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Electric services company · DE · FY ends Dec · Revenue $32.38B · 3.21% margin · -$358M FCF
Operating margin is thin at 6.01%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 9.2%, steady but not accelerating. Margins contracted 2.6pp, which offsets some of the top-line progress.
Free cash flow declined 58% versus the prior year, cash generation momentum has weakened. ROIC dropped from 14.36% to 9.58%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$32.38B
▲ +9.2% YoY
Net Income (TTM)
$239M
▼ -23.2% YoY
Op. Margin
3.21%
▼ -2.6pp YoY
ROIC
4.43%
▼ -4.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$358M
▼ -58.2% YoY
Op. Cash Flow (TTM)
$889M
▼ -17.0% YoY
Net Debt
$23.21B
Cash & Equiv.
$178M
5Y CAGR: +27.6%
5Y CAGR: -13.8%
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