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At its beginnings in 1899, a team of 12 people worked from a rented warehouse to produce the Company s first product, a cone-shaped paper yarn carrier used for winding and transporting yarn. Since most of the textile cones of that day were wooden, paper cones were a novelty.
13.54% operating margin is respectable but not wide. ROIC at 9.27%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 41.7% YoY with margins expanding 6.1pp. However, free cash flow softened 22%, worth monitoring whether this is timing or structural.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened. Net debt of $4.32B represents 12.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$7.49B
▲ +41.7% YoY
Net Income (TTM)
$1.02B
▲ +511.8% YoY
Op. Margin
13.60%
▲ +6.1pp YoY
ROIC
9.72%
▲ +4.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$217M
▼ -21.5% YoY
Op. Cash Flow (TTM)
$530M
▼ -17.3% YoY
Net Debt
$4.84B
Cash & Equiv.
$224M
5Y CAGR: +7.0%
5Y CAGR: -7.5%
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