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Deep sea foreign transportation of freight company · Revenue $13M · 111.07% margin · -$28M FCF
Margins and capital returns are both well above average: 111.07% operating margin, ROIC at 50.25%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 15.4% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 690% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$28M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$13M
▼ -15.4% YoY
Net Income (TTM)
$15M
▲ +291.1% YoY
Op. Margin
111.07%
▲ +86.6pp YoY
ROIC
50.25%
▲ +6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$28M
▼ -689.9% YoY
Op. Cash Flow (TTM)
$4M
▼ -20.5% YoY
Net Debt
$17M
Cash & Equiv.
$3M
3Y CAGR: -18.5%
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