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Cut stone & stone products company · Revenue $397M · -31.65% margin · -$47M FCF
The business is unprofitable at the operating level (-31.65% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.4% YoY. Margins deteriorated 22.2pp alongside, both lines moving the wrong way.
Free cash flow declined 319% versus the prior year, cash generation momentum has weakened. ROIC dropped from -5.88% to -23.81%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$397M
▼ -10.4% YoY
Net Income (TTM)
-$137M
▼ -220.9% YoY
Op. Margin
-31.65%
▼ -22.2pp YoY
ROIC
-23.81%
▼ -17.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$47M
▼ -319.4% YoY
Op. Cash Flow (TTM)
-$38M
▼ -219.3% YoY
Net Debt
$100M
Cash & Equiv.
$60M
5Y CAGR: -4.0%
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