Overall Score

Revenue Quality

Utility-style revenue remains stable and predictable, but growth is limited by the regulated nature of the business.

Gross margin is healthy at 49.3%, supporting a decent quality of revenue.

Profitability

EBIT margin is 19.8% and EBITDA margin is 35.3%, indicating solid operating profitability.

Net margin is 9.5%, which is acceptable but not exceptional for a capital-intensive utility.

Cash Generation

Operating cash flow is positive, but free cash flow remains negative due to heavy capital expenditures.

Free cash flow yield is -4.6%, and capex exceeds operating cash flow, highlighting ongoing reinvestment pressure.

Balance Sheet Strength

Liquidity is weak with a current ratio of 0.49 and cash ratio of 0.02.

Leverage is elevated with net debt to EBITDA at 4.5x, which limits financial flexibility.

Capital Efficiency

ROIC is 4.1%, suggesting only modest returns on invested capital.

Asset turnover is low at 0.27x, consistent with a capital-intensive utility model.