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The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended January 31, 2026. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business.
Operating margin is thin at 8.46%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.0%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 32% versus the prior year, cash generation momentum has weakened. Net debt of $1.56B represents 7.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$6.05B
▲ +2.0% YoY
Net Income (TTM)
$377M
▼ -10.0% YoY
Op. Margin
8.46%
▼ -0.6pp YoY
ROIC
10.26%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$222M
▼ -32.4% YoY
Op. Cash Flow (TTM)
$435M
▼ -17.7% YoY
Net Debt
$1.56B
Cash & Equiv.
$330M
5Y CAGR: +1.2%
5Y CAGR: -25.5%
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