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Commercial printing company · DE · FY ends Dec · Revenue $568M · 10.09% margin · $51M FCF
10.09% operating margin is respectable but not wide. ROIC at 14.79%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 13.1%, still solid. Margins contracted 3.0pp, which offsets some of the top-line progress.
ROIC dropped from 18.81% to 14.79%, capital efficiency is deteriorating. Net debt of $316M represents 7.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$568M
▲ +13.1% YoY
Net Income (TTM)
$12M
▼ -23.4% YoY
Op. Margin
10.09%
▼ -3.0pp YoY
ROIC
14.79%
▼ -4.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▲ +21.4% YoY
Op. Cash Flow (TTM)
$68M
▲ +37.4% YoY
Net Debt
$258M
Cash & Equiv.
$19M
5Y CAGR: +11.7%
5Y CAGR: +22.5%
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