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Aircraft parts & auxiliary equipment, nec company · L3 · FY ends Dec · Revenue $1M · -721.09% margin · -$6M FCF
The business is unprofitable at the operating level (-721.09% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.3%, still solid. Margins contracted 124.0pp, which offsets some of the top-line progress.
ROIC dropped from -141.38% to -333.92%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1M
▲ +12.3% YoY
Net Income (TTM)
-$5M
▲ +51.0% YoY
Op. Margin
-721.09%
▼ -124.0pp YoY
ROIC
-333.92%
▼ -192.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -17.3% YoY
Op. Cash Flow (TTM)
-$6M
▼ -18.7% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$4M
3Y CAGR: +23.2%
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