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Steel works, blast furnaces & rolling mills (coke ovens) company · DE · FY ends Dec · Revenue $34.16B · 10.12% margin · $532M FCF
$227.02
$5.83 (-2.50%)
Price from 19 days ago
Operating margin is thin at 8.18%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 5.7%, steady but not accelerating. Free cash flow declined 123% despite revenue growth, conversion is weakening.
Free cash flow declined 123% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$188M. The business is consuming cash, not generating it.
22.5x earnings, 97.8x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$34.16B
▲ +5.7% YoY
Net Income (TTM)
$2.33B
▼ -14.0% YoY
Op. Margin
10.12%
▼ -1.5pp YoY
ROIC
9.87%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$532M
▼ -123.3% YoY
Op. Cash Flow (TTM)
$3.76B
▼ -18.7% YoY
Net Debt
$4.64B
Cash & Equiv.
$2.48B
5Y CAGR: +10.0%
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