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Wholesale-metals service centers & of fices company · DE · FY ends Dec · Revenue $5.00B · -0.20% margin · -$107M FCF
The business is unprofitable at the operating level (-0.67% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 66% versus the prior year, cash generation momentum has weakened. ROIC dropped from 2.00% to -2.10%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$5.00B
▼ -0.6% YoY
Net Income (TTM)
-$47M
▼ -555.8% YoY
Op. Margin
-0.20%
▼ -1.4pp YoY
ROIC
-0.61%
▼ -4.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$107M
▼ -66.3% YoY
Op. Cash Flow (TTM)
-$51M
▼ -57.5% YoY
Net Debt
$362M
Cash & Equiv.
$25M
5Y CAGR: +5.7%
5Y CAGR: -32.4%
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