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We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Our current operations span firefighting products, lubricant additives, electronic components and, following the acquisition of Medical Manufacturing Technologies, LLC ( MMT ) in January 2026, highly engineered machinery for the medical device i…
The business is unprofitable at the operating level (-30.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 16.4%, still solid. Margins contracted 30.1pp, which offsets some of the top-line progress.
ROIC dropped from -0.16% to -8.60%, capital efficiency is deteriorating. Operating margin contracted 30.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$706M
▲ +16.4% YoY
Net Income (TTM)
-$190M
▼ -3394.8% YoY
Op. Margin
-29.22%
▼ -30.1pp YoY
ROIC
-8.14%
▼ -8.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$95M
▲ +20.7% YoY
Op. Cash Flow (TTM)
$125M
▲ +26.4% YoY
Net Debt
$1.16B
Cash & Equiv.
$92M
5Y CAGR: +22.2%
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