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Printing trades machinery & equipment company · L3 · FY ends Dec · Revenue $208M · -16.61% margin · $3M FCF
The business is unprofitable at the operating level (-16.61% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.1%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 90% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$208M
▲ +2.1% YoY
Net Income (TTM)
-$14M
▲ +19.5% YoY
Op. Margin
-16.61%
▲ +1.7pp YoY
ROIC
-3.70%
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -90.0% YoY
Op. Cash Flow (TTM)
$25M
▼ -49.5% YoY
Net Debt
-$71M
Net Cash Position
Cash & Equiv.
$89M
5Y CAGR: +1.5%
5Y CAGR: -29.2%
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