Knowles Corp

Listed Company

KNCIK 0001587523NYSELarge AcceleratedHousehold Audio & Video EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$593.20M

Net Income

$44.20M

Total Assets

$1.05B

Equity

—

Shares Out

85.56M

Op. Cash Flow

—

Business

Knowles Corp is a manufacturer of specialty electronic components that designs and produces parts for demanding medtech, defense, and industrial applications. It offers high-performance capacitors, RF and microwave filters, advanced medtech microphones, balanced armature speakers, and miniaturization products that support critical electronic systems. The company operates through two reportable segments—Precision Devices (PD), focusing on capacitors and RF filtering solutions, and MedTech & Specialty Audio (MSA), focusing on microphones and balanced armature speakers. Knowles sells directly to OEMs, contract manufacturers, representatives, and distributors across North America, Europe, and Asia.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	593	554	457	479	868
Cost of goods sold	333	317	252	252	509
Other Asset Impairment Charges	4	0	0	—	—
Restructuring charges - cost of goods sold	800,000	2	1	0	0
Gross Profit, Total	256	235	204	227	360
Research and development expenses	40	40	32	29	93
Selling and administrative expenses	143	142	126	106	146
Restructuring charges	3	2	2	600,000	500,000
Operating expenses	186	183	160	136	244
Operating earnings	70	52	43	91	116
Interest expense, net	9	16	5	4	14
Investment Income, Dividend	−6	0	0	—	—
Other Nonoperating Income (Expense)	3	800,000	700,000	−400,000	−3
(Loss) earnings before income taxes	64	35	37	88	105
Provision for (benefit from) income taxes	13	11	−28	21	−46
Earnings from continuing operations	51	23	66	66	150
Earnings (loss) from discontinued operations, net	−7	−261	7	−497	200,000
Net earnings (loss)	44	−238	72	−430	150
Income (Loss) from Continuing Operations, Per Basic Share	0.59	0.26	0.72	0.72	1.63
Income (Loss) from Continuing Operations, Per Diluted Share	0.58	0.26	0.72	0.72	1.59
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	−0.08	−2.93	0.08	—	—
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	−0.08	−2.9	0.07	−5.35	0
Earnings Per Share, Basic	0.51	−2.67	0.8	−4.69	1.63
Earnings Per Share, Diluted	0.5	−2.64	0.79	−4.63	1.59
Basic (in shares)	86	89	91	92	92
Diluted (in shares)	88	90	92	93	95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	54	130	87	48	69
Accounts Receivable, after Allowance for Credit Loss, Current	103	105	91	135	147
Inventories	125	118	127	170	153
Prepaid and other current assets	10	8	7	10	12
Total current assets	291	361	429	362	380
Property, plant, and equipment, net	140	130	143	162	201
Goodwill	270	270	271	201	941
Intangible assets, net	141	157	176	85	97
Operating Lease, Right-of-Use Asset	19	9	13	13	17
Investment, Affiliated Issuer, Noncontrolled	83	77	0	—	—
Other assets and deferred charges	106	114	114	91	95
Total assets	1,051	1,118	1,463	1,184	1,732
Long-term Debt, Current Maturities	0	69	47	0	0
Accounts payable	43	59	36	41	91
Accrued compensation and employee benefits	30	29	25	27	43
Operating Lease, Liability, Current	4	4	5	8	11
Other accrued expenses	28	34	22	20	19
Federal and other taxes on income	1	4	3	3	2
Total current liabilities	106	198	165	99	166
Long-term debt	114	134	224	45	70
Deferred Income Tax Liabilities, Net	1	1	700,000	900,000	600,000
Operating Lease, Liability, Noncurrent	16	6	8	7	15
Other Liabilities, Noncurrent	38	24	29	39	21
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred Stock, Value, Issued	0	0	0	0	0
Common Stock, Value, Issued	1	1	1	1	1
Treasury Stock, Common, Value	−271	−205	−151	−103	—
Additional paid-in capital	1,740	1,712	1,690	1,666	1,639
Accumulated deficit	−569	−614	−376	−448	−18
Accumulated other comprehensive loss	−125	−138	−130	−122	−100
Total stockholders' equity	776	756	1,034	993	1,460
Total liabilities and stockholders' equity	1,051	1,118	1,463	1,184	1,732
Preferred stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Preferred stock, shares authorized (in shares)	10	10	10	10	10
Preferred stock, shares issued (in shares)	0	0	0	0	0
Common stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Common stock, shares authorized (in shares)	400	400	400	400	400
Common stock, shares issued (in shares)	100	99	97	96	95
Common Stock, Shares, Outstanding	85	87	89	91	92
Treasury Stock, Common, Shares	15	11	8	5	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment Income, Dividend	−6	0	0	—	—
Goodwill, Impairment Loss	0	263	0	471	—
Depreciation and amortization	36	50	47	54	63
Stock-based compensation	28	23	29	29	32
Deferred income taxes	9	10	−40	2	−61
Non-cash interest expense and amortization of debt issuance costs	5	8	2	700,000	8
Restructuring Costs	0	700,000	−2	14	0
Gain (Loss) on Disposition of Intangible Assets	0	7	0	0	—
Gain (Loss) on Disposition of Business	−3	7	0	0	—
Gain (Loss) on Disposition of Property Plant Equipment	100,000	−1	−10	500,000	0
Other, net	9	2	−900,000	−6	0
Receivables, net	1	4	13	11	−12
Inventories	−5	2	12	−23	−21
Prepaid and other current assets	−700,000	1	−400,000	2	−3
Accounts payable	−18	25	6	−41	17
Accrued compensation and employee benefits	−200,000	4	4	−15	12
Other accrued expenses	−6	−3	−2	−300,000	2
Accrued taxes	−2	2	−400,000	1	−1
Other non-current assets and non-current liabilities	14	−7	−6	18	−8
Net cash provided by operating activities	114	130	123	86	182
Proceeds from CMM Sale Seller Loan Repayment	500,000	0	0	—	—
Proceeds from Sales of Business, Affiliate and Productive Assets	0	58	0	0	—
Payment to Finance CMM Sale Seller Loan	0	−6	0	0	—
Proceeds from Sale of Intangible Assets	0	7	0	0	—
Acquisitions of business (net of cash acquired)	0	0	−137	−700,000	−79
Payments to Acquire Assets, Investing Activities	0	0	−300,000	0	0
Additions to property, plant, and equipment	−32	−14	−17	−32	−49
Proceeds from the sale of property, plant, and equipment	0	0	13	100,000	600,000
Payments for (Proceeds from) Investments	−2	−500,000	−400,000	−400,000	−4
Proceeds from Sale of Short-term Investments	2	500,000	400,000	400,000	400,000
Net cash (used in) provided by investing activities	−32	45	−142	−33	−130
Payments under revolving credit facility	−55	−166	−35	−48	0
Payments Under CD Seller Note	−73	−50	0	0	—
Borrowings under revolving credit facility	35	140	150	23	70
Payments for Repurchase of Common Stock	−65	−54	−48	−44	−45
Payments of debt issuance costs	0	0	−2	0	0
Proceeds from Stock Options Exercised	−7	−6	−2	−8	26
Tax on restricted and performance stock unit vesting and stock option exercises	7	7	6	7	−8
Payments of finance lease obligations	−500,000	−2	−3	−5	−2
Net cash (used in) provided by financing activities	−159	−132	58	−73	−131
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	600,000	−500,000	−200,000	−1	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	−76	43	39	−21	−79
Income taxes	8	15	11	6	16
Interest	8	12	5	4	7

Filings

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