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Natural gas transmission company · DE · FY ends Dec · Revenue $1.73B · 8.19% margin · $107M FCF
Operating margin is thin at 9.35%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 19.0%, still solid. Margins contracted 2.7pp, which offsets some of the top-line progress.
Free cash flow declined 70% versus the prior year, cash generation momentum has weakened. Net debt of $3.89B represents 34.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.73B
▲ +19.0% YoY
Net Income (TTM)
$170M
▲ +122.8% YoY
Op. Margin
8.19%
▼ -2.7pp YoY
ROIC
2.35%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$107M
▼ -70.1% YoY
Op. Cash Flow (TTM)
$608M
▼ -5.2% YoY
Net Debt
$3.91B
Cash & Equiv.
$720K
5Y CAGR: +64.1%
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