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Wolverine World Wide, Inc. (the Company ) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The Company s products are marketed worldwide in approximately 170 countries and territories through owned operations …
Operating margin is thin at 8.01%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 6.8%, steady but not accelerating. Free cash flow declined 22% despite revenue growth, conversion is weakening.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$1.92B
▲ +6.8% YoY
Net Income (TTM)
$104M
▲ +111.9% YoY
Op. Margin
8.50%
▲ +2.5pp YoY
ROIC
12.78%
▲ +3.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$132M
▼ -21.5% YoY
Op. Cash Flow (TTM)
$141M
▼ -22.3% YoY
Net Debt
$574M
Cash & Equiv.
$120M
5Y CAGR: +0.9%
5Y CAGR: -15.9%
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