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We are a leading timberland real estate investment trust ( REIT ) with assets located in some of the most productive softwood timber growing regions in the United States. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders.
17.20% operating margin is respectable but not wide. ROIC at 2.66%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 51.0% YoY. Margins deteriorated 19.7pp alongside, both lines moving the wrong way.
ROIC dropped from 9.16% to 2.66%, capital efficiency is deteriorating. Operating margin contracted 19.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$678M
▼ -51.0% YoY
Net Income (TTM)
$465M
▲ +32.1% YoY
Op. Margin
5.55%
▼ -19.7pp YoY
ROIC
0.68%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$264M
▼ -1.9% YoY
Net Debt
$1.41B
Cash & Equiv.
$682M
5Y CAGR: -10.8%
5Y CAGR: +3.9%
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