Overall Score

Growth

Revenue base remains modest at a price-to-sales ratio of 0.74, leaving room for upside if operating performance improves.

Operating margins are mixed, with EBITDA margin at 12.6% but EBIT margin still negative at -13.2%.

No recent news indicates a new growth catalyst this month.

Profitability

Net margin remains deeply negative at -33.1%, and return on equity is -81.9%.

Return on invested capital is positive at 8.3%, but overall earnings quality remains weak with income quality at -0.53.

No recent news indicates a material profitability inflection this month.

Financial Health

Leverage remains elevated with debt-to-equity at 3.91 and net debt to EBITDA at 12.74.

Liquidity is strained, with a current ratio of 0.59 and negative working capital of -270.1M.

No recent news indicates a material balance-sheet improvement this month.

Cash Flow

Operating cash flow is positive, but free cash flow remains negative at -$193.6M and free cash flow yield is -1.3%.

Capital spending continues to absorb cash, with capex-to-operating-cash-flow at 1.05.

No recent news indicates a material cash-flow turnaround this month.

Valuation

Valuation remains inexpensive on sales at 0.74x and book value at 2.11x.

Enterprise value to EBITDA is elevated at 18.6x, but the market is still pricing in a recovery given weak current earnings.

No recent news indicates a valuation re-rating this month.