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We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, c…
Operating margin is thin at 3.50%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 9.4%, steady but not accelerating. Free cash flow declined 15% despite revenue growth, conversion is weakening.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened. Net debt of $962M represents 11.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.26B
▲ +9.4% YoY
Net Income (TTM)
$79M
▲ +30.4% YoY
Op. Margin
3.65%
▲ +0.1pp YoY
ROIC
7.34%
Cash Flow & Balance Sheet
FCF (TTM)
$81M
▼ -15.2% YoY
Op. Cash Flow (TTM)
$118M
▼ -15.6% YoY
Net Debt
$982M
Cash & Equiv.
$123M
5Y CAGR: +30.1%
5Y CAGR: +19.6%
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