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Canned, frozen & preservd fruit, veg & food specialties company · DE · FY ends May · Revenue $6.52B · 9.33% margin · $634M FCF
10.31% operating margin is respectable but not wide. ROIC at 8.53%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 0.3% YoY. Margins deteriorated 6.2pp alongside, both lines moving the wrong way.
ROIC dropped from 14.92% to 8.53%, capital efficiency is deteriorating. Net debt of $4.28B represents 18.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$6.52B
▼ -0.3% YoY
Net Income (TTM)
$300M
▼ -50.8% YoY
Op. Margin
9.33%
▼ -6.2pp YoY
ROIC
8.07%
▼ -6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$634M
▲ +275.2% YoY
Op. Cash Flow (TTM)
$979M
▲ +8.8% YoY
Net Debt
$3.97B
Cash & Equiv.
$58M
5Y CAGR: +11.2%
5Y CAGR: -10.7%
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