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Broadwoven fabric mills, cotton company · NC · FY ends Dec · Revenue $201M · -3.89% margin · -$11M FCF
The business is unprofitable at the operating level (-8.62% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.4% YoY. Margins deteriorated 3.6pp alongside, both lines moving the wrong way.
ROIC dropped from -12.65% to -20.84%, capital efficiency is deteriorating. Negative free cash flow of -$21M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$201M
▼ -5.4% YoY
Net Income (TTM)
-$10M
▼ -38.2% YoY
Op. Margin
-3.89%
▼ -3.6pp YoY
ROIC
-8.18%
▼ -8.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▼ -72.6% YoY
Op. Cash Flow (TTM)
-$10M
▼ -114.6% YoY
Net Debt
$11M
Cash & Equiv.
$10M
5Y CAGR: -3.6%
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