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Radio & tv broadcasting & communications equipment company · DE · FY ends Jul · Revenue $475M · -0.77% margin
The business is unprofitable at the operating level (-27.85% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.6% YoY. Margins deteriorated 13.1pp alongside, both lines moving the wrong way.
ROIC dropped from -10.77% to -33.10%, capital efficiency is deteriorating. Negative free cash flow of -$17M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$475M
▼ -7.6% YoY
Net Income (TTM)
$12M
▼ -55.3% YoY
Op. Margin
-0.77%
▼ -13.1pp YoY
ROIC
-1.28%
▼ -22.3pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$17M
▲ +75.1% YoY
Op. Cash Flow (TTM)
$27M
▲ +84.8% YoY
Net Debt
$116M
Cash & Equiv.
$33M
5Y CAGR: -4.1%
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