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Cable & other pay television services company · DE · FY ends Dec · Revenue $460M · 40.61% margin · $157M FCF
Margins and capital returns are both well above average: 39.47% operating margin, ROIC at 16.22%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 17.9% YoY with margins expanding 5.3pp. However, free cash flow softened 26%, worth monitoring whether this is timing or structural.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$460M
▲ +17.9% YoY
Net Income (TTM)
$122M
▲ +71.9% YoY
Op. Margin
40.61%
▲ +5.3pp YoY
ROIC
17.61%
▲ +4.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$157M
▼ -25.8% YoY
Op. Cash Flow (TTM)
$159M
▼ -25.6% YoY
Net Debt
$285M
Cash & Equiv.
$116M
5Y CAGR: -3.0%
5Y CAGR: -17.9%
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