/
MARKET CONDITIONS AND OUTLOOK AGRICULTURAL MARKET OUTLOOK The agricultural market is affected by related commodity prices and farmer income, among other variables. The customer demand in the agricultural markets in North America and Europe are currently experiencing a mix of customer demand levels driven by favorable customer order patterns in small agricultural products as compared to a signif…
Operating margin is thin at 1.14%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 0.9% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 132% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.55% to 1.34%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.84B
▼ -0.9% YoY
Net Income (TTM)
-$88M
▼ -1042.0% YoY
Op. Margin
-0.26%
▼ -1.5pp YoY
ROIC
-0.30%
▼ -2.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$31M
▼ -132.4% YoY
Op. Cash Flow (TTM)
$22M
▼ -78.8% YoY
Net Debt
$603M
Cash & Equiv.
$171M
5Y CAGR: +7.7%
Continue Research