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Retail-catalog & mail-order houses company · FY ends Dec · Revenue $15.15B · 7.68% margin · $782M FCF
Operating margin is thin at 7.68%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.0%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$15.15B
▲ +2.0% YoY
Net Income (TTM)
$1.04B
▼ -2.3% YoY
Op. Margin
7.68%
▼ -0.8pp YoY
ROIC
13.17%
▼ -1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$782M
▼ -10.9% YoY
Op. Cash Flow (TTM)
$1.07B
▼ -14.8% YoY
Net Debt
-$2.67B
Net Cash Position
Cash & Equiv.
$4.11B
5Y CAGR: -0.6%
5Y CAGR: -11.8%
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