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Natural gas distribution company · MO · FY ends Sep · Revenue $2.61B · 21.97% margin · -$223M FCF
21.16% operating margin is above average. ROIC at 5.58%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 4.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 774% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$344M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.61B
▼ -4.5% YoY
Net Income (TTM)
$358M
▲ +8.3% YoY
Op. Margin
21.97%
▲ +2.3pp YoY
ROIC
5.60%
Cash Flow & Balance Sheet
FCF (TTM)
-$223M
▼ -774.0% YoY
Op. Cash Flow (TTM)
$616M
▼ -36.7% YoY
Net Debt
$7.67B
Cash & Equiv.
$50M
5Y CAGR: +5.9%
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