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Lawn & garden tractors & home lawn & gardens equip company · MN · FY ends Oct · Revenue $4.55B · 9.21% margin · $661M FCF
Operating margin is thin at 9.09%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 1.6% YoY. Margins deteriorated 2.5pp alongside, both lines moving the wrong way.
ROIC dropped from 18.36% to 16.18%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.55B
▼ -1.6% YoY
Net Income (TTM)
$331M
▼ -24.5% YoY
Op. Margin
9.21%
▼ -2.5pp YoY
ROIC
12.80%
▼ -2.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$661M
▲ +24.0% YoY
Op. Cash Flow (TTM)
$737M
▲ +16.2% YoY
Net Debt
$1.01B
Cash & Equiv.
$189M
5Y CAGR: +5.9%
5Y CAGR: +4.6%
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