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Adhesives & sealants company · DE · FY ends Mar · Revenue $1.08B · 15.57% margin · $132M FCF
15.57% operating margin is respectable but not wide. ROIC at 8.65%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 23.3%, still solid. Margins contracted 5.1pp, which offsets some of the top-line progress.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened. ROIC dropped from 14.05% to 8.65%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.08B
▲ +23.3% YoY
Net Income (TTM)
$112M
▼ -18.0% YoY
Op. Margin
15.57%
▼ -5.1pp YoY
ROIC
8.65%
▼ -5.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$132M
▼ -13.0% YoY
Op. Cash Flow (TTM)
$150M
▼ -11.1% YoY
Net Debt
$913M
Cash & Equiv.
$34M
5Y CAGR: +20.9%
5Y CAGR: +18.2%
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