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Our business, operations and financial position are subject to various risks as set forth in Part I, Item 1A, Risk Factors below. We are a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets, as well as residential markets, and Safety & Infrastructure products for the construction and industrial markets.
Operating margin is thin at 0.81%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 11.0% YoY. Margins deteriorated 18.7pp alongside, both lines moving the wrong way.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. ROIC dropped from 21.08% to 0.76%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.87B
▼ -11.0% YoY
Net Income (TTM)
-$120M
▼ -103.2% YoY
Op. Margin
1.30%
▼ -18.7pp YoY
ROIC
1.35%
▼ -20.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$145M
▼ -25.9% YoY
Op. Cash Flow (TTM)
$215M
▼ -26.6% YoY
Net Debt
$318M
Cash & Equiv.
$442M
5Y CAGR: +10.1%
5Y CAGR: +6.6%
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