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Natural gas distribution company · DE · FY ends Dec · Revenue $11.37B · 28.51% margin · $2.84B FCF
34.45% operating margin is above average.
Revenue grew 23.6%, still solid. Margins contracted 3.2pp, which offsets some of the top-line progress.
Net debt of $14.43B represents 5.6x FCF, leverage limits flexibility. Operating margin contracted 3.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$11.37B
▲ +23.6% YoY
Net Income (TTM)
$2.53B
▲ +19.0% YoY
Op. Margin
28.51%
▼ -3.2pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$2.84B
▼ -8.7% YoY
Op. Cash Flow (TTM)
$3.01B
▼ -6.7% YoY
Net Debt
$13.94B
Cash & Equiv.
$279M
5Y CAGR: +11.8%
5Y CAGR: +27.0%
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