Business Summary
FLIR Systems, Inc. designs, manufactures, and markets thermal imaging, visible-light imaging systems, locater systems, measurement and diagnostic systems, and threat-detection solutions worldwide. The company operates in six segments: Surveillance, Instruments, OEM and Emerging Markets, Maritime, Security, and Detection. The Surveillance segment develops and manufactures enhanced imaging and recognition solutions for various military, law enforcement, public safety, and other government customers for the protection of borders, troops, and public welfare. The Instruments segment develops and manufactures devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications. The OEM and Emerging Markets segment develops and manufactures thermal imaging camera cores and components that are utilized by third parties to create thermal and other types of imaging systems. The segment also develops and manufactures intelligent traffic systems, and hand-held and weapon-mounted thermal imaging systems for use by consumers and law enforcement. The Maritime segment develops and manufactures electronics and imaging instruments for the recreational and commercial maritime market. The Detection segment develops and manufactures sensor instruments and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives threats for military force protection, homeland security, and commercial applications. The Security segment develops and manufactures cameras and video recording systems for use in commercial, critical infrastructure, and home security applications. The company markets its products to commercial and government customers. FLIR Systems, Inc. was founded in 1978 and is headquartered in Wilsonville, Oregon.
Valuation Measures
Market Cap |
4.31B |
Enterprise Value |
4.12B |
Trailing P/E |
19.59 |
Price/Sales (ttm) |
2.79 |
Price/Book (mrq) |
2.64 |
Enterprise Value/Revenue (ttm) |
2.66 |
Enterprise Value/EBITDA (ttm) |
11.72 |
Share Statistics
Avg Vol (3 month) |
659,105 |
Avg Vol (10 day) |
751,312 |
Shares Outstanding |
140.12M |
Float |
138.23M |
% Held by Insiders1 |
0.92% |
% Held by Institutions1 |
99.20% |
Shares Short (as of Nov 14, 2014) |
3.28M |
Return on Assets (ttm) |
7.85% |
Return on Equity (ttm) |
13.62% |
Fiscal Year Ends |
Dec-15 |
Most Recent Quarter (mrq) |
Jun-15 |
Estimates
Estimates |
Current Year |
Next Year |
|
Dec-15 |
Dec-15 |
Earnings Est |
1.64 |
1.87 |
Revenue Est |
1.57B |
1.67B |
Key Executives
0 |
Mr. Andrew C. Teich , 54 |
1 |
Chief Exec. Officer, Pres and Director |
2 |
Mr. Thomas A. Surran , 52 |
3 |
Chief Operating Officer and Sr. VP |
4 |
Mr. Todd M. DuChene , 51 |
5 |
Sr. VP, Gen. Counsel and Sec. |
6 |
Mr. Jeffrey D. Frank , 58 |
7 |
Sr. VP of Global Product Strategy |
8 |
Mr. David A. Muessle , |
9 |
Interim Chief Financial Officer, Principal Accounting Officer, VP and Corp. Controller |
Income statement (Annual)
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
Total Revenue |
1,405,358 |
1,496,372 |
1,530,654 |
Cost of Revenue |
670,174 |
759,362 |
780,281 |
Gross Profit |
735,184 |
737,010 |
750,373 |
Operating Expenses |
137,354 |
147,696 |
142,751 |
Research Development |
292,500 |
322,739 |
331,995 |
Selling General and Administrative |
2,000 |
25,832 |
16,383 |
Non Recurring |
- |
- |
- |
Others |
0 |
0 |
0 |
Total Operating Expenses |
- |
- |
- |
Operating Income or Loss |
303,330 |
240,743 |
259,244 |
Income from Continuing Operations |
|
|
|
Total Other Income/Expenses Net |
241 |
2,334 |
4,878 |
Earnings Before Interest And Taxes |
303,571 |
243,077 |
264,122 |
Interest Expense |
11,659 |
14,091 |
14,593 |
Income Before Tax |
291,912 |
228,986 |
249,529 |
Income Tax Expense |
66,556 |
51,971 |
49,268 |
Minority Interest |
- |
- |
- |
Net Income From Continuing Ops |
225,356 |
177,015 |
200,261 |
Non-recurring Events |
|
|
|
Discontinued Operations |
-2,958 |
- |
- |
Extraordinary Items |
- |
- |
- |
Effect Of Accounting Changes |
- |
- |
- |
Other Items |
- |
- |
- |
Net Income |
222,398 |
177,015 |
200,261 |
Preferred Stock And Other Adjustments |
- |
- |
- |
Net Income Applicable To Common Shares |
222,398 |
177,015 |
200,261 |
Income statement (Quarterly)
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
Total Revenue |
369,381 |
375,365 |
434,366 |
344,517 |
Cost of Revenue |
186,663 |
190,979 |
219,629 |
168,620 |
Gross Profit |
182,718 |
184,386 |
214,737 |
175,897 |
Operating Expenses |
|
|
|
|
Research Development |
36,307 |
34,022 |
36,096 |
34,694 |
Selling General and Administrative |
83,500 |
76,295 |
90,258 |
75,135 |
Non Recurring |
3,548 |
4,059 |
963 |
314 |
Others |
- |
- |
- |
- |
Total Operating Expenses |
- |
- |
- |
- |
Operating Income or Loss |
59,363 |
70,010 |
87,420 |
65,754 |
Income from Continuing Operations |
|
|
|
|
Total Other Income/Expenses Net |
1,343 |
4,116 |
-1,043 |
947 |
Earnings Before Interest And Taxes |
60,706 |
74,126 |
86,377 |
66,701 |
Interest Expense |
3,629 |
3,663 |
3,593 |
3,661 |
Income Before Tax |
57,077 |
70,463 |
82,784 |
63,040 |
Income Tax Expense |
12,319 |
17,606 |
10,032 |
15,130 |
Minority Interest |
- |
- |
- |
- |
Net Income From Continuing Ops |
44,758 |
52,857 |
72,752 |
47,910 |
Non-recurring Events |
|
|
|
|
Discontinued Operations |
- |
- |
- |
- |
Extraordinary Items |
- |
- |
- |
- |
Effect Of Accounting Changes |
- |
- |
- |
- |
Other Items |
- |
- |
- |
- |
Net Income |
44,758 |
52,857 |
72,752 |
47,910 |
Preferred Stock And Other Adjustments |
- |
- |
- |
- |
Net Income Applicable To Common Shares |
44,758 |
52,857 |
72,752 |
47,910 |
Peer Comparison
|
AAPL |
BBRY |
GOOG |
HPQ |
Industry |
Market Cap |
4.31B |
N/A |
9.51B |
64.31B |
86.58M |
Employees |
2,741 |
N/A |
45,000 |
112,000 |
290 |
Qtrly Rev Growth (yoy) |
6.0% |
N/A |
-8.0% |
3.0% |
6.0% |
Revenue (ttm) |
1.55B |
N/A |
11.88B |
45.40B |
29.29M |
Gross Margin (ttm) |
49.0% |
N/A |
9.0% |
12.0% |
49.0% |
EBITDA (ttm) |
351.25M |
N/A |
1.27B |
6.15B |
2.31M |
Operating Margin (ttm) |
19.0% |
N/A |
9.0% |
12.0% |
7.0% |
Net Income (ttm) |
224.02M |
N/A |
599.00M |
3.60B |
N/A |
EPS (ttm) |
1.57 |
N/A |
6.93 |
11.26 |
0.05 |
P/E (ttm) |
19.59 |
N/A |
16.66 |
18.39 |
23.08 |
PEG (5 yr expected) |
1.25 |
N/A |
2.39 |
2.20 |
1.59 |
P/S (ttm) |
2.79 |
N/A |
0.80 |
1.41 |
1.68 |
Upcoming Events
Date |
Event |
Oct 22 - Oct 26, 2015 (Est.) |
Earnings announcement |
Recent Events
Date |
Event |
7/24/2015 |
FLIR Systems Inc Earnings Call scheduled for 800 am ET today |
7/24/2015 |
FLIR SYSTEMS INC Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits |
5/19/2015 |
Ex-Date for dividend payment of $0.11 |
5/6/2015 |
FLIR SYSTEMS INC Files SEC form 10-Q, Quarterly Report |
4/27/2015 |
FLIR SYSTEMS INC Files SEC form 8-K, Submission of Matters to a Vote of Security Holders |
4/24/2015 |
FLIR SYSTEMS INC Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits |
3/3/2015 |
FLIR SYSTEMS INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits |
2/27/2015 |
FLIR SYSTEMS INC Files SEC form 10-K, Annual Report |
Major Direct Holders
Major Direct Holders |
Shares |
Reported |
LEWIS EARL R |
792,767 |
Jun-15 |
TEICH ANDREW C |
234,626 |
May-15 |
TRUNZO ANTHONY L |
133,705 |
Dec-14 |
SUNDERMEIER WILLIAM A |
106,677 |
Feb-14 |
MUESSLE DAVID A |
82,599 |
Jun-15 |
Top Institutional Holders
Top Institutional Holders |
Shares |
% Out |
Value* |
Reported |
Vanguard Group, Inc. (The) |
11,242,656 |
8.02 |
351,670,290 |
Mar-15 |
Baillie Gifford and Company |
9,241,239 |
6.60 |
284,814,985 |
Jun-15 |
State Street Corporation |
5,345,499 |
3.81 |
167,207,214 |
Mar-15 |
Bank of New York Mellon Corporation |
4,058,280 |
2.90 |
126,943,002 |
Mar-15 |
BlackRock Institutional Trust Company, N.A. |
3,969,571 |
2.83 |
124,168,184 |
Mar-15 |
Manning & Napier Advisors LLC |
3,582,078 |
2.56 |
110,399,643 |
Jun-15 |
Atlanta Capital Management Company LLC |
3,460,655 |
2.47 |
108,249,291 |
Mar-15 |
Waddell & Reed Financial Inc. |
2,984,300 |
2.13 |
93,348,906 |
Mar-15 |
Guggenheim Capital, LLC |
2,983,577 |
2.13 |
93,326,291 |
Mar-15 |
Artisan Partners Limited Partnership |
14,750,740 |
10.53 |
461,403,161 |
Mar-15 |
Balance sheet (Annual)
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
Cash And Cash Equivalents |
321,739 |
542,476 |
531,374 |
Short Term Investments |
- |
- |
- |
Net Receivables |
366,123 |
324,962 |
393,531 |
Inventory |
379,080 |
344,719 |
320,605 |
Other Current Assets |
98,304 |
97,574 |
93,691 |
Total Current Assets |
1,165,246 |
1,309,731 |
1,339,201 |
Long Term Investments |
- |
- |
- |
Property Plant and Equipment |
211,615 |
234,041 |
247,094 |
Goodwill |
564,306 |
575,701 |
553,335 |
Intangible Assets |
175,823 |
154,195 |
133,212 |
Accumulated Amortization |
- |
- |
- |
Other Assets |
41,442 |
51,808 |
61,240 |
Deferred Long Term Asset Charges |
32,223 |
17,883 |
19,941 |
|
|
|
|
Total Assets |
2,190,655 |
2,343,359 |
2,354,023 |
|
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Accounts Payable |
205,696 |
227,857 |
258,448 |
Short/Current Long Term Debt |
- |
15,000 |
15,000 |
Other Current Liabilities |
35,871 |
33,658 |
36,109 |
Total Current Liabilities |
241,567 |
276,515 |
309,557 |
Long Term Debt |
248,319 |
372,528 |
357,986 |
Other Liabilities |
81,797 |
68,681 |
62,802 |
Deferred Long Term Liability Charges |
19,071 |
12,255 |
13,905 |
Minority Interest |
- |
- |
- |
Negative Goodwill |
- |
- |
- |
|
|
|
|
Total Liabilities |
590,754 |
729,979 |
744,250 |
|
|
|
|
Stockholders' Equity |
|
|
|
Misc Stocks Options Warrants |
- |
- |
- |
Redeemable Preferred Stock |
- |
- |
- |
Preferred Stock |
- |
- |
- |
Common Stock |
171,546 |
42,955 |
1,396 |
Retained Earnings |
1,418,814 |
1,544,425 |
1,671,786 |
Treasury Stock |
- |
- |
- |
Capital Surplus |
- |
- |
- |
Other Stockholder Equity |
9,541 |
26,000 |
-63,409 |
Total Stockholder Equity |
1,599,901 |
1,613,380 |
1,609,773 |
|
|
|
|
Net Tangible Assets |
859,772 |
883,484 |
923,226 |
Balance sheet (Quarterly)
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
Cash And Cash Equivalents |
602,073 |
565,373 |
531,374 |
547,780 |
Short Term Investments |
- |
- |
- |
- |
Net Receivables |
308,691 |
336,713 |
393,531 |
350,181 |
Inventory |
350,092 |
343,300 |
320,605 |
340,300 |
Other Current Assets |
101,684 |
89,789 |
93,691 |
83,165 |
Total Current Assets |
1,362,540 |
1,335,175 |
1,339,201 |
1,321,426 |
Long Term Investments |
- |
- |
- |
- |
Property Plant and Equipment |
240,023 |
237,837 |
247,094 |
249,002 |
Goodwill |
575,522 |
560,488 |
553,335 |
536,780 |
Intangible Assets |
147,934 |
138,991 |
133,212 |
125,818 |
Accumulated Amortization |
- |
- |
- |
- |
Other Assets |
57,187 |
63,135 |
61,240 |
59,054 |
Deferred Long Term Asset Charges |
18,959 |
18,666 |
19,941 |
20,278 |
|
|
|
|
|
Total Assets |
2,402,165 |
2,354,292 |
2,354,023 |
2,312,358 |
|
|
|
|
|
Liabilities |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts Payable |
254,405 |
242,722 |
258,448 |
248,891 |
Short/Current Long Term Debt |
15,000 |
15,000 |
15,000 |
15,000 |
Other Current Liabilities |
30,361 |
30,104 |
36,109 |
30,651 |
Total Current Liabilities |
299,766 |
287,826 |
309,557 |
294,542 |
Long Term Debt |
365,257 |
361,622 |
357,986 |
354,351 |
Other Liabilities |
71,304 |
69,109 |
62,802 |
64,161 |
Deferred Long Term Liability Charges |
14,097 |
14,001 |
13,905 |
13,486 |
Minority Interest |
- |
- |
- |
- |
Negative Goodwill |
- |
- |
- |
- |
|
|
|
|
|
Total Liabilities |
750,424 |
732,558 |
744,250 |
726,540 |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Misc Stocks Options Warrants |
- |
- |
- |
- |
Redeemable Preferred Stock |
- |
- |
- |
- |
Preferred Stock |
- |
- |
- |
- |
Common Stock |
44,437 |
24,209 |
1,396 |
11,476 |
Retained Earnings |
1,590,832 |
1,629,524 |
1,671,786 |
1,704,319 |
Treasury Stock |
- |
- |
- |
- |
Capital Surplus |
- |
- |
- |
- |
Other Stockholder Equity |
16,472 |
-31,999 |
-63,409 |
-129,977 |
Total Stockholder Equity |
1,651,741 |
1,621,734 |
1,609,773 |
1,585,818 |
|
|
|
|
|
Net Tangible Assets |
928,285 |
922,255 |
923,226 |
923,220 |
Address
company |
FLIR Systems, Inc. |
address |
27700 SW Parkway Avenue |
city_state_zip |
Wilsonville, OR 97070 |
phone |
503-498-3547 |
Business Summary
FLIR Systems, Inc. designs, manufactures, and markets thermal imaging, visible-light imaging systems, locater systems, measurement and diagnostic systems, and threat-detection solutions worldwide. The company operates in six segments: Surveillance, Instruments, OEM and Emerging Markets, Maritime, Security, and Detection. The Surveillance segment develops and manufactures enhanced imaging and recognition solutions for various military, law enforcement, public safety, and other government customers for the protection of borders, troops, and public welfare. The Instruments segment develops and manufactures devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications. The OEM and Emerging Markets segment develops and manufactures thermal imaging camera cores and components that are utilized by third parties to create thermal and other types of imaging systems. The segment also develops and manufactures intelligent traffic systems, and hand-held and weapon-mounted thermal imaging systems for use by consumers and law enforcement. The Maritime segment develops and manufactures electronics and imaging instruments for the recreational and commercial maritime market. The Detection segment develops and manufactures sensor instruments and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives threats for military force protection, homeland security, and commercial applications. The Security segment develops and manufactures cameras and video recording systems for use in commercial, critical infrastructure, and home security applications. The company markets its products to commercial and government customers. FLIR Systems, Inc. was founded in 1978 and is headquartered in Wilsonville, Oregon.