BED

Sách và Thiết bị Trường học Đà Nẵng ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 6.82%, −2.94pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 1,583

BVPS 13,989

ROE 11.6%

ROA 9.1%

Profit Margin 6.8%

Asset Turnover 1.34x

Equity Mult. 1.28x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, BED is going through a period of clear decline across multiple metrics at once. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 73bn
	                                
−6.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
−34.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	73.4	79.5	82.5	84.6	73.7
Growth	-8%	-4%	-3%	+15%	—
Net Income	5.2	7.5	8.1	4.3	5.4
Net Margin	7.09%	9.42%	9.83%	5.02%	7.27%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	7.6	9.5	30.1	26.1	7.7	9.5	34.9	26.5	8.6	10.8	32.2	30.9
Growth	-20%	-68%	+16%	+237%	-19%	-73%	+31%	+208%	-20%	-66%	+4%	—
Net Income	0.2	1.1	2.4	1.3	0.4	2.5	2.9	1.9	0.3	1.3	3.8	1.7
Net Margin	2.66%	11.31%	7.95%	5.09%	5.19%	25.90%	8.31%	7.22%	2.95%	12.18%	11.95%	5.66%

Drivers of BED's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Tax ↓ 0.7bn

Other profit ↓ 2.0bn

Gross profit ↓ 1.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Financial income ↑ 0.1bn

Gross profit ↑ 0.1bn

Tax ↓ 0.1bn

Selling expenses ↑ 0.4bn

Administrative expenses ↑ 0.1bn

Other profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.6% = 9.8% × 1.42 × 1.27

2026Q1 11.6% = 6.8% × 1.34 × 1.28

ROE fell from 17.6% to 11.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 6.8% -2.9pp Asset turnover: 1.34x -0.08x Leverage: 1.28x +0.01x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 6.82%, losing 2.9pp. The main pressure is SG&A / Revenue rose 1.3pp, outweighing the improvement in Gross margin rose 0.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 2.6pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 6.82% −2.9pp

Gross Margin 26.77% +0.1pp

SG&A / Revenue 18.85% +1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 6.92% −0.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.24x equity, with a net cash position equivalent to 0.25x equity.

Inventory ended the period at 14.2bn, roughly 27.4% of total assets.

Over the last 12 months, working capital released 3.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +3.4bn

Inventories decreased → higher CFO: +0.8bn

Payables decreased → lower CFO: −0.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 4.0 days versus the same period last year. The main moves came from DIO rose 12.5 days, DSO fell 3.6 days, and DPO rose 4.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +12.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 13.5 days −3.6 days

Inventory 116.2 days +12.5 days

Payables 61.7 days +4.9 days

Cash Conversion Cycle 67.9 days +4.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 7.8bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.25x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.72x +0.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.8bn in 2025, against investing cash flow of 1.5bn.

Post-investment cash flow was positive +9.3bn. Financing cash flow was negative +6.6bn.

CFO / net income was 1.72x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 8.6bn +1.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.9 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.72x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.72x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 6.82% after a 2.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	73.6	79.8	82.5	85.4	73.8
Revenue Deductions	0.2	0.3	0.0	0.8	0.0
Net Revenue	73.4	79.5	82.5	84.6	73.7
Cost of Goods Sold	53.9	58.4	58.4	62.1	0.0
Gross Profit	19.5	21.1	24.0	22.6	18.4
Financial Income	0.5	0.7	0.6	0.4	0.4
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	10.1	11.1	11.4	9.6	-8.3
General and Administrative Expenses	3.3	3.1	3.3	3.3	-4.1
Operating Profit	6.7	7.6	9.8	10.1	6.4
Other Income	0.0	2.4	0.5	0.5	0.0
Other Expenses	0.1	0.5	0.1	4.9	0.0
Other Profit	-0.1	1.9	0.4	-4.4	0.0
Profit Before Tax	6.6	9.5	10.3	5.7	6.4
Current Income Tax Expense	1.4	2.0	2.1	1.4	-1.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.2	7.5	8.1	4.3	5.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.2	7.5	8.1	4.3	5.4
Earnings per Share	1,648.00	2,373.00	2,602.00	1,346.00	1,429.00
Diluted EPS	1,648.00	2,373.00	2,602.00	1,346.00	1,786.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	32.2	34.3	32.3	27.0	27.0
I. Cash and cash equivalents	6.6	3.9	5.3	2.6	5.2
1. Cash	4.6	3.9	5.3	2.6	0.0
2. Cash equivalents	2.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.0	11.5	10.8	5.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	11.5	10.8	5.8	0.0
III. Short-term receivables	1.4	4.3	2.3	4.2	1.8
1. Short-term trade accounts receivable	1.4	4.0	2.3	1.9	0.0
2. Short-term prepayments to suppliers	0.1	0.3	0.1	1.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.1	0.2	0.8	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-0.1	-0.2	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	14.2	14.6	13.9	14.3	14.5
1. Inventories	14.3	14.7	14.0	14.4	0.0
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.1	0.0
V. Other short-term assets	—	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	19.7	20.0	21.4	22.3	23.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	16.6	16.6	16.9	15.7	16.2
1. Tangible fixed assets	1.4	1.4	1.7	2.1	2.6
- Cost	12.8	13.0	13.8	13.8	0.0
- Accumulated depreciation	-11.4	-11.6	-12.1	-11.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15.1	15.1	15.1	13.6	13.6
- Cost	15.1	15.1	15.1	13.6	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	2.8	3.2	3.6	5.8	6.4
- Cost	16.9	16.6	20.8	22.3	0.0
- Accumulated depreciation	-14.2	-13.5	-17.1	-16.5	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	0.2	0.9	0.8	0.0
1. Long-term prepayments	0.4	0.2	0.9	0.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	51.9	54.3	53.7	49.3	50.7
A. LIABILITIES (300=210+330)	10.2	10.7	10.7	10.2	10.4
I. Short -term liabilities	9.6	9.9	9.9	9.5	9.9
1. Short-term trade accounts payable	7.3	6.7	7.3	6.5	6.4
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.1
3. Taxes and other payables to state authorities	0.5	1.1	0.6	1.0	0.0
4. Payable to employees	—	0.6	0.1	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.2	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.5	0.4	0.7	1.0	1.1
9. Other short-term payables	0.7	0.3	0.5	0.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.6	0.5	0.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.9	0.7	0.7	0.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.9	0.7	0.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	41.8	43.5	43.0	39.0	40.3
I. Owner's equity	41.8	43.5	43.0	39.0	0.0
1. Owner's capital	30.0	30.0	30.0	30.0	40.3
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.7	2.7	2.7	2.7	2.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	3.0	2.6	2.2	2.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	6.1	8.2	8.1	4.3	5.9
- Accumulated retained earning at the end of the previous period	0.9	0.7	0.0	0.1	0.5
- Undistributed earnings in this period	5.2	7.5	8.1	4.3	5.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	51.9	54.3	53.7	49.3	50.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.6	9.5	10.3	5.7	6.4
Depreciation of Fixed Assets and Investment Property	0.7	0.8	1.0	1.1	1.2
Provision (Increase)/Reversal	0.4	-0.1	0.2	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-0.4	-0.4	-0.2	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.3	9.9	11.1	6.6	7.6
Increase/(Decrease) in Receivables	2.6	-1.8	1.7	-2.2	0.0
Increase/(Decrease) in Inventory	0.4	-0.7	0.4	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	-0.3	0.1	-0.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.6	-0.1	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.8	-1.7	-1.9	-1.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.3	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	7.8	5.6	11.2	3.0	2.3
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.0	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	0.0	0.5
Loans and Purchases of Debt Instruments	-10.0	-11.5	-11.0	-4.8	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	11.5	10.8	6.0	4.5	7.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	0.4	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.5	-0.4	-4.7	-0.2	5.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	10.1	0.0	0.0	0.0
Repayment of Borrowings	—	-10.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.6	-6.6	-3.9	-5.5	-6.9
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-6.6	-6.6	-3.9	-5.5	-6.9
Net Cash Flow During the Period	2.7	-1.4	2.7	-2.6	-0.1
Cash and Cash Equivalents at Beginning of Period	3.9	5.3	2.6	5.2	4.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.6	3.9	5.3	2.6	5.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	7.6	9.6	30.1	26.1	7.8	9.5	34.9	26.6	8.8	10.8	32.2	30.9
Revenue Deductions	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.2	0.0	0.0	0.0
Net Revenue	7.6	9.5	30.1	26.1	7.7	9.5	34.9	26.5	8.6	10.8	32.2	30.9
Cost of Goods Sold	4.2	5.7	23.0	20.8	4.4	5.6	26.4	21.2	5.1	6.6	23.0	24.1
Gross Profit	3.4	3.8	7.1	5.3	3.3	3.9	8.4	5.3	3.5	4.2	9.1	6.8
Financial Income	0.2	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.1	0.3	0.1
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.6	2.0	3.2	2.7	2.2	2.2	3.9	2.4	2.5	2.3	3.7	3.8
General and Administrative Expenses	0.7	0.7	0.9	1.0	0.6	0.7	1.1	0.7	0.7	0.6	1.0	1.1
Operating Profit	0.3	1.3	3.1	1.7	0.6	1.2	3.7	2.4	0.4	1.4	4.8	2.0
Other Income	0.0	0.0	0.0	0.0	0.0	2.3	0.0	0.0	0.0	0.3	0.0	0.2
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.0	-0.1	0.0	-0.0	1.9	-0.0	0.0	-0.0	0.2	0.0	0.2
Profit Before Tax	0.3	1.4	3.0	1.7	0.5	3.1	3.6	2.4	0.4	1.7	4.8	2.2
Current Income Tax Expense	0.1	0.3	0.6	0.4	0.1	0.7	0.7	0.5	0.1	0.3	1.0	0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	1.1	2.4	1.3	0.4	2.5	2.9	1.9	0.3	1.3	3.8	1.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	1.1	2.4	1.3	0.4	2.5	2.9	1.9	0.3	1.3	3.8	1.7
Earnings per Share	64.00	340.00	759.00	420.00	127.00	779.00	918.00	607.00	84.56	417.00	1,216.00	554.00
Diluted EPS	64.00	340.00	759.00	420.00	127.00	2,373.00	918.00	607.00	84.56	417.00	1,216.00	554.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	34.0	32.2	37.6	39.9	36.3	34.3	39.8	42.0	33.7	32.3	37.6	35.1
I. Cash and cash equivalents	10.4	4.6	5.1	4.1	2.2	3.9	4.9	2.7	2.6	5.3	4.4	2.7
1. Cash	3.9	4.6	5.1	4.1	2.2	3.9	4.9	2.7	2.6	5.3	4.4	2.7
2. Cash equivalents	6.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	5.5	12.0	12.0	5.0	11.5	11.5	11.5	2.0	10.8	10.8	10.8	5.8
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	5.5	12.0	12.0	5.0	11.5	11.5	11.5	2.0	10.8	10.8	10.8	5.8
III. Short-term receivables	1.5	1.4	3.3	6.4	5.3	4.3	5.4	5.5	5.1	2.4	5.9	5.8
1. Short-term trade accounts receivable	1.7	1.4	3.4	6.0	3.7	1.8	5.3	5.1	3.7	2.3	5.6	5.6
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.6	1.6	0.2	0.1	0.5	1.5	0.1	0.1	0.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.4	0.1	0.1	0.1	2.4	0.1	0.1	0.1	0.2	0.2	0.2
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.3	-0.3	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16.6	14.2	17.2	24.4	17.3	14.6	18.0	31.7	15.2	13.9	16.4	20.8
1. Inventories	16.7	14.3	17.3	24.6	17.5	14.7	18.2	31.9	15.3	14.0	16.5	20.9
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	19.5	19.7	19.7	19.9	19.8	20.0	20.6	20.8	21.1	21.4	21.7	22.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	16.5	16.6	16.7	16.7	16.6	16.6	16.7	16.7	16.8	16.9	17.0	17.1
1. Tangible fixed assets	1.3	1.4	1.5	1.6	1.4	1.4	1.5	1.6	1.6	1.7	1.8	1.9
- Cost	12.8	—	—	—	—	13.2	13.5	13.4	13.8	13.8	13.8	13.8
- Accumulated depreciation	-11.5	—	—	—	—	-11.8	-12.0	-11.9	-12.2	-12.1	-12.0	-11.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
- Cost	15.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.7	2.8	2.9	3.0	3.1	3.2	3.2	3.3	3.5	3.6	3.8	3.9
- Cost	16.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.3	0.4	0.2	0.2	0.2	0.2	0.7	0.8	0.8	0.9	1.0	1.0
1. Long-term prepayments	0.3	0.4	0.2	0.2	0.2	0.2	0.7	0.8	0.8	0.9	1.0	1.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	53.5	51.9	57.3	59.8	56.1	54.3	60.4	62.8	54.7	53.7	59.3	57.1
A. LIABILITIES (300=210+330)	11.5	10.2	16.6	21.6	12.2	10.7	19.3	24.6	11.4	10.7	17.5	20.0
I. Short -term liabilities	10.9	9.6	15.9	20.8	11.4	9.9	18.5	23.9	10.7	9.9	17.0	19.3
1. Short-term trade accounts payable	8.7	7.3	11.1	18.0	9.4	6.6	12.6	16.5	8.5	7.3	10.9	14.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.0	0.1	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	0.5	1.7	0.9	0.2	1.1	2.1	0.7	0.1	0.6	2.9	1.3
4. Payable to employees	—	—	1.2	—	—	0.6	1.8	0.0	0.0	0.1	1.3	1.1
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.2	0.0	0.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.0	0.5	0.9	0.5	0.9	0.4	0.8	0.4	0.9	0.7	0.7	0.8
9. Other short-term payables	0.6	0.7	0.5	0.4	0.2	0.4	0.4	0.4	0.5	0.5	0.5	0.4
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	5.1	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.5	0.5	0.8	0.5	0.6	0.6	0.7	0.5	0.5	0.5	0.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.6	0.5	0.7	0.8	0.8	0.9	0.8	0.7	0.7	0.7	0.6	0.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.5	0.7	0.8	0.8	0.9	0.8	0.7	0.7	0.7	0.6	0.7
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	42.0	41.8	40.7	38.3	43.9	43.5	41.1	38.2	43.3	43.1	41.8	37.1
I. Owner's equity	42.0	41.8	40.7	38.3	43.9	43.5	41.1	38.2	43.3	43.1	41.8	37.1
1. Owner's capital	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.0	3.0	3.0	3.0	2.6	2.6	2.6	2.6	2.2	2.2	2.2	2.2
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	6.3	6.1	5.0	2.6	8.6	8.2	5.7	2.9	8.4	8.1	6.8	2.1
- Accumulated retained earning at the end of the previous period	6.1	0.9	0.9	0.9	8.2	0.7	0.7	0.7	8.1	0.0	0.0	0.0
- Undistributed earnings in this period	0.2	5.2	4.1	1.7	0.4	7.5	5.0	2.2	0.3	8.1	6.8	2.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	53.5	51.9	57.3	59.8	56.1	54.3	60.4	62.8	54.7	53.7	59.3	57.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.3	1.4	3.0	1.7	0.5	3.1	3.6	2.4	0.4	1.6	4.8	3.3
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3
Provision (Increase)/Reversal	—	0.2	0.0	0.2	—	-0.0	0.0	-0.1	0.0	0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.2	-0.1	-0.1	-0.1	-1.9	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.3	1.6	3.1	2.0	0.6	1.4	3.8	2.5	0.5	1.9	5.0	3.5
Increase/(Decrease) in Receivables	-0.3	1.9	3.1	-1.4	-1.0	3.3	0.2	-0.4	-2.8	3.4	-0.0	-3.0
Increase/(Decrease) in Inventory	-2.3	3.0	7.3	-7.1	-2.8	3.4	13.7	-16.6	-1.3	2.5	4.4	-2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.6	-5.7	-5.2	8.8	2.1	-8.0	-1.1	7.7	1.0	-5.6	-2.6	7.5
Increase/(Decrease) in Prepaid Expenses	0.0	-0.2	0.0	-0.0	0.0	0.5	0.1	-0.0	0.1	0.1	0.1	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-1.0	0.0	-0.1	-0.7	-1.2	0.0	-0.1	-0.3	-1.7	0.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.3	-0.0	-0.1	-0.0	-0.0	-0.3	-0.0	0.0	-0.0	-0.1
Net Cash Flow from Operating Activities	-1.0	-0.5	8.0	2.1	-1.8	-0.6	16.7	-7.2	-2.8	0.7	6.8	5.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.3	-0.1	0.0	-0.0	0.0	0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	-0.4	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	9.0	-10.0	—	-9.0	0.0	-9.5	3.0	-5.0	0.0	-5.0	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.5	-7.0	7.0	2.5	9.0	0.0	0.0	5.8	5.0	0.0	0.0	2.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.0	0.1	0.1	0.2	0.0	0.0	0.1	0.1	0.2	0.0	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.8	2.0	-11.9	11.3	0.1	-0.3	-9.5	8.9	0.1	0.2	-5.0	-0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	10.1	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	-5.1	-5.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-6.6	—	0.0	0.0	-6.6	-0.0	0.0	0.0	-3.9
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-6.6	—	0.0	-5.1	-1.5	-0.0	0.0	0.0	-3.9
Net Cash Flow During the Period	3.8	1.5	-4.0	6.9	-1.7	-1.0	2.1	0.2	-2.7	0.8	1.8	0.7
Cash and Cash Equivalents at Beginning of Period	6.6	5.1	9.1	2.2	3.9	5.3	5.3	5.3	5.3	2.6	2.6	2.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.4	6.6	5.1	9.1	2.2	3.9	4.9	2.7	2.6	5.3	4.4	2.7

Explore Other Stocks In The Same Sector

VNB, EID, SED, LBE, EBS, QST, ADC, STC, DAD, NBE, DAE, SMN, HEV, ECI, SGD

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

BED

What Is Changing

Drivers of BED's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow