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Services-business services, nec company · E9 · FY ends Dec · Revenue $393M · -18.45% margin · -$52M FCF
The business is unprofitable at the operating level (-18.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 20.3% YoY. Margins deteriorated 5.1pp alongside, both lines moving the wrong way.
Negative free cash flow of -$52M. The business is consuming cash, not generating it. Operating margin contracted 5.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$393M
▼ -20.3% YoY
Net Income (TTM)
-$28M
▼ -17.2% YoY
Op. Margin
-18.45%
▼ -5.1pp YoY
ROIC
-9.78%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$52M
▼ -34.6% YoY
Op. Cash Flow (TTM)
-$52M
▼ -35.5% YoY
Net Debt
-$560M
Net Cash Position
Cash & Equiv.
$602M
3Y CAGR: -9.1%
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