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We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies.
17.10% operating margin is respectable but not wide. ROIC at 2.61%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 12.5%, still solid. Margins contracted 2.5pp, which offsets some of the top-line progress.
Negative free cash flow of -$285M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.16B
▲ +12.5% YoY
Net Income (TTM)
$128M
▲ +0.1% YoY
Op. Margin
17.06%
▼ -2.5pp YoY
ROIC
4.16%
▼ -0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$215M
▼ -270.9% YoY
Op. Cash Flow (TTM)
$326M
▼ -18.5% YoY
Net Debt
$298M
Cash & Equiv.
$655M
5Y CAGR: +7.0%
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