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Services-engineering, accounting, research, management company · DE · FY ends Dec · Revenue $386M · -11.45% margin · $11M FCF
The business is unprofitable at the operating level (-29.05% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.9% YoY. Margins deteriorated 29.2pp alongside, both lines moving the wrong way.
ROIC dropped from 0.19% to -35.73%, capital efficiency is deteriorating. Operating margin contracted 29.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$386M
▼ -9.9% YoY
Net Income (TTM)
-$54M
▼ -1976.9% YoY
Op. Margin
-11.45%
▼ -29.2pp YoY
ROIC
-16.73%
▼ -35.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$11M
▲ +349.2% YoY
Op. Cash Flow (TTM)
$20M
▲ +646.0% YoY
Net Debt
-$12M
Net Cash Position
Cash & Equiv.
$74M
5Y CAGR: -2.8%
5Y CAGR: -14.2%
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