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We are one of the largest providers of highly engineered industrial process heating solutions for process industries. For over 70 years, we have served a diverse base of thousands of customers around the world in attractive and growing markets, including general industrial, chemical and petrochemical, oil, gas, power generation, commercial, food and beverage, rail and transit, and other, which …
13.19% operating margin is respectable but not wide. ROIC at 7.87%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.6%, steady but not accelerating. Margins contracted 2.8pp, which offsets some of the top-line progress.
Free cash flow declined 38% versus the prior year, cash generation momentum has weakened. ROIC dropped from 9.93% to 7.87%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$536M
▲ +7.6% YoY
Net Income (TTM)
$45M
▼ -16.7% YoY
Op. Margin
13.19%
▼ -2.8pp YoY
ROIC
7.87%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$33M
▼ -37.8% YoY
Op. Cash Flow (TTM)
$47M
▼ -25.9% YoY
Net Debt
$78M
Cash & Equiv.
$52M
5Y CAGR: +14.2%
5Y CAGR: +8.2%
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