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Plastic materials, synth resins & nonvulcan elastomers company · DE · FY ends Dec · Revenue $1.94B · 9.54% margin · $206M FCF
Operating margin is thin at 9.06%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 0.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 23% versus the prior year, cash generation momentum has weakened. Net debt of $948M represents 6.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.94B
▼ -0.5% YoY
Net Income (TTM)
$118M
▼ -17.2% YoY
Op. Margin
9.54%
▼ -0.7pp YoY
ROIC
6.85%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$206M
▼ -22.5% YoY
Op. Cash Flow (TTM)
$278M
▼ -20.5% YoY
Net Debt
$944M
Cash & Equiv.
$54M
5Y CAGR: +4.7%
5Y CAGR: -6.0%
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