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Adhesives & sealants company · MN · FY ends Nov · Revenue $3.46B · 18.11% margin · $145M FCF
17.87% operating margin is respectable but not wide. ROIC at 13.84%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 2.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. Net debt of $1.98B represents 16.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.46B
▼ -2.7% YoY
Net Income (TTM)
$160M
▲ +16.7% YoY
Op. Margin
18.11%
▲ +8.1pp YoY
ROIC
13.71%
▲ +6.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$145M
▼ -25.7% YoY
Op. Cash Flow (TTM)
$312M
▼ -12.9% YoY
Net Debt
$1.97B
Cash & Equiv.
$108M
5Y CAGR: +4.5%
5Y CAGR: -13.1%
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