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Pipe lines (no natural gas) company · DE · FY ends Dec · Revenue $45.26B · 3.28% margin · $2.08B FCF
Operating margin is thin at 3.24%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 9.5% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $11.23B represents 4.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$45.26B
▼ -9.5% YoY
Net Income (TTM)
$1.14B
▲ +85.9% YoY
Op. Margin
3.28%
▲ +1.5pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$2.08B
▲ +12.3% YoY
Op. Cash Flow (TTM)
$2.71B
▲ +17.9% YoY
Net Debt
$11.41B
Cash & Equiv.
$171M
5Y CAGR: +13.7%
5Y CAGR: +24.2%
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