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Printed circuit boards company · DE · FY ends Dec · Revenue $3.10B · 9.24% margin · -$12M FCF
Operating margin is thin at 9.11%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 19.0% YoY with margins expanding 4.4pp. However, free cash flow softened 101%, worth monitoring whether this is timing or structural.
Free cash flow declined 101% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$683K. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3.10B
▲ +19.0% YoY
Net Income (TTM)
$195M
▲ +215.2% YoY
Op. Margin
9.24%
▲ +4.4pp YoY
ROIC
9.19%
▲ +5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$12M
▼ -101.3% YoY
Op. Cash Flow (TTM)
$324M
▲ +23.2% YoY
Net Debt
$639M
Cash & Equiv.
$410M
5Y CAGR: +6.7%
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