/
Further information required by this item will be set forth in our definitive proxy statement for the 2026 Annual Meeting of Shareholders ( 2026 Proxy Statement ) to be filed with the SEC within 120 days of the year ended December 31, 2025, and is incorporated herein by reference. Our Board of Directors adopted a Code of Business Ethics (the Code ) that applies to all of our employees, officers…
14.64% operating margin is respectable but not wide. ROIC at 13.18%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.5%, essentially flat. Margins also contracted 2.0pp. This is a business that needs a catalyst.
ROIC dropped from 16.70% to 13.18%, capital efficiency is deteriorating. Net debt of $2.97B represents 4.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.62B
▲ +1.5% YoY
Net Income (TTM)
$503M
▼ -16.2% YoY
Op. Margin
14.04%
▼ -2.0pp YoY
ROIC
11.98%
▼ -3.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$704M
▼ -1.4% YoY
Op. Cash Flow (TTM)
$764M
▼ -2.5% YoY
Net Debt
$2.86B
Cash & Equiv.
$269M
5Y CAGR: +14.8%
5Y CAGR: +17.1%
Continue Research