National Instruments
National Instruments Corporation provides a software-centric platform and systems to engineers and scientists worldwide. The last earnings update was 26 days ago. More info.
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NATI Share Price and Events
7 Day Returns
1 Year Returns
NATI Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| National Instruments (NATI) | -0.5% | -1.5% | -0.5% | -14.1% | 49.5% | 52.4% |
| US Electronic | 0.7% | 0.9% | 18.9% | 0% | 58.7% | 59.1% |
| US Market | 1.6% | 2.1% | 12.8% | 3.2% | 38.6% | 43.6% |
1 Year Return vs Industry and Market
- NATI underperformed the Electronic industry which returned 0% over the past year.
- NATI underperformed the Market in United States of America which returned 3.2% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
National Instruments
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for National Instruments.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 3 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Electronic Unlevered Beta | Simply Wall St/ S&P Global | 1.07 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.071 (1 + (1- 21%) (0%)) |
1.048 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.05 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.048 * 5.96%) |
8.97% |
Discounted Cash Flow Calculation for NasdaqGS:NATI using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for National Instruments is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 8.97%) |
|
|---|---|---|---|
| 2019 | 233.00 | Analyst x1 | 213.81 |
| 2020 | 167.24 | Analyst x2 | 140.83 |
| 2021 | 130.21 | Est @ -22.14% | 100.62 |
| 2022 | 111.10 | Est @ -14.68% | 78.78 |
| 2023 | 100.60 | Est @ -9.46% | 65.46 |
| 2024 | 94.76 | Est @ -5.8% | 56.59 |
| 2025 | 91.69 | Est @ -3.24% | 50.24 |
| 2026 | 90.36 | Est @ -1.45% | 45.44 |
| 2027 | 90.19 | Est @ -0.2% | 41.61 |
| 2028 | 90.80 | Est @ 0.68% | 38.45 |
| Present value of next 10 years cash flows | $831.84 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $90.80 × (1 + 2.73%) ÷ (8.97% – 2.73%) |
$1,494.01 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $1,494.01 ÷ (1 + 8.97%)10 |
$632.62 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $831.84 + $632.62 |
$1,464.46 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $1,464.46 / 132.24 |
$11.07 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $11.07 |
| Current discount | Discount to share price of
$45.13
= -1 x ($45.13 - $11.07) / $11.07 |
-307.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of National Instruments is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for National Instruments's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
National Instruments's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $1.17 |
| NasdaqGS:NATI Share Price ** | NasdaqGS (2019-03-19) in USD | $45.13 |
| United States of America Electronic Industry PE Ratio | Median Figure of 92 Publicly-Listed Electronic Companies | 19.48x |
| United States of America Market PE Ratio | Median Figure of 3,056 Publicly-Listed Companies | 17.77x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of National Instruments.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqGS:NATI Share Price ÷ EPS (both in USD) = 45.13 ÷ 1.17 |
38.42x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Instruments is overvalued based on earnings compared to the US Electronic industry average.
- National Instruments is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
National Instruments's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 38.42x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts |
11.8%per year |
| United States of America Electronic Industry PEG Ratio | Median Figure of 60 Publicly-Listed Electronic Companies | 1.55x |
| United States of America Market PEG Ratio | Median Figure of 2,107 Publicly-Listed Companies | 1.49x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 38.42x ÷ 11.8% |
3.24x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Instruments is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
National Instruments's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $9.34 |
| NasdaqGS:NATI Share Price * | NasdaqGS (2019-03-19) in USD | $45.13 |
| United States of America Electronic Industry PB Ratio | Median Figure of 151 Publicly-Listed Electronic Companies | 2.1x |
| United States of America Market PB Ratio | Median Figure of 5,154 Publicly-Listed Companies | 1.89x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:NATI Share Price ÷ Book Value per Share (both in USD) = 45.13 ÷ 9.34 |
4.83x |
* Primary Listing of National Instruments.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Instruments is overvalued based on assets compared to the US Electronic industry average.
Value checks
We assess National Instruments's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check) National Instruments has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- National Instruments's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- National Instruments's earnings growth is positive but not above the United States of America market average.
- National Instruments's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqGS:NATI Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts | 11.8% |
| NasdaqGS:NATI Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts | 6.4% |
| United States of America Electronic Industry Earnings Growth Rate | Market Cap Weighted Average | 17% |
| United States of America Electronic Industry Revenue Growth Rate | Market Cap Weighted Average | 5.6% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14.3% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 1,672 | 221 | 1 | |
| 2020-12-31 | 1,519 | 295 | 195 | 3 |
| 2019-12-31 | 1,406 | 261 | 163 | 3 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 1,359 | 275 | 155 |
| 2018-09-30 | 1,349 | 264 | 74 |
| 2018-06-30 | 1,324 | 239 | 64 |
| 2018-03-31 | 1,301 | 218 | 59 |
| 2017-12-31 | 1,289 | 224 | 52 |
| 2017-09-30 | 1,268 | 198 | 106 |
| 2017-06-30 | 1,254 | 204 | 97 |
| 2017-03-31 | 1,241 | 203 | 92 |
| 2016-12-31 | 1,228 | 200 | 83 |
| 2016-09-30 | 1,234 | 192 | 86 |
| 2016-06-30 | 1,227 | 192 | 84 |
| 2016-03-31 | 1,223 | 181 | 90 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
All data from National Instruments Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 1.61 | 1.61 | 1.61 | 1.00 |
| 2020-12-31 | 1.43 | 1.45 | 1.41 | 3.00 |
| 2019-12-31 | 1.21 | 1.22 | 1.19 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 1.17 |
| 2018-09-30 | 0.56 |
| 2018-06-30 | 0.49 |
| 2018-03-31 | 0.45 |
| 2017-12-31 | 0.40 |
| 2017-09-30 | 0.82 |
| 2017-06-30 | 0.75 |
| 2017-03-31 | 0.71 |
| 2016-12-31 | 0.64 |
| 2016-09-30 | 0.67 |
| 2016-06-30 | 0.66 |
| 2016-03-31 | 0.70 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess National Instruments's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
National Instruments has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has National Instruments performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- National Instruments's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
- National Instruments's 1-year earnings growth exceeds its 5-year average (195.8% vs -3.4%)
- National Instruments's earnings growth has exceeded the US Electronic industry average in the past year (195.8% vs 48.8%).
Earnings and Revenue History
All data from National Instruments Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 1,359.13 | 155.06 | 578.92 | 258.98 |
| 2018-09-30 | 1,348.78 | 74.23 | 580.18 | 251.49 |
| 2018-06-30 | 1,323.58 | 64.43 | 580.60 | 242.31 |
| 2018-03-31 | 1,301.18 | 58.53 | 575.32 | 232.02 |
| 2017-12-31 | 1,289.39 | 52.41 | 570.63 | 228.25 |
| 2017-09-30 | 1,268.17 | 105.84 | 566.91 | 227.18 |
| 2017-06-30 | 1,253.61 | 96.94 | 566.67 | 229.71 |
| 2017-03-31 | 1,241.11 | 91.58 | 561.77 | 233.67 |
| 2016-12-31 | 1,228.18 | 82.73 | 559.63 | 235.71 |
| 2016-09-30 | 1,233.99 | 85.73 | 560.25 | 234.07 |
| 2016-06-30 | 1,227.43 | 84.41 | 556.72 | 227.77 |
| 2016-03-31 | 1,223.12 | 89.56 | 550.48 | 223.50 |
| 2015-12-31 | 1,225.46 | 95.26 | 546.20 | 225.13 |
| 2015-09-30 | 1,223.89 | 106.51 | 540.96 | 225.64 |
| 2015-06-30 | 1,237.78 | 123.03 | 542.90 | 232.12 |
| 2015-03-31 | 1,248.70 | 122.61 | 550.77 | 232.41 |
| 2014-12-31 | 1,243.86 | 126.33 | 553.11 | 227.43 |
| 2014-09-30 | 1,211.89 | 114.68 | 547.29 | 223.68 |
| 2014-06-30 | 1,187.33 | 90.74 | 540.22 | 225.18 |
| 2014-03-31 | 1,170.74 | 80.64 | 531.84 | 227.69 |
| 2013-12-31 | 1,172.56 | 80.51 | 535.22 | 234.80 |
| 2013-09-30 | 1,172.08 | 69.50 | 536.16 | 237.73 |
| 2013-06-30 | 1,172.91 | 78.08 | 533.52 | 233.81 |
| 2013-03-31 | 1,169.05 | 90.10 | 531.24 | 229.84 |
| 2012-12-31 | 1,143.69 | 90.14 | 516.71 | 222.99 |
| 2012-09-30 | 1,121.42 | 93.75 | 506.54 | 219.13 |
| 2012-06-30 | 1,086.43 | 82.15 | 500.95 | 217.14 |
| 2012-03-31 | 1,047.46 | 82.25 | 484.74 | 209.94 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- National Instruments has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- National Instruments used its assets more efficiently than the US Electronic industry average last year based on Return on Assets.
- National Instruments has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess National Instruments's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
National Instruments has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is National Instruments's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up National Instruments's finances.
The net worth of a company is the difference between its assets and liabilities.
- National Instruments is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- National Instruments's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- National Instruments has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from National Instruments Company Filings, last reported 2 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,238.36 | 0.00 | 530.78 |
| 2018-09-30 | 1,196.91 | 0.00 | 482.41 |
| 2018-06-30 | 1,165.68 | 0.00 | 428.42 |
| 2018-03-31 | 1,149.71 | 0.00 | 414.52 |
| 2017-12-31 | 1,128.02 | 0.00 | 412.05 |
| 2017-09-30 | 1,163.80 | 15.00 | 385.42 |
| 2017-06-30 | 1,138.05 | 25.00 | 368.43 |
| 2017-03-31 | 1,115.77 | 25.00 | 365.42 |
| 2016-12-31 | 1,114.22 | 25.00 | 358.40 |
| 2016-09-30 | 1,107.41 | 25.00 | 352.93 |
| 2016-06-30 | 1,091.19 | 40.00 | 340.32 |
| 2016-03-31 | 1,088.46 | 25.00 | 328.61 |
| 2015-12-31 | 1,081.72 | 37.00 | 332.92 |
| 2015-09-30 | 1,059.60 | 25.00 | 411.30 |
| 2015-06-30 | 1,119.63 | 0.00 | 422.80 |
| 2015-03-31 | 1,114.95 | 0.00 | 443.27 |
| 2014-12-31 | 1,117.50 | 0.00 | 471.19 |
| 2014-09-30 | 1,087.29 | 0.00 | 447.75 |
| 2014-06-30 | 1,057.89 | 0.00 | 401.51 |
| 2014-03-31 | 1,037.74 | 0.00 | 410.11 |
| 2013-12-31 | 1,023.08 | 0.00 | 393.41 |
| 2013-09-30 | 991.18 | 0.00 | 344.11 |
| 2013-06-30 | 971.76 | 0.00 | 323.55 |
| 2013-03-31 | 957.76 | 0.00 | 327.31 |
| 2012-12-31 | 939.13 | 0.00 | 335.16 |
| 2012-09-30 | 918.29 | 0.00 | 363.66 |
| 2012-06-30 | 896.33 | 0.00 | 350.73 |
| 2012-03-31 | 875.31 | 0.00 | 377.41 |
- National Instruments has no debt.
- National Instruments had no debt 5 years ago.
- National Instruments has no debt, it does not need to be covered by operating cash flow.
- National Instruments has no debt, therefore coverage of interest payments is not a concern.
Financial health checks
We assess National Instruments's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) National Instruments has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is National Instruments's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
National Instruments
shares you are expected to receive
$44
in your first year as a dividend.
Dividend Amount
- National Instruments's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
- National Instruments's dividend is below the markets top 25% of dividend payers in United States of America (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
| United States of America Electronic Industry Average Dividend Yield | Market Cap Weighted Average of 38 Stocks | 1.6% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2004 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 1.20 | 1.00 |
| 2020-12-31 | 1.12 | 1.00 |
| 2019-12-31 | 1.00 | 1.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-01-29 | 1.000 | 2.203 |
| 2018-07-26 | 0.920 | 1.985 |
| 2018-01-30 | 0.920 | 2.007 |
| 2017-10-26 | 0.840 | 1.909 |
| 2017-04-27 | 0.840 | 2.103 |
| 2017-02-16 | 0.840 | 2.584 |
| 2017-01-26 | 0.840 | 2.657 |
| 2016-10-27 | 0.800 | 2.667 |
| 2016-08-01 | 0.800 | 2.866 |
| 2016-07-27 | 0.800 | 2.776 |
| 2016-05-02 | 0.800 | 2.870 |
| 2016-04-28 | 0.800 | 2.883 |
| 2016-02-19 | 0.800 | 2.759 |
| 2016-01-28 | 0.800 | 2.878 |
| 2015-10-27 | 0.760 | 2.586 |
| 2015-07-28 | 0.760 | 2.668 |
| 2015-04-28 | 0.760 | 2.577 |
| 2015-01-29 | 0.760 | 2.398 |
| 2014-10-30 | 0.600 | 1.915 |
| 2014-07-29 | 0.600 | 1.915 |
| 2014-04-29 | 0.600 | 2.000 |
| 2014-01-30 | 0.600 | 2.106 |
| 2013-10-31 | 0.560 | 1.792 |
| 2013-07-29 | 0.560 | 1.905 |
| 2013-04-25 | 0.560 | 1.976 |
| 2013-01-31 | 0.560 | 1.834 |
| 2012-10-25 | 0.560 | 2.206 |
| 2012-07-26 | 0.560 | 2.188 |
| 2012-04-26 | 0.560 | 2.116 |
| 2012-01-31 | 0.560 | 2.073 |
| 2011-10-26 | 0.400 | 1.534 |
| 2011-07-27 | 0.400 | 1.643 |
| 2011-04-28 | 0.400 | 1.380 |
| 2011-01-25 | 0.400 | 1.282 |
| 2010-10-25 | 0.347 | 1.427 |
| 2010-07-27 | 0.347 | 1.661 |
| 2010-04-27 | 0.347 | 1.627 |
| 2010-01-26 | 0.347 | 1.588 |
| 2009-10-27 | 0.320 | 1.672 |
| 2009-07-23 | 0.320 | 1.814 |
| 2009-04-28 | 0.320 | 2.157 |
| 2009-03-20 | 0.320 | 2.406 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
National Instruments's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.3x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
Income/ dividend checks
We assess National Instruments's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can National Instruments afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) National Instruments has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $7,505,508 |
| AGE | 51 |
| TENURE AS CEO | 2.2 years |
CEO Bio
Mr. Alexander M. Davern, also known as Alex, CPA, has been the Chief Executive Officer since January 01, 2016.He was President of National Instruments Corporation since January 01, 2016 until October 23, 2018. Mr. Davern served as the Chief Financial Officer of National Instruments Corporation from December 1997 to December 2016 and also served as its Treasurer from July 1997 to December 2016. He served as the Chief Operating Officer and Executive Vice President at National Instruments Corporation from October 1, 2010 to December 2016. Mr. Davern joined NI in February 1994 as International Controller. Throughout the industry, he is a recognized expert in corporate finance and executive leadership. He served as the Senior Vice President, IT and Manufacturing Operations of National Instruments Corp. from December 2002 to October 2010. From July 1997 to December 1997, he served as Acting Chief Financial Officer and Treasurer and as Corporate Controller and International Controller of National Instruments. Prior to 1994, he worked both in Europe and in the United States for the international accounting firm of Price Waterhouse LLP. Mr. Davern has been an Independent Director of Cirrus Logic Inc. since March 25, 2015. He serves as a Director of National Instruments Corporation from January 31, 2017. He served as an Independent Director of Helen of Troy Limited from August 2014 to March 31, 2017. He served as a Director of SigmaTel Inc. since June 2003. He is a former member of the Texas Society of Certified Public Accountants and the Irish Society of Chartered Accountants. Mr. Davern holds an undergraduate degree in Business studies and received his bachelor’s degree in Commerce and Postgraduate Diploma in Professional Accounting from University College Dublin.
CEO Compensation
- Alex's compensation has increased by more than 20% in the past year.
- Alex's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the National Instruments management team in years:
- The tenure for the National Instruments management team is about average.
Management Team
Alex Davern
CEO & Director
$8M
51
2.2 yrs
Eric Starkloff
President & COO
$1M
43
0.4 yrs
Jeff Kodosky
Co-Founder & Director
68
43.2 yrs
Karen Rapp
Executive VP
$1M
50
1.8 yrs
John Roiko
VP of Finance & Chief Accounting Officer
$515K
60
1.3 yrs
Scott Rust
Senior Vice President of Product and R&D
$1M
51
5.2 yrs
Marissa Vidaurri
Head of Strategic Communications & Investor Relations
Kevin Ilcisin
Vice President of Strategy & Corporate Development
Carla Sublett
First Chief Marketing Officer
0.1 yrs
Cate Prescott
Vice President of Global Human Resources
2.2 yrs
Board of Directors Tenure
Average tenure and age of the National Instruments board of directors in years:
- The average tenure for the National Instruments board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Alex Davern
CEO & Director
$8M
51
Michael McGrath
Chairman of the Board
$203K
68
0.5 yrs
Jeff Kodosky
Co-Founder & Director
68
43.2 yrs
Charles Roesslein
Independent Director
$211K
69
18.7 yrs
Duy-Loan Le
Independent Director
$211K
55
16.5 yrs
John Berra
Independent Director
$208K
70
8.8 yrs
Gerhard Fettweis
Independent Director
$195K
56
3 yrs
Jim Cashman
Independent Director
64
Liam Griffin
Independent Director
51
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19. Nov 18 | Sell | Scott Rust | Individual | 19. Nov 18 | 19. Nov 18 | -4,432 | $49.23 | $-215,135 | ||
| 07. Nov 18 | Sell | John Roiko | Individual | 06. Nov 18 | 06. Nov 18 | -1,145 | $49.28 | $-56,429 | ||
| 31. Oct 18 | Sell | Eric Starkloff | Individual | 30. Oct 18 | 30. Oct 18 | -2,500 | $49.18 | $-122,950 | ||
| 30. Aug 18 | Sell | John Roiko | Individual | 29. Aug 18 | 29. Aug 18 | -1,388 | $47.33 | $-65,697 | ||
| 23. Aug 18 | Sell | James Truchard | Individual | 21. Aug 18 | 22. Aug 18 | -125,000 | $45.21 | $-5,647,500 | ||
| 17. Aug 18 | Sell | John Roiko | Individual | 16. Aug 18 | 16. Aug 18 | -1,768 | $44.99 | $-79,538 | ||
| 26. May 18 | Sell | Scott Rust | Individual | 25. May 18 | 25. May 18 | -6,372 | $41.45 | $-264,119 | ||
| 25. May 18 | Buy | Duy-Loan Le | Individual | 23. May 18 | 23. May 18 | 519 | $41.48 | $21,526 | ||
| 14. May 18 | Sell | Gerhard Fettweis | Individual | 11. May 18 | 11. May 18 | -800 | $42.11 | $-33,686 | ||
Management checks
We assess National Instruments's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) National Instruments has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
With A Return On Equity Of 13%, Has National Instruments Corporation's (NASDAQ:NATI) Management Done Well?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows National Instruments has a return on equity of 13% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDon't Sell National Instruments Corporation (NASDAQ:NATI) Before You Read This
We'll look at National Instruments Corporation's (NASDAQ:NATI) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, National Instruments's P/E ratio is 39.66. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleHow Do Analysts See National Instruments Corporation (NASDAQ:NATI) Performing In The Next Couple Of Years?
Want to participate in a short research study? … Help shape the future of investing tools and receive a $20 prize! … National Instruments Corporation's (NASDAQ:NATI) latest earnings update in December 2018a
Simply Wall St - – Full articleWhat Should You Know About National Instruments Corporation's (NASDAQ:NATI) Growth?
Help shape the future of investing tools and you could win a $250 gift card! … On 31 December 2018, National Instruments Corporation (NASDAQ:NATI) released its earnings update. … with earnings expected to grow by 5.2% in the upcoming year
Simply Wall St - – Full articleHere’s What National Instruments Corporation’s (NASDAQ:NATI) Return On Capital Can Tell Us
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … The formula for calculating the return on capital employed is:
Simply Wall St - – Full articleIs National Instruments Corporation's (NASDAQ:NATI) Liquidity Good Enough?
Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as National Instruments Corporation (NASDAQ:NATI) with a market-capitalization of US$5.9b, rarely draw their attention. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.
Simply Wall St - – Full articleIs It Time To Consider Buying National Instruments Corporation (NASDAQ:NATI)?
saw significant share price movement during recent months on the NasdaqGS, rising to highs of $50.41 and falling to the lows of $42.05. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … A question to answer is whether National Instruments's current trading price of $42.05 reflective of the actual value of the?
Simply Wall St - – Full articleIs National Instruments Corporation's (NASDAQ:NATI) 6.2% ROE Worse Than Average?
By way of learning-by-doing, we'll look at ROE to gain a better understanding National Instruments Corporation (NASDAQ:NATI). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.062 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhy I Like National Instruments Corporation (NASDAQ:NATI)
I've been keeping an eye on National Instruments Corporation (NASDAQ:NATI) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe NATI has a lot to offer.
Simply Wall St - – Full articleDespite Its High P/E Ratio, Is National Instruments Corporation (NASDAQ:NATI) Still Undervalued?
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Based on the last twelve months, National Instruments's P/E ratio is 84.27. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleCompany Info
Description
National Instruments Corporation provides a software-centric platform and systems to engineers and scientists worldwide. Its programming environments software includes LabVIEW, a graphical application software package to visualize hardware configuration, measurement data, and debugging of application; LabWindows/CVI, an ANSI C integrated development environment and engineering toolbox with built-in libraries for measurement, analysis, and engineering UI design; and NI Measurement Studio, a suite of .NET tools designed for building engineering applications in Microsoft Visual Studio to acquire, analyze, and display measurement data. The company’s application software comprises TestStand, which is used for automated test and measurement applications in a manufacturing environment; VeriStand, a ready-to-use software environment for configuring real-time testing applications; Flexlogger for quick sensor configuration and data logging of mixed signals to verify electromechanical systems; and InsightCM Enterprise, a software solution with integrated hardware options for monitoring ancillary rotating equipment. Its systems and data management software include DIAdem, which is configuration-based technical data management, analysis, and report generation tools to mine and analyze engineering and measurement data; and SystemLink, a systems management software that enables the mass coordination of connected devices, software deployments, and data communications throughout a distributed system. The company also offers PXI hardware form factor that combines PC software and PCI hardware with advanced instrumentation capabilities; NI C-series data acquisition and control products; and NI semiconductor test systems, as well as software and hardware maintenance, and training and certification services. It serves semiconductor, transportation, and aerospace and defense industries, as well as government agencies. The company was founded in 1976 and is headquartered in Austin, Texas.
Details
| Name: | National Instruments Corporation |
| NATI | |
| Exchange: | NasdaqGS |
| Founded: | 1976 |
| $5,968,058,082 | |
| 132,241,482 | |
| Website: | http://www.ni.com |
| Address: |
National Instruments Corporation 11500 North MoPac Expressway, Austin, Texas, 78759, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NasdaqGS | NATI | Common Stock | Nasdaq Global Select | US | USD | 14. Mar 1995 | |
| DB | NI1 | Common Stock | Deutsche Boerse AG | DE | EUR | 14. Mar 1995 |
Number of employees
Current staff
Industry
| Electronic Equipment and Instruments | |
| Tech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/03/19 23:40 |
| End of day share price update: | 2019/03/19 00:00 |
| Last estimates confirmation: | 2019/01/31 |
| Last earnings filing: | 2019/02/21 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
