/
Wholesale-jewelry, watches, precious stones & metals company · E9 · Revenue $11M · -14.47% margin · -$4M FCF
The business is unprofitable at the operating level (-14.47% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 38.2% YoY. Margins deteriorated 15.8pp alongside, both lines moving the wrong way.
ROIC dropped from 1.59% to -6.61%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▼ -38.2% YoY
Net Income (TTM)
$12M
▲ +29218.8% YoY
Op. Margin
-14.47%
▼ -15.8pp YoY
ROIC
-6.61%
▼ -8.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -834.5% YoY
Op. Cash Flow (TTM)
-$4M
▼ -833.5% YoY
Net Debt
$3M
Cash & Equiv.
$1M
3Y CAGR: -8.5%
Continue Research