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Wholesale-groceries, general line company · DE · FY ends Jul · Revenue $31.54B · 0.04% margin
The business is unprofitable at the operating level (-0.10% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.6%, essentially flat. This is a business that needs a catalyst.
Net debt of $3.41B represents 14.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$31.54B
▲ +2.6% YoY
Net Income (TTM)
-$78M
▼ -5.4% YoY
Op. Margin
0.04%
▼ -0.1pp YoY
ROIC
0.21%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$239M
▲ +359.8% YoY
Op. Cash Flow (TTM)
$578M
▲ +85.8% YoY
Net Debt
$3.18B
Cash & Equiv.
$52M
5Y CAGR: +3.7%
5Y CAGR: -3.4%
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