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Air transportation, nonscheduled company · DE · FY ends Dec · Revenue $384M · -10.97% margin · -$24M FCF
The business is unprofitable at the operating level (-12.57% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 14.9% YoY with margins expanding 12.7pp.
Negative free cash flow of -$24M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$384M
▲ +14.9% YoY
Net Income (TTM)
-$19M
▲ +16.5% YoY
Op. Margin
-10.97%
▲ +12.7pp YoY
ROIC
-15.87%
▲ +5.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$24M
▲ +64.1% YoY
Op. Cash Flow (TTM)
$17M
▲ +161.2% YoY
Net Debt
$183M
Cash & Equiv.
$19M
3Y CAGR: +5.5%
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