Detailed financial statements for RBC Bearings Incorporated (RBC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
RBC Bearings Incorporated (RBC) is a global enterprise specializing in the design, production, and distribution of precisely engineered bearings and a wide array of related mechanical components. The company strategically operates through two core segments: Aerospace/Defense and Industrial, catering to both domestic and international clients.
Analysis Summary
RBC Bearings Incorporated reported revenue of $1.87B in the most recent fiscal year, growing at a 5-year CAGR of 25.2%. Net income reached $287.6M, with a 26.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.2%, operating margin 23.6%, net margin 16.4%. Free cash flow grew at 19.5% CAGR over 5 years.
At $514.18 (closing price, October 6, 2026), RBC trades at a P/E of 50.81 and an ROE of 9.66%. Market capitalisation stands at $16.3B, placing it among large-cap names.
Balance sheet quality for RBC: current ratio of 2.2, net debt of $934.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $342.6M represents 119% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $615.4M | $674.9M | $702.5M | $727.5M | $609.0M | $942.9M | $1.47B | $1.56B | $1.64B | $1.87B |
| Cost of Revenue | $385.2M | $416.4M | $425.9M | $438.4M | $374.9M | $585.8M | $864.5M | $889.8M | $910.2M | $1.04B |
| Gross Profit | $230.2M | $258.5M | $276.7M | $289.1M | $234.1M | $357.1M | $604.8M | $670.5M | $726.1M | $830.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $102.9M | $113.1M | $117.5M | $130.0M | $102.8M | $167.6M | $229.7M | $253.5M | $279.3M | $316.1M |
| Operating Expenses | $115.6M | $129.8M | $144.6M | $139.7M | $119.5M | $236.0M | $311.8M | $328.3M | $356.2M | $409.2M |
| Operating Income | $114.6M | $128.8M | $132.0M | $149.4M | $114.6M | $121.1M | $293.0M | $342.2M | $369.9M | $421.0M |
| EBITDA | $141.0M | $155.7M | $160.9M | $179.5M | $146.8M | $185.7M | $401.8M | $459.8M | $491.7M | $547.9M |
| Interest Expense | $8.7M | $7.5M | $5.2M | $1.9M | $1.4M | $41.5M | $76.7M | $78.7M | $59.8M | $49.8M |
| Pre-tax Income | $104.9M | $119.9M | $126.1M | $146.7M | $113.2M | $78.7M | $209.7M | $261.8M | $311.9M | $369.3M |
| Income Tax | $34.3M | $32.7M | $20.9M | $26.4M | $23.1M | $24.0M | $43.0M | $51.9M | $65.7M | $81.7M |
| Net Income | $70.6M | $87.1M | $105.2M | $120.3M | $90.1M | $54.7M | $166.7M | $209.9M | $246.2M | $287.6M |
| EPS | $3.00 | $3.64 | $4.32 | $5.12 | $3.63 | $1.58 | $5.00 | $6.46 | $7.76 | $9.14 |
| EPS (Diluted) | $2.97 | $3.58 | $4.26 | $5.06 | $3.58 | $1.56 | $4.95 | $6.40 | $7.70 | $9.09 |
| Shares Outstanding (Diluted) | $23.8M | $24.4M | $24.7M | $24.9M | $25.0M | $27.3M | $29.1M | $29.2M | $30.4M | $31.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $455.3M | $461.6M | $518.0M | $519.5M |
| Gross Profit | $200.6M | $183.4M | $251.0M | $247.8M |
| Operating Income | $97.8M | $105.5M | $116.6M | $140.8M |
| EBITDA | $126.4M | $135.2M | $152.5M | $173.6M |
| Net Income | $60.0M | $67.4M | $91.7M | $101.5M |
| EPS | $1.90 | $2.14 | $2.91 | $3.22 |
| EPS (Diluted) | $1.90 | $2.13 | $2.89 | $3.20 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $38.9M | $54.2M | $29.9M | $103.3M | $151.1M | $182.9M | $65.4M | $63.5M | $36.8M | $57.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | $90.2M | 0 | 0 | 0 | 0 | 0 |
| Receivables | $109.7M | $116.9M | $130.7M | $129.0M | $110.5M | $247.5M | $239.6M | $262.1M | $307.6M | $349.9M |
| Inventory | $289.6M | $306.1M | $335.0M | $367.5M | $364.1M | $516.1M | $587.2M | $622.8M | $654.5M | $762.8M |
| Total Current Assets | $448.0M | $483.6M | $503.3M | $612.0M | $728.2M | $962.2M | $913.3M | $965.5M | $1.03B | $1.19B |
| Property, Plant & Equipment | $183.6M | $192.5M | $207.9M | $248.8M | $243.9M | $431.3M | $416.7M | $402.4M | $417.6M | $487.7M |
| Goodwill | $268.0M | $268.1M | $261.4M | $277.8M | $277.5M | $1.90B | $1.87B | $1.87B | $1.87B | $2.00B |
| Intangible Assets | $196.8M | $183.8M | $155.6M | $162.7M | $154.4M | $1.51B | $1.45B | $1.39B | $1.33B | $1.38B |
| Total Assets | $1.11B | $1.14B | $1.15B | $1.32B | $1.43B | $4.85B | $4.69B | $4.68B | $4.69B | $5.12B |
| Accounts Payable | $34.4M | $45.2M | $49.6M | $51.0M | $36.3M | $158.6M | $146.8M | $116.2M | $138.4M | $147.0M |
| Short-term Debt | $14.2M | $19.2M | $467,000 | $6.4M | $2.6M | $1.5M | $1.5M | $3.8M | $1.7M | $173.8M |
| Total Current Liabilities | $93.1M | $105.2M | $90.1M | $103.8M | $88.2M | $313.5M | $309.3M | $294.3M | $315.3M | $546.2M |
| Long-term Debt | $255.6M | $154.1M | $43.2M | $16.6M | $13.5M | $1.69B | $1.39B | $1.19B | $918.4M | $701.7M |
| Total Liabilities | $391.8M | $308.2M | $178.8M | $203.9M | $202.2M | $2.47B | $2.15B | $1.93B | $1.65B | $1.76B |
| Retained Earnings | $448.7M | $537.0M | $641.9M | $769.2M | $843.5M | $886.1M | $1.03B | $1.22B | $1.45B | $1.74B |
| Total Equity | $717.0M | $834.6M | $968.6M | $1.12B | $1.23B | $2.37B | $2.54B | $2.75B | $3.03B | $3.36B |
| Total Debt | $269.8M | $173.4M | $43.6M | $52.1M | $51.8M | $1.78B | $1.49B | $1.29B | $1.03B | $991.4M |
| Net Debt | $230.9M | $119.2M | $13.8M | -$51.1M | -$189.5M | $1.60B | $1.42B | $1.22B | $992.1M | $934.1M |
| Working Capital | $354.8M | $378.4M | $413.2M | $508.3M | $640.0M | $648.7M | $604.0M | $671.2M | $712.0M | $643.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $91.2M | $107.6M | $57.3M | $124.5M |
| Total Assets | $5.11B | $5.14B | $5.12B | $5.20B |
| Total Liabilities | $1.92B | $1.88B | $1.76B | $1.73B |
| Total Equity | $3.19B | $3.26B | $3.36B | $3.46B |
| Total Debt | $1.14B | $1.11B | $991.4M | $878.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $70.6M | $87.1M | $105.2M | $120.3M | $90.1M | $54.7M | $166.7M | $209.9M | $246.2M | $287.6M |
| Depreciation & Amortization | $27.4M | $28.4M | $29.7M | $31.4M | $32.7M | $65.5M | $115.4M | $119.3M | $120.0M | $128.8M |
| Stock-based Compensation | $12.1M | $13.4M | $16.1M | $27.6M | $18.1M | $32.9M | $14.0M | $17.4M | $28.4M | $34.5M |
| Change in Working Capital | -$17.5M | -$6.2M | -$57.2M | -$28.1M | -$2.4M | -$1.4M | -$71.1M | -$72.6M | -$83.8M | -$59.9M |
| Operating Cash Flow | $101.2M | $130.3M | $108.5M | $155.6M | $152.4M | $180.3M | $220.6M | $274.7M | $293.6M | $415.7M |
| Capital Expenditure | -$20.9M | -$28.0M | -$41.3M | -$37.3M | -$11.8M | -$29.8M | -$42.0M | -$33.2M | -$49.8M | -$73.1M |
| Acquisitions | -$651,000 | 0 | $22.3M | -$33.8M | $300,000 | -$2.91B | $27.5M | -$19.3M | 0 | -$276.7M |
| Stock Repurchased | -$4.8M | -$5.0M | -$5.2M | -$12.2M | -$6.8M | -$8.5M | -$7.7M | -$11.0M | -$9.5M | -$14.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$7.1M | -$22.9M | -$23.0M | -$17.2M | 0 |
| Free Cash Flow | $80.3M | $102.3M | $67.2M | $118.3M | $140.6M | $150.5M | $178.6M | $241.5M | $243.8M | $342.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $88.4M | $122.1M | $85.2M | $171.8M |
| Capital Expenditure | -$16.7M | -$23.0M | -$17.7M | -$24.9M |
| Free Cash Flow | $71.7M | $99.1M | $67.5M | $146.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.4M | $9.3M | $11.2M | $6.7M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.7% | +4.1% | +3.6% | -16.3% | +54.8% | +55.8% | +6.2% | +4.9% | +14.3% | |
| Net Income Growth (YoY) | +23.4% | +20.7% | +14.4% | -25.1% | -39.3% | +204.8% | +25.9% | +17.3% | +16.8% | |
| EPS Growth (YoY) | +21.3% | +18.7% | +18.5% | -29.1% | -56.5% | +216.5% | +29.2% | +20.1% | +17.8% | |
| Shares Change (YoY) | +2.4% | +1.4% | +0.8% | +0.5% | +9.0% | +6.4% | +0.4% | +4.0% | +4.2% | |
| FCF Growth (YoY) | +27.3% | -34.3% | +76.1% | +18.8% | +7.0% | +18.7% | +35.2% | +1.0% | +40.5% | |
| Gross Margin | 37.4% | 38.3% | 39.4% | 39.7% | 38.4% | 37.9% | 41.2% | 43.0% | 44.4% | 44.4% |
| Operating Margin | 18.6% | 19.1% | 18.8% | 20.5% | 18.8% | 12.8% | 19.9% | 21.9% | 22.6% | 22.5% |
| EBITDA Margin | 22.9% | 23.1% | 22.9% | 24.7% | 24.1% | 19.7% | 27.3% | 29.5% | 30.0% | 29.3% |
| Net Margin | 11.5% | 12.9% | 15.0% | 16.5% | 14.8% | 5.8% | 11.3% | 13.5% | 15.0% | 15.4% |
| FCF Margin | 13.1% | 15.2% | 9.6% | 16.3% | 23.1% | 16.0% | 12.2% | 15.5% | 14.9% | 18.3% |
| Effective Tax Rate | 32.7% | 27.3% | 16.6% | 18.0% | 20.4% | 30.5% | 20.5% | 19.8% | 21.1% | 22.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.38 | $4.20 | $2.72 | $4.75 | $5.61 | $5.51 | $6.14 | $8.27 | $8.03 | $10.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 | $0.79 | $0.79 | $0.57 | $0.00 |
| Shares Outstanding (Basic) | $23.5M | $23.9M | $24.4M | $24.6M | $24.9M | $26.9M | $28.8M | $28.9M | $30.1M | $31.5M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 9.66% |
| Return on Invested Capital | 7.46% |
| Return on Assets | 6.17% |
| Gross Margin | 45.17% |
| Operating Margin | 23.57% |
| Net Margin | 16.40% |
Financial Health
| Debt / Equity | 0.25 |
| Current Ratio | 2.53 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 6.97 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 25.22 | 19.37 | 19.37 | 12.29 | 39.31 | 122.71 | 46.55 | 41.85 | 41.96 | 58.23 |
| P/B | 2.48 | 2.02 | 2.10 | 1.39 | 2.88 | 2.20 | 2.64 | 2.84 | 3.24 | 4.99 |
| P/S | 2.89 | 2.50 | 2.90 | 2.13 | 5.82 | 5.54 | 4.56 | 5.01 | 6.00 | 8.96 |
| Gross Margin | 37.4% | 38.3% | 39.4% | 39.7% | 38.4% | 37.9% | 41.2% | 43.0% | 44.4% | 44.4% |
| Operating Margin | 18.6% | 19.1% | 18.8% | 20.5% | 18.8% | 12.8% | 19.9% | 21.9% | 22.6% | 22.5% |
| Net Margin | 11.5% | 12.9% | 15.0% | 16.5% | 14.8% | 5.8% | 11.3% | 13.5% | 15.0% | 15.4% |
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