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Food and kindred products company · E9 · FY ends Dec · Revenue $18M · -10.33% margin · $469K FCF
The business is unprofitable at the operating level (-10.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.2%, essentially flat. Margins also contracted 7.4pp. This is a business that needs a catalyst.
Free cash flow declined 84% versus the prior year, cash generation momentum has weakened. Net debt of $4M represents 9.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$18M
▲ +0.2% YoY
Net Income (TTM)
$188K
▼ -75.2% YoY
Op. Margin
-10.33%
▼ -7.4pp YoY
ROIC
-2.91%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$469K
▼ -84.1% YoY
Op. Cash Flow (TTM)
$3M
▼ -19.0% YoY
Net Debt
$4M
Cash & Equiv.
$9M
5Y CAGR: +12.1%
5Y CAGR: -6.9%
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