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Retail-catalog & mail-order houses company · E9 · FY ends Dec · Revenue $3.48B · 0.54% margin · $51M FCF
Operating margin is thin at 0.54%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 10.2%, still solid. Free cash flow declined 55% despite revenue growth, conversion is weakening.
Free cash flow declined 55% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$3.48B
▲ +10.2% YoY
Net Income (TTM)
$33M
▼ -20.6% YoY
Op. Margin
0.54%
▼ -0.4pp YoY
ROIC
3.43%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▼ -55.1% YoY
Op. Cash Flow (TTM)
$77M
▼ -39.8% YoY
Net Debt
-$221M
Net Cash Position
Cash & Equiv.
$569M
3Y CAGR: -0.3%
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