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Metal mining company · OH · FY ends Dec · Revenue $18.90B · -6.61% margin · -$997M FCF
The business is unprofitable at the operating level (-8.48% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.0% YoY. Margins deteriorated 4.5pp alongside, both lines moving the wrong way.
ROIC dropped from -4.65% to -8.76%, capital efficiency is deteriorating. Negative free cash flow of -$1.02B. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$18.90B
▼ -3.0% YoY
Net Income (TTM)
-$1.22B
▼ -94.5% YoY
Op. Margin
-6.61%
▼ -4.5pp YoY
ROIC
-7.22%
▼ -4.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$997M
▼ -73.4% YoY
Op. Cash Flow (TTM)
-$436M
▼ -540.0% YoY
Net Debt
$7.72B
Cash & Equiv.
$45M
5Y CAGR: +28.3%
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