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Investment advice company · PA · FY ends Dec · Revenue $1.86B · 27.39% margin · $305M FCF
Margins and capital returns are both well above average: 28.54% operating margin, ROIC at 23.70%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 10.3% YoY with margins expanding 6.4pp. However, free cash flow softened 14%, worth monitoring whether this is timing or structural.
Free cash flow declined 14% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$1.86B
▲ +10.3% YoY
Net Income (TTM)
$399M
▲ +50.3% YoY
Op. Margin
27.39%
▲ +6.4pp YoY
ROIC
22.86%
▲ +7.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$305M
▼ -14.0% YoY
Op. Cash Flow (TTM)
$312M
▼ -14.2% YoY
Net Debt
-$63M
Net Cash Position
Cash & Equiv.
$514M
5Y CAGR: +4.5%
5Y CAGR: -3.9%
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