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Miscellaneous manufacturing industries company · DE · FY ends May · Revenue $786M · 3.74% margin · $62M FCF
Operating margin is thin at 4.47%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 9.4% YoY. Margins deteriorated 6.2pp alongside, both lines moving the wrong way.
ROIC dropped from 25.95% to 9.84%, capital efficiency is deteriorating. Operating margin contracted 6.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$786M
▼ -9.4% YoY
Net Income (TTM)
$28M
▼ -129.2% YoY
Op. Margin
3.74%
▼ -6.2pp YoY
ROIC
7.63%
▼ -16.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$62M
▲ +69.1% YoY
Op. Cash Flow (TTM)
$77M
▲ +54.5% YoY
Net Debt
-$133M
Net Cash Position
Cash & Equiv.
$144M
5Y CAGR: +4.0%
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