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Electronic components, nec company · K3 · FY ends Mar · Revenue $15M · -14.99% margin · -$3M FCF
The business is unprofitable at the operating level (-14.99% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.1% YoY. Margins deteriorated 18.2pp alongside, both lines moving the wrong way.
Free cash flow declined 348% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.80% to -15.01%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$15M
▼ -5.1% YoY
Net Income (TTM)
-$3M
▼ -255.8% YoY
Op. Margin
-14.99%
▼ -18.2pp YoY
ROIC
-15.01%
▼ -18.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -348.2% YoY
Op. Cash Flow (TTM)
-$2M
▼ -199.9% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$7M
5Y CAGR: -4.8%
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