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Refrigeration & service industry machinery company · MN · FY ends Dec · Revenue $1.21B · 4.42% margin · $16M FCF
Operating margin is thin at 5.68%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 6.5% YoY. Margins deteriorated 3.2pp alongside, both lines moving the wrong way.
Free cash flow declined 37% versus the prior year, cash generation momentum has weakened. ROIC dropped from 10.94% to 5.98%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.21B
▼ -6.5% YoY
Net Income (TTM)
$31M
▼ -47.7% YoY
Op. Margin
4.42%
▼ -3.2pp YoY
ROIC
4.67%
▼ -5.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$16M
▼ -37.1% YoY
Op. Cash Flow (TTM)
$34M
▼ -27.5% YoY
Net Debt
$311M
Cash & Equiv.
$83M
5Y CAGR: +3.8%
5Y CAGR: -16.1%
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