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Grain mill products company · NV · FY ends Dec · Revenue $23M · 10.86% margin · -$6M FCF
Margins and capital returns are both well above average: 24.80% operating margin, ROIC at 35.64%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 19.8% YoY with margins expanding 17.5pp. However, free cash flow softened 169%, worth monitoring whether this is timing or structural.
Free cash flow declined 169% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$23M
▲ +19.8% YoY
Net Income (TTM)
-$2M
▲ +93.3% YoY
Op. Margin
10.86%
▲ +17.5pp YoY
ROIC
12.80%
▲ +27.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -169.1% YoY
Op. Cash Flow (TTM)
-$4M
▼ -132.4% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$5M
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