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Real estate investment trusts company · FY ends Dec · Revenue $884M · -8.48% margin
The business is unprofitable at the operating level (-17.26% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 427.5%, still solid. Margins contracted 535.4pp, which offsets some of the top-line progress.
Operating margin contracted 535.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$884M
▲ +427.5% YoY
Net Income (TTM)
-$126M
▲ +88.5% YoY
Op. Margin
-8.48%
▼ -535.4pp YoY
ROIC
-0.41%
▲ +5.6pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$216M
▼ -6.0% YoY
Net Debt
$9.24B
Cash & Equiv.
$425M
5Y CAGR: -8.4%
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