Food and kindred products company · DE · FY ends Jun · Revenue $1.45B · -27.48% margin · $42M FCF
The business is unprofitable at the operating level (-29.59% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.2% YoY. Margins deteriorated 28.5pp alongside, both lines moving the wrong way.
Free cash flow declined 104% versus the prior year, cash generation momentum has weakened. ROIC dropped from -0.80% to -23.85%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.45B
▼ -10.2% YoY
Net Income (TTM)
-$516M
▼ -607.4% YoY
Op. Margin
-27.48%
▼ -28.5pp YoY
ROIC
-28.66%
▼ -23.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$42M
▼ -103.8% YoY
Op. Cash Flow (TTM)
$64M
▼ -81.0% YoY
Net Debt
$552M
Cash & Equiv.
$44M
5Y CAGR: -5.4%
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