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Rolling drawing & extruding of nonferrous metals company · DE · FY ends Oct · Revenue $1.85B · -9.97% margin
The business is unprofitable at the operating level (-10.55% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 43.8%, still solid. Margins contracted 14.8pp, which offsets some of the top-line progress.
ROIC dropped from 3.42% to -8.50%, capital efficiency is deteriorating. Net debt of $838M represents 8.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.85B
▲ +43.8% YoY
Net Income (TTM)
-$240M
▼ -858.7% YoY
Op. Margin
-9.97%
▼ -14.8pp YoY
ROIC
-8.42%
▼ -11.9pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$102M
▲ +97.7% YoY
Op. Cash Flow (TTM)
$157M
▲ +85.7% YoY
Net Debt
$830M
Cash & Equiv.
$62M
5Y CAGR: +16.6%
5Y CAGR: +6.4%
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