Insights

Receivables down 65%. Revenue down 11%. When the balance sheet and the income statement move at different speeds, something structural has changed. I pulled the numbers apart in this one.

A segment doing $65 million EBITDA three years ago, sold at $12 million. The divestiture maths rarely looks the way the pitch deck said it would. I ran the before and after on this one.

Revenue falling at 16.5% a year. Altman Z-score at 33.9. Shrinking fast and nowhere near distress. That's the worst place to be. I worked through why in this piece.

Dividends at 165% of net income. The balance sheet can handle it. Whether the strategy can is a different question. I dug into the capital allocation on this one and the numbers are worth a look.

Revenue down, margins up. That should be a good story. Then you follow the cash and it isn't.