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Radio & tv broadcasting & communications equipment company · DE · FY ends Dec · Revenue $11.87B · 24.70% margin · $2.49B FCF
Margins and capital returns are both well above average: 25.58% operating margin, ROIC at 22.87%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 8.0%, steady but not accelerating.
ROIC dropped from 29.60% to 22.87%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$11.87B
▲ +8.0% YoY
Net Income (TTM)
$2.09B
▲ +36.6% YoY
Op. Margin
24.70%
▲ +0.7pp YoY
ROIC
19.81%
▼ -6.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.49B
▲ +20.5% YoY
Op. Cash Flow (TTM)
$2.78B
▲ +18.7% YoY
Net Debt
$8.70B
Cash & Equiv.
$886M
5Y CAGR: +9.5%
5Y CAGR: +13.0%
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