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Heating equip, except elec & warm air; & plumbing fixtures company · PA · FY ends Dec · Revenue $98M · 15.49% margin · $14M FCF
17.22% operating margin is respectable but not wide. ROIC at 13.83%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 3.3% YoY. Margins deteriorated 4.0pp alongside, both lines moving the wrong way.
Free cash flow declined 19% versus the prior year, cash generation momentum has weakened. ROIC dropped from 18.66% to 13.83%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$98M
▼ -3.3% YoY
Net Income (TTM)
$13M
▼ -17.7% YoY
Op. Margin
15.49%
▼ -4.0pp YoY
ROIC
12.38%
▼ -4.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$14M
▼ -18.6% YoY
Op. Cash Flow (TTM)
$16M
▼ -17.7% YoY
Net Debt
-$45M
Net Cash Position
Cash & Equiv.
$50M
5Y CAGR: -1.5%
5Y CAGR: -3.9%
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