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Steel works, blast furnaces & rolling & finishing mills company · OH · FY ends May · Revenue $3.35B · 4.17% margin · $81M FCF
Operating margin is thin at 4.75%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 9.8% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 12.69% to 8.89%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$3.35B
▼ -9.8% YoY
Net Income (TTM)
$122M
▼ -28.4% YoY
Op. Margin
4.17%
▼ -0.9pp YoY
ROIC
7.09%
▼ -3.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$81M
▲ +4.0% YoY
Op. Cash Flow (TTM)
$210M
▲ +15.4% YoY
Net Debt
$263M
Cash & Equiv.
$90M
3Y CAGR: -8.7%
3Y CAGR: +218.2%
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