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Wholesale-petroleum & petroleum products (no bulk stations) company · Revenue $264M · -0.60% margin · -$2M FCF
The business is unprofitable at the operating level (-0.60% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 70.0%, still solid. Free cash flow declined 833% despite revenue growth, conversion is weakening.
Free cash flow declined 833% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.73% to -10.51%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$264M
▲ +70.0% YoY
Net Income (TTM)
-$2M
▼ -1120.2% YoY
Op. Margin
-0.60%
▼ -0.7pp YoY
ROIC
-10.51%
▼ -12.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▼ -832.9% YoY
Op. Cash Flow (TTM)
-$2M
▼ -802.1% YoY
Net Debt
-$7M
Net Cash Position
Cash & Equiv.
$13M
3Y CAGR: +104.6%
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