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NACCO Industries, Inc. (NACCO) and its wholly owned subsidiary, NACCO Natural Resources Corporation (NACCO Natural Resources, and with NACCO collectively, the Company, we, our or us), bring natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through our robust portfolio of businesses. We operate under three reportable business segments: Utili…
Operating margin is thin at 7.93%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 16.6%, still solid. Margins contracted 7.1pp, which offsets some of the top-line progress.
ROIC dropped from 5.92% to 3.25%, capital efficiency is deteriorating. Net debt of $71M represents 30.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$274M
▲ +16.6% YoY
Net Income (TTM)
$22M
▼ -47.9% YoY
Op. Margin
9.23%
▼ -7.1pp YoY
ROIC
4.28%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$2M
▲ +107.0% YoY
Op. Cash Flow (TTM)
$58M
▲ +128.4% YoY
Net Debt
-$37M
Net Cash Position
Cash & Equiv.
$53M
5Y CAGR: +16.6%
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