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Ordnance & accessories, (no vehicles/guided missiles) company · NV · FY ends Apr · Revenue $486M · 4.32% margin · $54M FCF
Operating margin is thin at 5.03%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 11.4% YoY. Margins deteriorated 3.8pp alongside, both lines moving the wrong way.
Free cash flow declined 280% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.51% to 4.27%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$486M
▼ -11.4% YoY
Net Income (TTM)
$11M
▼ -67.5% YoY
Op. Margin
4.32%
▼ -3.8pp YoY
ROIC
3.81%
▼ -4.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$54M
▼ -280.4% YoY
Op. Cash Flow (TTM)
$80M
▼ -106.8% YoY
Net Debt
$14M
Cash & Equiv.
$18M
5Y CAGR: -2.2%
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