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Southland is a diverse leader in specialty infrastructure construction with roots dating back to 1900. The end markets for which we provide services cover a broad spectrum of specialty services within infrastructure construction.
The business is unprofitable at the operating level (-28.09% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.2% YoY. Margins deteriorated 15.2pp alongside, both lines moving the wrong way.
ROIC dropped from -18.93% to -44.76%, capital efficiency is deteriorating. Net debt of $228M represents 17.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$705M
▼ -21.2% YoY
Net Income (TTM)
-$332M
▼ -190.9% YoY
Op. Margin
-34.26%
▼ -15.2pp YoY
ROIC
-56.76%
▼ -25.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$126M
▲ +332.0% YoY
Op. Cash Flow (TTM)
-$124M
▲ +760.5% YoY
Net Debt
$232M
Cash & Equiv.
$21M
3Y CAGR: -12.7%
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