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Radio & tv broadcasting & communications equipment company · DE · FY ends Dec · Revenue $397M · 6.92% margin · $45M FCF
Operating margin is thin at 3.91%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 26.2% YoY. Margins deteriorated 11.4pp alongside, both lines moving the wrong way.
ROIC dropped from 10.15% to 1.99%, capital efficiency is deteriorating. Operating margin contracted 11.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$397M
▼ -26.2% YoY
Net Income (TTM)
-$42M
▼ -210.4% YoY
Op. Margin
6.92%
▼ -11.4pp YoY
ROIC
4.03%
▼ -8.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$45M
▲ +83.7% YoY
Op. Cash Flow (TTM)
$56M
▲ +74.4% YoY
Net Debt
$22M
Cash & Equiv.
$109M
5Y CAGR: -1.0%
5Y CAGR: +69.3%
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