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Aircraft parts & auxiliary equipment, nec company · DE · FY ends Dec · Revenue $523M · 16.16% margin · -$31M FCF
15.47% operating margin is respectable but not wide. ROIC at 7.17%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 36.6%, still solid. Margins contracted 9.9pp, which offsets some of the top-line progress.
Free cash flow declined 473% versus the prior year, cash generation momentum has weakened. ROIC dropped from 14.14% to 7.17%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$523M
▲ +36.6% YoY
Net Income (TTM)
$30M
▲ +36.7% YoY
Op. Margin
16.16%
▼ -9.9pp YoY
ROIC
7.33%
▼ -7.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$31M
▼ -472.6% YoY
Op. Cash Flow (TTM)
-$8M
▼ -183.0% YoY
Net Debt
$804M
Cash & Equiv.
$74M
3Y CAGR: +27.7%
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