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Mining & quarrying of nonmetallic minerals (no fuels) company · NC · FY ends Dec · Revenue $6.35B · 22.36% margin · $1.03B FCF
$618.89
+$8.25 (+1.35%)
Price from 41 days ago
23.37% operating margin is above average. ROIC at 7.62%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 8.6%, steady but not accelerating. Margins contracted 20.4pp, which offsets some of the top-line progress.
ROIC dropped from 13.57% to 7.62%, capital efficiency is deteriorating. Net debt of $5.94B represents 6.1x FCF, leverage limits flexibility.
14.8x earnings, 36.2x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$6.35B
▲ +8.6% YoY
Net Income (TTM)
$2.53B
▼ -43.0% YoY
Op. Margin
22.36%
▼ -20.4pp YoY
ROIC
7.36%
▼ -5.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.03B
▲ +61.9% YoY
Op. Cash Flow (TTM)
$1.79B
▲ +22.3% YoY
Net Debt
$5.42B
Cash & Equiv.
$273M
5Y CAGR: +5.4%
5Y CAGR: +7.2%
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