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Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition.
Operating margin is thin at 0.08%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.7%, steady but not accelerating. Margins contracted 4.5pp, which offsets some of the top-line progress.
Free cash flow declined 20% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.98% to 0.08%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$6.72B
▲ +3.7% YoY
Net Income (TTM)
-$185M
▼ -196.3% YoY
Op. Margin
-1.80%
▼ -4.5pp YoY
ROIC
-1.86%
▼ -4.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$303M
▼ -19.5% YoY
Op. Cash Flow (TTM)
$512M
▼ -5.8% YoY
Net Debt
$3.12B
Cash & Equiv.
$192M
5Y CAGR: +3.3%
5Y CAGR: +13.1%
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