CMW

Cấp nước Cà Mau ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.81x

Price

12,500

Latest close

02 Jun 2026

P/E 10.13x

P/B 1.05x

EPS 1,234

BVPS 11,953

ROE 10.5%

ROA 5.8%

Profit Margin 12.3%

Asset Turnover 0.47x

Equity Mult. 1.81x

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

What Is Changing

On a TTM 2026Q1 basis, CMW is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 156bn
	                                
+13.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
+19.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	153.2	136.0	123.5	116.1	110.5
Growth	+13%	+10%	+6%	+5%	—
Net Income	18.8	14.2	11.0	9.2	10.3
Net Margin	12.26%	10.45%	8.92%	7.96%	9.36%

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	40.7	38.0	37.4	40.1	37.7	32.4	32.0	35.9	35.7	33.3	32.1	29.8
Growth	+7%	+2%	-7%	+6%	+16%	+1%	-11%	+1%	+7%	+3%	+8%	—
Net Income	6.0	4.7	2.6	5.8	5.5	1.7	3.1	5.7	5.6	1.3	4.8	2.4
Net Margin	14.82%	12.30%	7.00%	14.58%	14.63%	5.17%	9.68%	15.95%	15.73%	4.06%	14.89%	8.06%

Drivers of CMW's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 8.6bn

Other profit ↑ 0.8bn

Administrative expenses ↑ 4.6bn

Tax ↑ 0.8bn

Selling expenses ↑ 0.4bn

Finance costs ↑ 0.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.6bn

Other profit ↑ 0.3bn

Gross profit ↓ 0.1bn

Finance costs ↑ 0.1bn

Selling expenses ↑ 0.1bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.0% = 11.6% × 0.42 × 1.85

2026Q1 10.5% = 12.3% × 0.47 × 1.81

ROE rose from 9.0% to 10.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 12.3% +0.7pp Asset turnover: 0.47x +0.05x Leverage: 1.81x -0.04x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 12.27%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 12.27% +0.7pp

Gross Margin 39.11% +1.1pp

SG&A / Revenue 23.65% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 7.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 7.30%, rising 0.4pp. That translates to 7.30 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 7.30% +0.4pp

NOPAT Margin 10.86% +0.4pp

Capital Turnover 0.67x +0.01x

Average Invested Capital 232.4bn +24.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.29x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 13.0 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 2.0 days, and DPO fell 13.9 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +13.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 9.4 days −2.0 days

Inventory 66.6 days +1.1 days

Payables 25.1 days −13.9 days

Cash Conversion Cycle 50.8 days +13.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 7.63x.

At present, short-term debt accounts for 55.3% of total debt, cash equals 5.3% of debt, and total debt stands at 56.6bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.29x +0.03x

Interest Coverage 7.63x +0.06x

Cash / Debt 5.3% +1.8pp

Short-term Debt / Total Debt 55.3% −3.7pp

CFO / NI 1.81x +1.52x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 40.8bn in 2025, against investing cash flow of -30.4bn.

Post-investment cash flow was positive +10.4bn. Financing cash flow was negative +10.6bn.

CFO / net income was 1.81x.

After spending +30.4bn on fixed-asset investment, the business generated trailing free cash flow of +4.2bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 34.6bn +30.1bn

Cash Capex 30.4bn +30.4bn

FCF TTM +4.2bn −0.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.81x. The next item to monitor is capital efficiency, with ROIC at 7.3%. The main risk still sits in leverage and liquidity, with interest coverage at 7.63x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.81x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.29x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	153.2	136.0	123.5	116.1	110.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	153.2	136.0	123.5	116.1	110.5
Cost of Goods Sold	92.0	85.3	81.3	80.5	0.0
Gross Profit	61.2	50.7	42.2	35.7	27.9
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.7	2.2	2.5	2.4	-1.9
Interest Expense	2.7	2.2	2.5	2.4	-1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	5.7	5.4	5.1	3.9	-5.1
General and Administrative Expenses	31.5	26.5	21.3	18.3	-18.4
Operating Profit	21.3	16.6	13.4	11.0	2.6
Other Income	3.0	1.9	0.8	0.6	0.0
Other Expenses	0.6	0.2	0.4	0.1	0.0
Other Profit	2.5	1.7	0.4	0.6	9.5
Profit Before Tax	23.7	18.3	13.8	11.6	12.0
Current Income Tax Expense	4.9	4.1	2.8	2.3	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.8	14.2	11.0	9.2	10.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.8	14.2	11.0	9.2	10.3
Earnings per Share	931.00	704.00	709.00	589.00	665.75
Diluted EPS	931.00	704.00	709.10	595.13	665.75

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	52.6	56.3	70.1	97.1	88.2
I. Cash and cash equivalents	1.2	1.5	22.0	29.3	28.4
1. Cash	1.2	1.5	4.5	1.8	0.0
2. Cash equivalents	—	0.0	17.5	27.5	0.0
II. Short-term financial investments	0.5	0.5	0.5	0.5	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	0.5	0.5	0.5	0.5	0.0
III. Short-term receivables	32.5	33.1	33.8	43.2	43.8
1. Short-term trade accounts receivable	4.1	4.5	4.3	4.2	0.0
2. Short-term prepayments to suppliers	2.7	0.0	1.5	1.1	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	28.0	30.5	28.0	37.9	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-1.9	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.4	20.6	13.8	23.1	15.0
1. Inventories	18.4	20.6	13.8	23.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.6	0.0	1.1	1.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.6	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.6	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)	281.5	270.1	257.1	251.2	247.4
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	207.6	202.7	202.5	207.2	209.0
1. Tangible fixed assets	203.0	197.9	198.2	203.0	203.8
- Cost	489.6	465.8	448.2	430.0	0.0
- Accumulated depreciation	-286.6	-268.0	-250.0	-227.0	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	4.6	4.9	4.3	4.2	5.2
- Cost	5.8	5.8	5.0	4.8	0.0
- Accumulated depreciation	-1.2	-1.0	-0.8	-0.6	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	5.1	8.1	5.6	5.7	3.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.1	8.1	5.6	5.7	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	68.8	59.3	48.9	38.3	0.0
1. Long-term prepayments	68.8	59.3	48.9	38.3	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	34.8
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)	334.1	326.4	327.2	348.3	335.6
A. LIABILITIES (300=210+330)	154.4	152.0	156.5	179.5	167.1
I. Short -term liabilities	135.2	133.2	137.4	159.5	132.3
1. Short-term trade accounts payable	6.7	15.5	8.2	13.0	6.3
2. Short-term advances from customers	0.1	0.2	0.2	0.5	0.6
3. Taxes and other payables to state authorities	20.0	14.7	8.8	0.5	0.0
4. Payable to employees	13.6	9.5	8.8	6.5	0.0
5. Short-term acrrued expenses	0.0	0.0	0.6	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	65.1	63.7	100.4	119.4	0.0
10. Short-term borrowings and financial leases	28.1	28.8	9.6	18.9	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	0.8	0.7	0.6	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	19.2	18.8	19.1	20.0	34.8
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19.2	18.8	19.1	20.0	34.8
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)	179.7	174.4	170.8	168.8	168.4
I. Owner's equity	179.7	174.4	170.8	168.8	0.0
1. Owner's capital	155.3	155.3	155.3	155.3	168.4
- Common stock with voting right	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	2.6	2.4	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	1.6	1.2	0.9	0.9	0.0
11. Undistributed earnings after tax	20.1	15.5	12.3	10.5	10.4
- Accumulated retained earning at the end of the previous period	1.3	1.3	1.3	1.3	0.0
- Undistributed earnings in this period	18.8	14.2	11.0	9.2	10.3
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)	334.1	326.4	327.2	348.3	335.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	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	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	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	-7.6	-1.7	-2.4	-2.2	0.0
Other Operating Receipts	5.9	3.3	2.8	2.6	0.0
Other Operating Payments	-50.5	-88.7	-33.3	-40.2	0.0
Net Cash Flow from Operating Activities	40.8	-20.3	25.3	7.2	25.9
Payments for Fixed Assets and Other Long-term Assets	-30.4	-11.1	-15.5	-3.2	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	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	-30.4	-11.1	-15.5	-3.2	-4.3
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	55.3	61.1	32.8	52.3	0.0
Repayment of Borrowings	-55.6	-42.2	-43.0	-48.1	-24.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.3	-8.1	-6.9	-6.8	0.0
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	-10.6	10.8	-17.1	-2.7	-24.1
Net Cash Flow During the Period	-0.2	-20.5	-7.3	1.4	-2.5
Cash and Cash Equivalents at Beginning of Period	1.5	22.0	29.3	27.9	31.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.2	1.5	22.0	29.3	28.4

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	40.7	38.0	37.4	40.1	37.7	32.4	32.0	35.9	35.7	33.3	32.1	29.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	40.7	38.0	37.4	40.1	37.7	32.4	32.0	35.9	35.7	33.3	32.1	29.8
Cost of Goods Sold	24.7	21.6	25.2	23.6	21.6	22.4	20.6	21.0	21.3	22.0	20.2	20.3
Gross Profit	16.0	16.4	12.2	16.5	16.1	10.0	11.5	14.9	14.4	11.3	11.9	9.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.7	0.9	0.5	0.8	0.6	0.8	0.3	0.7	0.3	0.7	0.4	0.9
Interest Expense	0.7	0.9	0.5	0.8	0.6	0.8	0.3	0.7	0.3	0.7	0.4	0.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	1.4	1.6	1.3	1.4	1.4	1.3	1.3	1.5	1.2	1.3	1.4
General and Administrative Expenses	7.1	8.6	8.3	7.2	7.7	6.9	6.2	5.8	5.8	7.6	4.5	4.6
Operating Profit	6.7	5.6	1.9	7.1	6.5	0.9	3.7	7.1	6.8	1.8	5.8	2.8
Other Income	0.9	0.3	1.4	0.3	1.0	1.2	0.2	0.2	0.3	0.2	0.2	0.2
Other Expenses	0.0	0.0	0.0	0.0	0.5	0.0	0.0	0.2	0.0	0.4	0.0	0.0
Other Profit	0.9	0.3	1.3	0.3	0.6	1.2	0.2	0.1	0.3	-0.1	0.2	0.2
Profit Before Tax	7.6	5.9	3.3	7.4	7.0	2.1	3.9	7.2	7.0	1.7	6.0	3.0
Current Income Tax Expense	1.6	1.2	0.7	1.6	1.5	0.4	0.8	1.5	1.4	0.3	1.2	0.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.0	4.7	2.6	5.8	5.5	1.7	3.1	5.7	5.6	1.3	4.8	2.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.0	4.7	2.6	5.8	5.5	1.7	3.1	5.7	5.6	1.3	4.8	2.4
Earnings per Share	388.02	301.34	168.65	376.14	354.85	107.69	199.80	368.59	361.13	86.82	308.06	154.90
Diluted EPS	388.02	301.34	168.65	376.14	354.85	107.69	199.80	368.59	361.13	86.82	308.06	154.90

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)	51.4	50.1	54.6	51.1	51.3	56.3	52.8	75.3	74.9	68.6	67.8	65.4
I. Cash and cash equivalents	3.0	1.2	4.4	1.6	1.7	2.0	1.8	24.9	22.8	22.5	21.8	20.0
1. Cash	3.0	1.2	4.4	1.6	1.7	1.5	1.3	6.9	4.8	4.5	3.8	2.0
2. Cash equivalents	—	—	—	—	—	0.5	0.5	18.0	18.0	18.0	18.0	18.0
II. Short-term financial investments	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	29.2	30.0	30.2	30.6	31.5	33.1	31.8	34.2	37.1	32.3	32.7	31.4
1. Short-term trade accounts receivable	3.8	4.1	3.9	4.2	4.2	4.5	4.3	4.2	4.4	4.3	4.3	4.2
2. Short-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	27.9	28.2	28.6	28.7	29.2	30.5	29.4	30.0	32.6	28.0	28.4	27.2
7. Provision for short-term doubtful debts (*)	-2.6	-2.3	-2.3	-2.3	-1.9	-1.9	-1.9	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	18.2	18.4	19.4	18.4	16.5	20.6	19.2	16.2	14.1	13.8	13.3	13.8
1. Inventories	18.2	18.4	19.4	18.4	16.5	20.6	19.2	16.2	14.1	13.8	13.3	13.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	—	—	—	1.1	0.6	0.0	0.0	0.9	0.0	0.0	0.2
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	—	—	—	—	—	0.6	0.0	0.0	0.0	0.0	0.0	0.2
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	0.6	—	—	—	1.1	0.0	0.0	0.0	0.9	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	282.0	281.5	272.2	272.0	275.5	270.1	260.1	261.6	257.6	257.1	257.9	259.9
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	208.5	207.6	202.1	204.0	206.1	202.7	202.6	203.8	200.6	202.5	205.1	206.4
1. Tangible fixed assets	204.0	203.0	197.5	199.3	201.3	197.9	198.1	199.2	196.3	198.2	200.7	202.0
- Cost	495.5	—	—	—	—	465.8	461.6	458.1	451.1	448.2	445.0	440.4
- Accumulated depreciation	-291.5	—	—	—	—	-268.0	-263.5	-258.9	-254.8	-250.0	-244.3	-238.4
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	4.6	4.6	4.7	4.7	4.8	4.9	4.5	4.6	4.2	4.3	4.3	4.4
- Cost	5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	5.2	5.1	5.6	4.7	5.5	8.1	4.1	4.5	6.3	5.6	5.2	16.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.2	5.1	5.6	4.7	5.5	8.1	4.1	4.5	6.3	5.6	5.2	16.3
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	68.3	68.8	64.5	63.3	63.9	59.3	53.4	53.4	50.7	48.9	47.7	37.2
1. Long-term prepayments	68.3	68.8	64.5	63.3	63.9	59.3	53.4	53.4	50.7	48.9	47.7	37.2
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)	333.5	331.6	326.8	323.1	326.8	326.4	312.9	337.0	332.5	325.8	325.7	325.3
A. LIABILITIES (300=210+330)	147.8	152.0	151.8	150.9	146.9	151.9	140.1	165.4	156.1	155.0	156.3	160.5
I. Short -term liabilities	122.5	132.8	131.9	133.9	127.5	131.6	123.9	146.3	138.0	126.3	125.2	125.0
1. Short-term trade accounts payable	0.5	3.9	0.5	10.1	12.6	15.5	10.4	9.3	5.7	6.7	1.9	5.3
2. Short-term advances from customers	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.5	0.5
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	19.7	20.0	21.2	20.8	17.7	14.7	13.1	8.7	9.6	8.8	8.5	7.4
4. Payable to employees	4.9	13.6	8.6	5.3	3.8	9.5	6.3	5.2	3.8	8.8	4.8	4.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	66.0	65.3	76.9	74.8	65.2	63.7	72.3	108.3	100.0	100.4	108.7	106.7
10. Short-term borrowings and financial leases	31.3	28.1	22.8	20.6	27.9	27.3	20.6	13.2	18.6	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	—	1.8	1.8	2.2	—	0.8	0.9	1.5	0.0	0.7	0.9	1.1
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	25.3	19.2	19.9	16.9	19.4	20.3	16.2	19.1	18.1	28.7	31.1	35.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	25.3	19.2	19.9	16.9	19.4	20.3	16.2	19.1	18.1	28.7	31.1	35.5
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)	185.7	179.6	175.0	172.2	180.0	174.5	172.8	171.6	176.4	170.8	169.4	164.8
I. Owner's equity	185.7	179.6	175.0	172.2	180.0	174.5	172.8	171.6	176.4	170.8	169.4	164.8
1. Owner's capital	155.3	155.3	155.3	155.3	155.3	155.3	155.3	155.3	155.3	155.3	155.3	155.3
- Common stock with voting right	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00	155,349,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.6	2.6	2.6	2.6	2.4	2.4	2.4	2.4	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	1.6	1.6	1.6	1.6	1.2	1.2	1.2	1.2	0.9	0.9	0.9	0.9
11. Undistributed earnings after tax	26.1	20.1	15.4	12.6	21.0	15.5	13.9	12.6	17.9	12.3	11.0	6.4
- Accumulated retained earning at the end of the previous period	20.1	1.3	1.3	1.3	15.5	1.3	1.3	1.3	12.3	1.3	1.3	1.3
- Undistributed earnings in this period	6.0	18.8	14.1	11.4	5.5	14.2	12.6	11.3	5.6	11.0	9.7	5.1
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)	333.5	331.6	326.8	323.1	326.8	326.4	312.9	337.0	332.5	325.8	325.7	325.3

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-1.3	-4.1	—	-3.3	-0.3	-1.0	0.4	0.0	-0.4	-2.4	0.0	0.0
Other Operating Receipts	1.5	—	—	—	—	-15.8	18.4	-25.5	26.6	2.6	-0.9	0.4
Other Operating Payments	-17.2	-23.4	-2.6	15.6	-40.1	57.9	-58.4	9.7	-42.3	-11.7	5.3	66.0
Net Cash Flow from Operating Activities	14.6	24.1	-5.5	1.5	20.7	-2.7	-8.6	-4.9	7.4	13.3	9.7	38.0
Payments for Fixed Assets and Other Long-term Assets	-0.1	-30.4	12.0	-12.0	-0.1	0.0	3.6	-3.5	-0.0	-9.8	2.9	-8.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
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	-0.1	-30.4	12.0	-11.9	-0.1	0.0	3.5	-3.5	-0.0	-9.8	2.8	-8.6
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	—	30.1	—	25.2	—	0.0	-20.3	20.3	0.0	27.7	-16.8	22.0
Repayment of Borrowings	-12.7	-42.0	21.6	-14.8	-20.4	2.8	2.6	-10.1	-6.6	-33.5	15.9	-11.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-10.3	—	-0.0	—	0.0	0.1	-0.1	0.0	-6.9	0.0	-0.0
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	-12.7	3.1	-3.6	10.4	-20.4	2.8	-17.5	10.0	-6.6	-12.7	-1.0	10.4
Net Cash Flow During the Period	1.8	-3.2	2.8	-0.1	0.2	0.1	-22.6	1.6	0.8	-9.1	11.6	39.8
Cash and Cash Equivalents at Beginning of Period	1.2	4.4	1.6	1.7	1.5	22.0	22.0	22.0	22.0	29.3	20.0	29.3
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	3.0	1.2	4.4	1.6	1.7	2.0	1.8	24.4	22.8	22.0	21.8	19.5

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CMW

What Is Changing

Drivers of CMW'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