Overall Score

Profitability

TTM margins remain weak, with gross margin at 5.5% and operating margin at -7.7%.

Return metrics are still negative, including ROE of -2.2% and ROIC of -1.3%.

Liquidity Balance Sheet

Liquidity remains solid with a current ratio of 3.0x and cash ratio of 1.33x.

Leverage is still elevated, with net debt to EBITDA at 35.7x and debt to assets at 34.1%.

Cash Flow

Free cash flow remains negative, with FCF yield at -1.9% and FCF to operating cash flow at -89.3%.

Operating cash flow is positive, but capex intensity remains high relative to cash generation.

Valuation

Valuation is mixed, with EV/Sales at 5.2x and price to sales at 4.0x.

Negative earnings and free cash flow keep earnings-based valuation metrics distorted.

Operational Efficiency

Asset turnover remains low at 0.24x, reflecting limited efficiency in using the asset base.

The cash conversion cycle is positive at 13.1 days, supported by receivables collection and payables timing.