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Printed circuit boards company · DE · FY ends Aug · Revenue $32.67B · 4.28% margin · $1.27B FCF
Operating margin is thin at 3.97%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.2%, steady but not accelerating. Margins contracted 3.0pp, which offsets some of the top-line progress.
ROIC dropped from 28.09% to 17.88%, capital efficiency is deteriorating. Operating margin contracted 3.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$32.67B
▲ +3.2% YoY
Net Income (TTM)
$809M
▼ -52.7% YoY
Op. Margin
4.28%
▼ -3.0pp YoY
ROIC
21.99%
▼ -10.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.27B
▲ +25.8% YoY
Op. Cash Flow (TTM)
$1.73B
▼ -4.4% YoY
Net Debt
$2.56B
Cash & Equiv.
$1.83B
5Y CAGR: +1.8%
5Y CAGR: +33.7%
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