Overall Score

Profitability Returns

Margins are thin, with TTM gross margin at 25.0% and operating margin at 3.7%.

Returns remain weak, with ROIC at 4.0% and ROE slightly negative at -0.6%.

Cash generation is positive but not strong enough to offset low profitability, with free cash flow yield at 7.3% and FCF conversion at 71.1% of operating cash flow.

Competitive Positioning

The business still shows some scale and operating efficiency, with revenue per share at 20.4 and asset turnover at 0.95x.

Working capital remains healthy at 2.17x current ratio, supporting operational resilience.

However, the low margin profile suggests limited pricing power or moat strength so far.

Capital Efficiency

Capital intensity is manageable, with capex at 2.1% of revenue and 28.9% of operating cash flow.

Leverage is moderate, with net debt to EBITDA at 0.88x and debt to capital at 22.4%.

Interest coverage is only 1.13x, leaving limited cushion if earnings soften.