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Deep sea foreign transportation of freight company · 1T · FY ends Dec · Revenue $35M · 3.93% margin · $4M FCF
Operating margin is thin at 3.93%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 17.8% YoY. Margins deteriorated 19.9pp alongside, both lines moving the wrong way.
Free cash flow declined 84% versus the prior year, cash generation momentum has weakened. ROIC dropped from 12.52% to 1.29%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$35M
▼ -17.8% YoY
Net Income (TTM)
$10M
▲ +481.1% YoY
Op. Margin
3.93%
▼ -19.9pp YoY
ROIC
1.29%
▼ -11.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▼ -83.6% YoY
Op. Cash Flow (TTM)
$4M
▼ -84.0% YoY
Net Debt
-$592K
Net Cash Position
Cash & Equiv.
$617K
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