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Services-educational services company · E9 · FY ends Dec · Revenue $38M · -23.91% margin · -$2M FCF
The business is unprofitable at the operating level (-23.91% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 4.4%, steady but not accelerating. Margins contracted 7.9pp, which offsets some of the top-line progress.
ROIC dropped from -11.01% to -17.47%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$38M
▲ +4.4% YoY
Net Income (TTM)
-$7M
▼ -38.9% YoY
Op. Margin
-23.91%
▼ -7.9pp YoY
ROIC
-17.47%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▲ +23.5% YoY
Op. Cash Flow (TTM)
-$2M
▼ -394.2% YoY
Net Debt
$20M
Cash & Equiv.
$12M
5Y CAGR: +9.1%
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