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With operations in approximately 20 countries, our products are widely available in more than 50 countries. History and Development We were incorporated in the State of Missouri on September 23, 1999 and, prior to April 2000, were a wholly-owned subsidiary of Ralston Purina Company.
19.89% operating margin is respectable but not wide. ROIC at 11.74%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 1.3% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $1.23B represents 29.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.23B
▼ -1.3% YoY
Net Income (TTM)
-$78M
▼ -74.2% YoY
Op. Margin
17.17%
▲ +11.0pp YoY
ROIC
10.39%
▲ +5.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$49M
▲ +114.4% YoY
Op. Cash Flow (TTM)
$117M
▲ +151.3% YoY
Net Debt
$945M
Cash & Equiv.
$300M
5Y CAGR: +2.7%
5Y CAGR: -25.9%
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