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Household furniture company · VA · FY ends Jan · Revenue $278M · -5.92% margin · $15M FCF
The business is unprofitable at the operating level (-5.92% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.4% YoY. Margins deteriorated 2.9pp alongside, both lines moving the wrong way.
ROIC dropped from -2.63% to -5.59%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$278M
▼ -12.4% YoY
Net Income (TTM)
-$27M
▼ -115.6% YoY
Op. Margin
-5.92%
▼ -2.9pp YoY
ROIC
-5.59%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$15M
▲ +158.0% YoY
Op. Cash Flow (TTM)
$18M
▲ +179.5% YoY
Net Debt
$27M
Cash & Equiv.
$1M
5Y CAGR: -12.4%
5Y CAGR: -25.7%
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