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Electrical industrial apparatus company · DE · FY ends Oct · Revenue $170M · -109.48% margin · -$126M FCF
The business is unprofitable at the operating level (-121.61% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 41.0% YoY with margins expanding 19.7pp.
ROIC dropped from -15.55% to -19.08%, capital efficiency is deteriorating. Negative free cash flow of -$144M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$170M
▲ +41.0% YoY
Net Income (TTM)
-$182M
▼ -49.1% YoY
Op. Margin
-109.48%
▲ +19.7pp YoY
ROIC
-19.08%
▼ -3.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$126M
▲ +28.3% YoY
Op. Cash Flow (TTM)
-$114M
▲ +18.1% YoY
Net Debt
-$161M
Net Cash Position
Cash & Equiv.
$312M
5Y CAGR: +17.4%
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