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Steel pipe & tubes company · E9 · FY ends Sep · Revenue $63M · -4.59% margin · -$10M FCF
The business is unprofitable at the operating level (-4.59% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 15.3% YoY. Margins deteriorated 2.4pp alongside, both lines moving the wrong way.
Free cash flow declined 178% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$10M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$63M
▼ -15.3% YoY
Net Income (TTM)
-$1M
▼ -1115.8% YoY
Op. Margin
-4.59%
▼ -2.4pp YoY
ROIC
-2.73%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▼ -178.3% YoY
Op. Cash Flow (TTM)
-$8M
▼ -165.3% YoY
Net Debt
$6M
Cash & Equiv.
$6M
5Y CAGR: +115.0%
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