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Wholesale-industrial machinery & equipment company · TX · FY ends Dec · Revenue $2.06B · 8.67% margin · $97M FCF
Operating margin is thin at 8.77%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.9%, still solid. Free cash flow declined 30% despite revenue growth, conversion is weakening.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. Net debt of $621M represents 11.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.06B
▲ +11.9% YoY
Net Income (TTM)
$88M
▲ +25.8% YoY
Op. Margin
8.67%
▲ +0.7pp YoY
ROIC
11.47%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$97M
▼ -30.0% YoY
Op. Cash Flow (TTM)
$121M
▼ -7.8% YoY
Net Debt
$689M
Cash & Equiv.
$213M
5Y CAGR: +14.9%
5Y CAGR: -12.1%
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