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Motor vehicles & passenger car bodies company · DE · FY ends Dec · Revenue $27.63B · 15.14% margin · $3.75B FCF
15.54% operating margin is respectable but not wide. ROIC at 20.35%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 15.7% YoY. Margins deteriorated 3.3pp alongside, both lines moving the wrong way.
ROIC dropped from 30.32% to 20.35%, capital efficiency is deteriorating. Operating margin contracted 3.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$27.63B
▼ -15.7% YoY
Net Income (TTM)
$2.48B
▼ -42.9% YoY
Op. Margin
15.14%
▼ -3.3pp YoY
ROIC
18.11%
▼ -10.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3.75B
▼ -3.4% YoY
Op. Cash Flow (TTM)
$4.48B
▼ -4.9% YoY
Net Debt
N/A
Cash & Equiv.
N/A
5Y CAGR: +8.7%
5Y CAGR: +8.6%
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