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Orthopedic, prosthetic & surgical appliances & supplies company · DE · FY ends Dec · Revenue $8.41B · 14.02% margin · $1.46B FCF
13.34% operating margin is respectable but not wide. ROIC at 4.94%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.2%, steady but not accelerating. Margins contracted 3.4pp, which offsets some of the top-line progress.
Net debt of $7.16B represents 4.9x FCF, leverage limits flexibility. Operating margin contracted 3.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$8.41B
▲ +7.2% YoY
Net Income (TTM)
$761M
▼ -22.0% YoY
Op. Margin
14.02%
▼ -3.4pp YoY
ROIC
5.08%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.46B
▲ +13.7% YoY
Op. Cash Flow (TTM)
$1.67B
▲ +13.2% YoY
Net Debt
$7.05B
Cash & Equiv.
$424M
5Y CAGR: +6.1%
5Y CAGR: +6.2%
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