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MGP Ingredients, Inc. was incorporated in 2011 in Kansas, continuing a business originally founded by Cloud L. As used herein, the terms MGP, Company, we, our, us, and words of similar import, refer to MGP Ingredients, Inc. and its consolidated subsidiaries unless the context otherwise indicates.
The business is unprofitable at the operating level (-17.64% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.8% YoY. Margins deteriorated 28.2pp alongside, both lines moving the wrong way.
ROIC dropped from 3.44% to -6.84%, capital efficiency is deteriorating. Operating margin contracted 28.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$521M
▼ -23.8% YoY
Net Income (TTM)
-$240M
▼ -411.0% YoY
Op. Margin
-51.25%
▼ -28.2pp YoY
ROIC
-20.48%
▼ -10.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$53M
▲ +144.5% YoY
Op. Cash Flow (TTM)
$84M
▲ +18.8% YoY
Net Debt
$244M
Cash & Equiv.
$10M
5Y CAGR: +6.3%
5Y CAGR: +17.8%
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