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Natural gas transmission company · DE · FY ends Dec · Revenue $1.28B · 49.53% margin · $467M FCF
49.40% operating margin is above average. ROIC at 5.78%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 26.7%, still solid.
Net debt of $3.32B represents 7.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.28B
▲ +26.7% YoY
Net Income (TTM)
$460M
▲ +24.6% YoY
Op. Margin
49.53%
▼ -0.5pp YoY
ROIC
6.02%
▲ +1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$467M
▲ +6.8% YoY
Op. Cash Flow (TTM)
$900M
▲ +13.6% YoY
Net Debt
$3.22B
Cash & Equiv.
$150M
5Y CAGR: +10.5%
5Y CAGR: +41.0%
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