Balance Sheet STMicroelectronics N.V.

Equities

STMPA

NL0000226223

Semiconductors

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Jan. 17	European Equities Traded in the US as American Depositary Receipts Edge Higher Friday	MT
Jan. 17	STMicroelectronics: Berenberg cuts its price target	CF

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Published financial data: STMICROELECTRONICS N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	9.53B	10.18B	12.73B	16.08B	17.24B
Other Revenues, Total	27M	38M	32M	45M	47M
Total Revenues	9.56B	10.22B	12.76B	16.13B	17.29B
Cost of Goods Sold, Total	5.86B	6.43B	7.44B	8.5B	8.98B
Gross Profit	3.7B	3.79B	5.32B	7.63B	8.3B
Selling General & Admin Expenses, Total	1.11B	1.12B	1.33B	1.46B	1.65B
R&D Expenses	1.5B	1.55B	1.76B	1.9B	2.09B
Other Operating Expenses	-96M	-223M	-158M	-160M	-56M
Other Operating Expenses, Total	2.51B	2.45B	2.93B	3.2B	3.68B
Operating Income	1.18B	1.34B	2.39B	4.43B	4.62B
Interest Expense, Total	-54M	-54M	-42M	-13M	-55M
Interest And Investment Income	55M	34M	13M	71M	226M
Net Interest Expenses	1M	-20M	-29M	58M	171M
Income (Loss) On Equity Invest.	1M	2M	-	-	-
Currency Exchange Gains (Loss)	1M	8M	7M	15M	5M
Other Non Operating Income (Expenses)	-	-26M	-43M	-	-
EBT, Excl. Unusual Items	1.19B	1.31B	2.32B	4.5B	4.8B
Restructuring Charges	2M	-7M	-1M	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	7M	14M	5M	2M	6M
Asset Writedown	-7M	-4M	-1M	-38M	-42M
Legal Settlements	-1M	-11M	-10M	-8M	-12M
Other Unusual Items	-	-32M	21M	25M	12M
EBT, Incl. Unusual Items	1.19B	1.27B	2.34B	4.49B	4.76B
Income Tax Expense	156M	159M	331M	520M	541M
Earnings From Continuing Operations	1.03B	1.11B	2.01B	3.97B	4.22B
Net Income to Company	1.03B	1.11B	2.01B	3.97B	4.22B
Minority Interest	-1M	-2M	-6M	-6M	-11M
Net Income - (IS)	1.03B	1.11B	2B	3.96B	4.21B
Net Income to Common Incl Extra Items	1.03B	1.11B	2B	3.96B	4.21B
Net Income to Common Excl. Extra Items	1.03B	1.11B	2B	3.96B	4.21B
Per Share Items
Net EPS - Basic	1.15	1.24	2.21	4.37	4.66
Basic EPS - Continuing Operations	1.15	1.24	2.21	4.37	4.66
Basic Weighted Average Shares Outstanding	894M	895M	904M	906M	904M
Net EPS - Diluted	1.14	1.2	2.16	4.19	4.46
Diluted EPS - Continuing Operations	1.14	1.2	2.16	4.19	4.46
Diluted Weighted Average Shares Outstanding	904M	920M	925M	946M	944M
Normalized Basic EPS	0.83	0.91	1.6	3.1	3.31
Normalized Diluted EPS	0.82	0.89	1.56	2.97	3.16
Dividend Per Share	0.17	0.24	0.24	0.24	0.36
Payout Ratio	20.74	15.19	10.25	5.35	5.3
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	2.04B	2.27B	3.43B	5.65B	6.18B
EBITA	1.25B	1.42B	2.48B	4.54B	4.72B
EBIT	1.18B	1.34B	2.39B	4.43B	4.62B
EBITDAR	2.1B	2.33B	3.5B	5.71B	6.26B
Total Revenues (As Reported)	9.56B	10.22B	12.76B	16.13B	17.29B
Effective Tax Rate - (Ratio)	13.12	12.55	14.16	11.59	11.36
Current Foreign Taxes	131M	171M	285M	510M	528M
Total Current Taxes	131M	171M	285M	510M	528M
Deferred Foreign Taxes	25M	-12M	46M	10M	13M
Total Deferred Taxes	25M	-12M	46M	10M	13M
Normalized Net Income	742M	815M	1.45B	2.81B	2.99B
Interest on Long-Term Debt	54M	54M	34M	1M	4M
Non-Cash Pension Expense	24M	16M	11M	-2M	20M
Supplemental Operating Expense Items
Advertising Expense	17M	12M	14M	18M	23M
Selling and Marketing Expenses	17M	12M	14M	18M	23M
Research And Development Expense From Footnotes	1.62B	1.68B	1.85B	2.01B	2.23B
Net Rental Expense, Total	65M	65M	68M	62M	71M
Imputed Operating Lease Interest Expense	13.41M	11.02M	8.22M	2.28M	10.27M
Imputed Operating Lease Depreciation	51.59M	53.98M	59.78M	59.72M	60.73M
Stock-Based Comp., COGS (Total)	22M	25M	34M	34M	40M
Stock-Based Comp., R&D Exp. (Total)	77M	79M	70M	69M	71M
Stock-Based Comp., SG&A Exp. (Total)	46M	51M	117M	112M	125M
Total Stock-Based Compensation	145M	155M	221M	215M	236M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.6B	3.01B	3.22B	3.26B	3.22B
Short Term Investments	137M	714M	291M	1.26B	2.86B
Total Cash And Short Term Investments	2.73B	3.72B	3.52B	4.52B	6.08B
Accounts Receivable, Total	1.38B	1.46B	1.76B	1.97B	1.73B
Other Receivables	296M	361M	416M	482M	919M
Notes Receivable	8M	8M	8M	10M	10M
Total Receivables	1.68B	1.83B	2.18B	2.46B	2.66B
Inventory	1.69B	1.84B	1.97B	2.58B	2.7B
Prepaid Expenses	56M	70M	90M	-	-
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	10M	-	-	-	-
Other Current Assets, Total	82M	145M	67M	242M	366M
Total Current Assets	6.26B	7.61B	7.83B	9.8B	11.81B
Gross Property Plant And Equipment	20.55B	22.6B	23.49B	26.22B	30B
Accumulated Depreciation	-16.54B	-18.01B	-17.83B	-18.02B	-19.45B
Net Property Plant And Equipment	4.01B	4.6B	5.66B	8.2B	10.55B
Long-term Investments	34M	35M	39M	37M	53M
Goodwill	162M	330M	313M	297M	303M
Other Intangibles, Total	299M	445M	438M	405M	367M
Deferred Tax Assets Long-Term	695M	739M	652M	602M	592M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	414M	699M	610M	635M	777M
Total Assets	11.87B	14.45B	15.54B	19.98B	24.45B
Liabilities
Accounts Payable, Total	950M	1.17B	1.58B	2.12B	1.86B
Accrued Expenses, Total	624M	749M	838M	934M	1.07B
Current Portion of Long-Term Debt	173M	795M	143M	168M	207M
Current Portion of Leases	55M	54M	55M	59M	68M
Current Income Taxes Payable	52M	84M	68M	95M	78M
Unearned Revenue Current, Total	-	-	-	37M	-
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	210M	205M	263M	422M	454M
Total Current Liabilities	2.06B	3.05B	2.95B	3.84B	3.73B
Long-Term Debt	1.9B	1.83B	2.4B	2.49B	2.66B
Long-Term Leases	152M	142M	148M	191M	243M
Unearned Revenue Non Current	-	-	-	-	152M
Pension & Other Post Retirement Benefits	445M	506M	442M	331M	372M
Deferred Tax Liability Non Current	19M	75M	64M	60M	54M
Other Non Current Liabilities	178M	346M	268M	313M	395M
Total Liabilities	4.76B	5.95B	6.27B	7.22B	7.6B
Common Stock, Total	1.16B	1.16B	1.16B	1.16B	1.16B
Additional Paid In Capital	2.99B	3.06B	2.53B	2.63B	2.87B
Retained Earnings	2.75B	3.6B	5.22B	8.71B	12.47B
Treasury Stock	-328M	-93M	-200M	-268M	-377M
Comprehensive Income and Other	475M	723M	496M	460M	613M
Total Common Equity	7.04B	8.45B	9.21B	12.69B	16.73B
Minority Interest	68M	58M	64M	65M	123M
Total Equity	7.11B	8.51B	9.27B	12.76B	16.85B
Total Liabilities And Equity	11.87B	14.45B	15.54B	19.98B	24.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	891M	904M	906M	904M	903M
ECS Total Common Shares Outstanding	891M	905M	907M	904M	903M
Book Value / Share	7.9	9.33	10.16	14.04	18.53
Tangible Book Value	6.58B	7.67B	8.46B	11.99B	16.06B
Tangible Book Value Per Share	7.38	8.47	9.33	13.27	17.79
Total Debt	2.28B	2.82B	2.74B	2.91B	3.17B
Net Debt	-455M	-903M	-774M	-1.61B	-2.91B
Debt Equivalent of Unfunded Proj. Benefit Obligation	527M	599M	516M	405M	453M
Debt Equivalent Oper. Leases	520M	520M	544M	496M	568M
Minority Interest, Total (Incl. Fin. Div)	68M	58M	64M	65M	123M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	5	5
Inventories - Raw Materials, Total	137M	175M	223M	349M	298M
Inventories - Work In Process, Total	1.1B	1.12B	1.24B	1.49B	1.74B
Inventories - Finished Goods, Total	450M	546M	514M	744M	655M
Land - (BS)	78M	86M	84M	83M	118M
Buildings, Total	905M	995M	951M	1.12B	1.31B
Machinery, Total	15.72B	17.09B	17.48B	19.15B	21.91B
Full Time Employees	45.55K	46.02K	48.25K	51.37K	51.32K
Accumulated Allowance for Doubtful Accounts (Supple)	16M	16M	19M	21M	19M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.03B	1.11B	2B	3.96B	4.21B
Depreciation & Amortization - CF	785M	844M	952M	1.11B	1.46B
Amortization of Goodwill and Intangible Assets - (CF)	69M	79M	93M	103M	97M
Depreciation & Amortization, Total	854M	923M	1.04B	1.22B	1.56B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-16M	-3M	2M	-	-
(Income) Loss On Equity Investments - (CF)	-1M	-2M	-	-	-
Stock-Based Compensation (CF)	145M	155M	221M	215M	236M
Other Operating Activities, Total	-46M	-107M	-63M	-59M	-94M
Change In Accounts Receivable	-103M	-72M	-307M	-231M	229M
Change In Inventories	-142M	-84M	-188M	-650M	-72M
Change In Accounts Payable	-14M	161M	95M	240M	-238M
Change in Other Net Operating Assets	160M	16M	255M	511M	159M
Cash from Operations	1.87B	2.09B	3.06B	5.2B	5.99B
Capital Expenditure	-1.18B	-1.28B	-1.83B	-3.53B	-4.44B
Sale of Property, Plant, and Equipment	7M	4M	2M	4M	8M
Cash Acquisitions	-127M	-113M	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-69M	-75M	-97M	-87M	-97M
Investment in Marketable and Equity Securities, Total	198M	-576M	407M	-980M	-1.56B
Other Investing Activities, Total	-	-	-	-	320M
Cash from Investing	-1.17B	-2.04B	-1.52B	-4.59B	-5.77B
Long-Term Debt Issued, Total	281M	1.57B	788M	200M	329M
Total Debt Issued	281M	1.57B	788M	200M	329M
Long-Term Debt Repaid, Total	-144M	-893M	-1.36B	-134M	-169M
Total Debt Repaid	-144M	-893M	-1.36B	-134M	-169M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-267M	-156M	-534M	-390M	-400M
Common Dividends Paid	-214M	-168M	-205M	-212M	-223M
Common & Preferred Stock Dividends Paid	-214M	-168M	-205M	-212M	-223M
Other Financing Activities, Total	1M	-6M	-6M	-31M	196M
Cash from Financing	-343M	348M	-1.31B	-567M	-267M
Foreign Exchange Rate Adjustments	-13M	1M	-9M	-11M	5M
Net Change in Cash	341M	399M	219M	33M	-36M
Supplemental Items
Cash Interest Paid	13M	7M	2M	2M	31M
Cash Income Tax Paid (Refund)	130M	138M	279M	416M	489M
Levered Free Cash Flow	52.88M	527M	930M	462M	-476M
Unlevered Free Cash Flow	86.62M	560M	956M	470M	-442M
Change In Net Working Capital	403M	-1M	-125M	116M	592M
Net Debt Issued / Repaid	137M	678M	-569M	66M	160M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.52	6.38	9.95	15.6	13
Return on Total Capital	8.36	8.1	12.79	20.01	16.19
Return On Equity %	15.26	14.19	22.57	36	28.52
Return on Common Equity	15.4	14.28	22.65	36.16	28.62
Margin Analysis
Gross Profit Margin %	38.68	37.08	41.69	47.33	48.04
SG&A Margin	11.61	10.97	10.45	9.08	9.55
EBITDA Margin %	21.34	22.17	26.9	35.02	35.77
EBITA Margin %	13.12	13.92	19.44	28.12	27.31
EBIT Margin %	12.4	13.14	18.71	27.48	26.74
Income From Continuing Operations Margin %	10.81	10.84	15.72	24.59	24.42
Net Income Margin %	10.8	10.82	15.67	24.55	24.36
Net Avail. For Common Margin %	10.8	10.82	15.67	24.55	24.36
Normalized Net Income Margin	7.76	7.97	11.33	17.42	17.29
Levered Free Cash Flow Margin	0.55	5.15	7.29	2.86	-2.75
Unlevered Free Cash Flow Margin	0.91	5.48	7.5	2.91	-2.55
Asset Turnover
Asset Turnover	0.84	0.78	0.85	0.91	0.78
Fixed Assets Turnover	2.55	2.38	2.49	2.33	1.84
Receivables Turnover (Average Receivables)	7.17	7.16	7.9	8.63	9.32
Inventory Turnover (Average Inventory)	3.6	3.64	3.9	3.73	3.4
Short Term Liquidity
Current Ratio	3.03	2.49	2.65	2.56	3.17
Quick Ratio	2.14	1.82	1.93	1.82	2.34
Operating Cash Flow to Current Liabilities	0.91	0.69	1.04	1.36