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Wholesale-farm product raw materials company · DE · FY ends Dec · Revenue $9.83B · 3.02% margin · -$15M FCF
Operating margin is thin at 2.45%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 7.1%, steady but not accelerating. Free cash flow declined 25% despite revenue growth, conversion is weakening.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened. Net debt of $229M represents 38.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$9.83B
▲ +7.1% YoY
Net Income (TTM)
$583M
▲ +463.6% YoY
Op. Margin
3.02%
▲ +0.7pp YoY
ROIC
3.63%
▲ +0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -25.0% YoY
Op. Cash Flow (TTM)
$534M
▲ +9.4% YoY
Net Debt
$187M
Cash & Equiv.
$1.16B
5Y CAGR: +6.5%
5Y CAGR: -28.5%
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