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We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles ("UTVs") and all-terrain vehicles ("ATVs"). As of December 31, 2025, we marketed approximately 144,000 distinct parts compared to approximately 138…
14.06% operating margin is respectable but not wide. ROIC at 11.64%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 6.0%, steady but not accelerating. Free cash flow declined 61% despite revenue growth, conversion is weakening.
Free cash flow declined 61% versus the prior year, cash generation momentum has weakened. Net debt of $512M represents 6.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.15B
▲ +6.0% YoY
Net Income (TTM)
$190M
▲ +7.5% YoY
Op. Margin
12.93%
▼ -0.5pp YoY
ROIC
10.50%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$71M
▼ -60.5% YoY
Op. Cash Flow (TTM)
$106M
▼ -50.8% YoY
Net Debt
$490M
Cash & Equiv.
$43M
5Y CAGR: +14.3%
5Y CAGR: -11.1%
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