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We also supply natural gas along with a complementary suite of sustainability-related products and services. We conduct our operations through numerous locations both within the United States ("U.S.") and throughout various foreign jurisdictions.
The business is unprofitable at the operating level (-1.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.5% YoY. Margins deteriorated 2.0pp alongside, both lines moving the wrong way.
ROIC dropped from 6.03% to -17.17%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$37.15B
▼ -12.5% YoY
Net Income (TTM)
-$567M
▼ -1011.6% YoY
Op. Margin
-1.35%
▼ -2.0pp YoY
ROIC
-17.63%
▼ -23.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$68M
▲ +18.6% YoY
Op. Cash Flow (TTM)
$132M
▲ +12.7% YoY
Net Debt
$648M
Cash & Equiv.
$151M
5Y CAGR: +12.6%
5Y CAGR: -16.3%
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