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Portillo s Inc. (the Company") was incorporated as a Delaware corporation on June 8, 2021, for the purpose of facilitating an initial public offering ("IPO") and other related transactions in order to carry on the business of PHD Group Holdings LLC and its subsidiaries ( Portillo s OpCo ). The Company became the sole managing member of Portillo s OpCo and operates and controls all of the busine…
Operating margin is thin at 5.97%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.0%, steady but not accelerating. Margins contracted 2.2pp, which offsets some of the top-line progress.
Free cash flow declined 288% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$19M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$738M
▲ +3.0% YoY
Net Income (TTM)
$16M
▼ -34.5% YoY
Op. Margin
5.12%
▼ -2.2pp YoY
ROIC
3.23%
▼ -1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▼ -288.1% YoY
Op. Cash Flow (TTM)
$80M
▼ -26.7% YoY
Net Debt
$665M
Cash & Equiv.
$24M
5Y CAGR: +10.0%
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