NATIONAL INSTRUMENTS CORP (NATI) Fundamental Analysis & Valuation

NASDAQ:NATI • US6365181022

Current stock price

59.98 USD
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This NATI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. NATI Profitability Analysis

1.1 Basic Checks

  • In the past year NATI was profitable.
  • In the past year NATI had a positive cash flow from operations.
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 2016 2017 2018 2019 2020 2021 2022 0 50M 100M 150M 200M 250M

1.2 Ratios

  • The Return On Assets of NATI (7.59%) is better than 80.95% of its industry peers.
  • NATI's Return On Equity of 14.73% is fine compared to the rest of the industry. NATI outperforms 79.37% of its industry peers.
  • With a decent Return On Invested Capital value of 11.62%, NATI is doing good in the industry, outperforming 78.57% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for NATI is in line with the industry average of 8.33%.
  • 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 2016 2017 2018 2019 2020 2021 2022 2 4 6 8 10

1.3 Margins

  • With an excellent Profit Margin value of 10.37%, NATI belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
  • In the last couple of years the Profit Margin of NATI has grown nicely.
  • With an excellent Operating Margin value of 15.54%, NATI belongs to the best of the industry, outperforming 88.89% of the companies in the same industry.
  • NATI's Operating Margin has declined in the last couple of years.
  • The Gross Margin of NATI (68.83%) is better than 98.41% of its industry peers.
  • NATI's Gross Margin has declined in the last couple of years.
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 2016 2017 2018 2019 2020 2021 2022 20 40 60

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5

2. NATI Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), NATI is creating some value.
  • NATI has less shares outstanding than it did 1 year ago.
  • NATI has a worse debt/assets ratio than last year.
NATI Yearly Shares OutstandingNATI Yearly Shares OutstandingYearly Shares Outstanding 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 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.
  • The Altman-Z score of NATI (5.59) is better than 80.95% of its industry peers.
  • NATI has a debt to FCF ratio of 6.04. This is a slightly negative value and a sign of low solvency as NATI would need 6.04 years to pay back of all of its debts.
  • The Debt to FCF ratio of NATI (6.04) is better than 64.29% of its industry peers.
  • A Debt/Equity ratio of 0.46 indicates that NATI is not too dependend on debt financing.
  • NATI has a worse Debt to Equity ratio (0.46) 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 2016 2017 2018 2019 2020 2021 2022 0 200M 400M 600M 800M 1B

2.3 Liquidity

  • A Current Ratio of 2.49 indicates that NATI has no problem at all paying its short term obligations.
  • NATI's Current ratio of 2.49 is in line compared to the rest of the industry. NATI outperforms 45.24% of its industry peers.
  • 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 2016 2017 2018 2019 2020 2021 2022 200M 400M 600M 800M 1B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. NATI Growth Analysis

3.1 Past

  • NATI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 118.10%, which is quite impressive.
  • NATI shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 12.47% yearly.
  • Looking at the last year, NATI shows a quite strong growth in Revenue. The Revenue has grown by 10.28% in the last year.
  • The Revenue has been growing slightly by 5.14% on average over the past years.
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

  • NATI is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.72% yearly.
  • NATI is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.13% yearly.
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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
NATI Yearly Revenue VS EstimatesNATI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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4

4. NATI Valuation Analysis

4.1 Price/Earnings Ratio

  • NATI is valuated quite expensively with a Price/Earnings ratio of 26.19.
  • The rest of the industry has a similar Price/Earnings ratio as NATI.
  • NATI's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 25.35.
  • NATI is valuated rather expensively with a Price/Forward Earnings ratio of 20.82.
  • The rest of the industry has a similar Price/Forward Earnings ratio as NATI.
  • The average S&P500 Price/Forward Earnings ratio is at 22.61. NATI is around the same levels.
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 40

4.2 Price Multiples

  • NATI's Enterprise Value to EBITDA ratio is in line with the industry average.
  • 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

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

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. NATI Dividend Analysis

5.1 Amount

  • NATI has a Yearly Dividend Yield of 1.87%. Purely for dividend investing, there may be better candidates out there.
  • NATI's Dividend Yield is rather good when compared to the industry average which is at 0.46. NATI pays more dividend than 92.06% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, NATI has a dividend comparable with the average S&P500 company.
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 paid a dividend for at least 10 years, which is 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 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.
  • NATI's earnings are growing more than its dividend. This makes the dividend growth 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 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

More info and screens

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NATI Fundamentals: All Metrics, Ratios and Statistics

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
Earnings (Next)10-25
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 Fundamental Analysis FAQ

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

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


Can you provide the valuation status for NATIONAL INSTRUMENTS CORP?

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


What is the profitability of NATI stock?

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.


How sustainable is the dividend of NATIONAL INSTRUMENTS CORP (NATI) stock?

The dividend rating of NATIONAL INSTRUMENTS CORP (NATI) is 6 / 10 and the dividend payout ratio is 82.37%.