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We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of December 31, 2025, our three operating platforms or reportable segments, based on management s organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus our Other segment, which includes businesse…
Operating margin is thin at 2.30%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 12.5%, still solid.
Net debt of $606M represents 4.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.34B
▲ +12.5% YoY
Net Income (TTM)
-$53M
▼ -75.1% YoY
Op. Margin
2.64%
▼ -1.3pp YoY
ROIC
3.85%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$210M
▲ +1575.8% YoY
Op. Cash Flow (TTM)
$206M
▲ +1511.0% YoY
Net Debt
$631M
Cash & Equiv.
$135M
5Y CAGR: +11.7%
5Y CAGR: +44.4%
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