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Sanitary services company · Revenue $13M · -1.07% margin · -$3M FCF
The business is unprofitable at the operating level (-1.07% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.2%, still solid. Margins contracted 22.5pp, which offsets some of the top-line progress.
ROIC dropped from 52.32% to -1.70%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$13M
▲ +12.2% YoY
Net Income (TTM)
-$322K
▼ -115.3% YoY
Op. Margin
-1.07%
▼ -22.5pp YoY
ROIC
-1.70%
▼ -54.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -684.7% YoY
Op. Cash Flow (TTM)
-$3M
▼ -853.7% YoY
Net Debt
-$466K
Net Cash Position
Cash & Equiv.
$573K
3Y CAGR: +53.3%
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