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Ironclad Steel Products · ICSP
DEMO DATAUNDERWRITING ASSUMPTIONHOLDFinancial statements DEMO DATA ANALYST PROJECTION
| $M | FY2022A | FY2023A | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3B | $3.5B | $3.4B | $3.2B | $2.4B | $2.1B | $2.0B | $2.0B | $2.1B |
| % growth | 7.7% | -4.3% | -4.5% | -25.2% | -14.0% | -2.8% | 1.0% | 2.0% | |
| Direct costs / COGS | $2.5B | $2.8B | $2.7B | $2.6B | $2.1B | $1.9B | $1.8B | $1.8B | $1.8B |
| Gross profit (NOI for real estate) | $715.0M | $735.0M | $686.8M | $640.0M | $292.0M | $197.6M | $218.1M | $246.5M | $278.3M |
| % margin | 22.0% | 21.0% | 20.5% | 20.0% | 12.2% | 9.6% | 10.9% | 12.2% | 13.5% |
| Operating expenses (cash, adjusted) | $260.0M | $280.0M | $268.0M | $256.0M | $191.5M | $164.7M | $160.1M | $161.7M | $164.9M |
| EBITDA (company-adjusted basis) | $455.0M | $455.0M | $418.8M | $384.0M | $100.5M | $32.9M | $58.0M | $84.9M | $113.4M |
| % margin | 14.0% | 13.0% | 12.5% | 12.0% | 4.2% | 1.6% | 2.9% | 4.2% | 5.5% |
| D&A | $130.0M | $140.0M | $134.0M | $128.0M | $95.7M | $82.3M | $80.0M | $80.8M | $82.5M |
| Share-based compensation | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| EBIT | $325.0M | $315.0M | $284.8M | $256.0M | $4.8M | ($49.4M) | ($22.0M) | $4.0M | $30.9M |
| Interest expense | $60.7M | $64.3M | $67.8M | $71.4M | $71.4M | $71.4M | $71.4M | $71.4M | $71.4M |
| EBT | $264.3M | $250.7M | $216.9M | $184.6M | ($66.6M) | ($120.8M) | ($93.4M) | ($67.4M) | ($40.5M) |
| Taxes | $66.1M | $62.7M | $54.2M | $46.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income (model basis) | $198.2M | $188.1M | $162.7M | $138.4M | ($66.6M) | ($120.8M) | ($93.4M) | ($67.4M) | ($40.5M) |
| Capex | $162.5M | $175.0M | $167.5M | $160.0M | $95.7M | $82.3M | $80.0M | $80.8M | $82.5M |
| Working capital & other cash items | $9.6M | $37.5M | ($22.5M) | ($22.5M) | ($106.6M) | ($37.9M) | $3.4M | $15.1M | $18.4M |
| Free cash flow | $156.2M | $115.6M | $151.7M | $128.9M | $40.0M | ($82.9M) | ($96.8M) | ($82.5M) | ($58.9M) |
Historical columns are fictional demo inputs. Projections flow from the selected scenario’s assumptions (Scenarios tab): interest accrues on beginning balances by tranche; floating tranches use MAX(SOFR, floor) + spread + scenario shock; PIK accrues to principal. FCF = net income + D&A + SBC + PIK − capex − ΔNWC / other. Impairments, restructuring and other one-offs are excluded from EBITDA and net income and sit in the cash plug.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Ironclad Steel Products — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Ironclad Steel Products — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |