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Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products (EWP) and plywood in North America. As used in this Form 10-K, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries.
Operating margin is thin at 2.86%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.8% YoY. Margins deteriorated 4.4pp alongside, both lines moving the wrong way.
Free cash flow declined 94% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.46% to 5.16%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$6.37B
▼ -4.8% YoY
Net Income (TTM)
$110M
▼ -64.7% YoY
Op. Margin
2.46%
▼ -4.4pp YoY
ROIC
4.45%
▼ -8.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$39M
▼ -93.9% YoY
Op. Cash Flow (TTM)
$267M
▼ -42.0% YoY
Net Debt
$213M
Cash & Equiv.
$339M
5Y CAGR: +3.2%
5Y CAGR: -43.2%
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