Electric lighting & wiring equipment company · M0 · FY ends Sep · Revenue ¥545M · -110.42% margin · -¥572M FCF
The business is unprofitable at the operating level (-110.42% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 30.6% YoY. Margins deteriorated 53.4pp alongside, both lines moving the wrong way.
ROIC dropped from -35.45% to -51.55%, capital efficiency is deteriorating. Negative free cash flow of -¥572M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
¥545M
▼ -30.6% YoY
Net Income (TTM)
-¥626M
▼ -30.5% YoY
Op. Margin
-110.42%
▼ -53.4pp YoY
ROIC
-51.55%
▼ -16.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥572M
▼ -118.8% YoY
Op. Cash Flow (TTM)
-¥544M
▼ -124.0% YoY
Net Debt
¥9M
Cash & Equiv.
¥535M
3Y CAGR: -7.2%
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