Financials Motorola Solutions, Inc.

Equities

MSI

US6200763075

Communications & Networking

Market Closed - Nyse 04:00:02 2024-04-26 pm EDT 5-day change 1st Jan Change
346.5 USD -0.73% Intraday chart for Motorola Solutions, Inc. +2.01% +10.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 27,609 28,829 45,889 43,090 51,963 57,726 - -
Enterprise Value (EV) 1 31,737 32,750 49,708 47,779 56,276 61,603 60,958 60,184
P/E ratio 32.6 x 31.2 x 37.9 x 32.5 x 31.5 x 31 x 27.9 x 24.9 x
Yield 1.46% 1.55% 1.07% 1.26% - 1.14% 1.11% 1.17%
Capitalization / Revenue 3.5 x 3.89 x 5.62 x 4.73 x 5.21 x 5.44 x 5.15 x 4.86 x
EV / Revenue 4.02 x 4.42 x 6.08 x 5.24 x 5.64 x 5.81 x 5.44 x 5.07 x
EV / EBITDA 14.7 x 16.1 x 21.4 x 18.7 x 19 x 18.8 x 17.1 x 15.6 x
EV / FCF 20.2 x 23.5 x 31.2 x 30.5 x 31.4 x 31.6 x 27.1 x 23.8 x
FCF Yield 4.96% 4.26% 3.21% 3.28% 3.18% 3.16% 3.69% 4.2%
Price to Book -40.5 x -51.8 x -1,179 x 382 x 74.4 x 40.5 x 25.8 x 19 x
Nbr of stocks (in thousands) 171,336 169,523 168,897 167,203 165,968 166,606 - -
Reference price 2 161.1 170.1 271.7 257.7 313.1 346.5 346.5 346.5
Announcement Date 2/6/20 2/4/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,887 7,414 8,171 9,112 9,978 10,602 11,214 11,868
EBITDA 1 2,161 2,029 2,319 2,551 2,963 3,283 3,561 3,853
EBIT 1 1,975 1,835 2,117 2,368 2,784 3,002 3,255 3,542
Operating Margin 25.04% 24.75% 25.91% 25.99% 27.9% 28.31% 29.03% 29.84%
Earnings before Tax (EBT) 1 1,001 1,174 1,552 1,515 2,146 2,407 2,681 3,097
Net income 1 868 949 1,245 1,363 1,709 1,908 2,113 2,338
Net margin 11.01% 12.8% 15.24% 14.96% 17.13% 18% 18.84% 19.7%
EPS 2 4.950 5.450 7.170 7.930 9.930 11.19 12.40 13.93
Free Cash Flow 1 1,575 1,396 1,594 1,567 1,791 1,948 2,249 2,529
FCF margin 19.97% 18.83% 19.51% 17.2% 17.95% 18.37% 20.06% 21.31%
FCF Conversion (EBITDA) 72.88% 68.8% 68.74% 61.43% 60.45% 59.33% 63.17% 65.63%
FCF Conversion (Net income) 181.45% 147.1% 128.03% 114.97% 104.8% 102.07% 106.47% 108.17%
Dividend per Share 2 2.350 2.630 2.920 3.250 - 3.959 3.846 4.048
Announcement Date 2/6/20 2/4/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,107 2,320 1,892 2,140 2,373 2,706 2,171 2,403 2,556 2,848 2,342 2,546 2,715 2,997 2,476
EBITDA 1 604 719 419 544 721 868 575 685 788 915 665.9 754 858.5 1,015 698
EBIT 1 555 670 374 497 676 822 532 641 741 870 595.4 691.4 790.3 924.2 646.1
Operating Margin 26.34% 28.88% 19.77% 23.22% 28.49% 30.38% 24.5% 26.67% 28.99% 30.55% 25.42% 27.15% 29.11% 30.84% 26.1%
Earnings before Tax (EBT) 1 405 518 219 300 333 663 358 487 592 707 459.4 533 634 786.8 499
Net income 1 307 401 267 228 279 589 278 371 464 595 358.5 423.4 492.6 602.5 395.3
Net margin 14.57% 17.28% 14.11% 10.65% 11.76% 21.77% 12.81% 15.44% 18.15% 20.89% 15.31% 16.63% 18.14% 20.1% 15.97%
EPS 2 1.760 2.300 1.540 1.330 1.630 3.430 1.610 2.150 2.700 3.470 2.146 2.526 2.948 3.602 2.313
Dividend per Share 2 0.7100 0.7900 0.7900 0.7900 0.7900 0.8800 0.8800 0.8800 - - 0.9800 0.9800 0.9800 1.025 1.070
Announcement Date 11/4/21 2/9/22 5/12/22 8/4/22 11/3/22 2/9/23 5/4/23 8/3/23 11/2/23 2/8/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,128 3,921 3,819 4,689 4,313 3,878 3,232 2,458
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.91 x 1.932 x 1.647 x 1.838 x 1.456 x 1.181 x 0.9076 x 0.638 x
Free Cash Flow 1 1,575 1,396 1,594 1,567 1,791 1,948 2,249 2,529
ROE (net income / shareholders' equity) - - - - 407% 179% 119% 90.7%
ROA (Net income/ Total Assets) 13.9% 12.5% 10.8% 14.2% 13.1% 14.7% 15.8% 15.8%
Assets 1 6,225 7,620 11,532 9,573 13,075 12,988 13,392 14,787
Book Value Per Share 2 -3.980 -3.280 -0.2300 0.6700 4.210 8.560 13.40 18.30
Cash Flow per Share 2 10.40 9.260 10.60 10.60 11.90 13.30 14.80 17.00
Capex 1 248 217 243 256 253 296 309 300
Capex / Sales 3.14% 2.93% 2.97% 2.81% 2.54% 2.79% 2.76% 2.53%
Announcement Date 2/6/20 2/4/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
346.5 USD
Average target price
362.8 USD
Spread / Average Target
+4.71%
Consensus
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