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Footwear, (no rubber) company · NY · FY ends Jan · Revenue $2.76B · 0.23% margin · $39M FCF
Operating margin is thin at 0.23%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 1.3%, essentially flat. Margins also contracted 5.3pp. This is a business that needs a catalyst.
Free cash flow declined 29% versus the prior year, cash generation momentum has weakened. ROIC dropped from 10.36% to 0.42%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.76B
▲ +1.3% YoY
Net Income (TTM)
-$7M
▼ -106.2% YoY
Op. Margin
0.23%
▼ -5.3pp YoY
ROIC
0.42%
▼ -9.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$39M
▼ -28.8% YoY
Op. Cash Flow (TTM)
$103M
▼ -1.3% YoY
Net Debt
$565M
Cash & Equiv.
$30M
5Y CAGR: +5.4%
5Y CAGR: -18.5%
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