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Retail-food stores company · Revenue $1.51B · -29.89% margin · -$6M FCF
The business is unprofitable at the operating level (-30.82% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.6% YoY. Margins deteriorated 30.3pp alongside, both lines moving the wrong way.
ROIC dropped from -0.27% to -15.71%, capital efficiency is deteriorating. Negative free cash flow of -$64M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.51B
▼ -8.6% YoY
Net Income (TTM)
-$505M
▼ -16764.5% YoY
Op. Margin
-29.89%
▼ -30.3pp YoY
ROIC
-16.77%
▼ -15.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▲ +14.6% YoY
Op. Cash Flow (TTM)
$75M
▼ -26.0% YoY
Net Debt
$1.26B
Cash & Equiv.
$74M
5Y CAGR: +6.3%
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