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Griffon Corporation (the Company, Griffon, "we," or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company, founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF).
Operating margin is thin at 8.19%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 3.9% YoY. Margins deteriorated 7.0pp alongside, both lines moving the wrong way.
ROIC dropped from 15.99% to 7.23%, capital efficiency is deteriorating. Net debt of $1.49B represents 4.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.53B
▼ -3.9% YoY
Net Income (TTM)
$7M
▼ -75.6% YoY
Op. Margin
8.06%
▼ -7.0pp YoY
ROIC
7.81%
▼ -8.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$292M
▼ -2.1% YoY
Op. Cash Flow (TTM)
$336M
▼ -5.9% YoY
Net Debt
$1.37B
Cash & Equiv.
$110M
5Y CAGR: +4.0%
5Y CAGR: +35.9%
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