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Deep sea foreign transportation of freight company · 1T · FY ends Dec · Revenue $1.04B · 13.13% margin · $212M FCF
13.13% operating margin is respectable but not wide. ROIC at 4.08%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 17.6% YoY. Margins deteriorated 17.1pp alongside, both lines moving the wrong way.
Free cash flow declined 49% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.79% to 4.08%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.04B
▼ -17.6% YoY
Net Income (TTM)
$84M
▼ -72.4% YoY
Op. Margin
13.13%
▼ -17.1pp YoY
ROIC
4.08%
▼ -9.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$212M
▼ -49.1% YoY
Op. Cash Flow (TTM)
$296M
▼ -37.2% YoY
Net Debt
-$319M
Net Cash Position
Cash & Equiv.
$489M
5Y CAGR: +8.5%
5Y CAGR: +16.6%
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