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Plastic material, synth resin/rubber, cellulos (no glass) company · DE · FY ends Dec · Revenue $5.36B · 13.54% margin · $459M FCF
13.54% operating margin is respectable but not wide. ROIC at 12.00%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 0.6% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $4.53B represents 9.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.36B
▼ -0.6% YoY
Net Income (TTM)
$506M
▲ +91.0% YoY
Op. Margin
13.54%
▼ -0.1pp YoY
ROIC
12.00%
▲ +1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$459M
▼ -9.7% YoY
Op. Cash Flow (TTM)
$628M
▼ -13.7% YoY
Net Debt
$4.53B
Cash & Equiv.
$344M
5Y CAGR: +1.8%
5Y CAGR: -3.8%
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