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Retail-drug stores and proprietary stores company · E9 · FY ends Dec · Revenue $1.80B · -0.02% margin · $16M FCF
The business is unprofitable at the operating level (-0.02% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.0% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 52% versus the prior year, cash generation momentum has weakened. ROIC dropped from 0.55% to -10.14%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.80B
▼ -9.0% YoY
Net Income (TTM)
-$9M
▼ -7.0% YoY
Op. Margin
-0.02%
ROIC
-10.14%
▼ -10.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$16M
▼ -51.7% YoY
Op. Cash Flow (TTM)
$17M
▼ -52.7% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$80M
5Y CAGR: +7.4%
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