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Retail-eating places company · DE · FY ends Dec · Revenue $209M · -11.97% margin · -$20M FCF
The business is unprofitable at the operating level (-9.41% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.0%, essentially flat. Margins also contracted 9.6pp. This is a business that needs a catalyst.
ROIC dropped from 0.21% to -7.50%, capital efficiency is deteriorating. Negative free cash flow of -$24M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$209M
▲ +2.0% YoY
Net Income (TTM)
-$2M
▼ -611.1% YoY
Op. Margin
-11.97%
▼ -9.6pp YoY
ROIC
-9.31%
▼ -7.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$20M
▼ -305.5% YoY
Op. Cash Flow (TTM)
$4M
▼ -80.8% YoY
Net Debt
$174M
Cash & Equiv.
$4M
3Y CAGR: +9.1%
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