GTS

Công trình Giao thông Sài Gòn ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 3.20x

Price

11,500

Latest close

18 May 2026

P/E 6.85x

P/B 0.93x

EPS 1,679

BVPS 12,316

ROE 13.9%

ROA 4.5%

Profit Margin 1.9%

Asset Turnover 2.42x

Equity Mult. 3.06x

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

What Is Changing

On a TTM 2026Q1 basis, GTS is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,555bn
	                                
+59.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 48bn
	                                
+35.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,463.8	1,501.9	1,288.3	1,319.7	1,242.5
Growth	+64%	+17%	-2%	+6%	—
Net Income	45.6	40.4	27.2	27.0	26.9
Net Margin	1.85%	2.69%	2.11%	2.05%	2.17%

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	212.1	1,388.9	526.6	427.6	129.9	918.8	206.2	344.2	32.7	728.5	131.6	396.0
Growth	-85%	+164%	+23%	+229%	-86%	+346%	-40%	+952%	-96%	+454%	-67%	—
Net Income	4.8	19.1	12.9	11.1	3.3	18.2	4.7	9.2	0.9	13.6	3.2	9.3
Net Margin	2.25%	1.37%	2.46%	2.59%	2.51%	1.98%	2.29%	2.67%	2.82%	1.86%	2.41%	2.35%

Drivers of GTS's profit

TTM

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

Gross profit ↑ 14.0bn

Financial income ↑ 2.4bn

Tax ↑ 2.7bn

TTM

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

Gross profit ↑ 1.9bn

Administrative expenses ↓ 0.6bn

Tax ↑ 0.5bn

Financial income ↓ 0.3bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.7% = 2.2% × 1.63 × 2.96

2026Q1 13.9% = 1.9% × 2.42 × 3.06

ROE rose from 10.7% to 13.9% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 1.9% -0.3pp Asset turnover: 2.42x +0.79x Leverage: 3.06x +0.10x

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 narrowed to 1.87%, falling 0.3pp. The main pressure is Gross margin fell 1.8pp, outweighing the improvement in SG&A / Revenue fell 1.5pp (with lingering pressure from Other profit / Revenue fell 0.1pp and Net financial result / Revenue fell 0.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 1.87% −0.3pp

Gross Margin 4.54% −1.8pp

SG&A / Revenue 2.46% −1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.89% −0.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 3.08x equity, with a net cash position equivalent to 0.61x equity.

Over the last 12 months, working capital released 103.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −70.3bn

Inventories increased → lower CFO: −62.1bn

Payables increased → higher CFO: +236.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 11.0 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO fell 12.4 days, and DPO fell 6.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 29.8 days −12.4 days

Inventory 33.0 days −5.2 days

Payables 21.4 days −6.6 days

Cash Conversion Cycle 41.4 days −11.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 119.6bn.

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.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Leverage and liquidity trend

Net Debt / Equity -0.61x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 3.20x +2.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 119.6bn in 2025, against investing cash flow of -102.0bn.

Post-investment cash flow was positive +17.6bn. Financing cash flow was negative +25.6bn.

CFO / net income was 3.20x.

After spending +110.6bn on fixed-asset investment, the business generated trailing free cash flow of +42.4bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 152.9bn +122.5bn

Cash Capex 110.6bn +82.2bn

FCF TTM +42.4bn +40.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.20x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.20x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,463.8	1,501.9	1,288.3	1,319.7	1,242.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,463.8	1,501.9	1,288.3	1,319.7	1,242.5
Cost of Goods Sold	2,350.6	1,401.9	1,183.8	1,220.0	0.0
Gross Profit	113.2	100.0	104.5	99.7	95.8
Financial Income	7.4	3.1	4.0	1.8	2.8
Financial Expenses	0.0	0.1	0.0	0.0	-0.0
Interest Expense	0.0	0.1	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	63.7	53.6	76.1	70.5	-65.1
Operating Profit	57.0	49.4	32.4	31.1	33.4
Other Income	0.6	1.6	2.1	3.1	0.0
Other Expenses	0.5	0.5	0.5	0.4	0.0
Other Profit	0.1	1.1	1.6	2.7	0.5
Profit Before Tax	57.1	50.5	34.0	33.8	34.0
Current Income Tax Expense	11.5	10.1	6.8	6.8	-7.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	45.6	40.4	27.2	27.0	26.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	45.6	40.4	27.2	27.0	26.9
Earnings per Share	1,644.00	1,604.00	807.00	811.00	844.00
Diluted EPS	1,644.00	1,604.00	807.00	811.00	945.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,178.3	885.0	939.4	841.5	690.1
I. Cash and cash equivalents	268.4	276.3	176.2	137.4	179.7
1. Cash	128.4	56.3	141.2	137.4	0.0
2. Cash equivalents	140.0	220.0	35.0	0.0	0.0
II. Short-term financial investments	0.8	0.8	0.7	0.7	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	0.8	0.8	0.7	0.7	0.0
III. Short-term receivables	756.8	484.7	721.7	618.2	408.4
1. Short-term trade accounts receivable	688.0	369.1	583.9	600.8	0.0
2. Short-term prepayments to suppliers	101.7	162.0	165.3	48.8	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	23.5	18.7	49.9	32.2	0.0
7. Provision for short-term doubtful debts (*)	-56.3	-65.2	-77.3	-63.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	127.2	98.2	39.6	80.1	101.8
1. Inventories	127.2	98.2	39.6	80.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	25.1	24.9	1.2	5.0	0.2
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	25.1	24.1	1.2	5.0	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)	264.9	188.1	184.2	199.3	219.9
I. Long-term receivables	3.4	5.9	6.1	15.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	31.3
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	3.4	5.9	6.1	15.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	172.0	175.2	164.1	162.5	160.7
1. Tangible fixed assets	171.8	174.9	164.1	162.5	160.7
- Cost	396.2	383.6	365.2	355.2	0.0
- Accumulated depreciation	-224.4	-208.8	-201.1	-192.7	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	0.2	0.4	0.0	0.0	0.0
- Cost	1.2	1.2	0.8	0.8	0.0
- Accumulated depreciation	-1.0	-0.9	-0.8	-0.8	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	89.5	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	89.5	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	—	7.0	14.0	20.9	0.0
1. Long-term prepayments	—	7.0	14.0	20.9	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	27.9
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)	1,443.2	1,073.1	1,123.7	1,040.7	910.0
A. LIABILITIES (300=210+330)	1,089.1	737.7	800.6	729.1	587.4
I. Short -term liabilities	1,083.4	733.6	794.9	723.4	581.3
1. Short-term trade accounts payable	398.9	200.6	207.3	225.5	221.7
2. Short-term advances from customers	278.2	348.1	333.0	222.4	135.7
3. Taxes and other payables to state authorities	4.7	6.5	7.5	2.0	0.0
4. Payable to employees	44.9	38.8	41.5	34.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	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	95.4	0.0	0.0	0.0	0.0
9. Other short-term payables	236.0	128.6	196.0	230.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	18.1	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.3	11.1	9.6	8.7	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	5.7	4.1	5.6	5.8	6.1
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	—	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	5.7	4.1	5.6	5.8	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	354.0	335.3	323.1	311.6	322.6
I. Owner's equity	353.1	334.4	322.2	310.7	0.0
1. Owner's capital	285.0	285.0	285.0	285.0	321.7
- Common stock with voting right	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.7	0.7	0.7	0.7	0.7
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	21.1	13.0	13.0	13.0	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	46.3	35.7	23.5	12.0	23.0
- Accumulated retained earning at the end of the previous period	0.7	0.3	0.3	0.2	0.2
- Undistributed earnings in this period	45.6	35.4	23.2	11.8	22.8
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	0.9	0.9	0.9	0.9	0.9
1. Subsidized not-for-profit funds	0.9	0.9	0.9	0.9	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)	1,443.2	1,073.1	1,123.7	1,040.7	910.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	57.1	50.5	34.0	33.8	34.0
Depreciation of Fixed Assets and Investment Property	19.4	19.7	18.7	18.1	18.8
Provision (Increase)/Reversal	-8.8	-12.1	13.6	11.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.4	-3.1	-4.8	-3.1	0.0
Interest Expense	0.0	0.1	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	1.6	-1.4	-0.2	-0.3	0.0
Operating Profit Before Changes in Working Capital	61.8	53.7	61.3	60.2	57.6
Increase/(Decrease) in Receivables	-303.3	218.5	-105.6	-210.8	0.0
Increase/(Decrease) in Inventory	-29.0	-62.3	40.5	21.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	402.7	-54.8	83.0	131.8	0.0
Increase/(Decrease) in Prepaid Expenses	7.0	6.2	7.0	7.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	0.0	0.0	0.0
Corporate Income Tax Paid	-13.4	-7.4	-5.6	-6.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-3.6	-3.6	-5.4	0.0
Net Cash Flow from Operating Activities	119.6	150.3	77.0	-2.4	48.1
Payments for Fixed Assets and Other Long-term Assets	-106.2	-30.8	-20.4	-19.9	-34.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.5	0.8	1.4	0.4
Loans and Purchases of Debt Instruments	-0.0	-0.0	-0.0	-0.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-3.5	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	7.4	3.1	4.1	1.9	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	-102.0	-27.3	-15.5	-17.3	-30.8
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	7.6	17.1	0.0	0.0	0.0
Repayment of Borrowings	-7.6	-17.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.6	-22.8	-22.8	-22.5	-34.1
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	-25.6	-22.8	-22.8	-22.5	-34.1
Net Cash Flow During the Period	-8.0	100.2	38.7	-42.2	75.6
Cash and Cash Equivalents at Beginning of Period	276.3	176.2	137.4	179.7	196.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	268.4	276.3	176.2	137.4	179.7

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	212.1	1,388.9	526.6	427.6	129.9	918.8	206.2	344.2	32.7	728.5	131.6	396.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	212.1	1,388.9	526.6	427.6	129.9	918.8	206.2	344.2	32.7	728.5	131.6	396.0
Cost of Goods Sold	206.2	1,345.8	496.1	391.0	125.9	865.2	198.0	307.9	31.4	665.4	127.3	360.5
Gross Profit	5.9	43.1	30.5	36.6	4.0	53.6	8.2	36.3	1.3	63.1	4.3	35.5
Financial Income	1.9	2.1	1.1	1.9	2.2	0.7	0.8	0.9	0.5	1.2	1.2	0.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.7	21.3	15.5	24.4	2.3	31.4	3.4	25.8	1.4	47.6	2.0	24.9
Operating Profit	6.0	23.9	16.1	14.1	3.9	22.9	5.6	11.4	0.3	16.6	3.5	11.4
Other Income	0.0	0.3	0.1	0.0	0.2	0.2	0.4	0.2	0.8	0.5	0.6	0.4
Other Expenses	0.0	0.7	0.0	0.2	0.0	0.0	0.1	0.2	0.0	0.2	0.1	0.2
Other Profit	0.0	-0.4	0.1	-0.2	0.2	0.1	0.3	0.1	0.8	0.3	0.5	0.2
Profit Before Tax	6.1	23.5	16.2	13.8	4.1	23.0	5.9	11.5	1.2	17.0	4.0	11.6
Current Income Tax Expense	1.3	4.5	3.2	2.8	0.8	4.8	1.2	2.3	0.2	3.4	0.8	2.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.8	19.1	12.9	11.1	3.3	18.2	4.7	9.2	0.9	13.6	3.2	9.3
Non-controlling Interest	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.8	19.1	12.9	11.1	3.3	18.1	4.7	9.2	0.9	13.6	3.2	9.3
Earnings per Share	167.00	669.00	454.00	389.00	115.00	635.00	166.00	322.00	32.00	476.00	111.00	327.00
Diluted EPS	167.50	668.61	454.18	388.54	114.54	635.49	165.84	322.19	32.41	475.97	111.29	326.55

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)	893.6	1,178.7	916.2	931.7	769.3	875.2	807.5	732.7	823.6	939.4	680.7	686.2
I. Cash and cash equivalents	214.8	268.4	242.3	291.9	194.2	276.3	87.7	181.7	210.1	176.2	107.4	132.9
1. Cash	84.8	128.4	62.3	136.9	34.2	56.3	63.7	43.7	57.1	141.2	24.4	52.9
2. Cash equivalents	130.0	140.0	180.0	155.0	160.0	220.0	24.0	138.0	153.0	35.0	83.0	80.0
II. Short-term financial investments	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.7	10.7	0.7
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.7	10.7	0.7
III. Short-term receivables	363.5	757.2	371.5	350.7	334.8	475.4	375.2	388.4	456.6	721.7	383.9	461.3
1. Short-term trade accounts receivable	224.7	688.5	197.2	201.0	192.8	369.1	162.3	181.8	177.0	583.9	215.9	344.7
2. Short-term prepayments to suppliers	168.1	101.7	218.5	192.4	175.7	162.0	241.0	224.3	290.6	165.3	177.6	139.0
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	27.0	23.3	20.2	21.7	31.4	18.7	49.7	59.6	66.3	49.8	53.6	40.9
7. Provision for short-term doubtful debts (*)	-56.3	-56.3	-64.4	-64.4	-65.2	-74.5	-77.8	-77.3	-77.3	-77.3	-63.2	-63.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	251.6	127.2	254.2	242.8	189.5	97.8	293.9	139.5	124.1	39.6	162.3	89.7
1. Inventories	251.6	127.2	254.2	242.8	189.5	97.8	293.9	139.5	124.1	39.6	162.3	89.7
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	62.9	25.1	47.5	45.5	50.0	24.9	49.9	22.4	32.1	1.2	16.4	1.6
1. Short-term prepayments	9.4	—	0.2	—	7.7	0.0	11.1	0.0	8.4	0.0	7.3	0.0
2. Value added tax to be reclaimed	1.3	—	0.3	—	0.3	0.8	0.0	0.0	0.2	0.2	0.0	0.0
3. Taxes and other receivables from state authorities	52.2	25.1	47.0	45.5	42.1	24.2	38.8	22.4	23.5	1.0	9.1	1.6
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)	262.8	264.9	181.2	186.3	185.0	188.1	182.8	189.9	183.4	184.2	187.3	188.4
I. Long-term receivables	4.1	3.4	1.5	3.7	7.2	5.9	5.8	6.1	7.3	6.1	16.7	16.5
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	4.1	3.4	1.5	3.7	7.2	5.9	5.8	6.1	7.3	6.1	16.7	16.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	173.3	172.0	177.0	178.4	172.6	175.2	168.4	173.4	163.9	164.1	154.9	154.5
1. Tangible fixed assets	173.1	171.8	176.8	178.1	172.2	174.9	168.0	172.9	163.4	164.1	154.9	154.5
- Cost	402.6	—	—	—	—	383.7	371.8	371.8	357.4	365.2	351.3	346.3
- Accumulated depreciation	-229.5	—	—	—	—	-208.9	-203.8	-198.8	-194.0	-201.1	-196.4	-191.8
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	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.0	0.0	0.0
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	85.4	89.5	1.0	0.7	—	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	85.4	89.5	1.0	0.7	—	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	—	—	1.7	3.5	5.2	7.0	8.7	10.5	12.2	14.0	15.7	17.4
1. Long-term prepayments	—	—	1.7	3.5	5.2	7.0	8.7	10.5	12.2	14.0	15.7	17.4
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)	1,156.4	1,443.6	1,097.4	1,118.0	954.3	1,063.3	990.3	922.6	1,007.1	1,123.6	868.0	874.6
A. LIABILITIES (300=210+330)	805.4	1,088.8	761.7	795.2	615.7	735.7	675.5	612.3	683.0	800.5	554.4	564.1
I. Short -term liabilities	798.8	1,083.1	757.7	791.2	611.6	731.9	670.0	606.8	677.4	794.9	548.6	558.3
1. Short-term trade accounts payable	157.9	399.1	138.4	127.2	128.2	200.5	115.9	91.2	101.5	207.3	102.0	105.7
2. Short-term advances from customers	334.8	278.2	473.5	512.3	367.9	348.1	426.7	359.4	419.5	333.0	273.3	220.2
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.2	4.4	6.5	4.0	0.5	4.8	2.7	2.2	0.1	7.4	3.5	6.0
4. Payable to employees	1.4	44.6	16.3	6.4	0.7	38.8	8.8	6.0	0.6	41.5	0.6	15.9
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	159.3	95.4	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	116.2	236.1	117.2	134.3	105.8	128.6	110.0	141.9	149.1	196.0	163.6	204.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	18.1	18.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.7	7.3	4.8	5.9	7.6	11.1	6.0	6.1	6.5	9.6	5.6	5.8
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	6.6	5.7	4.1	4.1	4.1	3.8	5.5	5.5	5.6	5.6	5.8	5.8
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	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5.7	5.7	4.1	4.1	4.1	3.8	5.5	5.5	5.6	5.6	5.8	5.8
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)	351.0	354.8	335.7	322.8	338.6	327.6	314.8	310.3	324.0	323.0	313.7	310.5
I. Owner's equity	351.0	353.8	334.8	321.8	337.7	326.7	313.9	309.4	323.1	322.1	312.7	309.6
1. Owner's capital	285.0	285.0	285.0	285.0	285.0	285.0	285.0	285.0	285.0	285.0	285.0	285.0
- Common stock with voting right	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00	284,997,640,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	21.1	21.1	21.1	21.1	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
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	44.2	47.0	27.9	15.0	39.0	28.0	15.2	10.7	24.4	23.4	14.1	10.9
- Accumulated retained earning at the end of the previous period	39.0	0.7	0.7	0.7	35.7	0.3	0.6	0.6	23.5	0.3	0.5	0.5
- Undistributed earnings in this period	5.1	46.3	27.3	14.3	3.3	27.7	14.6	10.1	0.9	23.1	13.6	10.4
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	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
1. Subsidized not-for-profit funds	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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)	1,156.4	1,443.6	1,097.4	1,118.0	954.3	1,063.3	990.3	922.6	1,007.1	1,123.6	868.0	874.6

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	6.1	23.0	16.2	13.8	4.1	22.9	5.9	11.2	1.2	17.1	4.0	11.6
Depreciation of Fixed Assets and Investment Property	5.1	5.0	5.0	4.7	4.6	5.1	5.0	4.9	4.7	4.8	4.6	4.7
Provision (Increase)/Reversal	—	-8.1	0.0	-0.8	—	-3.3	0.0	0.5	0.0	14.1	0.0	-0.5
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	-1.9	-2.2	-1.2	-1.7	-2.4	-0.7	-2.0	-0.3	-1.3	-0.1	-2.2	-0.5
Interest Expense	—	0.0	—	—	—	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	—	—	—	—	—	-1.7	-0.1	0.0	0.0	-0.2	0.0	0.0
Operating Profit Before Changes in Working Capital	9.3	19.4	20.0	16.1	6.3	22.3	8.8	16.3	4.6	35.6	6.3	15.3
Increase/(Decrease) in Receivables	364.1	-399.3	-31.0	-4.1	131.1	-83.1	-0.7	68.1	241.4	-335.5	-161.9	112.5
Increase/(Decrease) in Inventory	-124.4	126.9	10.5	-75.1	-91.3	196.1	-154.4	-15.3	-84.5	122.7	-72.6	67.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-283.1	378.3	-26.1	166.9	-116.5	59.9	60.4	-70.2	-114.3	258.7	218.6	-194.6
Increase/(Decrease) in Prepaid Expenses	-9.4	1.9	1.6	9.4	-5.9	12.8	-9.3	10.1	-6.6	9.1	-5.6	9.5
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	0.0
Corporate Income Tax Paid	-2.9	-6.2	-0.6	-0.3	-6.4	-2.9	-0.7	-0.3	-3.4	-3.2	-0.5	-0.1
Other Operating Receipts	4.1	—	—	—	—	0.2	0.4	0.2	0.4	-1.3	1.3	-0.3
Other Operating Payments	-6.8	-3.7	2.3	-4.8	-0.0	-5.3	-0.1	-0.3	-0.0	-3.1	2.6	-14.4
Net Cash Flow from Operating Activities	-49.1	117.0	-23.2	108.2	-82.4	200.0	-95.7	8.6	37.5	82.8	-11.6	-4.6
Payments for Fixed Assets and Other Long-term Assets	-6.4	-90.0	-2.9	-11.3	-2.0	-12.0	0.0	-14.4	-4.5	-14.0	-5.0	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	0.0	0.0	0.0	0.5	-0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-0.0	-0.0	—	-0.0	0.7	-0.8	0.0	10.0	0.0	-10.0
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	1.9	2.2	1.1	1.9	2.2	0.6	1.0	0.9	0.5	1.3	1.2	0.8
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	-4.5	-91.0	-1.8	-9.4	0.2	-11.4	1.8	-14.2	-3.5	-2.7	-3.9	-10.6
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	—	7.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	1.6	—	—	—	0.0	0.0	0.0	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	-25.6	—	—	0.0	0.0	-22.8	-0.0	-11.4	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	—	0.0	-25.6	—	—	0.0	0.0	-22.8	-0.0	-11.4	0.0	-0.0
Net Cash Flow During the Period	-53.6	26.1	-50.6	98.8	-82.2	188.6	-93.9	-28.4	33.9	68.7	-15.5	-15.2
Cash and Cash Equivalents at Beginning of Period	268.4	242.3	291.9	194.2	276.3	176.2	176.2	176.2	176.2	137.4	137.4	137.4
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	214.8	268.4	242.3	291.9	194.2	276.3	87.7	181.7	210.1	176.2	107.4	122.9

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GTS

What Is Changing

Drivers of GTS'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