/
Telephone & telegraph apparatus company · DE · FY ends Dec · Revenue $696M · -5.02% margin · -$11M FCF
The business is unprofitable at the operating level (-4.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 3.8%, steady but not accelerating. Margins contracted 6.7pp, which offsets some of the top-line progress.
Free cash flow declined 112% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.68% to -4.82%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$696M
▲ +3.8% YoY
Net Income (TTM)
-$25M
▼ -245.0% YoY
Op. Margin
-5.02%
▼ -6.7pp YoY
ROIC
-5.09%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▼ -112.1% YoY
Op. Cash Flow (TTM)
$12M
▼ -99.0% YoY
Net Debt
-$248M
Net Cash Position
Cash & Equiv.
$297M
5Y CAGR: -11.0%
Continue Research