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Electric & other services combined company · DE · FY ends Dec · Revenue $480M · 6.98% margin · $25M FCF
11.55% operating margin is respectable but not wide. ROIC at 23.87%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 16.2%, still solid. Margins contracted 9.6pp, which offsets some of the top-line progress.
Free cash flow declined 20% versus the prior year, cash generation momentum has weakened. ROIC dropped from 42.94% to 23.87%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$480M
▲ +16.2% YoY
Net Income (TTM)
$12M
▼ -32.2% YoY
Op. Margin
6.98%
▼ -9.6pp YoY
ROIC
15.05%
▼ -19.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$25M
▼ -20.0% YoY
Op. Cash Flow (TTM)
$27M
▼ -16.6% YoY
Net Debt
$79M
Cash & Equiv.
$51M
5Y CAGR: -3.5%
5Y CAGR: -15.3%
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