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Motor vehicle parts & accessories company · WI · FY ends Mar · Revenue $3.18B · 10.76% margin · $105M FCF
10.76% operating margin is respectable but not wide. ROIC at 17.79%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 23.1%, still solid. Free cash flow declined 18% despite revenue growth, conversion is weakening.
Free cash flow declined 18% versus the prior year, cash generation momentum has weakened. Net debt of $509M represents 4.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.18B
▲ +23.1% YoY
Net Income (TTM)
$122M
▼ -34.0% YoY
Op. Margin
10.76%
▼ -0.2pp YoY
ROIC
17.79%
▲ +1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$105M
▼ -18.5% YoY
Op. Cash Flow (TTM)
$249M
▲ +16.6% YoY
Net Debt
$509M
Cash & Equiv.
$74M
5Y CAGR: +12.0%
5Y CAGR: -2.1%
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