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We are a global provider of secure application and network infrastructure solutions that enable enterprises and service providers to deliver high-performance, reliable, and protected digital services across on-premises, hybrid cloud, and distributed environments. Our solutions are designed to operate in mission-critical environments where availability, scalability, low latency, and sec…
16.22% operating margin is respectable but not wide. ROIC at 10.79%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 11.0%, still solid. Free cash flow declined 17% despite revenue growth, conversion is weakening.
Free cash flow declined 17% versus the prior year, cash generation momentum has weakened. ROIC dropped from 15.37% to 10.79%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$299M
▲ +11.0% YoY
Net Income (TTM)
$45M
▼ -16.0% YoY
Op. Margin
17.15%
▼ -0.6pp YoY
ROIC
9.07%
▼ -4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▼ -17.2% YoY
Op. Cash Flow (TTM)
$70M
▼ -6.2% YoY
Net Debt
-$143M
Net Cash Position
Cash & Equiv.
$370M
5Y CAGR: +5.2%
5Y CAGR: +4.6%
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