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CPI Aerostructures, Inc., including its wholly owned subsidiary Welding Metallurgy, Inc. ( WMI ) and Compac Development Corporation, a wholly owned subsidiary of WMI (collectively, CPI Aero , the Company , us , or we ) manufactures structural assemblies, integrated systems, and kitting services for the domestic and international aerospace and defense ( A&D ) markets. Our products are ge…
The business is unprofitable at the operating level (-0.25% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.3% YoY. Margins deteriorated 8.6pp alongside, both lines moving the wrong way.
Free cash flow declined 267% versus the prior year, cash generation momentum has weakened. ROIC dropped from 19.82% to -0.37%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$71M
▼ -14.3% YoY
Net Income (TTM)
$2M
▼ -125.6% YoY
Op. Margin
3.99%
▼ -8.6pp YoY
ROIC
5.92%
▼ -20.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -266.9% YoY
Op. Cash Flow (TTM)
-$3M
▼ -246.1% YoY
Net Debt
$8M
Cash & Equiv.
$1M
5Y CAGR: -4.6%
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