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Printed circuit boards company · L3 · FY ends Dec · Revenue $52M · 4.53% margin · -$4M FCF
Operating margin is thin at 4.53%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.3%, still solid. Margins contracted 4.9pp, which offsets some of the top-line progress.
ROIC dropped from 8.47% to 3.98%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$52M
▲ +11.3% YoY
Net Income (TTM)
$826K
▼ -80.4% YoY
Op. Margin
4.53%
▼ -4.9pp YoY
ROIC
3.98%
▼ -4.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▲ +15.3% YoY
Op. Cash Flow (TTM)
$1M
▼ -74.8% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$12M
5Y CAGR: +7.1%
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