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Wholesale-metals service centers & of fices company · DE · FY ends Dec · Revenue $14.84B · 7.46% margin · $612M FCF
Operating margin is thin at 7.08%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.3%, steady but not accelerating. Free cash flow declined 50% despite revenue growth, conversion is weakening.
Free cash flow declined 50% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$14.84B
▲ +3.3% YoY
Net Income (TTM)
$805M
▼ -15.5% YoY
Op. Margin
7.46%
▼ -1.3pp YoY
ROIC
9.51%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$612M
▼ -49.7% YoY
Op. Cash Flow (TTM)
$918M
▼ -41.9% YoY
Net Debt
$1.78B
Cash & Equiv.
$250M
5Y CAGR: +10.2%
5Y CAGR: -12.9%
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