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In 2025, product revenue increased by $103.8 million, or 16.4% , compared to 2024. This growth is widespread across our portfolio of products and includes significant contributions from all our franchises.
Operating margin is thin at 7.47%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 16.4% YoY with margins expanding 13.0pp. However, free cash flow softened 37%, worth monitoring whether this is timing or structural.
Free cash flow declined 37% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$763M
▲ +16.4% YoY
Net Income (TTM)
$51M
▲ +291.6% YoY
Op. Margin
8.45%
▲ +13.0pp YoY
ROIC
2.15%
▲ +2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$106M
▼ -37.3% YoY
Op. Cash Flow (TTM)
$131M
▼ -33.1% YoY
Net Debt
-$97M
Net Cash Position
Cash & Equiv.
$785M
5Y CAGR: +15.0%
5Y CAGR: +18.5%
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