Cash flow Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Market Closed - Borsa Italiana Other stock markets 11:45:00 2026-03-06 am EST			After hours 12:23:03 pm
46.86 ^EUR	-1.51%		46.93	+0.15%

02:59am	DIARY - Italy to April 30	RE
Mar. 04	European Markets Expected to Rebound, Spotlight on Iran	AN

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Published financial data: RECORDATI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1.45B	1.58B	1.85B	2.08B	2.34B
Total Revenues	1.45B	1.58B	1.85B	2.08B	2.34B
Cost of Goods Sold, Total	407M	428M	517M	601M	704M
Gross Profit	1.04B	1.15B	1.34B	1.48B	1.64B
Selling General & Admin Expenses, Total	422M	481M	572M	602M	655M
R&D Expenses	146M	166M	220M	256M	286M
Other Operating Expenses	-1.7M	652K	-497K	-2.25M	-1.36M
Other Operating Expenses, Total	567M	648M	792M	855M	939M
Operating Income	475M	505M	544M	627M	698M
Interest Expense, Total	-17.5M	-20.9M	-34.45M	-74.46M	-81.16M
Interest And Investment Income	21K	-	-	4.18M	5.96M
Net Interest Expenses	-17.48M	-20.9M	-34.45M	-70.27M	-75.2M
Currency Exchange Gains (Loss)	4.28M	-5.82M	-5.8M	2.16M	-9.34M
EBT, Excl. Unusual Items	462M	478M	504M	558M	614M
Restructuring Charges	-	-11.73M	-23.34M	-5.21M	-5.97M
Merger & Related Restructuring Charges	-	-	-70.13M	-62.74M	-39.46M
Impairment of Goodwill	-	-	-5.36M	-	-
Asset Writedown	-	-52K	-5.58M	-369K	-14.33M
Other Unusual Items	-6.63M	-2.69M	1.62M	909K	-6.87M
EBT, Incl. Unusual Items	456M	463M	401M	491M	547M
Income Tax Expense	101M	77.38M	89.1M	102M	131M
Earnings From Continuing Operations	355M	386M	312M	389M	417M
Net Income to Company	355M	386M	312M	389M	417M
Minority Interest	-43K	-	-	-	-
Net Income - (IS)	355M	386M	312M	389M	417M
Net Income to Common Incl Extra Items	355M	386M	312M	389M	417M
Net Income to Common Excl. Extra Items	355M	386M	312M	389M	417M
Per Share Items
Net EPS - Basic	1.73	1.87	1.52	1.89	2.02
Basic EPS - Continuing Operations	1.73	1.87	1.52	1.89	2.02
Basic Weighted Average Shares Outstanding	206M	206M	206M	206M	206M
Net EPS - Diluted	1.7	1.85	1.49	1.86	1.99
Diluted EPS - Continuing Operations	1.7	1.85	1.49	1.86	1.99
Diluted Weighted Average Shares Outstanding	209M	209M	209M	209M	209M
Normalized Basic EPS	1.4	1.45	1.53	1.7	1.86
Normalized Diluted EPS	1.38	1.43	1.51	1.67	1.83
Dividend Per Share	1.05	1.1	1.15	1.2	1.27
Payout Ratio	59.92	56.16	73.83	63.19	60.92
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	559M	592M	659M	757M	852M
EBITA	544M	577M	643M	740M	832M
EBIT	475M	505M	544M	627M	698M
Effective Tax Rate - (Ratio)	22.08	16.7	22.2	20.74	23.88
Normalized Net Income	289M	299M	315M	349M	384M
Interest on Long-Term Debt	1.05M	759K	852K	1.94M	2.19M
Non-Cash Pension Expense	-	-	-	-	3.49M
Supplemental Operating Expense Items
Selling and Marketing Expenses	349M	396M	463M	473M	498M
General and Administrative Expenses	72.78M	84.5M	109M	128M	157M
Research And Development Expense From Footnotes	146M	166M	220M	256M	286M
Stock-Based Comp., Other (Total)	4.88M	5.08M	8.25M	10.87M	16.52M
Total Stock-Based Compensation	4.88M	5.08M	8.25M	10.87M	16.52M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	188M	245M	285M	222M	322M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	188M	245M	285M	222M	322M
Accounts Receivable, Total	269M	308M	362M	445M	517M
Other Receivables	15.24M	42.56M	62.16M	96.6M	106M
Total Receivables	284M	350M	424M	542M	622M
Inventory	251M	229M	424M	405M	506M
Other Current Assets, Total	49.33M	26.46M	53.21M	33.8M	40.13M
Total Current Assets	773M	850M	1.19B	1.2B	1.49B
Gross Property Plant And Equipment	453M	463M	521M	553M	602M
Accumulated Depreciation	-320M	-332M	-362M	-374M	-396M
Net Property Plant And Equipment	133M	131M	159M	179M	207M
Long-term Investments	45.58M	34.12M	28.87M	21.56M	17.38M
Goodwill	562M	553M	780M	778M	797M
Other Intangibles, Total	1.07B	1.08B	1.66B	1.89B	2.47B
Deferred Tax Assets Long-Term	75.08M	75.92M	76.9M	76.67M	94.53M
Other Long-Term Assets, Total	55.3M	87.69M	111M	56.04M	53.17M
Total Assets	2.71B	2.82B	4B	4.21B	5.13B
Liabilities
Accounts Payable, Total	132M	178M	225M	264M	297M
Accrued Expenses, Total	53.21M	73.26M	111M	150M	170M
Short-term Borrowings	12.57M	8.66M	83.42M	99.93M	22.84M
Current Portion of Long-Term Debt	271M	229M	300M	365M	283M
Current Portion of Leases	9.04M	8.1M	9.24M	10.25M	10.7M
Current Income Taxes Payable	29.74M	29.54M	33.62M	67.11M	93.94M
Unearned Revenue Current, Total	-	-	3.9M	2.9M	1.6M
Other Current Liabilities	70.83M	99.81M	158M	43.53M	50.55M
Total Current Liabilities	578M	626M	924M	1B	929M
Long-Term Debt	761M	745M	1.32B	1.33B	2.14B
Long-Term Leases	17.65M	15.09M	21.57M	27.64M	38.11M
Pension & Other Post Retirement Benefits	21.17M	21.01M	19.42M	21.24M	21.36M
Deferred Tax Liability Non Current	41.22M	26.68M	168M	144M	133M
Other Non Current Liabilities	16.3M	-	-	-	-
Total Liabilities	1.44B	1.43B	2.45B	2.52B	3.26B
Common Stock, Total	26.14M	26.14M	26.14M	26.14M	26.14M
Additional Paid In Capital	83.72M	83.72M	83.72M	83.72M	83.72M
Retained Earnings	1.4B	1.56B	1.73B	1.91B	2.12B
Treasury Stock	-87.52M	-127M	-150M	-128M	-132M
Comprehensive Income and Other	-149M	-159M	-143M	-209M	-217M
Total Common Equity	1.28B	1.38B	1.55B	1.69B	1.88B
Minority Interest	277K	-	-	-	-
Total Equity	1.28B	1.38B	1.55B	1.69B	1.88B
Total Liabilities And Equity	2.71B	2.82B	4B	4.21B	5.13B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	206M	206M	205M	206M	206M
ECS Total Common Shares Outstanding	206M	206M	205M	206M	206M
Book Value / Share	6.19	6.71	7.53	8.19	9.1
Tangible Book Value	-354M	-256M	-890M	-987M	-1.39B
Tangible Book Value Per Share	-1.71	-1.24	-4.33	-4.79	-6.76
Total Debt	1.07B	1.01B	1.73B	1.83B	2.49B
Net Debt	883M	762M	1.45B	1.61B	2.17B
Minority Interest, Total (Incl. Fin. Div)	277K	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	74.79M	67.2M	92.08M	86.96M	101M
Inventories - Work In Process, Total	32.66M	44.05M	78.83M	85.34M	92.66M
Inventories - Finished Goods, Total	144M	117M	253M	233M	313M
Land - (BS)	70.31M	71.71M	82.91M	83.11M	95.87M
Machinery, Total	319M	323M	344M	359M	403M
Full Time Employees	4.4K	4.3K	4.37K	4.46K	4.5K
Part Time Employees	81	-	-	-	88
Accumulated Allowance for Doubtful Accounts (Supple)	15.1M	14.2M	17.72M	15.65M	14.72M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	355M	386M	312M	389M	417M
Depreciation & Amortization - CF	25.36M	25.29M	27.29M	28.88M	33.42M
Amortization of Goodwill and Intangible Assets - (CF)	68.32M	72.29M	98.47M	114M	134M
Depreciation & Amortization, Total	93.67M	97.58M	126M	143M	167M
Asset Writedown & Restructuring Costs	-	52K	10.93M	368K	14.33M
Stock-Based Compensation (CF)	4.88M	5.08M	8.25M	10.87M	16.52M
Other Operating Activities, Total	25.55M	-17.09M	65.8M	52.83M	68.05M
Change In Accounts Receivable	6.03M	-43.79M	-21.18M	-101M	-86.78M
Change In Inventories	-42.92M	17.51M	-65.8M	-50.34M	-55.76M
Change In Accounts Payable	-38.61M	46.34M	25.59M	40.27M	30.02M
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	404M	492M	462M	485M	570M
Capital Expenditure	-21.26M	-21.85M	-23.89M	-29.69M	-36.65M
Sale of Property, Plant, and Equipment	-	161K	1.16M	329K	1.85M
Cash Acquisitions	-	-304K	-673M	-	-
Sale (Purchase) of Intangible assets	-110M	-65.5M	-71.13M	-353M	-812M
Investment in Marketable and Equity Securities, Total	66K	-	-	-	-
Other Investing Activities, Total	-	-	-	3M	2M
Cash from Investing	-132M	-87.5M	-767M	-380M	-845M
Short Term Debt Issued, Total	1.74M	-	67.3M	12.45M	-
Long-Term Debt Issued, Total	110M	219M	1.36B	348M	1.09B
Total Debt Issued	112M	219M	1.42B	360M	1.09B
Short Term Debt Repaid, Total	-	-1.26M	-	-	-77.7M
Long-Term Debt Repaid, Total	-151M	-298M	-814M	-290M	-362M
Total Debt Repaid	-151M	-299M	-814M	-290M	-440M
Issuance of Common Stock	35.7M	42.51M	13.65M	30.1M	92.67M
Repurchase of Common Stock	-47.87M	-102M	-52.27M	-22.71M	-119M
Common Dividends Paid	-213M	-217M	-231M	-246M	-254M
Common & Preferred Stock Dividends Paid	-213M	-217M	-231M	-246M	-254M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-264M	-356M	341M	-169M	372M
Foreign Exchange Rate Adjustments	-7.42M	7.66M	4.31M	291K	3.52M
Miscellaneous Cash Flow Adjustments	-	479K	-	-	-
Net Change in Cash	307K	56.35M	40.16M	-62.92M	101M
Supplemental Items
Cash Interest Paid	18.7M	18.28M	20.09M	70.34M	79.5M
Cash Income Tax Paid (Refund)	65.27M	91.65M	89.76M	105M	144M
Levered Free Cash Flow	163M	391M	213M	32.58M	-383M
Unlevered Free Cash Flow	174M	405M	234M	79.11M	-332M
Change In Net Working Capital	90.18M	-73.87M	145M	83.08M	103M
Net Debt Issued / Repaid	-39.4M	-79.89M	610M	69.66M	652M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	10.77	11.41	9.99	9.54	9.34
Return on Total Capital	12.76	13.32	12.01	11.53	11.08
Return On Equity %	28.69	29.04	21.34	24.08	23.38
Return on Common Equity	28.69	29.05	21.34	24.08	23.38
Margin Analysis
Gross Profit Margin %	71.92	72.93	72.11	71.15	69.94
SG&A Margin	29.13	30.44	30.88	28.89	27.96
EBITDA Margin %	38.58	37.48	35.57	36.36	36.39
EBITA Margin %	37.53	36.51	34.69	35.55	35.53
EBIT Margin %	32.82	31.93	29.38	30.09	29.82
Income From Continuing Operations Margin %	24.5	24.43	16.85	18.69	17.79
Net Income Margin %	24.5	24.43	16.85	18.69	17.79
Net Avail. For Common Margin %	24.5	24.43	16.85	18.69	17.79
Normalized Net Income Margin	19.94	18.9	17	16.76	16.38
Levered Free Cash Flow Margin	11.25	24.77	11.48	1.56	-16.34
Unlevered Free Cash Flow Margin	12	25.6	12.64	3.8	-14.17
Asset Turnover
Asset Turnover	0.52	0.57	0.54	0.51	0.5
Fixed Assets Turnover	10.87	11.95	12.77	12.33	12.15
Receivables Turnover (Average Receivables)	5.12	5.48	5.53	5.16	4.87
Inventory Turnover (Average Inventory)	1.7	1.78	1.58	1.45	1.54
Short Term Liquidity
Current Ratio	1.34	1.36	1.28	1.2	1.61
Quick Ratio	0.82	0.95	0.77	0.76	1.02
Operating Cash Flow to Current Liabilities	0.7	0.78	0.5	0.48	0.61
Days Sales Outstanding (Average Receivables)	71.47	66.61	65.94	70.74	75.18
Days Outstanding Inventory (Average Inventory)	215.07	204.8	230.47	251.81	236.96
Average Days Payable Outstanding	130.54	139.63	103.16	153.37	127.4
Cash Conversion Cycle (Average Days)	156.01	131.77	193.26	169.18	184.74
Long Term Solvency
Total Debt/Equity	83.9	72.84	112.14	108.45	132.68
Total Debt / Total Capital	45.62	42.14	52.86	52.03	57.02
LT Debt/Equity	60.98	55.04	86.76	80.24	115.82
Long-Term Debt / Total Capital	33.16	31.85	40.9	38.5	49.78
Total Liabilities / Total Assets	52.93	50.94	61.33	59.93	63.45
EBIT / Interest Expense	27.17	24.14	15.81	8.42	8.6
EBITDA / Interest Expense	32.52	28.81	19.46	10.33	10.66
(EBITDA - Capex) / Interest Expense	31.3	27.76	18.76	9.93	10.21
Total Debt / EBITDA	1.88	1.67	2.59	2.38	2.88
Net Debt / EBITDA	1.55	1.27	2.16	2.09	2.5
Total Debt / (EBITDA - Capex)	1.95	1.73	2.68	2.47	3
Net Debt / (EBITDA - Capex)	1.61	1.31	2.24	2.17	2.62
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.23	9.06	17.29	12.36	12.45
Gross Profit, 1 Yr. Growth %	-0.28	10.59	15.97	10.86	10.54
EBITDA, 1 Yr. Growth %	3.82	5.94	11.31	14.85	12.54
EBITA, 1 Yr. Growth %	3.76	6.07	11.46	15.15	12.37
EBIT, 1 Yr. Growth %	0.95	6.11	7.91	15.08	11.46
Earnings From Cont. Operations, 1 Yr. Growth %	-3.75	8.71	-19.08	24.61	7.01
Net Income, 1 Yr. Growth %	-3.75	8.73	-19.08	24.61	7.01
Normalized Net Income, 1 Yr. Growth %	2.69	3.38	5.52	10.75	9.92
Diluted EPS Before Extra, 1 Yr. Growth %	-3.74	8.72	-19.07	24.56	7.04
Accounts Receivable, 1 Yr. Growth %	-9.45	14.46	17.58	23.02	16.07
Inventory, 1 Yr. Growth %	10.74	-8.96	85.4	-4.54	25.1
Net Property, Plant and Equip., 1 Yr. Growth %	-0.07	-1.6	21.4	12.23	15.7
Total Assets, 1 Yr. Growth %	-3.46	3.86	41.99	5.23	22.01
Tangible Book Value, 1 Yr. Growth %	27.35	-27.69	248.2	10.84	41.34
Common Equity, 1 Yr. Growth %	6.46	8.28	11.92	9.06	11.29
Cash From Operations, 1 Yr. Growth %	26.63	21.82	-6.09	5.12	17.43
Capital Expenditures, 1 Yr. Growth %	-3.77	2.77	9.31	24.28	23.44
Levered Free Cash Flow, 1 Yr. Growth %	-240	140.17	-45.64	-84.69	-1.27K
Unlevered Free Cash Flow, 1 Yr. Growth %	-267.47	132.57	-42.08	-66.24	-519.54
Dividend Per Share, 1 Yr. Growth %	5	4.76	4.55	4.35	5.83
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.51	3.26	13.1	14.8	12.4
Gross Profit, 2 Yr. CAGR %	4.37	5.01	13.25	13.39	10.7
EBITDA, 2 Yr. CAGR %	5.58	4.88	8.6	13.07	13.69
EBITA, 2 Yr. CAGR %	5.61	4.91	8.73	13.29	13.75
EBIT, 2 Yr. CAGR %	3.41	3.5	7.01	11.44	13.25
Earnings From Cont. Operations, 2 Yr. CAGR %	6.6	2.29	-6.2	0.42	15.48
Net Income, 2 Yr. CAGR %	6.6	2.3	-6.2	0.42	15.48
Normalized Net Income, 2 Yr. CAGR %	4.84	3.03	4.44	8.11	10.33
Diluted EPS Before Extra, 2 Yr. CAGR %	6.61	2.3	-6.2	0.41	15.47
Accounts Receivable, 2 Yr. CAGR %	4.61	1.8	16.01	20.27	19.49
Inventory, 2 Yr. CAGR %	10.42	0.41	29.92	33.04	9.28
Net Property, Plant and Equip., 2 Yr. CAGR %	22.48	-0.84	9.3	16.73	13.95
Total Assets, 2 Yr. CAGR %	12.01	0.13	21.44	22.24	13.31
Tangible Book Value, 2 Yr. CAGR %	17.45	-4.04	58.68	96.46	25.17
Common Equity, 2 Yr. CAGR %	15.09	7.36	10.08	10.48	10.17
Cash From Operations, 2 Yr. CAGR %	6.2	24.2	6.96	-0.65	11.1
Capital Expenditures, 2 Yr. CAGR %	4.79	-0.55	5.99	16.56	23.86
Levered Free Cash Flow, 2 Yr. CAGR %	-18.74	83.37	14.26	-71.15	34.1
Unlevered Free Cash Flow, 2 Yr. CAGR %	-18.33	97.35	16.07	-55.78	19.02
Dividend Per Share, 2 Yr. CAGR %	6.83	4.88	4.65	4.45	5.09
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4	5.33	7.74	12.85	14.01
Gross Profit, 3 Yr. CAGR %	4.8	6.4	8.55	12.45	12.43
EBITDA, 3 Yr. CAGR %	6.97	5.7	6.98	10.64	12.89
EBITA, 3 Yr. CAGR %	7.12	5.76	7.05	10.83	12.98
EBIT, 3 Yr. CAGR %	5.19	4.3	4.95	9.63	11.44
Earnings From Cont. Operations, 3 Yr. CAGR %	7.12	7.3	-5.39	3.11	2.57
Net Income, 3 Yr. CAGR %	7.12	7.31	-5.39	3.12	2.57
Normalized Net Income, 3 Yr. CAGR %	5.71	4.35	3.86	6.51	8.71
Diluted EPS Before Extra, 3 Yr. CAGR %	7.13	7.31	-5.39	3.1	2.57
Accounts Receivable, 3 Yr. CAGR %	3.28	7.79	6.81	18.3	18.85
Inventory, 3 Yr. CAGR %	11.94	3.54	23.18	17.23	30.34
Net Property, Plant and Equip., 3 Yr. CAGR %	12.06	13.86	6.08	10.27	16.38
Total Assets, 3 Yr. CAGR %	9.66	9.22	12.49	15.78	22.16
Tangible Book Value, 3 Yr. CAGR %	275.7	-0.09	47.46	40.79	76.04
Common Equity, 3 Yr. CAGR %	7.5	12.77	8.86	9.74	10.75
Cash From Operations, 3 Yr. CAGR %	13.96	11.17	13.15	6.34	5.05
Capital Expenditures, 3 Yr. CAGR %	13.38	4.12	2.63	11.77	18.81
Levered Free Cash Flow, 3 Yr. CAGR %	69.58	16.62	22.26	-41.53	-0.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	90.98	15.76	31.15	-23.09	-6.38
Dividend Per Share, 3 Yr. CAGR %	7.3	6.14	4.77	4.55	4.91
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.7	6.49	7.55	9.02	9.58
Gross Profit, 5 Yr. CAGR %	7.9	7.76	8.1	9.14	9.4
EBITDA, 5 Yr. CAGR %	11.68	9.41	7.62	8.59	9.62
EBITA, 5 Yr. CAGR %	11.91	9.57	7.76	8.71	9.68
EBIT, 5 Yr. CAGR %	10.91	8.23	5.91	7.1	8.2
Earnings From Cont. Operations, 5 Yr. CAGR %	12.3	10.21	1.58	4.49	2.46
Net Income, 5 Yr. CAGR %	12.3	10.21	1.58	4.5	2.46
Normalized Net Income, 5 Yr. CAGR %	11.31	7.69	5.2	5.84	6.4
Diluted EPS Before Extra, 5 Yr. CAGR %	12.29	10.22	1.59	4.49	2.46
Accounts Receivable, 5 Yr. CAGR %	8.7	8.36	8.19	12.62	11.72
Inventory, 5 Yr. CAGR %	11.92	7.57	18.81	14.46	17.42
Net Property, Plant and Equip., 5 Yr. CAGR %	13.59	4.91	10.95	15	9.16
Total Assets, 5 Yr. CAGR %	13.04	12.53	14.23	14.26	12.82
Tangible Book Value, 5 Yr. CAGR %	14.73	24.9	166.14	30.94	38.1
Common Equity, 5 Yr. CAGR %	7.96	8.86	8.53	11.85	9.38
Cash From Operations, 5 Yr. CAGR %	10.28	13.99	11.1	6.28	12.33
Capital Expenditures, 5 Yr. CAGR %	-7.41	2.13	10.37	8.92	10.65
Levered Free Cash Flow, 5 Yr. CAGR %	-1.52	15.9	44.8	-33.3	26.87
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.07	15.78	56.49	-21.22	26.16
Dividend Per Share, 5 Yr. CAGR %	11.84	9.46	6.23	5.46	4.9