Via Renewables, Inc.

Small retail energy provider with top-decile returns and cash generation but thin margins and high leverage.

Strengths

• Excellent returns: ROE 28% (94th pct), ROIC 23% (100th pct), ROA 5.8% (95th pct)
• Strong FCF (100th pct), interest coverage (100th pct) and liquidity (current/quick ratios 100th pct)

Risks

• Low net margin 4% (18th pct) and operating margin (24th pct); net income fell 32%
• Elevated leverage, debt/equity 1.77 (92nd pct)

Notable findings

• Buying back stockNet buyback — share count -31%/yr over 4y