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Miscellaneous manufacturing industries company · Y9 · FY ends Jun · Revenue $22.19B · 6.04% margin · $763M FCF
Operating margin is thin at 6.72%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 10.0%, still solid. Margins contracted 2.2pp, which offsets some of the top-line progress.
ROIC dropped from 9.30% to 4.57%, capital efficiency is deteriorating. Net debt of $14.48B represents 17.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$22.19B
▲ +10.0% YoY
Net Income (TTM)
$678M
▼ -30.0% YoY
Op. Margin
6.04%
▼ -2.2pp YoY
ROIC
4.57%
▼ -4.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$763M
▼ -2.3% YoY
Op. Cash Flow (TTM)
$1.67B
▲ +5.2% YoY
Net Debt
$15.12B
Cash & Equiv.
$1.59B
5Y CAGR: +3.8%
5Y CAGR: -3.8%
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