METHODE ELECTRONICS INC

Listed Company

MEICIK 0000065270NYSEAcceleratedElectronic ConnectorsDelawareFY ends May 3

Period

FY 2025

Revenue

$1.05B

Net Income

$-62.60M

Total Assets

$1.31B

Equity

$693.30M

Shares Out

35.43M

Op. Cash Flow

$26.40M

Business

METHODE ELECTRONICS INC is a global supplier of custom engineered mechatronic solutions for OEMs, designing and manufacturing electronic and electro-mechanical products. It offers user-interface systems, LED lighting systems, power distribution products, sensors and related assemblies, including integrated consoles, switches, busbars, transceivers and power cabling solutions. The company operates through three reportable segments—Automotive, Industrial and Interface—and previously reported a Medical segment through fiscal 2024. Its products are sold worldwide from sales, engineering and manufacturing locations in North America, Europe, the Middle East and Asia, primarily to OEMs directly or via tiered suppliers, sales partners and distributors.

Summary from filing dated 2025-07-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Net sales	1,048	1,115	1,180	1,164	1,088
Cost of products sold	885	936	916	899	814
Gross profit	163	179	264	265	274
Selling and administrative expenses	164	161	155	134	127
Goodwill impairment	—	106	—	—	—
Amortization of intangibles	23	24	19	19	19
(Loss) income from operations	−24	−112	90	112	128
Interest expense, net	22	17	3	4	5
Other expense (income), net	4	−600,000	−2	−10	−12
Pre-tax (loss) income	−50	−128	90	119	135
Income tax expense (benefit)	13	−5	13	16	13
Net (loss) income attributable to Methode	−63	−123	77	102	122
Basic	−1.77	−3.48	2.14	2.74	3.22
Diluted	−1.77	−3.48	2.1	2.7	3.19
Cash dividends per share	0.56	0.56	0.56	0.56	0.44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	104	162	157	172	233
Accounts receivable, net	241	263	314	273	283
Inventories	194	186	160	159	124
Income tax receivable	4	4	13	8	12
Prepaid expenses and other current assets	17	19	21	17	23
Assets held for sale	—	5	—	—	—
Total current assets	560	638	664	629	674
Property, plant and equipment, net	222	212	220	197	204
Goodwill	173	170	302	233	236
Other intangible assets, net	238	257	257	208	229
Operating lease right-of-use assets, net	24	27	28	20	22
Deferred tax assets	38	35	34	37	41
Pre-production costs	32	44	36	27	25
Other long-term assets	20	22	38	38	36
Total long-term assets	746	766	915	760	793
Total assets	1,306	1,404	1,579	1,389	1,467
Accounts payable	126	132	139	109	123
Accrued employee liabilities	32	38	37	30	34
Other accrued liabilities	50	46	35	25	25
Short-term operating lease liabilities	7	7	7	6	6
Short-term debt	200,000	200,000	3	13	15
Income tax payable	18	8	8	7	20
Total current liabilities	233	231	228	189	223
Long-term debt	317	331	304	198	225
Long-term operating lease liabilities	18	21	22	15	18
Long-term income tax payable	—	9	17	22	25
Other long-term liabilities	17	17	14	14	21
Deferred tax liabilities	27	29	42	38	38
Total long-term liabilities	379	406	398	287	326
Total liabilities	613	638	626	475	549
Common stock, $0.50 par value, 100,000,000 shares authorized, 37,151,365 shares and 36,650,909 shares issued as of May 3, 2025 and April 27, 2024, respectively	19	18	19	19	20
Additional paid-in capital	192	184	181	169	158
Accumulated other comprehensive loss	−30	−37	−19	−27	6
Treasury stock, 1,346,624 shares as of May 3, 2025 and April 27, 2024	−12	−12	−12	−12	−12
Retained earnings	524	612	773	764	746
Total shareholders' equity	693	766	942	914	918
Total liabilities and shareholders' equity	1,306	1,404	1,579	1,389	1,467

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Depreciation and amortization	59	58	50	53	52
Stock-based compensation expense	7	4	12	12	7
Amortization of debt issuance costs	1	800,000	700,000	700,000	700,000
Partial write-off of unamortized debt issuance costs	1	—	—	—	—
(Gain) loss on sale of property, plant and equipment	−500,000	−2	600,000	−300,000	1
Impairment of long-lived assets	1	2	700,000	3	600,000
Inventory obsolescence	20	10	8	—	—
Change in deferred income taxes	−6	−21	−5	−2	−10
Other	2	−800,000	800,000	500,000	1
Accounts receivable	23	48	−21	−2	−82
Inventories	−26	−41	1	−39	11
Prepaid expenses and other assets	17	7	−25	2	18
Accounts payable	−5	−5	20	−9	44
Other liabilities	−5	4	14	−21	16
Net cash provided by operating activities	26	48	133	99	180
Purchases of property, plant and equipment	−42	−50	−42	−38	−25
Proceeds from redemption of life insurance	—	11	—	—	—
Proceeds from settlement of net investment hedge	3	600,000	—	—	—
Proceeds from disposition of assets	6	21	4	600,000	100,000
Acquisition of business, net of cash acquired	—	—	−115	—	—
Net cash used in investing activities	−33	−18	−153	−37	−25
Taxes paid related to net share settlement of equity awards	−4	−4	−500,000	−300,000	−4
Repayments of finance leases	−200,000	−200,000	−400,000	−700,000	−500,000
Debt issuance costs	−2	−1	−3	—	—
Proceeds from exercise of stock options	—	—	2	500,000	800,000
Purchases of common stock	−2	−14	−48	−65	−7
Cash dividends	−20	−20	−20	−20	−17
Purchase of redeemable noncontrolling interest	—	−11	—	—	—
Proceeds from borrowings	138	238	345	—	2
Repayments of borrowings	−169	−207	−271	−29	−117
Net cash (used in) provided by financing activities	−59	−19	3	−115	−143
Effect of foreign currency exchange rate changes on cash and cash equivalents	8	−7	2	−8	4
(Decrease) increase in cash and cash equivalents	−58	5	−15	−61	16
Interest	23	17	6	4	5
Income taxes, net of refunds	22	15	26	32	16

Filings

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