| Stage | TNC | % of rev | MIDD | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $322M | 100.00% | $876M | 100.00% | MIDD ×2.72 |
| Gross profit | $136M | 42.29% | $335M | 38.27% | TNC +4.0pp |
| Operating income | $31M | 9.68% | $148M | 16.87% | MIDD +7.2pp |
| Pre-tax income | $26M | 8.04% | $126M | 14.43% | MIDD +6.4pp |
| Net income | $20M | 6.05% | $55M | 6.26% | MIDD +0.2pp |
| Stage | TNC | MIDD | Gap · A − B |
|---|---|---|---|
| Revenue | $322M100.00% | $876M100.00% | MIDD ×2.72 |
| Gross profit | 42.29%$136M | 38.27%$335M | TNC +4.0pp |
| Operating income | 9.68%$31M | 16.87%$148M | MIDD +7.2pp |
| Pre-tax income | 8.04%$26M | 14.43%$126M | MIDD +6.4pp |
| Net income |
| 6.05%$20M |
| 6.26%$55M |
| MIDD +0.2pp |
No disclosed counterparties: TNC, MIDD.