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Services-detective, guard & armored car services company · E9 · FY ends Sep · Revenue $25M · -10.39% margin · -$2M FCF
The business is unprofitable at the operating level (-10.39% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.5%, steady but not accelerating. Margins contracted 16.4pp, which offsets some of the top-line progress.
Free cash flow declined 254% versus the prior year, cash generation momentum has weakened. ROIC dropped from 11.68% to -15.89%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$25M
▲ +5.5% YoY
Net Income (TTM)
-$2M
▼ -273.3% YoY
Op. Margin
-10.39%
▼ -16.4pp YoY
ROIC
-15.89%
▼ -27.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▼ -254.1% YoY
Op. Cash Flow (TTM)
-$2M
▼ -209.5% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$3M
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