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Petroleum refining company · FY ends Dec · Revenue $4.17B · -0.33% margin · $4M FCF
Operating margin is thin at 2.63%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 1.2% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $2.34B represents 41.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.17B
▼ -1.2% YoY
Net Income (TTM)
-$189M
▲ +84.8% YoY
Op. Margin
-0.33%
▲ +2.4pp YoY
ROIC
-0.45%
▲ +3.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▲ +146.0% YoY
Op. Cash Flow (TTM)
$52M
▲ +334.7% YoY
Net Debt
$2.19B
Cash & Equiv.
$139M
3Y CAGR: -4.1%
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