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Note: A glossary of terms used in this Form 10-K appears at the end of this Item 1. GENERAL We are a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment.
Margins and capital returns are both well above average: 21.90% operating margin, ROIC at 19.47%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 17.5%, still solid.
ROIC dropped from 21.66% to 19.47%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$7.51B
▲ +17.5% YoY
Net Income (TTM)
$1.46B
▲ +1.1% YoY
Op. Margin
25.12%
▼ -0.2pp YoY
ROIC
24.19%
▼ -2.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.73B
▲ +53.7% YoY
Op. Cash Flow (TTM)
$2.78B
▲ +52.6% YoY
Net Debt
-$184M
Net Cash Position
Cash & Equiv.
$2.92B
5Y CAGR: +13.7%
5Y CAGR: +12.3%
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