/
Natural gas distribution company · DE · FY ends Dec · Revenue $20.40B · 22.86% margin · $2.20B FCF
Margins and capital returns are both well above average: 45.61% operating margin, ROIC at 23.04%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 27.2% YoY with margins expanding 6.6pp. However, free cash flow softened 22%, worth monitoring whether this is timing or structural.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened. Net debt of $25.35B represents 10.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$20.40B
▲ +27.2% YoY
Net Income (TTM)
$1.48B
▲ +63.9% YoY
Op. Margin
22.86%
▲ +6.6pp YoY
ROIC
11.03%
▲ +6.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.20B
▼ -22.0% YoY
Op. Cash Flow (TTM)
$5.39B
▲ +2.7% YoY
Net Debt
$26.54B
Cash & Equiv.
$1.30B
5Y CAGR: +16.4%
Continue Research