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We are an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. Our products include specialty engineered materials, performance fibers, advanced composites and color and additive solutions.
Operating margin is thin at 6.24%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 0.6%, essentially flat. Margins also contracted 3.9pp. This is a business that needs a catalyst.
ROIC dropped from 6.17% to 3.97%, capital efficiency is deteriorating. Net debt of $1.49B represents 7.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.28B
▲ +0.6% YoY
Net Income (TTM)
$158M
▼ -51.7% YoY
Op. Margin
9.10%
▼ -3.9pp YoY
ROIC
5.68%
▼ -2.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$205M
▲ +44.6% YoY
Op. Cash Flow (TTM)
$318M
▲ +17.4% YoY
Net Debt
$1.50B
Cash & Equiv.
$428M
5Y CAGR: +8.0%
5Y CAGR: +4.3%
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