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Management s Discussion and Analysis of Financial Condition and Results of Operations, and Item 7A. You should read this 2025 Annual Report completely and with the understanding that actual future results may be materially different from expectations.
Operating margin is thin at 7.07%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 31.5%, still solid. Free cash flow declined 22% despite revenue growth, conversion is weakening.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$3.96B
▲ +31.5% YoY
Net Income (TTM)
$223M
▲ +40.7% YoY
Op. Margin
7.37%
▲ +0.4pp YoY
ROIC
21.95%
▼ -0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$230M
▼ -21.8% YoY
Op. Cash Flow (TTM)
$293M
▼ -4.0% YoY
Net Debt
$69M
Cash & Equiv.
$293M
3Y CAGR: +11.5%
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