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Services-business services, nec company · E9 · FY ends Mar · Revenue $19M · -71.61% margin · -$11M FCF
The business is unprofitable at the operating level (-71.61% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.4% YoY. Margins deteriorated 22.2pp alongside, both lines moving the wrong way.
ROIC dropped from -9.60% to -14.18%, capital efficiency is deteriorating. Negative free cash flow of -$11M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$19M
▼ -12.4% YoY
Net Income (TTM)
-$9M
▼ -5.0% YoY
Op. Margin
-71.61%
▼ -22.2pp YoY
ROIC
-14.18%
▼ -4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▲ +42.4% YoY
Op. Cash Flow (TTM)
-$9M
▼ -67.0% YoY
Net Debt
-$51M
Net Cash Position
Cash & Equiv.
$52M
5Y CAGR: -30.3%
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