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Radio & tv broadcasting & communications equipment company · FY ends Dec · Revenue $452M · 5.19% margin · $9M FCF
Operating margin is thin at 5.19%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 47.9%, still solid. Margins contracted 3.9pp, which offsets some of the top-line progress.
Free cash flow declined 63% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.85% to 4.51%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$452M
▲ +47.9% YoY
Net Income (TTM)
$21M
▼ -16.6% YoY
Op. Margin
5.19%
▼ -3.9pp YoY
ROIC
4.51%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$9M
▼ -63.3% YoY
Op. Cash Flow (TTM)
$21M
▼ -34.7% YoY
Net Debt
-$177M
Net Cash Position
Cash & Equiv.
$185M
5Y CAGR: +22.1%
5Y CAGR: -24.9%
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