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Water transportation company · 1T · FY ends Dec · Revenue $24M · 52.71% margin · -$9M FCF
52.71% operating margin is above average. ROIC at 8.23%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 2.8% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 182% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.47% to 8.23%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$24M
▼ -2.8% YoY
Net Income (TTM)
$3M
▼ -55.5% YoY
Op. Margin
52.71%
▲ +1.4pp YoY
ROIC
8.23%
▼ -5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▼ -181.9% YoY
Op. Cash Flow (TTM)
$11M
▲ +7.9% YoY
Net Debt
$78M
Cash & Equiv.
$4M
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