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Allbirds is a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet. We began our journey in 2015 with three fundamental beliefs about the emerging generation of consumers: first, these consumers recognize that climate change is an existential threat to the human race; second, the…
The business is unprofitable at the operating level (-52.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 19.7% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -35.46% to -54.71%, capital efficiency is deteriorating. Negative free cash flow of -$58M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$143M
▼ -19.7% YoY
Net Income (TTM)
-$76M
▲ +17.2% YoY
Op. Margin
-55.47%
▼ -1.0pp YoY
ROIC
-75.84%
▼ -19.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$42M
▲ +14.3% YoY
Op. Cash Flow (TTM)
-$39M
▲ +13.7% YoY
Net Debt
$19M
Cash & Equiv.
$14M
5Y CAGR: -7.0%
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