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Industrial organic chemicals company · P7 · FY ends Dec · Revenue $29.67B · -0.99% margin · $908M FCF
The business is unprofitable at the operating level (-1.39% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.7% YoY. Margins deteriorated 7.1pp alongside, both lines moving the wrong way.
Free cash flow declined 81% versus the prior year, cash generation momentum has weakened. ROIC dropped from 6.47% to -1.32%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$29.67B
▼ -9.7% YoY
Net Income (TTM)
-$790M
▼ -154.0% YoY
Op. Margin
-0.99%
▼ -7.1pp YoY
ROIC
-0.95%
▼ -7.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$908M
▼ -80.6% YoY
Op. Cash Flow (TTM)
$2.57B
▼ -40.8% YoY
Net Debt
$10.15B
Cash & Equiv.
$4.10B
5Y CAGR: +1.7%
5Y CAGR: -23.4%
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