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13.41% operating margin is respectable but not wide. ROIC at 6.14%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 3.8%, steady but not accelerating. Free cash flow declined 22% despite revenue growth, conversion is weakening.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened. Net debt of $1.10B represents 4.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.80B
▲ +3.8% YoY
Net Income (TTM)
$149M
▼ -21.9% YoY
Op. Margin
13.45%
▼ -0.6pp YoY
ROIC
6.57%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$228M
▼ -22.5% YoY
Op. Cash Flow (FY)
$290M
▼ -19.9% YoY
Net Debt
$1.98B
Cash & Equiv.
$177M
5Y CAGR: +6.6%
5Y CAGR: -1.6%
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