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Management s Discussion and Analysis of Financial Condition and Results of Operations. You are advised, however, to consult any further disclosures we make on related subjects in our reports and filings with the Securities and Exchange Commission ( SEC ). 1 PART I ITEM 1.
$44.53
+$2.87 (+6.89%)
Price from 2 days ago
Operating margin is thin at 9.99%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 14.0%, still solid. Free cash flow declined 10% despite revenue growth, conversion is weakening.
At 59x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 10% versus the prior year, cash generation momentum has weakened.
58.6x earnings, 1320.7x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$869M
▲ +14.0% YoY
Net Income (TTM)
$43M
▲ +50.0% YoY
Op. Margin
6.35%
▲ +2.0pp YoY
ROIC
6.69%
▲ +2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2M
▼ -10.1% YoY
Op. Cash Flow (TTM)
$82M
▲ +13.3% YoY
Net Debt
$158M
Cash & Equiv.
$162M
5Y CAGR: +22.7%
5Y CAGR: +99.1%
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