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Radio & tv broadcasting & communications equipment company · L3 · FY ends Dec · Revenue $338M · 17.67% margin · $18M FCF
17.67% operating margin is respectable but not wide. ROIC at 19.96%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 14.1% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $75M represents 4.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$338M
▼ -14.1% YoY
Net Income (TTM)
-$2M
▼ -108.7% YoY
Op. Margin
17.67%
▲ +7.8pp YoY
ROIC
19.96%
▲ +6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$18M
▲ +54.5% YoY
Op. Cash Flow (TTM)
$32M
▲ +20.5% YoY
Net Debt
$75M
Cash & Equiv.
$38M
5Y CAGR: +5.3%
5Y CAGR: +10.0%
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