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Petroleum refining company · DE · FY ends Dec · Revenue $10.73B · 2.31% margin · $478M FCF
Operating margin is thin at 2.81%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 9.5% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $2.72B represents 431.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$10.73B
▼ -9.5% YoY
Net Income (TTM)
-$51M
▲ +95.9% YoY
Op. Margin
2.31%
▲ +7.0pp YoY
ROIC
5.35%
▲ +17.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$478M
▲ +101.3% YoY
Op. Cash Flow (TTM)
$1.06B
▲ +902.1% YoY
Net Debt
$2.63B
Cash & Equiv.
$624M
5Y CAGR: +8.0%
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