Channel-inventory normalization feeds margin operating leverage
Durable restock
One-time refill
Channel-inventory restock and the margin operating-leverage loop
Correction drains the distribution channel to target, a restock surge through multi-market demand drives operating leverage and margin plus free cash flow; durable demand replays the loop while a one-time refill stalls it.
distribution channel
inventory correction
excess channel stock drains
restock
industrial · auto
comms · consumer
operating leverage
volume + mix
comms / data center
margin + FCF
gross / op margins expand
free cash flow grows
orders up
durability?
durable restock
industrial / auto hold
revisions justified
one-time refill
single channel restock
revisions reverse
loop stalls
durable demand replays the loop
one-time refill · loop stalls