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We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses. We serve as a long-term strategic partner to, and an extension of, North America s electric, gas, and combination utility providers, de…
Operating margin is thin at 4.03%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 13.1%, still solid. Free cash flow declined 114% despite revenue growth, conversion is weakening.
Free cash flow declined 114% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3.16B
▲ +13.1% YoY
Net Income (TTM)
$31M
▲ +433.1% YoY
Op. Margin
4.06%
▲ +0.7pp YoY
ROIC
5.90%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$56M
▼ -113.9% YoY
Op. Cash Flow (TTM)
$26M
▼ -50.6% YoY
Net Debt
$869M
Cash & Equiv.
$60M
3Y CAGR: +2.6%
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