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NATIONAL INSTRUMENTS CORP (NATI) Stock Fundamental Analysis

USA - NASDAQ:NATI - US6365181022 - Common Stock

59.98 USD
0 (0%)
Last: 10/10/2023, 8:00:01 PM
59.98 USD
0 (0%)
After Hours: 10/10/2023, 8:00:01 PM
Fundamental Rating

6

Overall NATI gets a fundamental rating of 6 out of 10. We evaluated NATI against 123 industry peers in the Electronic Equipment, Instruments & Components industry. While NATI has a great profitability rating, there are some minor concerns on its financial health. NATI is growing strongly while it is still valued neutral. This is a good combination! These ratings could make NATI a good candidate for growth investing.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

NATI had positive earnings in the past year.
In the past year NATI had a positive cash flow from operations.
In the past 5 years NATI has always been profitable.
In the past 5 years NATI always reported a positive cash flow from operatings.
NATI Yearly Net Income VS EBIT VS OCF VS FCFNATI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 0 50M 100M 150M 200M 250M

1.2 Ratios

NATI has a better Return On Assets (7.59%) than 80.95% of its industry peers.
The Return On Equity of NATI (14.73%) is better than 79.37% of its industry peers.
The Return On Invested Capital of NATI (11.62%) is better than 78.57% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for NATI is in line with the industry average of 9.37%.
The last Return On Invested Capital (11.62%) for NATI is above the 3 year average (7.47%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 7.59%
ROE 14.73%
ROIC 11.62%
ROA(3y)5.92%
ROA(5y)7.37%
ROE(3y)10.37%
ROE(5y)11.48%
ROIC(3y)7.47%
ROIC(5y)9.07%
NATI Yearly ROA, ROE, ROICNATI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2 4 6 8 10

1.3 Margins

NATI's Profit Margin of 10.37% is amongst the best of the industry. NATI outperforms 85.71% of its industry peers.
NATI's Profit Margin has improved in the last couple of years.
NATI's Operating Margin of 15.54% is amongst the best of the industry. NATI outperforms 88.89% of its industry peers.
NATI's Operating Margin has declined in the last couple of years.
NATI has a better Gross Margin (68.83%) than 98.41% of its industry peers.
In the last couple of years the Gross Margin of NATI has declined.
Industry RankSector Rank
OM 15.54%
PM (TTM) 10.37%
GM 68.83%
OM growth 3Y-5.86%
OM growth 5Y-3.61%
PM growth 3Y-11.08%
PM growth 5Y15.71%
GM growth 3Y-3.39%
GM growth 5Y-1.9%
NATI Yearly Profit, Operating, Gross MarginsNATI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 20 40 60

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5

2. Health

2.1 Basic Checks

NATI has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for NATI has been reduced compared to 1 year ago.
NATI has a worse debt/assets ratio than last year.
NATI Yearly Shares OutstandingNATI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 20M 40M 60M 80M 100M
NATI Yearly Total Debt VS Total AssetsNATI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 500M 1B 1.5B 2B

2.2 Solvency

NATI has an Altman-Z score of 5.59. This indicates that NATI is financially healthy and has little risk of bankruptcy at the moment.
NATI's Altman-Z score of 5.59 is amongst the best of the industry. NATI outperforms 80.95% of its industry peers.
The Debt to FCF ratio of NATI is 6.04, which is on the high side as it means it would take NATI, 6.04 years of fcf income to pay off all of its debts.
NATI has a better Debt to FCF ratio (6.04) than 64.29% of its industry peers.
A Debt/Equity ratio of 0.46 indicates that NATI is not too dependend on debt financing.
The Debt to Equity ratio of NATI (0.46) is worse than 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.46
Debt/FCF 6.04
Altman-Z 5.59
ROIC/WACC1.14
WACC10.19%
NATI Yearly LT Debt VS Equity VS FCFNATI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 0 200M 400M 600M 800M 1B

2.3 Liquidity

NATI has a Current Ratio of 2.49. This indicates that NATI is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 2.49, NATI is in line with its industry, outperforming 45.24% of the companies in the same industry.
NATI has a Quick Ratio of 1.54. This is a normal value and indicates that NATI is financially healthy and should not expect problems in meeting its short term obligations.
NATI has a Quick ratio (1.54) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.49
Quick Ratio 1.54
NATI Yearly Current Assets VS Current LiabilitesNATI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 200M 400M 600M 800M 1B

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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 118.10% over the past year.
Measured over the past years, NATI shows a quite strong growth in Earnings Per Share. The EPS has been growing by 12.47% on average per year.
Looking at the last year, NATI shows a quite strong growth in Revenue. The Revenue has grown by 10.28% in the last year.
Measured over the past years, NATI shows a small growth in Revenue. The Revenue has been growing by 5.14% on average per year.
EPS 1Y (TTM)118.1%
EPS 3Y11.61%
EPS 5Y12.47%
EPS Q2Q%41.67%
Revenue 1Y (TTM)10.28%
Revenue growth 3Y6.98%
Revenue growth 5Y5.14%
Sales Q2Q%5.38%

3.2 Future

The Earnings Per Share is expected to grow by 17.72% on average over the next years. This is quite good.
The Revenue is expected to grow by 8.13% on average over the next years. This is quite good.
EPS Next Y41.27%
EPS Next 2Y29.81%
EPS Next 3Y23.66%
EPS Next 5Y17.72%
Revenue Next Year4.18%
Revenue Next 2Y5.95%
Revenue Next 3Y6.85%
Revenue Next 5Y8.13%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NATI Yearly Revenue VS EstimatesNATI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B 2B 2.5B
NATI Yearly EPS VS EstimatesNATI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 26.19, the valuation of NATI can be described as expensive.
NATI's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 26.83. NATI is around the same levels.
Based on the Price/Forward Earnings ratio of 20.82, the valuation of NATI can be described as rather expensive.
NATI's Price/Forward Earnings ratio is in line with the industry average.
When comparing the Price/Forward Earnings ratio of NATI to the average of the S&P500 Index (22.88), we can say NATI is valued inline with the index average.
Industry RankSector Rank
PE 26.19
Fwd PE 20.82
NATI Price Earnings VS Forward Price EarningsNATI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NATI is on the same level as its industry peers.
NATI's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 81.64
EV/EBITDA 23.42
NATI Per share dataNATI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of NATI may justify a higher PE ratio.
A more expensive valuation may be justified as NATI's earnings are expected to grow with 23.66% in the coming years.
PEG (NY)0.63
PEG (5Y)2.1
EPS Next 2Y29.81%
EPS Next 3Y23.66%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.87%, NATI has a reasonable but not impressive dividend return.
NATI's Dividend Yield is rather good when compared to the industry average which is at 1.94. NATI pays more dividend than 92.06% of the companies in the same industry.
NATI's Dividend Yield is comparable with the S&P500 average which is at 2.30.
Industry RankSector Rank
Dividend Yield 1.87%

5.2 History

The dividend of NATI has a limited annual growth rate of 5.92%.
NATI has been paying a dividend for at least 10 years, so it has a reliable track record.
NATI has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.92%
Div Incr Years9
Div Non Decr Years11
NATI Yearly Dividends per shareNATI Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 0.2 0.4 0.6 0.8 1

5.3 Sustainability

82.37% of the earnings are spent on dividend by NATI. This is not a sustainable payout ratio.
The dividend of NATI is growing, but earnings are growing more, so the dividend growth is sustainable.
DP82.37%
EPS Next 2Y29.81%
EPS Next 3Y23.66%
NATI Yearly Income VS Free CF VS DividendNATI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 0 50M 100M 150M 200M
NATI Dividend Payout.NATI Dividend Payout, showing the Payout Ratio.NATI Dividend Payout.PayoutRetained Earnings

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NATIONAL INSTRUMENTS CORP

NASDAQ:NATI (10/10/2023, 8:00:01 PM)

After market: 59.98 0 (0%)

59.98

0 (0%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryElectronic Equipment, Instruments & Components
Earnings (Last)07-27 2023-07-27/amc
Earnings (Next)10-25 2023-10-25/amc
Inst Owners0.21%
Inst Owner Change0%
Ins Owners4.99%
Ins Owner Change0%
Market Cap7.97B
Revenue(TTM)1.73B
Net Income(TTM)179.40M
Analysts50
Price Target61.2 (2.03%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.87%
Yearly Dividend1.12
Dividend Growth(5Y)5.92%
DP82.37%
Div Incr Years9
Div Non Decr Years11
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.87%
Min EPS beat(2)-13.79%
Max EPS beat(2)12.04%
EPS beat(4)1
Avg EPS beat(4)-1.65%
Min EPS beat(4)-13.79%
Max EPS beat(4)12.04%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-2.97%
Min Revenue beat(2)-5.67%
Max Revenue beat(2)-0.28%
Revenue beat(4)0
Avg Revenue beat(4)-2.65%
Min Revenue beat(4)-5.67%
Max Revenue beat(4)-0.28%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-11.18%
EPS NY rev (1m)0%
EPS NY rev (3m)-5.08%
Revenue NQ rev (1m)99900.9%
Revenue NQ rev (3m)-5.4%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.34%
Valuation
Industry RankSector Rank
PE 26.19
Fwd PE 20.82
P/S 4.6
P/FCF 81.64
P/OCF 48.95
P/B 6.54
P/tB 20.63
EV/EBITDA 23.42
EPS(TTM)2.29
EY3.82%
EPS(NY)2.88
Fwd EY4.8%
FCF(TTM)0.73
FCFY1.22%
OCF(TTM)1.23
OCFY2.04%
SpS13.03
BVpS9.17
TBVpS2.91
PEG (NY)0.63
PEG (5Y)2.1
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA 7.59%
ROE 14.73%
ROCE 13.87%
ROIC 11.62%
ROICexc 12.51%
ROICexgc 23.26%
OM 15.54%
PM (TTM) 10.37%
GM 68.83%
FCFM 5.64%
ROA(3y)5.92%
ROA(5y)7.37%
ROE(3y)10.37%
ROE(5y)11.48%
ROIC(3y)7.47%
ROIC(5y)9.07%
ROICexc(3y)8.65%
ROICexc(5y)12.27%
ROICexgc(3y)18.12%
ROICexgc(5y)22.9%
ROCE(3y)8.92%
ROCE(5y)10.83%
ROICexgc growth 3Y-12.99%
ROICexgc growth 5Y-9.66%
ROICexc growth 3Y-18.06%
ROICexc growth 5Y-11.01%
OM growth 3Y-5.86%
OM growth 5Y-3.61%
PM growth 3Y-11.08%
PM growth 5Y15.71%
GM growth 3Y-3.39%
GM growth 5Y-1.9%
F-Score5
Asset Turnover0.73
Health
Industry RankSector Rank
Debt/Equity 0.46
Debt/FCF 6.04
Debt/EBITDA 1.57
Cap/Depr 72.02%
Cap/Sales 3.77%
Interest Coverage 250
Cash Conversion 45.28%
Profit Quality 54.38%
Current Ratio 2.49
Quick Ratio 1.54
Altman-Z 5.59
F-Score5
WACC10.19%
ROIC/WACC1.14
Cap/Depr(3y)55.4%
Cap/Depr(5y)67.95%
Cap/Sales(3y)3.5%
Cap/Sales(5y)3.95%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)118.1%
EPS 3Y11.61%
EPS 5Y12.47%
EPS Q2Q%41.67%
EPS Next Y41.27%
EPS Next 2Y29.81%
EPS Next 3Y23.66%
EPS Next 5Y17.72%
Revenue 1Y (TTM)10.28%
Revenue growth 3Y6.98%
Revenue growth 5Y5.14%
Sales Q2Q%5.38%
Revenue Next Year4.18%
Revenue Next 2Y5.95%
Revenue Next 3Y6.85%
Revenue Next 5Y8.13%
EBIT growth 1Y76.65%
EBIT growth 3Y0.72%
EBIT growth 5Y1.35%
EBIT Next Year57.07%
EBIT Next 3Y24.81%
EBIT Next 5Y13.12%
FCF growth 1Y13.48%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y23.64%
OCF growth 3Y-42.36%
OCF growth 5Y-28.15%

NATIONAL INSTRUMENTS CORP / NATI FAQ

Can you provide the ChartMill fundamental rating for NATIONAL INSTRUMENTS CORP?

ChartMill assigns a fundamental rating of 6 / 10 to NATI.


What is the valuation status for NATI stock?

ChartMill assigns a valuation rating of 4 / 10 to NATIONAL INSTRUMENTS CORP (NATI). This can be considered as Fairly Valued.


Can you provide the profitability details for NATIONAL INSTRUMENTS CORP?

NATIONAL INSTRUMENTS CORP (NATI) has a profitability rating of 7 / 10.


What are the PE and PB ratios of NATIONAL INSTRUMENTS CORP (NATI) stock?

The Price/Earnings (PE) ratio for NATIONAL INSTRUMENTS CORP (NATI) is 26.19 and the Price/Book (PB) ratio is 6.54.


What is the earnings growth outlook for NATIONAL INSTRUMENTS CORP?

The Earnings per Share (EPS) of NATIONAL INSTRUMENTS CORP (NATI) is expected to grow by 41.27% in the next year.