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Steel works, blast furnaces & rolling & finishing mills company · NC · FY ends Oct · Revenue $690M · 7.99% margin · $7M FCF
Operating margin is thin at 8.40%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 22.4% YoY with margins expanding 4.6pp. However, free cash flow softened 51%, worth monitoring whether this is timing or structural.
Free cash flow declined 51% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$690M
▲ +22.4% YoY
Net Income (TTM)
$43M
▲ +112.5% YoY
Op. Margin
7.99%
▲ +4.6pp YoY
ROIC
11.52%
▲ +7.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$7M
▼ -51.5% YoY
Op. Cash Flow (TTM)
$16M
▼ -53.3% YoY
Net Debt
-$12M
Net Cash Position
Cash & Equiv.
$15M
5Y CAGR: +6.5%
5Y CAGR: -17.3%
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