CTS CORP

Listed Company

CTSCIK 0000026058NYSELarge AcceleratedPrinted Circuit BoardsIndianaFY ends Dec 31

Period

FY 2025

Revenue

$541.32M

Net Income

$65.32M

Total Assets

$764.31M

Equity

$551.79M

Shares Out

28.59M

Op. Cash Flow

$102.11M

Business

CTS CORP is a global manufacturer of sensors, connectivity components, and actuators sold primarily to OEMs, tier-one suppliers and the U.S. Government. Its main products include Sense devices (sensors, switches, transducers), Connect components (EMI/RFI filters, capacitors, frequency control products, resistors, RF filters) and Move actuators (piezo microactuators, rotary actuators). The company organizes its offerings into Sense, Connect and Move categories and serves transportation, industrial, medical, and aerospace and defense end markets. It operates manufacturing facilities across North America, Asia and Europe and distributes products through sales engineers, independent manufacturers’ representatives and distributors.

Summary from filing dated 2025-02-26

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
Net sales	541	515	550	587	513
Cost of goods sold	333	327	360	376	328
Gross margin	208	188	191	211	185
Selling, general and administrative expenses	99	88	84	92	83
Research and development expenses	25	23	25	24	24
Restructuring charges	1	5	7	2	2
Operating earnings	83	71	75	93	76
Interest expense	−4	−4	−3	−2	—
Interest income	2	4	5	1	840,000
Other income (expense), net	3	−3	−1	−11	−136
Total other income (expense), net	1	−3	102,000	−12	−137
Earnings before taxes	84	69	75	81	−61
Income tax expense	18	13	15	21	−19
Net earnings	65	55	61	60	−42
Basic	2.21	1.82	1.93	1.86	−1.3
Diluted	2.19	1.81	1.92	1.85	−1.3
Basic weighted-average common shares outstanding	30	30	31	32	32
Effect of dilutive securities	298,000	309,000	220,000	270,000	0
Diluted weighted - average common shares outstanding:	30	31	32	32	32
Cash dividends declared per share	0.16	0.16	0.16	0.16	0.16

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	82	94	164	157	141
Accounts receivable, net	88	78	79	91	82
Inventories, net	53	52	60	62	50
Other current assets	29	18	17	16	16
Total current assets	253	242	319	326	289
Property, plant and equipment, net	90	94	93	97	97
Operating lease assets, net	23	23	26	23	22
Goodwill	210	201	158	152	110
Other intangible assets, net	154	164	104	108	70
Deferred income taxes	25	28	25	23	25
Other assets	11	13	16	19	2
Total other assets	399	406	303	303	257
Total Assets	764	765	741	748	664
Accounts payable	48	43	43	53	56
Operating lease obligations	3	5	4	4	3
Accrued payroll and benefits	21	16	15	20	18
Accrued expenses and other liabilities	37	35	35	35	37
Total current liabilities	110	98	97	113	114
Long-term debt	58	92	68	84	50
Long-term operating lease obligations	22	21	25	22	21
Long-term pension obligations	4	4	5	5	7
Deferred income taxes	13	13	15	16	6
Other long-term obligations	7	9	5	3	3
Total Liabilities	213	237	214	242	201
Commitments and Contingencies (Note 11)	—	—	—	—	—
Common stock	325	322	319	317	315
Additional contributed capital	43	45	45	46	43
Retained earnings	713	653	602	547	492
Accumulated other comprehensive income (loss)	14	−4	4	−671,000	−5
Total shareholders' equity before treasury stock	1,096	1,015	971	909	845
Treasury stock	−544	−487	−444	−403	−381
Total shareholders' equity	552	528	527	506	464
Total Liabilities and Shareholders' Equity	764	765	741	748	664

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
Net earnings	65	55	61	—	—
Depreciation and amortization	35	31	29	30	27
Non-cash inventory charges	0	2	—	4	0
Pensions and other post-retirement plan expense	168,000	302,000	135,000	−2	133
Stock-based compensation	5	6	5	8	6
Restructuring non-cash charges	0	—	1	—	—
Deferred income taxes	−412,000	−3	−4	492,000	−31
Change in fair value of contingent consideration liability	−4	−2	200,000	—	—
(Gain) loss on foreign currency hedges, net of cash	−320,000	−575,000	154,000	—	—
Goodwill prior period adjustment	−2	—	—	—	—
Accounts receivable	−7	27,000	13	−6	−928,000
Inventories	1	12	2	−8	−4
Operating lease assets	397,000	4	−4	1	2
Other assets	−3	2	767,000	6	−2
Accounts payable	4	−2	−10	−2	3
Accrued payroll and benefits	3	2	−7	450,000	5
Operating lease liabilities	−545,000	−4	4	−1	−2
Accrued expenses and other liabilities	5	−5	−3	−1	−8
Pension and other post-retirement plans	−147,000	−227,000	−110,000	33	−287,000
Net cash provided by operating activities	102	98	89	121	86
Capital expenditures	−16	−19	−15	−14	−16
Payments for acquisitions, net of cash acquired	0	−122	−3	−97	−255,000
Short-term investments	−3	—	—	—	—
Net cash used in investing activities	−19	−141	−18	−111	−16
Payments of long-term debt	−1,138	−891	−775	−723	−809
Proceeds from borrowings of long-term debt	1,104	916	758	757	804
Purchase of treasury stock	−56	−43	−41	−21	−9
Dividends paid	−5	−5	−5	−5	−5
Taxes paid on behalf of equity award participants	−3	−3	−3	−2	−2
Contingent consideration payments	0	−1	—	−1	−650,000
Net cash used in financing activities	−98	−27	−65	4	−21
Effect of exchange rate on cash and cash equivalents	3	−340,000	2	1	159,000
Net (decrease) increase in cash and cash equivalents	−12	−70	7	15	50
Cash paid for interest	4	4	3	2	2
Cash paid for income taxes, net	17	17	20	20	17
Capital expenditures incurred not paid	2	2	2	2	2
Excise taxes on purchase of treasury stock incurred not paid	517,000	382,000	359,000	—	—

Filings

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