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Wholesale-industrial machinery & equipment company · DE · FY ends Dec · Revenue $1.82B · 0.92% margin · $61M FCF
Operating margin is thin at 1.26%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.2% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened. Net debt of $631M represents 26.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.82B
▼ -2.2% YoY
Net Income (TTM)
-$79M
▼ -29.3% YoY
Op. Margin
0.92%
▲ +0.3pp YoY
ROIC
1.99%
▲ +0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$61M
▼ -42.8% YoY
Op. Cash Flow (TTM)
$71M
▼ -42.1% YoY
Net Debt
$623M
Cash & Equiv.
$24M
5Y CAGR: +16.0%
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