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Services-help supply services company · DE · FY ends Dec · Revenue $2.10B · -5.85% margin · $88M FCF
The business is unprofitable at the operating level (-5.48% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.2% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -24.27% to -31.65%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.10B
▼ -3.2% YoY
Net Income (TTM)
-$201M
▲ +40.0% YoY
Op. Margin
-5.85%
▲ +2.4pp YoY
ROIC
-32.76%
▼ -7.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$88M
▲ +179.8% YoY
Op. Cash Flow (TTM)
$127M
▲ +305.8% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$89M
5Y CAGR: +1.9%
5Y CAGR: -17.1%
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