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We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products. Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain…
The business is unprofitable at the operating level (-3.51% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.2% YoY. Margins deteriorated 10.2pp alongside, both lines moving the wrong way.
Free cash flow declined 58% versus the prior year, cash generation momentum has weakened. ROIC dropped from 2.96% to -1.35%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$10.79B
▼ -5.2% YoY
Net Income (TTM)
$826M
▼ -237.3% YoY
Op. Margin
7.36%
▼ -10.2pp YoY
ROIC
2.98%
▼ -4.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$400M
▼ -57.8% YoY
Op. Cash Flow (TTM)
$980M
▼ -20.6% YoY
Net Debt
$5.93B
Cash & Equiv.
$562M
5Y CAGR: +16.5%
5Y CAGR: -13.3%
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