Allegion plc (ALLE) 10-Year Financial Performance & Capital Metrics

ALLE • • Industrial / General

IndustrialsSecurity ServicesPhysical Security ProductsElectronic Locks & Hardware

AboutAllegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door closers, controls, and exit devices; locks, locksets, portable locks, and key systems and services; electronic security products and access control systems; time, attendance, and workforce productivity systems; doors and door systems; and other accessories. The company sells its products and solutions to end-users in commercial, institutional, and residential facilities, including education, healthcare, government, hospitality, commercial office, and single and multi-family residential markets under the CISA, Interflex, LCN, Schlage, SimonsVoss, and Von Duprin brands. It sells its products and solutions through distribution and retail channels, such as specialty distribution, e-commerce, and wholesalers, as well as through various retail channels comprising do-it-yourself home improvement centers, on-line and e-commerce platforms, and small specialty showroom outlets. Allegion plc was incorporated in 2013 and is headquartered in Dublin, Ireland.Show more

Revenue $3.77B +3.3%
EBITDA $900M +9.7%
Net Income $598M +10.6%
EPS (Diluted) 6.82 +11.4%
Gross Margin 44.23% +2.1%
EBITDA Margin 23.85% +6.2%
Operating Margin 20.7% +6.7%
Net Margin 15.84% +7.0%
ROE 42.39% -11.2%
ROIC 19.48% +2.9%
Debt/Equity 1.43 -6.2%
Interest Coverage 7.65 +0.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 47.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 15.5% free cash flow margin
✓11 consecutive years of dividend growth
✓Healthy 5Y average net margin of 14.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.94%

5Y5.74%

3Y9.57%

TTM6.87%

Profit (Net Income) CAGR

10Y13.05%

5Y8.26%

3Y7.35%

TTM11.96%

EPS CAGR

10Y14.12%

5Y9.87%

3Y8.5%

TTM13.52%

ROCE

10Y Avg22.02%

5Y Avg20.35%

3Y Avg21.47%

Latest22.23%

Peer Comparison

Electronic Locks & Hardware

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALLEAllegion plc	14.07B	163.49	23.97	3.33%	16.09%	32.9%	4.14%	1.43

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.07B	2.24B	2.41B	2.73B	2.85B	2.72B	2.87B	3.27B	3.65B	3.77B
Revenue Growth %	-0.02%	0.08%	0.08%	0.13%	0.04%	-0.05%	0.05%	0.14%	0.12%	0.03%
Cost of Goods Sold+	1.2B	1.25B	1.34B	1.56B	1.6B	1.54B	1.66B	1.95B	2.07B	2.1B
COGS % of Revenue	0.58%	0.56%	0.55%	0.57%	0.56%	0.57%	0.58%	0.6%	0.57%	0.56%
Gross Profit+	869.1M	989.7M	1.07B	1.17B	1.25B	1.18B	1.2B	1.32B	1.58B	1.67B
Gross Margin %	0.42%	0.44%	0.45%	0.43%	0.44%	0.43%	0.42%	0.4%	0.43%	0.44%
Gross Profit Growth %	0.02%	0.14%	0.08%	0.09%	0.07%	-0.06%	0.02%	0.1%	0.2%	0.06%
Operating Expenses+	510.5M	555.4M	580.4M	647.5M	687.2M	775.3M	674.7M	736M	873.1M	887.8M
OpEx % of Revenue	0.25%	0.25%	0.24%	0.24%	0.24%	0.29%	0.24%	0.22%	0.24%	0.24%
Selling, General & Admin	510.5M	555.4M	580.4M	647.5M	681.3M	635.7M	674.7M	736M	865.6M	887.8M
SG&A % of Revenue	0.25%	0.25%	0.24%	0.24%	0.24%	0.23%	0.24%	0.22%	0.24%	0.24%
Research & Development	0	0	0	0	0	0	0	0	0	112.7M
R&D % of Revenue	-	-	-	-	-	-	-	-	-	0.03%
Other Operating Expenses	0	0	0	0	5.9M	139.6M	0	0	7.5M	-112.7M
Operating Income+	358.6M	434.3M	492.5M	525.8M	565.1M	403.5M	530.2M	586.4M	708.4M	780.7M
Operating Margin %	0.17%	0.19%	0.2%	0.19%	0.2%	0.15%	0.18%	0.18%	0.19%	0.21%
Operating Income Growth %	0.1%	0.21%	0.13%	0.07%	0.07%	-0.29%	0.31%	0.11%	0.21%	0.1%
EBITDA+	411.8M	501.2M	559.4M	612M	648.1M	484.5M	613.3M	684.3M	820M	899.7M
EBITDA Margin %	0.2%	0.22%	0.23%	0.22%	0.23%	0.18%	0.21%	0.21%	0.22%	0.24%
EBITDA Growth %	0.1%	0.22%	0.12%	0.09%	0.06%	-0.25%	0.27%	0.12%	0.2%	0.1%
D&A (Non-Cash Add-back)	53.2M	66.9M	66.9M	86.2M	83M	81M	83.1M	97.9M	111.6M	119M
EBIT	262.2M	359.3M	501.4M	529.2M	531.2M	416.5M	574.2M	590.4M	710.3M	800.8M
Net Interest Income+	-51.4M	-62.4M	-104.5M	-53.2M	-54.2M	-50.2M	-49.8M	-74.6M	-86.3M	-81.5M
Interest Income	1.5M	1.9M	1.2M	800K	1.8M	900K	400K	1.3M	6.8M	20.5M
Interest Expense	52.9M	64.3M	105.7M	54M	56M	51.1M	50.2M	75.9M	93.1M	102M
Other Income/Expense	-149.3M	-139.3M	-96.8M	-50.6M	-89.9M	-38.1M	-6.2M	-71.9M	-91.2M	-81.9M
Pretax Income+	209.3M	295M	395.7M	475.2M	475.2M	365.4M	524M	514.5M	617.2M	698.8M
Pretax Margin %	0.1%	0.13%	0.16%	0.17%	0.17%	0.13%	0.18%	0.16%	0.17%	0.19%
Income Tax+	54.6M	63.8M	119M	39.8M	73.1M	50.9M	40.7M	56.2M	76.6M	101.3M
Effective Tax Rate %	0.74%	0.78%	0.69%	0.92%	0.85%	0.86%	0.92%	0.89%	0.88%	0.86%
Net Income+	153.9M	229.1M	273.3M	434.9M	401.8M	314.3M	483M	458M	540.4M	597.5M
Net Margin %	0.07%	0.1%	0.11%	0.16%	0.14%	0.12%	0.17%	0.14%	0.15%	0.16%
Net Income Growth %	-0.12%	0.49%	0.19%	0.59%	-0.08%	-0.22%	0.54%	-0.05%	0.18%	0.11%
Net Income (Continuing)	154.7M	231.2M	276.7M	435.4M	402.1M	314.5M	483.3M	458.3M	540.6M	597.5M
Discontinued Operations	-400K	0	0	0	0	0	0	0	0	0
Minority Interest	4.1M	3.1M	3.9M	3M	3M	3.2M	3.3M	2.7M	0	0
EPS (Diluted)+	1.59	2.36	2.85	4.54	4.26	3.39	5.34	5.19	6.12	6.82
EPS Growth %	-0.13%	0.48%	0.21%	0.59%	-0.06%	-0.2%	0.58%	-0.03%	0.18%	0.11%
EPS (Basic)	1.60	2.39	2.87	4.58	4.29	3.41	5.37	5.20	6.15	6.85
Diluted Shares Outstanding	96.9M	96.9M	96M	95.7M	94.3M	92.8M	90.5M	88.3M	88.3M	87.6M
Basic Shares Outstanding	95.9M	95.8M	95.1M	95M	93.6M	92.3M	89.9M	88M	87.9M	87.2M
Dividend Payout Ratio	0.25%	0.2%	0.22%	0.18%	0.25%	0.37%	0.27%	0.31%	0.29%	0.28%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	735.1M	829.3M	1.03B	931.6M	1B	1.15B	1.12B	1.21B	1.36B	1.42B
Cash & Short-Term Investments	199.7M	312.4M	466.2M	283.8M	355.3M	480.4M	397.9M	288M	468.1M	503.8M
Cash Only	199.7M	312.4M	466.2M	283.8M	355.3M	480.4M	397.9M	288M	468.1M	503.8M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	313.9M	271.9M	308.8M	340.3M	329.8M	347.6M	283.3M	403.9M	421.7M	448.7M
Days Sales Outstanding	55.4	44.34	46.8	45.47	42.18	46.65	36.06	45.06	42.16	43.42
Inventory	204.1M	220.6M	239.8M	280.3M	269.9M	283.1M	380.4M	479M	438.5M	423M
Days Inventory Outstanding	62.13	64.5	65.55	65.65	61.51	67.05	83.52	89.68	77.35	73.39
Other Current Assets	17.4M	24.4M	17.9M	27.2M	46.8M	33.9M	56M	43.7M	32.6M	46.8M
Total Non-Current Assets+	1.55B	1.42B	1.51B	1.88B	1.97B	1.92B	1.93B	2.78B	2.95B	3.07B
Property, Plant & Equipment	224.8M	226.6M	252.2M	276.7M	291.4M	294.9M	283.7M	308.7M	358.1M	385.3M
Fixed Asset Turnover	9.20x	9.88x	9.55x	9.87x	9.79x	9.22x	10.11x	10.60x	10.19x	9.79x
Goodwill	714.1M	716.8M	761.2M	883M	873.3M	819M	803.8M	1.41B	1.44B	1.49B
Intangible Assets	372.4M	357.4M	394.3M	547.1M	510.9M	487.1M	447.5M	608.9M	572.8M	569M
Long-Term Investments	0	0	0	0	0	0	0	0	0	66.9M
Other Non-Current Assets	124.7M	45M	66.2M	87.2M	177.3M	196.7M	243.9M	218.3M	283.7M	223.5M
Total Assets+	2.29B	2.25B	2.54B	2.81B	2.97B	3.07B	3.05B	3.99B	4.31B	4.49B
Asset Turnover	0.90x	1.00x	0.95x	0.97x	0.96x	0.89x	0.94x	0.82x	0.85x	0.84x
Asset Growth %	0.13%	-0.02%	0.13%	0.11%	0.06%	0.03%	-0.01%	0.31%	0.08%	0.04%
Total Current Liabilities+	447.1M	429.6M	460.8M	520.8M	507M	521.5M	601.2M	703.6M	1.08B	696.9M
Accounts Payable	175.1M	179.9M	188.3M	235M	221M	220.4M	259.1M	280.7M	259.2M	258M
Days Payables Outstanding	53.3	52.6	51.47	55.04	50.36	52.2	56.89	52.55	45.72	44.76
Short-Term Debt	65.6M	48.2M	35M	35.3M	100K	200K	12.6M	12.6M	412.6M	21.9M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	72.4M	81M	84.7M	95.3M	98.4M	93.3M	117.7M	134.7M	134.8M	80.9M
Current Ratio	1.64x	1.93x	2.24x	1.79x	1.98x	2.20x	1.86x	1.73x	1.26x	2.04x
Quick Ratio	1.19x	1.42x	1.72x	1.25x	1.44x	1.65x	1.23x	1.05x	0.85x	1.43x
Cash Conversion Cycle	64.23	56.25	60.88	56.08	53.32	61.5	62.69	82.18	73.79	72.04
Total Non-Current Liabilities+	1.81B	1.7B	1.68B	1.64B	1.7B	1.72B	1.69B	2.34B	1.91B	2.29B
Long-Term Debt	1.48B	1.42B	1.44B	1.41B	1.43B	1.43B	1.43B	2.08B	1.6B	1.98B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	114.5M
Deferred Tax Liabilities	120M	118.7M	123.6M	115.9M	107.8M	105.7M	100.8M	101.6M	93.6M	97.9M
Other Non-Current Liabilities	208.7M	167.1M	109.8M	110M	164.4M	180.2M	157.1M	159.6M	217.5M	100.2M
Total Liabilities	2.26B	2.13B	2.14B	2.16B	2.21B	2.24B	2.29B	3.05B	2.99B	2.99B
Total Debt+	1.52B	1.46B	1.48B	1.44B	1.43B	1.43B	1.44B	2.09B	2.02B	2.15B
Net Debt	1.32B	1.15B	1.01B	1.16B	1.07B	949.2M	1.04B	1.81B	1.55B	1.65B
Debt / Equity	51.28x	12.58x	3.64x	2.21x	1.88x	1.72x	1.89x	2.22x	1.53x	1.43x
Debt / EBITDA	3.70x	2.92x	2.64x	2.36x	2.20x	2.95x	2.35x	3.06x	2.46x	2.39x
Net Debt / EBITDA	3.21x	2.30x	1.81x	1.90x	1.65x	1.96x	1.70x	2.64x	1.89x	1.83x
Interest Coverage	6.78x	6.75x	4.66x	9.74x	10.09x	7.90x	10.56x	7.73x	7.61x	7.65x
Total Equity+	29.7M	116.4M	405.5M	654M	760.4M	832.6M	762.4M	944.5M	1.32B	1.5B
Equity Growth %	0.61%	2.92%	2.48%	0.61%	0.16%	0.09%	-0.08%	0.24%	0.4%	0.14%
Book Value per Share	0.31	1.20	4.22	6.83	8.06	8.97	8.42	10.70	14.93	17.13
Total Shareholders' Equity	25.6M	113.3M	401.6M	651M	757.4M	829.4M	759.1M	941.8M	1.32B	1.5B
Common Stock	1M	1M	1M	900K	900K	900K	900K	900K	900K	900K
Retained Earnings	232.4M	376.6M	544.4M	873.6M	975.1M	985.6M	952.6M	1.21B	1.58B	1.83B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-232.2M	-264.3M	-152.9M	-223.5M	-218.6M	-157.1M	-194.4M	-285.8M	-261.5M	-331.6M
Minority Interest	4.1M	3.1M	3.9M	3M	3M	3.2M	3.3M	2.7M	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	257M	377.5M	347.2M	457.8M	488.2M	490.3M	488.6M	459.5M	600.6M	675M
Operating CF Margin %	0.12%	0.17%	0.14%	0.17%	0.17%	0.18%	0.17%	0.14%	0.16%	0.18%
Operating CF Growth %	0%	0.47%	-0.08%	0.32%	0.07%	0%	-0%	-0.06%	0.31%	0.12%
Net Income	154.7M	231.2M	276.7M	435.4M	402.1M	314.5M	483.3M	458.3M	540.6M	597.5M
Depreciation & Amortization	53.2M	66.9M	66.9M	86.2M	83M	81M	83.1M	97.9M	111.6M	119M
Stock-Based Compensation	14.6M	16.6M	16.2M	19.6M	20.4M	20.8M	23.4M	24.5M	26.4M	28.2M
Deferred Taxes	-2M	6.3M	24.9M	-64.4M	-30.2M	-24.4M	-43.8M	-71.3M	-67.7M	-44.2M
Other Non-Cash Items	-13M	-22.9M	-91.1M	44.8M	9.8M	134.6M	20.4M	46.8M	7.5M	-1.4M
Working Capital Changes	49.5M	79.4M	53.6M	-63.8M	3.1M	-36.2M	-77.8M	-96.7M	-17.8M	-24.1M
Change in Receivables	-13.5M	-19.8M	-22.7M	-8.6M	-6M	-1.9M	31.7M	-53.4M	0	0
Change in Inventory	-5.8M	-15.6M	-4.4M	-19.7M	5.4M	-7.8M	-105.6M	-61.7M	44.6M	16.7M
Change in Payables	-14.7M	3.4M	400K	33.9M	-11M	-1.6M	40M	2.5M	-33.6M	3.6M
Cash from Investing+	-533.8M	-64M	-50.2M	-443.8M	-77.6M	-56.7M	-31.6M	-994.1M	-129.1M	-228.4M
Capital Expenditures	-35.2M	-42.5M	-49.3M	-49.1M	-65.6M	-47.1M	-45.4M	-64M	-84.2M	-92.1M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-34.8M	-46.7M	0	-53.4M	-4.4M	-41.2M	20.3M	-7M	-13.2M	900K
Cash from Financing+	195M	-196M	-150.9M	-183.4M	-342.2M	-321.9M	-529.3M	437M	-298.7M	-394.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-38.3M	-46M	-60.9M	-79.4M	-100.6M	-117.3M	-129M	-143.9M	-158.7M	-167M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-15M	-200K	-40.1M	-600K	2.3M	4.4M	1.4M	-14.5M	1.5M	5.8M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	221.8M	335M	297.9M	408.7M	422.6M	443.2M	443.2M	395.5M	516.4M	582.9M
FCF Margin %	0.11%	0.15%	0.12%	0.15%	0.15%	0.16%	0.15%	0.12%	0.14%	0.15%
FCF Growth %	0.09%	0.51%	-0.11%	0.37%	0.03%	0.05%	0%	-0.11%	0.31%	0.13%
FCF per Share	2.29	3.46	3.10	4.27	4.48	4.78	4.90	4.48	5.85	6.65
FCF Conversion (FCF/Net Income)	1.67x	1.65x	1.27x	1.05x	1.22x	1.56x	1.01x	1.00x	1.11x	1.13x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	638.59%	313.62%	104.73%	82.1%	56.82%	39.46%	60.56%	53.66%	47.76%	42.39%
Return on Invested Capital (ROIC)	22.93%	24.86%	27.52%	24.41%	23.24%	16.74%	22.16%	19.3%	18.92%	19.48%
Gross Margin	42.02%	44.22%	44.55%	42.95%	43.88%	43.34%	42.02%	40.42%	43.32%	44.23%
Net Margin	7.44%	10.24%	11.35%	15.92%	14.08%	11.56%	16.84%	14%	14.8%	15.84%
Debt / Equity	51.28x	12.58x	3.64x	2.21x	1.88x	1.72x	1.89x	2.22x	1.53x	1.43x
Interest Coverage	6.78x	6.75x	4.66x	9.74x	10.09x	7.90x	10.56x	7.73x	7.61x	7.65x
FCF Conversion	1.67x	1.65x	1.27x	1.05x	1.22x	1.56x	1.01x	1.00x	1.11x	1.13x
Revenue Growth	-2.37%	8.22%	7.61%	13.43%	4.48%	-4.7%	5.42%	14.11%	11.58%	3.33%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	1.66B	1.79B	1.91B	2.16B	2.25B	2.15B	2.25B	3.16B	3.46B	3.52B
Product Growth	-	7.93%	6.32%	13.05%	4.26%	-4.49%	4.80%	40.49%	9.48%	1.72%
Non Mechanical Product Revenues [Domain]	406.7M	444.9M	501.8M	576.5M	607M	573.8M	618.2M	112.1M	191.6M	253.6M
Non Mechanical Product Revenues [Domain] Growth	-	9.39%	12.79%	14.89%	5.29%	-5.47%	7.74%	-81.87%	70.92%	32.36%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	1.56B	1.65B	1.77B	1.99B	2.11B	2.02B	1.95B	2.4B	2.75B	2.86B
Americas Growth	-	5.60%	7.40%	12.51%	6.33%	-4.63%	-3.36%	23.28%	14.65%	3.78%
Allegion International	-	-	-	-	-	-	918.5M	869.2M	896.1M	913.5M
Allegion International Growth	-	-	-	-	-	-	-	-5.37%	3.09%	1.94%
EMEIA	386.3M	485.9M	523.5M	589.9M	572.5M	554.6M	-	-	-	-
EMEIA Growth	-	25.78%	7.74%	12.68%	-2.95%	-3.13%	-	-	-	-
Asia Pacific	123.4M	106.4M	117.2M	153.2M	167M	148.6M	-	-	-	-
Asia Pacific Growth	-	-13.78%	10.15%	30.72%	9.01%	-11.02%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Allegion plc (ALLE) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

Allegion plc (ALLE) reported $3.98B in revenue for fiscal year 2024. This represents a 97% increase from $2.02B in 2012.

Allegion plc (ALLE) grew revenue by 3.3% over the past year. Growth has been modest.

Yes, Allegion plc (ALLE) is profitable, generating $640.4M in net income for fiscal year 2024 (15.8% net margin).

Dividend & Returns

Yes, Allegion plc (ALLE) pays a dividend with a yield of 1.17%. This makes it attractive for income-focused investors.

Allegion plc (ALLE) has a return on equity (ROE) of 42.4%. This is excellent, indicating efficient use of shareholder capital.

Allegion plc (ALLE) generated $702.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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