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Refuse systems company · NV · FY ends Dec · Revenue $244M · 0.92% margin · $11M FCF
The business is unprofitable at the operating level (-2.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 13.3% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $67M represents 7.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$244M
▼ -13.3% YoY
Net Income (TTM)
-$7M
▼ -2.1% YoY
Op. Margin
0.92%
▼ -0.9pp YoY
ROIC
1.98%
▼ -1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$11M
▲ +186.4% YoY
Op. Cash Flow (TTM)
$11M
▲ +257.1% YoY
Net Debt
$65M
Cash & Equiv.
$1M
5Y CAGR: +20.5%
5Y CAGR: +28.5%
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