Allegion
ALLE · NYSEServices-Detective, Guard & Armored Car Services · Fiscal year ends Dec 31
Allegion reported revenue of $4.1B in the fiscal year ended Dec 2025, up 7.8% from the year before. Operating income was $860M, an operating margin of 21.1%, and net income was $644M. Operating cash flow of $784M less capital expenditure of $98M left free cash flow of $686M. Net debt was $1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.3B | $3.7B | $3.8B | $4.1B |
| Cost of revenue | $1.7B | $1.9B | $2.1B | $2.1B | $2.2B |
| Gross profit | $1.2B | $1.3B | $1.6B | $1.7B | $1.8B |
| Research & development | $73M | $75M | $102M | $113M | $132M |
| Selling, general & admin | $675M | $736M | $866M | $888M | $979M |
| Operating income | $530M | $586M | $708M | $781M | $860M |
| Interest expense | $50M | $76M | $93M | $102M | $101M |
| Pre-tax income | $524M | $515M | $617M | $699M | $768M |
| Income tax | $41M | $56M | $77M | $101M | $125M |
| Net income | $483M | $458M | $540M | $598M | $644M |
| Diluted EPS | 5.34 | 5.19 | 6.12 | 6.82 | 7.44 |
| Diluted shares | 91M | 88M | 88M | 88M | 87M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $398M | $288M | $468M | $504M | $356M |
| Receivables | $283M | $396M | $413M | $419M | $438M |
| Inventory | $380M | $479M | $439M | $423M | $519M |
| Current assets | $1.1B | $1.2B | $1.4B | $1.4B | $1.4B |
| Net PP&E | $284M | $309M | $358M | $385M | $445M |
| Goodwill | $804M | $1.4B | $1.4B | $1.5B | $1.9B |
| Total assets | $3.1B | $4B | $4.3B | $4.5B | $5.2B |
| Payables | $259M | $281M | $259M | $258M | $245M |
| Deferred revenue | – | – | $27M | $33M | $41M |
| Current liabilities | $601M | $704M | $1.1B | $697M | $755M |
| Short-term debt | $13M | $13M | $413M | $22M | $200,000 |
| Long-term debt | $1.4B | $2.1B | $1.6B | $2B | $2B |
| Total liabilities | $2.3B | $3B | $3B | $3B | $3.2B |
| Shareholders' equity | $759M | $942M | $1.3B | $1.5B | $2.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $489M | $460M | $601M | $675M | $784M |
| Capital expenditure | $45M | $64M | $84M | $92M | $98M |
| Free cash flow | $443M | $396M | $516M | $583M | $686M |
| Depreciation & amortisation | $79M | $95M | $109M | $116M | $130M |
| Stock-based compensation | $23M | $25M | $26M | $28M | $30M |
| Share buybacks | $413M | $61M | $60M | $220M | $80M |
| Dividends paid | $129M | $144M | $159M | $167M | $175M |
| Dividend per share | 1.44 | 1.64 | 1.80 | 1.92 | 2.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | 11.6% | 3.3% | 7.8% |
| Operating income growth (YoY) | – | 10.6% | 20.8% | 10.2% | 10.1% |
| EPS growth (YoY) | – | −2.8% | 17.9% | 11.4% | 9.1% |
| Gross margin | 42.0% | 40.4% | 43.3% | 44.2% | 45.2% |
| Operating margin | 18.5% | 17.9% | 19.4% | 20.7% | 21.1% |
| Net margin | 16.8% | 14.0% | 14.8% | 15.8% | 15.8% |
| Return on equityBlank when equity is negative | 63.6% | 48.6% | 41.0% | 39.8% | 31.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.6% | 17.8% | 21.9% | 20.6% | 19.2% |
| Free cash flow margin | 15.5% | 12.1% | 14.1% | 15.5% | 16.9% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.00x | 1.11x | 1.13x | 1.22x |
| Receivable days | 36 | 44 | 41 | 41 | 39 |
| Inventory days | 84 | 90 | 77 | 73 | 85 |
| Payable days | 57 | 53 | 46 | 45 | 40 |
| Interest cover | 10.6x | 7.73x | 7.61x | 7.65x | 8.51x |
| Debt ÷ equity | 1.90x | 2.22x | 1.53x | 1.33x | 0.96x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1B | $1.8B | $1.5B | $1.5B | $1.6B |
| Current ratio | 1.86x | 1.73x | 1.26x | 2.04x | 1.84x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.