| Stage | CSTM | % of rev | PBF | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $2.6B | 100.00% | $12.1B | 100.00% | PBF ×4.60 |
| Gross profit | $367M | 13.91% | $2.2B | 17.89% | PBF +4.0pp |
| Operating income | $189M | 7.16% | $2.1B | 17.32% | PBF +10.2pp |
| Pre-tax income | $160M | 6.06% | $2.0B | 16.87% | PBF +10.8pp |
| Net income | $119M | 4.51% | $1.5B | 12.72% | PBF +8.2pp |
| Stage | CSTM | PBF | Gap · A − B |
|---|---|---|---|
| Revenue | $2.6B100.00% | $12.1B100.00% | PBF ×4.60 |
| Gross profit | 13.91%$367M | 17.89%$2.2B | PBF +4.0pp |
| Operating income | 7.16%$189M | 17.32%$2.1B | PBF +10.2pp |
| Pre-tax income | 6.06%$160M | 16.87%$2.0B | PBF +10.8pp |
| Net income |
| 4.51%$119M |
| 12.72%$1.5B |
| PBF +8.2pp |
None
No disclosed counterparties: CSTM.