Symbotic Inc.

Warehouse-automation leader with a massive backlog and strong cash flow but still-unprofitable, low-margin economics.

Strengths

• ~$22.5B backlog and marquee customers (Walmart, C&S); OCF margin 38.6% (100th pct) and $1.24B cash (100th pct)
• Deep IP portfolio (~1,100 patents) and GreenBox/ASR expansion into micro-fulfillment

Risks

• Operating margin -5.1% and net margin -0.75%; gross margin only 18.8% (17th pct)
• Heavy customer concentration (Walmart/C&S affiliate) and an unremediated material weakness

Notable findings

• Net lossNet loss (net margin -0.8%)
• Material weakness• We are required to assess our internal control over financial reporting and our management has identified a material weakness
• Strong balance sheetStrong balance sheet — $1.2B cash & investments