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Cutlery, handtools & general hardware company · E9 · FY ends Mar · Revenue $33M · 5.11% margin · -$309K FCF
Operating margin is thin at 5.11%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 6.1%, steady but not accelerating. Margins contracted 5.0pp, which offsets some of the top-line progress.
Free cash flow declined 111% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.63% to 6.89%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$33M
▲ +6.1% YoY
Net Income (TTM)
$2M
▼ -33.2% YoY
Op. Margin
5.11%
▼ -5.0pp YoY
ROIC
6.89%
▼ -6.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$309K
▼ -110.5% YoY
Op. Cash Flow (TTM)
$149K
▼ -95.2% YoY
Net Debt
$2M
Cash & Equiv.
$5M
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