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Real estate investment trusts company · MD · FY ends Dec · Revenue $88M · 31.45% margin · $10M FCF
27.57% operating margin is above average. ROIC at 1.01%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 11.4% YoY with margins expanding 18.9pp. However, free cash flow softened 79%, worth monitoring whether this is timing or structural.
Free cash flow declined 79% versus the prior year, cash generation momentum has weakened. Net debt of $1.47B represents 357.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$88M
▲ +11.4% YoY
Net Income (TTM)
$28M
▼ -2.5% YoY
Op. Margin
31.45%
▲ +18.9pp YoY
ROIC
1.14%
▲ +0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$10M
▼ -78.8% YoY
Op. Cash Flow (TTM)
$10M
▼ -78.8% YoY
Net Debt
$1.83B
Cash & Equiv.
$48M
5Y CAGR: +35.1%
5Y CAGR: -33.6%
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