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Axalta Coating Systems Ltd. ( Axalta, the Company, we, our and us ), a Bermuda exempted holding company incorporated in 2012, is a leading global manufacturer, marketer and distributor of high-performance coatings systems and products. We have over a 150-year heritage in the coatings industry and are known for manufacturing high-quality products with well-recognized brands supported by market-l…
14.36% operating margin is respectable but not wide. ROIC at 10.15%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 3.0% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $2.71B represents 6.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.11B
▼ -3.0% YoY
Net Income (TTM)
$369M
▼ -3.3% YoY
Op. Margin
13.80%
▲ +1.0pp YoY
ROIC
9.78%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$488M
▲ +3.9% YoY
Op. Cash Flow (TTM)
$691M
▲ +12.7% YoY
Net Debt
$2.54B
Cash & Equiv.
$608M
5Y CAGR: +6.5%
5Y CAGR: +1.2%
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