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Pharmaceutical preparations company · DE · FY ends Dec · Revenue $1.10B · 7.39% margin · $114M FCF
Operating margin is thin at 9.78%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.9%, still solid. Margins contracted 14.3pp, which offsets some of the top-line progress.
Free cash flow declined 33% versus the prior year, cash generation momentum has weakened. ROIC dropped from 31.27% to 8.02%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.10B
▲ +11.9% YoY
Net Income (TTM)
$376M
▲ +72.7% YoY
Op. Margin
7.39%
▼ -14.3pp YoY
ROIC
5.77%
▼ -23.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$114M
▼ -33.1% YoY
Op. Cash Flow (TTM)
$123M
▼ -30.4% YoY
Net Debt
-$801M
Net Cash Position
Cash & Equiv.
$851M
5Y CAGR: +19.4%
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