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Introduction We are a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories. Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to Post, the Company, us, our or we mean Post Holdings, Inc. and its subsidiaries.
Operating margin is thin at 9.80%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 3.0%, essentially flat. This is a business that needs a catalyst.
Net debt of $7.52B represents 15.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$8.45B
▲ +3.0% YoY
Net Income (TTM)
$339M
▼ -8.5% YoY
Op. Margin
10.10%
▼ -0.2pp YoY
ROIC
6.66%
▼ -0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$517M
▼ -2.8% YoY
Op. Cash Flow (TTM)
$1.01B
▲ +7.1% YoY
Net Debt
$7.36B
Cash & Equiv.
$269M
5Y CAGR: +11.6%
5Y CAGR: +4.4%
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