equipment
Below you can find CyberOptics Corporation benchmarking vs. other companies in Semiconductor Equipment industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | - | 44.0% | 8.7% | -31.0% | 218.5% |
| DAQO New Energy Corp. ($DQ) | - | 41.1% | -6.7% | 16.0% | 93.0% |
| Advanced Energy Industries, Inc. ($AEIS) | - | 38.7% | 7.1% | 9.7% | 79.5% |
| Ichor Holdings ($ICHR) | - | 61.7% | 25.6% | -24.6% | 47.3% |
| ACM Research, Inc. ($ACMR) | - | 33.4% | 104.5% | 44.1% | 45.7% |
| |
|---|
| Median (27 companies) | 5.0% | 24.7% | 14.0% | -0.2% | 16.3% |
|---|
| CyberOptics Corporation ($CYBE) | - | -19.5% | 21.4% | -8.4% | 18.3% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | 99.8% | 98.3% | 96.7% | 97.0% | 91.2% |
| PDF Solutions, Inc. ($PDFS) | 58.6% | 53.4% | 50.1% | 60.9% | 58.2% |
| Teradyne, Inc. ($TER) | 54.7% | 57.2% | 58.1% | 58.4% | 57.2% |
| Nova Measuring Instruments Ltd. ($NVMI) | 45.9% | 59.1% | 57.8% | 54.2% | 56.8% |
| Kulicke and Soffa Industries, Inc. ($KLIC) | 45.7% | 47.2% | 46.1% | 47.1% | 47.8% |
| |
|---|
| Median (27 companies) | 37.3% | 43.2% | 40.2% | 40.3% | 42.4% |
|---|
| CyberOptics Corporation ($CYBE) | 43.9% | 46.4% | 44.2% | 44.4% | 44.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | 47.6% | 23.4% | 34.3% | 16.4% | 40.8% |
| DAQO New Energy Corp. ($DQ) | 43.3% | 49.1% | 36.1% | 27.1% | 38.0% |
| Teradyne, Inc. ($TER) | 3.4% | 29.6% | 27.9% | 30.3% | 33.8% |
| Cabot Microelectronics Corporation ($CCMP) | 23.4% | 27.2% | 31.5% | 20.1% | 31.6% |
| Entegris, Inc. ($ENTG) | 21.7% | 25.6% | 27.1% | 24.7% | 29.3% |
| |
|---|
| Median (26 companies) | 11.4% | 16.2% | 16.6% | 12.9% | 15.7% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| DAQO New Energy Corp. ($DQ) | 29.5% | 19.8% | 47.4% | 79.7% | 17.5% |
| Photronics, Inc. ($PLAB) | 10.4% | 20.4% | 17.3% | 32.4% | 11.6% |
| Cabot Microelectronics Corporation ($CCMP) | 4.1% | 4.2% | 3.6% | 5.4% | 11.3% |
| Amkor Technology, Inc. ($AMKR) | 16.5% | 13.1% | 12.7% | 11.7% | 10.9% |
| ACM Research, Inc. ($ACMR) | 2.9% | 1.8% | 2.5% | 0.9% | 9.5% |
| |
|---|
| Median (25 companies) | 2.6% | 3.2% | 2.9% | 3.4% | 3.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Teradyne, Inc. ($TER) | -2.9% | 23.8% | 22.6% | 29.2% | 40.3% |
| DAQO New Energy Corp. ($DQ) | 12.7% | 23.2% | 12.2% | 5.6% | 18.5% |
| Entegris, Inc. ($ENTG) | 10.3% | 14.7% | 15.4% | 11.3% | 16.4% |
| Advanced Energy Industries, Inc. ($AEIS) | 41.2% | 45.7% | 31.3% | 6.9% | 15.5% |
| Ultra Clean Holdings, Inc. ($UCTT) | 7.8% | 27.5% | 10.5% | 4.1% | 14.8% |
| |
|---|
| Median (27 companies) | 6.9% | 13.1% | 12.1% | 5.6% | 10.5% |
|---|
| CyberOptics Corporation ($CYBE) | 15.2% | 2.2% | 6.8% | 2.0% | 9.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Veeco Instruments Inc. ($VECO) | - | - | - | 577.2x | 3.4x |
| Cohu, Inc. ($COHU) | -6.0x | -2.7x | - | 10.1x | 2.9x |
| Xperi Corporation ($XPER) | 4.2x | 5.0x | 2.6x | 6.1x | 2.1x |
| Cabot Microelectronics Corporation ($CCMP) | -1.3x | -1.8x | -1.9x | 3.6x | 2.0x |
| Entegris, Inc. ($ENTG) | 0.7x | 0.1x | 1.1x | 1.6x | 1.0x |
| |
|---|
| Median (24 companies) | -1.2x | -0.7x | -1.0x | -0.4x | -0.3x |
|---|
