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Wholesale-durable goods company · IL · FY ends Dec · Revenue $18.38B · 14.23% margin · $1.38B FCF
13.91% operating margin is respectable but not wide. ROIC at 28.51%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 4.5%, steady but not accelerating. Free cash flow declined 15% despite revenue growth, conversion is weakening.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened. ROIC dropped from 32.91% to 28.51%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$18.38B
▲ +4.5% YoY
Net Income (TTM)
$1.76B
▼ -10.6% YoY
Op. Margin
14.23%
▼ -1.5pp YoY
ROIC
30.12%
▼ -4.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.38B
▼ -15.2% YoY
Op. Cash Flow (TTM)
$2.11B
▼ -4.5% YoY
Net Debt
$2.09B
Cash & Equiv.
$695M
5Y CAGR: +8.7%
5Y CAGR: +7.5%
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