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Natural gas transmission company · DE · FY ends Dec · Revenue $51.56B · 14.35% margin
13.81% operating margin is respectable but not wide. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 6.4% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 17% versus the prior year, cash generation momentum has weakened. Net debt of $33.91B represents 11.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$51.56B
▼ -6.4% YoY
Net Income (TTM)
$5.90B
▼ -1.5% YoY
Op. Margin
14.35%
▲ +0.8pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (FY)
$2.96B
▼ -17.0% YoY
Op. Cash Flow (TTM)
$7.74B
▲ +5.8% YoY
Net Debt
$34.19B
Cash & Equiv.
$191M
5Y CAGR: +14.1%
5Y CAGR: +2.6%
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