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Services-help supply services company · DE · FY ends Dec · Revenue $436M · -11.52% margin · -$4M FCF
The business is unprofitable at the operating level (-11.52% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.5% YoY. Margins deteriorated 6.6pp alongside, both lines moving the wrong way.
ROIC dropped from -19.81% to -62.85%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$436M
▼ -1.5% YoY
Net Income (TTM)
-$59M
▲ +56.1% YoY
Op. Margin
-11.52%
▼ -6.6pp YoY
ROIC
-62.85%
▼ -43.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▲ +26.3% YoY
Op. Cash Flow (TTM)
-$4M
▲ +26.5% YoY
Net Debt
$88M
Cash & Equiv.
$81K
5Y CAGR: +321.0%
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