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is an outline of our strategy and our businesses by SBU, including key financial drivers. Additional items that may have an impact on our businesses are discussed in Item 1A.
16.10% operating margin is respectable but not wide. ROIC at 31.56%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 0.4% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 50.34% to 31.56%, capital efficiency is deteriorating. Negative free cash flow of -$1.62B. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$12.49B
▼ -0.4% YoY
Net Income (TTM)
$1.35B
▼ -45.8% YoY
Op. Margin
17.55%
▼ -0.4pp YoY
ROIC
41.01%
▼ -18.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1.48B
▲ +65.0% YoY
Op. Cash Flow (TTM)
$4.96B
▲ +56.5% YoY
Net Debt
-$1.65B
Net Cash Position
Cash & Equiv.
$1.65B
5Y CAGR: +4.8%
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