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Miscellaneous fabricated metal products company · D8 · FY ends Sep · Revenue $71M · -5.97% margin · $148K FCF
The business is unprofitable at the operating level (-5.97% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 34.2% YoY. Margins deteriorated 4.4pp alongside, both lines moving the wrong way.
ROIC dropped from -5.08% to -12.68%, capital efficiency is deteriorating. Operating margin contracted 4.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$71M
▼ -34.2% YoY
Net Income (TTM)
-$4M
▼ -43.3% YoY
Op. Margin
-5.97%
▼ -4.4pp YoY
ROIC
-12.68%
▼ -7.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$148K
▲ +102.0% YoY
Op. Cash Flow (TTM)
$736K
▲ +110.7% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
5Y CAGR: -3.9%
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