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(In millions of dollars, except as otherwise noted) General The Company is a leading global supplier of a diverse portfolio of innovative specialty materials comprised of organic and synthetic raw ingredients. We market our products predominantly into stable, consumer-oriented end markets for disposable and durable applications.
Operating margin is thin at 0.16%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 46.5% YoY with margins expanding 6.6pp. However, free cash flow softened 70%, worth monitoring whether this is timing or structural.
Free cash flow declined 70% versus the prior year, cash generation momentum has weakened. Net debt of $1.71B represents 47.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.27B
▲ +46.5% YoY
Net Income (TTM)
-$110M
▼ -3.2% YoY
Op. Margin
1.65%
▲ +6.6pp YoY
ROIC
1.53%
▲ +6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$128M
▼ -70.0% YoY
Op. Cash Flow (TTM)
$185M
▼ -46.4% YoY
Net Debt
$1.66B
Cash & Equiv.
$303M
5Y CAGR: +24.2%
5Y CAGR: -2.5%
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