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Water transportation company · D0 · FY ends Dec · Revenue $348M · 50.57% margin · $141M FCF
50.57% operating margin is above average. ROIC at 6.78%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 2.4% YoY. Margins deteriorated 4.9pp alongside, both lines moving the wrong way.
Free cash flow declined 23% versus the prior year, cash generation momentum has weakened. Net debt of $1.40B represents 10.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$348M
▼ -2.4% YoY
Net Income (TTM)
$75M
▼ -36.4% YoY
Op. Margin
50.57%
▼ -4.9pp YoY
ROIC
6.78%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$141M
▼ -23.0% YoY
Op. Cash Flow (TTM)
$141M
▼ -23.0% YoY
Net Debt
$1.40B
Cash & Equiv.
$448M
5Y CAGR: +16.1%
5Y CAGR: +9.5%
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