Resideo Technologies Inc
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Resideo Technologies Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 3.1B is 136% of equity (2.3B) with tangible book value negative at -1.9B - impairment risk material[Goodwill]
- FCF TTM of -1.3B driven by -1.8B working capital change; debt increased 1.2B to fund operations[Free Cash Flow TTM]
- Operating margin 8.4% vs industry median 3.1% despite net loss - core ops profitable, interest/charges destroying value[Operating Margin TTM]
Watch Triggers
- Change in Working Capital: Turns positive or approaches zero — Would validate thesis that -1.8B WC drain is temporary, not structural
- Goodwill: Any impairment charge announced — 3.1B goodwill is 136% of equity - impairment would trigger covenant concerns
- Free Cash Flow TTM: Turns positive — Currently -1.3B; positive FCF would reduce debt dependency
Bull Case
Revenue of 7.4B at 6.2x industry median with 8.4% operating margin - scale advantage in fragmented distribution sector. P/S of 0.69 vs median 1.29 prices in distress.
EPS improved 87% YoY despite losses - trajectory toward profitability if WC normalizes and interest burden stabilizes at current debt levels.
Bear Case
Debt/equity 1.41 with 112M interest expense consuming 18% of operating income. Net debt 2.8B vs market cap 5.1B - leverage constrains flexibility.
Negative tangible book (-1.9B) means equity value depends entirely on goodwill. Any impairment directly destroys shareholder value.
Bull vs Bear Balance
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Forward Thesis
Working capital normalization could swing FCF positive by $1B+ within 12 months
- Inventory at 1.3B (18% of revenue) likely elevated post-acquisition
- Payables dropped 859M - supplier terms may normalize
- Operating cash flow positive before WC changes
Valuation Context
Caveats
Public Strategies Rankings
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REZI Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$6.25B | — | ||
$9.13B | — | ||
0.00 | — | ||
$7.43B | +15.5% | — | |
$-4.54 | — | ||
8.41% | -0.4% | — | |
-8.61% | -11.3% | — | |
$-1.33B | — | ||
-24.8% | -31.1% | — | |
Beta 5Y (Monthly) | unknown | — |
REZI Dividend History
REZI Stock Splits
REZI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/05/25 | 09/27/25 | 10-Q | |
08/05/25 | 06/28/25 | 10-Q | |
05/06/25 | 03/29/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
11/07/24 | 09/28/24 | 10-Q | |
08/09/24 | 06/29/24 | 10-Q | |
05/02/24 | 03/30/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/04/23 | 07/01/23 | 10-Q | |
05/03/23 | 04/01/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
11/01/22 | 10/01/22 | 10-Q | |
08/04/22 | 07/02/22 | 10-Q | |
05/03/22 | 04/02/22 | 10-Q | |
02/15/22 | 12/31/21 | 10-K | |
11/04/21 | 10/02/21 | 10-Q | |
08/05/21 | 07/03/21 | 10-Q | |
05/06/21 | 04/03/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/26/20 | 10-Q | |
08/04/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/13/18 | 09/30/18 | 10-Q | |
10/02/18 | 06/30/18 | 10-12B/A | |
05/08/19 | 03/31/18 | 10-Q | |
10/02/18 | 12/31/17 | 10-12B/A | |
11/13/18 | 09/30/17 | 10-Q | |
10/02/18 | 06/30/17 | 10-12B/A |