/
Natural gas transmission company · DE · FY ends Dec · Revenue $17.52B · 28.66% margin · $3.18B FCF
$31.73
$0.08 (-0.25%)
Price from 41 days ago
27.89% operating margin is above average. ROIC at 6.18%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 12.2%, still solid.
Net debt of $32.16B represents 11.1x FCF, leverage limits flexibility.
21.3x earnings, 22.2x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$17.52B
▲ +12.2% YoY
Net Income (TTM)
$3.31B
▲ +17.0% YoY
Op. Margin
28.66%
▼ -1.1pp YoY
ROIC
6.45%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3.18B
▼ -3.8% YoY
Op. Cash Flow (TTM)
$6.25B
▲ +5.0% YoY
Net Debt
$31.98B
Cash & Equiv.
$72M
5Y CAGR: +7.7%
5Y CAGR: +0.3%
Continue Research