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Millwood, veneer, plywood, & structural wood members company · DE · FY ends Dec · Revenue $3.16B · -9.07% margin · -$121M FCF
The business is unprofitable at the operating level (-12.96% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.9% YoY. Margins deteriorated 9.6pp alongside, both lines moving the wrong way.
ROIC dropped from -10.81% to -28.97%, capital efficiency is deteriorating. Negative free cash flow of -$125M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3.16B
▼ -14.9% YoY
Net Income (TTM)
-$508M
▼ -228.6% YoY
Op. Margin
-9.07%
▼ -9.6pp YoY
ROIC
-14.54%
▼ -18.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$121M
▼ -123.8% YoY
Op. Cash Flow (TTM)
-$13M
▼ -104.6% YoY
Net Debt
$1.36B
Cash & Equiv.
$50M
5Y CAGR: -5.4%
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