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Aircraft company · DE · FY ends Apr · Revenue $1.61B · -16.44% margin · -$229M FCF
Operating margin is thin at 4.97%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 14.5%, still solid. Margins contracted 5.1pp, which offsets some of the top-line progress.
ROIC dropped from 8.76% to 4.35%, capital efficiency is deteriorating. Negative free cash flow of -$24M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.61B
▲ +14.5% YoY
Net Income (TTM)
-$224M
▼ -26.9% YoY
Op. Margin
-16.44%
▼ -5.1pp YoY
ROIC
-5.05%
▼ -4.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$229M
▼ -213.8% YoY
Op. Cash Flow (TTM)
-$174M
▼ -108.6% YoY
Net Debt
$239M
Cash & Equiv.
$587M
5Y CAGR: +17.4%
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