Raven Industries (RAVN)

Raven Industries provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company's groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, and unmatched service.

Company profile

Ticker

RAVN

Exchange

NASDAQ

Website

www.ravenind.com

CEO

Daniel Rykhus

Incorporated

South Dakota

Location

South Dakota

Fiscal year end

Jan 31

Sector

Manufacturing > Unlaminated Plastics Film and Sheet (except Packaging) Manufacturing

Industry (SIC)

Unsupported Plastics Film & Sheet

STR • Fuwei Films • NewHydrogen • NovAccess Global ...

SEC CIK

0000082166

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Aerostar International, Inc. • Aerostar Technical Solutions, Inc. • Dot Technology • Raven Engineered Films, Inc. • Raven Industries Canada, Inc. • Raven International Holding Company B.V. • Raven CLI Construction, Inc. • Raven Europe, B.V. • Raven do Brasil Participacoes E Servicos Technicos LTDA • Raven Slingshot, Inc. ...

IRS number

460246171

RAVN stock data

1M 1Y 5Y

Calendar

25 Aug 21

12 Aug 22

31 Jan 23

Financial summary

Financial statements Chart RAVN financial data

Quarter (USD)	Jul 21	Apr 21	Jan 21	Oct 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Jan 21	Jan 20	Jan 19	Jan 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	13.08M	13.08M	13.08M	13.08M	13.08M	13.08M
Cash burn (monthly)	1.56M	228K	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	19.41M	2.83M	n/a	n/a	n/a	n/a
Cash remaining	-6.33M	10.24M	n/a	n/a	n/a	n/a
Runway (months of cash)	-4.1	44.9	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Recent insider trades

RAVN insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares
30 Nov 21	Parod Rick	Common Stock	Sale back to company	Dispose D	No	No	5,800
30 Nov 21	Parod Rick	Deferred Stock Units Common Stock	Sale back to company	Dispose D	No	No	10,287
30 Nov 21	Andringa Jason M	Common Stock	Sale back to company	Dispose D	No	No	15,000
30 Nov 21	Andringa Jason M	Deferred Stock Units Common Stock	Sale back to company	Dispose D	No	No	36,846
30 Nov 21	LeBaron Marc E	Common Stock	Sale back to company	Dispose D	Yes	No	19,662
30 Nov 21	LeBaron Marc E	Common Stock	Sale back to company	Dispose D	No	No	11,151
30 Nov 21	LeBaron Marc E	Deferred Stock Units Common Stock	Sale back to company	Dispose D	No	No	34,903
30 Nov 21	Taimur Sharih	RSU Common Stock	Sale back to company	Dispose D	No	No	9,094
30 Nov 21	Taimur Sharih	RSU Common Stock	Sale back to company	Dispose D	No	No	4,547
30 Nov 21	Taimur Sharih	RSU Common Stock	Sale back to company	Dispose D	No	No	4,873

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q4 2021

RAVN institutional ownership history Ownership history

5.3% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	2	189	-98.9%
Opened positions	1	28	-96.4%
Closed positions	188	39	+382.1%
Increased positions	1	60	-98.3%
Reduced positions	0	71	EXIT

13F shares	Current	Prev Q	Change
Total value	109.31M	1.73B	-93.7%
Total shares	1.9M	29.81M	-93.6%
Total puts	5.3K	47.6K	-88.9%
Total calls	12.3K	214.9K	-94.3%
Total put/call ratio	0.4	0.2	+94.5%

Largest owners	Shares	Value	Change
Glazer Capital	1.9M	$109.31M	+166.7%
Simplex Trading	0	$0

Largest transactions	Shares	Bought/sold	Change
BLK Blackrock	0	-5.3M	EXIT
Vanguard	0	-3.8M	EXIT
Magnetar Financial	0	-2.14M	EXIT
Spring Creek Capital	0	-1.36M	EXIT
FIL	0	-1.35M	EXIT
STT State Street	0	-1.21M	EXIT
Glazer Capital	1.9M	+1.19M	+166.7%
Millennium Management	0	-1.06M	EXIT
Arp Americas	0	-1.01M	EXIT
Dimensional Fund Advisors	0	-946.34K	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Risks

The novel coronavirus (COVID-19) has adversely impacted, and could continue to impact the Company, including possible material adverse effects on our business, financial position, and cash flow. Further spread of COVID-19, as well as outbreaks or epidemics of other infectious diseases, may have a similar or worse impact on the Company.
The loss, disruption, or material change in the Company's business relationship with single source suppliers for particular materials, components, or services, could cause a disruption in supply, or substantial increase in cost of any such products or services, and therefore could result in harm to the Company's sales, profitability, cash flows and financial condition.
Price fluctuations in, and shortages of, raw materials could have a significant impact on the Company's ability to sustain and grow earnings.
Failure to develop and market new technologies and products could impact the Company's competitive position and have an adverse effect on the Company's financial results.
Failure to develop and maintain partnerships, alliances, and other distribution or supplier relationships could adversely impact the Company's financial results.
The Company's sales of products that are specialized and highly technical in nature are subject to uncertainties, start-up costs and inefficiencies, as well as market, competitive, and compliance risks.
The Company's Aerostar segment depends on the U.S. government for a significant portion of its sales, creating uncertainty in the timing of and funding for projected contracts.
The Company derives a portion of its revenues from foreign markets, which subjects the Company to business risks, including risk of changes in government policies, laws, regulation compliance, or changes in worldwide economic conditions.
The Company may pursue or complete acquisitions, which represent additional risk and could impact future financial results.
The Company may fail to continue to attract, develop, and retain key management and other key employees, which could negatively impact operating results.
Weather conditions or natural disasters could affect certain Company markets, such as agriculture, construction, geomembrane installation, or the Company's primary manufacturing facilities.
Fluctuations in commodity prices can increase the Company's costs and decrease sales.
Adverse economic conditions in the major industries the Company serves may materially affect segment performance and consolidated results of operations.
The Company could be impacted by unfavorable results or material settlement of legal proceedings.
Raven is subject to governmental laws, regulations and other legal obligations related to privacy and data protection.
Technology failures or cyber-attacks on the Company's systems could disrupt the Company's operations or the functionality of its products and negatively impact the Company's business.

Management Discussion

The Company’s effective tax rates for the three-month periods ended July 31, 2021 and 2020, were 15.0% and 10.8%, respectively. The Company’s effective tax rates for the six-month periods ended July 31, 2021 and 2020, were 16.2% and 2.2%, respectively. The year-over-year volatility in the effective tax rate for the three and six-month periods was driven primarily by an increase in the current year profitability.
The Company's strong performance in the first quarter continued into the second quarter with strong sales growth in the Applied Technology and Engineered Films divisions.
Demand across Applied Technology's product portfolio remained very strong in the second quarter resulting in year-over-year revenue growth in both the OEM and aftermarket channels despite navigating global supply chain constraints. Additionally in Raven Autonomy™ the Company achieved significant milestones while executing on its strategy. Applied Technology commercialized the OMNiDRIVE™ system and is on track to sell its limited release out in the first fiscal year. The solutions being developed are significant advancements in ag technology that will help solve labor shortages, provide greater efficiencies and enhance sustainability in agriculture across the world.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	8th grade Avg

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