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Electric services company · DE · FY ends Dec · Revenue $1.49B · 12.12% margin · $656M FCF
11.20% operating margin is respectable but not wide. ROIC at 0.73%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 4.2%, steady but not accelerating. Margins contracted 3.1pp, which offsets some of the top-line progress.
Free cash flow declined 24% versus the prior year, cash generation momentum has weakened. Net debt of $9.19B represents 24.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.49B
▲ +4.2% YoY
Net Income (TTM)
$9M
▲ +92.0% YoY
Op. Margin
12.12%
▼ -3.1pp YoY
ROIC
0.84%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$656M
▼ -23.6% YoY
Op. Cash Flow (TTM)
$994M
▼ -10.6% YoY
Net Debt
$9.62B
Cash & Equiv.
$325M
5Y CAGR: +3.6%
5Y CAGR: -2.6%
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