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Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report, including: the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russi…
$123.30
$0.40 (-0.32%)
Price from 5 days ago
Operating margin is thin at 1.80%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 32.4%, still solid. Free cash flow declined 268% despite revenue growth, conversion is weakening.
At 33x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 268% versus the prior year, cash generation momentum has weakened.
32.6x earnings. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$80.55B
▲ +32.4% YoY
Net Income (TTM)
$683M
▼ -28.2% YoY
Op. Margin
1.60%
▼ -1.2pp YoY
ROIC
3.64%
▼ -3.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1.16B
▼ -267.7% YoY
Op. Cash Flow (TTM)
$588M
▼ -55.6% YoY
Net Debt
$14.59B
Cash & Equiv.
$1.60B
3Y CAGR: +1.5%
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