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References to "we," "us," "our," the "Company," "Brunswick," and "Brunswick Corporation" refer to Brunswick Corporation and its consolidated subsidiaries unless the context specifically states or implies otherwise. Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond.
The business is unprofitable at the operating level (-0.76% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.4%, essentially flat. Margins also contracted 6.7pp. This is a business that needs a catalyst.
ROIC dropped from 5.60% to -0.74%, capital efficiency is deteriorating. Net debt of $2.32B represents 5.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.52B
▲ +2.4% YoY
Net Income (TTM)
-$137M
▼ -205.5% YoY
Op. Margin
-0.85%
▼ -6.7pp YoY
ROIC
-0.85%
▼ -6.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$340M
▲ +50.1% YoY
Op. Cash Flow (TTM)
$525M
▲ +30.3% YoY
Net Debt
$2.65B
Cash & Equiv.
$279M
5Y CAGR: +4.3%
5Y CAGR: -8.4%
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