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Deep sea foreign transportation of freight company · Revenue $56M · -8.73% margin · $13M FCF
The business is unprofitable at the operating level (-8.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 92.9%, still solid. Margins contracted 22.9pp, which offsets some of the top-line progress.
ROIC dropped from 12.03% to -10.29%, capital efficiency is deteriorating. Operating margin contracted 22.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$56M
▲ +92.9% YoY
Net Income (TTM)
-$23M
▼ -1279.1% YoY
Op. Margin
-8.73%
▼ -22.9pp YoY
ROIC
-10.29%
▼ -22.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▲ +103.4% YoY
Op. Cash Flow (TTM)
$13M
▲ +95.4% YoY
Net Debt
$22M
Cash & Equiv.
$19M
3Y CAGR: +22.9%
3Y CAGR: -3.4%
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