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Metal mining company · FY ends Dec · Revenue $48.75B · 18.92% margin · $818M FCF
18.92% operating margin is respectable but not wide. ROIC at 7.10%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 21.8% YoY. Margins deteriorated 29.4pp alongside, both lines moving the wrong way.
Free cash flow declined 90% versus the prior year, cash generation momentum has weakened. ROIC dropped from 25.57% to 7.10%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$48.75B
▼ -21.8% YoY
Net Income (TTM)
$5.51B
▼ -75.9% YoY
Op. Margin
18.92%
▼ -29.4pp YoY
ROIC
7.10%
▼ -18.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$818M
▼ -90.3% YoY
Op. Cash Flow (TTM)
$16.59B
▼ -32.3% YoY
Net Debt
$24.19B
Cash & Equiv.
$6.08B
5Y CAGR: +8.0%
5Y CAGR: -28.4%
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