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Ecovyst Inc. ( Ecovyst or the Company ), formerly PQ Group Holdings Inc., was incorporated in Delaware on August 7, 2015. We trace our roots to the late 1800s with our first sulfuric acid plant and the beginning of our oldest customer relationship.
Operating margin is thin at 8.97%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 20.9%, still solid. Margins contracted 5.3pp, which offsets some of the top-line progress.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. Operating margin contracted 5.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$795M
▲ +20.9% YoY
Net Income (TTM)
-$63M
▼ -969.2% YoY
Op. Margin
9.86%
▼ -5.3pp YoY
ROIC
4.13%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$80M
▼ -25.9% YoY
Op. Cash Flow (TTM)
$147M
▼ -6.4% YoY
Net Debt
$274M
Cash & Equiv.
$163M
5Y CAGR: +7.8%
5Y CAGR: -16.2%
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