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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Ufp Technologies reported revenue of $603M in the fiscal year ended Dec 2025, up 19.5% from the year before. Operating income was $92M, an operating margin of 15.3%, and net income was $68M. Net debt was $115M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 206 | 354 | 400 | 504 | 603 |
| Cost of revenue | 155 | 264 | 288 | 358 | 432 |
| Gross profit | 51.1 | 90.3 | 112 | 147 | 170 |
| Research & development | 8.5 | 9.3 | 7.2 | 10.4 | 8.6 |
| Selling, general & admin | 29.5 | 45.8 | 50.9 | 62.2 | 77.4 |
| Operating income | 21.2 | 55.4 | 57.7 | 80.9 | 92.3 |
| Interest expense | 0.0 | 2.8 | 3.6 | 8.1 | 9.8 |
| Pre-tax income | 21.2 | 52.7 | 53.9 | 73.0 | 82.5 |
| Income tax | 5.3 | 10.9 | 9.0 | 14.0 | 14.2 |
| Net income | 15.9 | 41.8 | 44.9 | 59.0 | 68.3 |
| Diluted EPS | 2.09 | 5.45 | 5.83 | 7.58 | 8.75 |
| Diluted shares | 7.6 | 7.7 | 7.7 | 7.8 | 7.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 11.1 | 4.5 | 5.3 | 13.5 | 20.3 |
| Receivables | 39.4 | 55.1 | 64.4 | 84.7 | 82.9 |
| Inventory | 33.4 | 53.5 | 70.2 | 87.5 | 86.9 |
| Current assets | 87.3 | 116 | 145 | 195 | 201 |
| Net PP&E | 56.6 | 58.1 | 62.1 | 70.6 | 79.1 |
| Goodwill | 108 | 113 | 113 | 190 | 197 |
| Total assets | 334 | 378 | 404 | 629 | 655 |
| Payables | 10.6 | 20.0 | 22.3 | 24.3 | 24.3 |
| Deferred revenue | 4.2 | 4.7 | 6.6 | 4.7 | 4.2 |
| Current liabilities | 38.8 | 56.0 | 58.2 | 76.3 | 74.9 |
| Short-term debt | 4.0 | 4.0 | 4.0 | 12.5 | 12.5 |
| Long-term debt | 71.0 | 51.0 | 28.0 | 177 | 123 |
| Total liabilities | 140 | 141 | 118 | 286 | 231 |
| Shareholders' equity | 194 | 238 | 286 | 343 | 424 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 14.3 | 17.7 | 41.3 | 66.6 | 91.9 |
| Capital expenditure | 5.4 | 13.8 | 10.5 | 9.7 | – |
| Free cash flow | 8.9 | 4.0 | 30.8 | 56.9 | – |
| Depreciation & amortisation | 8.4 | 11.9 | 11.4 | 14.7 | 19.2 |
| Stock-based compensation | 2.4 | 3.2 | 4.6 | 6.8 | 8.9 |
| Acquisitions | 96.2 | 20.7 | 0.0 | 197 | 14.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 71.5% | 13.1% | 26.1% | 19.5% |
| Operating income growth (YoY) | – | 161.1% | 4.1% | 40.3% | 14.1% |
| EPS growth (YoY) | – | 160.8% | 7.0% | 30.0% | 15.4% |
| Gross margin | 24.8% | 25.5% | 28.1% | 29.1% | 28.3% |
| Operating margin | 10.3% | 15.7% | 14.4% | 16.0% | 15.3% |
| Net margin | 7.7% | 11.8% | 11.2% | 11.7% | 11.3% |
| Return on equityBlank when equity is negative | 8.2% | 17.6% | 15.7% | 17.2% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.2% | 17.2% | 16.7% | 14.6% | 15.9% |
| Free cash flow margin | 4.3% | 1.1% | 7.7% | 11.3% | – |
| Cash conversion (CFO ÷ net income) | 0.90x | 0.42x | 0.92x | 1.13x | 1.35x |
| Receivable days | 70 | 57 | 59 | 61 | 50 |
| Inventory days | 79 | 74 | 89 | 89 | 73 |
| Payable days | 25 | 28 | 28 | 25 | 21 |
| Interest cover | 544x | 20.1x | 15.8x | 10.0x | 9.42x |
| Debt ÷ equity | 0.39x | 0.23x | 0.11x | 0.55x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 63.9 | 50.5 | 26.7 | 176 | 115 |
| Current ratio | 2.25x | 2.08x | 2.48x | 2.56x | 2.68x |
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.