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Cybersecurity .................................................................................................................. 23
The business is unprofitable at the operating level (-1.94% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.6%, essentially flat. This is a business that needs a catalyst.
Negative free cash flow of -$5M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$654M
▲ +0.6% YoY
Net Income (TTM)
$91K
▲ +67.3% YoY
Op. Margin
-1.09%
▲ +2.1pp YoY
ROIC
-1.81%
▲ +3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▲ +81.1% YoY
Op. Cash Flow (TTM)
$3M
▲ +92.6% YoY
Net Debt
$64M
Cash & Equiv.
$81M
5Y CAGR: +2.6%
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