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Laboratory analytical instruments company · DE · FY ends Dec · Revenue $3.46B · 6.20% margin · $51M FCF
Operating margin is thin at 6.87%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.1%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 68% versus the prior year, cash generation momentum has weakened. Net debt of $1.76B represents 40.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.46B
▲ +2.1% YoY
Net Income (TTM)
-$12M
▼ -107.6% YoY
Op. Margin
6.20%
▼ -0.7pp YoY
ROIC
4.41%
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▼ -68.2% YoY
Op. Cash Flow (TTM)
$140M
▼ -46.6% YoY
Net Debt
$1.54B
Cash & Equiv.
$133M
5Y CAGR: +11.6%
5Y CAGR: -28.7%
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