MDF

Gỗ MDF VRG - Quảng Trị ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 0.51x

Price

5,000

Latest close

02 Jun 2026

P/E 29.07x

P/B 0.42x

EPS 172

BVPS 11,889

ROE 1.5%

ROA 0.9%

Profit Margin 0.9%

Asset Turnover 0.98x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, MDF is going through a period of clear decline across multiple metrics at once — margins have been expanding consistently over multiple periods. 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 1,028bn
	                                
−0.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
−43.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	986.5	1,024.3	784.7	1,287.9	1,119.5
Growth	-4%	+31%	-39%	+15%	—
Net Income	8.2	3.4	-26.3	3.3	88.2
Net Margin	0.83%	0.33%	-3.35%	0.26%	7.88%

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	269.3	323.0	239.3	196.6	227.6	289.1	280.7	239.3	215.3	264.0	186.2	170.8
Growth	-17%	+35%	+22%	-14%	-21%	+3%	+17%	+11%	-18%	+42%	+9%	—
Net Income	2.1	4.9	1.2	1.4	0.7	2.4	7.6	6.1	-10.7	-5.3	-13.7	2.4
Net Margin	0.76%	1.51%	0.49%	0.74%	0.29%	0.83%	2.71%	2.55%	-4.99%	-2.01%	-7.33%	1.38%

Drivers of MDF's profit

TTM

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

Selling expenses ↓ 13.5bn

Finance costs ↓ 6.2bn

Gross profit ↓ 17.9bn

Other profit ↓ 4.5bn

Financial income ↓ 2.5bn

Administrative expenses ↑ 1.9bn

TTM

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

Gross profit ↑ 3.1bn

Administrative expenses ↑ 0.7bn

Finance costs ↑ 0.5bn

Financial income ↓ 0.2bn

Selling expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.6% = 1.6% × 0.95 × 1.71

2026Q1 1.5% = 0.9% × 0.98 × 1.61

ROE fell from 2.6% to 1.5% — leverage weakened the most, though asset turnover still provided support.

Net margin: 0.9% -0.7pp Asset turnover: 0.98x +0.03x Leverage: 1.61x -0.09x

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 0.93%, falling 0.7pp. The main pressure is Gross margin fell 1.7pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.4pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.93% −0.7pp

Gross Margin 8.53% −1.7pp

SG&A / Revenue 6.17% −1.1pp

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 — —

Capital Turnover 1.07x +0.02x

Average Invested Capital 960.2bn −29.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.47x equity.

Inventory ended the period at 192.7bn, roughly 18.2% of total assets.

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 9.1 days versus the same period last year. The main moves came from DIO fell 0.9 days, DSO rose 1.3 days, and DPO fell 8.7 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 101.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 39.7 days +1.3 days

Inventory 76.8 days −0.9 days

Payables 14.6 days −8.7 days

Cash Conversion Cycle 101.9 days +9.1 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.47x and interest coverage only at 0.51x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.3% of debt, and total debt stands at 325.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.51x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.47x −0.02x

Interest Coverage 0.51x +0.02x

Cash / Debt 6.3% +2.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.48x −3.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2.5bn in 2025, against investing cash flow of 0.9bn.

Post-investment cash flow was positive +3.4bn. Financing cash flow was positive +1.9bn.

CFO / net income was 1.48x.

After spending +7.3bn on fixed-asset investment, the business generated trailing free cash flow of +6.8bn.

Cash Conversion

CFO TTM 14.1bn −66.7bn

Cash Capex 7.3bn +4.0bn

FCF TTM +6.8bn −70.7bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 0.51x. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.51x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	987.0	1,025.4	785.3	1,292.2	1,122.1
Revenue Deductions	0.5	1.1	0.5	4.3	0.0
Net Revenue	986.5	1,024.3	784.7	1,287.9	1,119.5
Cost of Goods Sold	901.9	922.6	694.2	1,160.1	0.0
Gross Profit	84.6	101.7	90.5	127.7	218.7
Financial Income	3.0	5.6	2.6	1.6	0.6
Financial Expenses	17.5	26.9	38.1	31.4	-29.9
Interest Expense	17.1	24.7	37.8	31.0	-29.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	45.5	66.5	68.6	77.7	-58.9
General and Administrative Expenses	17.1	15.8	12.9	15.6	-16.2
Operating Profit	7.6	-1.9	-26.5	4.6	114.4
Other Income	1.1	5.5	0.5	0.6	0.0
Other Expenses	0.6	0.2	0.3	0.8	0.0
Other Profit	0.6	5.3	0.2	-0.2	-7.7
Profit Before Tax	8.2	3.4	-26.3	4.4	106.7
Current Income Tax Expense	—	0.0	0.0	1.1	-18.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.2	3.4	-26.3	3.3	88.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.2	3.4	-26.3	3.3	88.2
Earnings per Share	148.00	62.00	-477.00	60.00	1,601.00
Diluted EPS	147.88	61.51	-476.86	60.00	1,600.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	381.8	319.7	458.9	400.4	419.7
I. Cash and cash equivalents	43.6	38.3	16.0	49.5	37.6
1. Cash	43.6	38.3	15.1	49.5	0.0
2. Cash equivalents	—	0.0	0.9	0.0	0.0
II. Short-term financial investments	1.1	10.0	0.0	0.0	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	1.1	10.0	0.0	0.0	0.0
III. Short-term receivables	132.5	106.9	159.3	105.2	26.7
1. Short-term trade accounts receivable	113.0	82.1	126.0	98.9	0.0
2. Short-term prepayments to suppliers	4.0	8.6	16.5	7.3	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	1.7	1.5	1.5	1.7	0.0
7. Provision for short-term doubtful debts (*)	-2.9	-1.9	-1.4	-2.7	0.0
8. Assets awaiting resolution	16.6	16.6	16.6	0.0	0.0
IV. Inventories	192.7	156.7	269.7	238.3	350.8
1. Inventories	195.5	159.6	270.7	239.6	0.0
2. Provision for decline in value of inventories	-2.8	-3.0	-1.0	-1.3	0.0
V. Other short-term assets	12.0	7.8	13.9	7.4	4.6
1. Short-term prepayments	12.0	7.8	13.8	6.8	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	0.1	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)	675.2	715.6	761.9	838.1	888.5
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	626.3	670.6	717.3	780.5	872.7
1. Tangible fixed assets	626.0	670.2	716.9	779.9	871.7
- Cost	1,802.6	1,795.5	1,786.1	1,786.3	0.0
- Accumulated depreciation	-1,176.6	-1,125.3	-1,069.3	-1,006.5	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	0.3	0.4	0.4	0.6	1.0
- Cost	4.3	4.3	4.3	4.3	0.0
- Accumulated depreciation	-4.0	-3.9	-3.9	-3.7	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	0.1	0.4	0.3	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.4	0.3	0.1	0.0
V. Long-term financial investments	3.0	3.0	3.0	3.0	3.0
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	3.0	3.0	3.0	3.0	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	45.8	41.6	41.2	54.5	0.0
1. Long-term prepayments	23.6	12.8	12.5	17.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	22.2	28.8	28.7	37.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	12.7
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)	1,057.0	1,035.4	1,220.8	1,238.4	1,308.2
A. LIABILITIES (300=210+330)	403.8	390.3	580.2	571.2	580.8
I. Short -term liabilities	403.8	390.3	580.2	539.6	439.2
1. Short-term trade accounts payable	39.2	43.4	105.5	44.1	61.4
2. Short-term advances from customers	13.6	3.0	0.1	0.5	1.0
3. Taxes and other payables to state authorities	4.9	3.6	1.7	8.7	0.0
4. Payable to employees	9.8	4.0	3.0	17.1	0.0
5. Short-term acrrued expenses	7.8	6.3	4.1	2.7	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	15.2	18.6	15.5	8.1	0.0
10. Short-term borrowings and financial leases	313.1	311.1	448.0	451.5	300.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	2.5	7.0	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	—	0.0	0.0	31.6	141.6
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	31.6	141.6
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)	653.2	645.0	640.6	667.3	727.4
I. Owner's equity	653.2	645.0	640.6	667.3	0.0
1. Owner's capital	551.1	551.1	551.1	551.1	727.4
- Common stock with voting right	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	12.0	12.0	12.0	12.0	12.0
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	100.8	100.8	100.8	100.8	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	-10.8	-19.0	-23.4	3.3	63.4
- Accumulated retained earning at the end of the previous period	-19.0	-22.3	2.9	0.0	0.0
- Undistributed earnings in this period	8.2	3.4	-26.3	3.3	63.4
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)	1,057.0	1,035.4	1,220.8	1,238.4	1,308.2

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	—	0.0	-0.1	-9.3	0.0
Other Operating Receipts	68.7	73.4	66.2	124.7	0.0
Other Operating Payments	-107.0	-102.2	-96.9	-154.7	0.0
Net Cash Flow from Operating Activities	2.5	172.0	3.3	43.9	40.3
Payments for Fixed Assets and Other Long-term Assets	-9.0	-2.4	-4.1	-2.4	-6.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	1.1	2.4	0.0	0.7
Loans and Purchases of Debt Instruments	—	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
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	0.0	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	0.9	-11.3	-1.7	-2.3	-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	889.5	827.4	669.1	780.9	486.1
Repayment of Borrowings	-887.6	-964.2	-704.2	-740.1	-534.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.2	0.0	-70.4	-18.1
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	1.9	-137.1	-35.1	-29.6	-66.0
Net Cash Flow During the Period	5.3	23.6	-33.5	12.0	31.6
Cash and Cash Equivalents at Beginning of Period	38.3	16.0	49.5	37.6	68.6
FX Difference from Revaluation	0.0	-1.3	-0.0	-0.2	-0.0
Cash and Cash Equivalents at End of Period	43.6	38.3	16.0	49.5	37.6

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
Revenue	269.3	323.0	239.8	196.6	227.6	289.7	280.8	239.3	215.6	264.1	186.8	170.8
Revenue Deductions	—	—	0.4	0.0	0.0	0.6	0.1	0.0	0.4	0.0	0.5	0.0
Net Revenue	269.3	323.0	239.3	196.6	227.6	289.1	280.7	239.3	215.3	264.0	186.2	170.8
Cost of Goods Sold	248.4	297.1	220.9	174.2	209.8	262.8	247.4	211.0	199.4	230.0	174.4	141.3
Gross Profit	20.9	26.0	18.5	22.3	17.8	26.3	33.2	28.3	15.9	34.1	11.9	29.5
Financial Income	0.8	0.2	1.1	0.8	1.1	2.6	0.1	1.5	1.4	0.6	1.2	0.6
Financial Expenses	4.7	4.5	4.3	4.4	4.3	5.5	7.8	6.6	7.0	9.0	9.5	10.3
Interest Expense	4.6	4.4	4.3	4.3	4.1	5.3	5.9	6.5	7.0	8.8	9.5	10.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.6	11.2	10.3	13.6	10.5	16.4	14.8	17.5	17.8	26.3	14.4	15.8
General and Administrative Expenses	4.3	6.1	3.7	3.7	3.5	4.7	3.2	4.4	3.5	4.5	3.2	1.7
Operating Profit	2.1	4.3	1.2	1.4	0.6	2.3	7.6	1.3	-11.1	-5.1	-14.0	2.3
Other Income	0.1	1.2	—	—	0.1	0.1	0.1	5.0	0.4	2.5	0.1	0.1
Other Expenses	0.1	0.6	0.0	0.0	—	0.0	0.1	0.2	0.1	2.7	-0.3	0.0
Other Profit	-0.1	0.6	-0.0	-0.0	0.1	0.1	-0.0	4.8	0.3	-0.2	0.4	0.1
Profit Before Tax	2.1	4.9	1.2	1.4	0.7	2.4	7.6	6.1	-10.7	-5.3	-13.7	2.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.1	4.9	1.2	1.4	0.7	2.4	7.6	6.1	-10.7	-5.3	-13.7	2.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.1	4.9	1.2	1.4	0.7	2.4	7.6	6.1	-10.7	-5.3	-13.7	2.4
Earnings per Share	37.00	88.00	21.00	26.00	12.00	43.00	138.00	111.00	-195.00	-96.00	-248.00	43.00
Diluted EPS	37.00	88.00	21.00	26.00	12.00	62.00	138.00	111.00	-195.00	-96.00	-248.00	43.00

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)	392.4	381.8	379.3	390.8	340.1	319.7	404.4	363.9	371.5	435.9	383.4	409.8
I. Cash and cash equivalents	20.6	43.6	9.7	28.3	13.4	48.3	93.3	26.2	5.8	16.0	4.3	11.1
1. Cash	20.6	43.6	9.7	28.3	13.4	38.3	83.3	26.2	5.8	15.1	4.3	11.1
2. Cash equivalents	—	—	—	—	—	10.0	10.0	0.0	0.0	0.9	0.0	0.0
II. Short-term financial investments	1.1	1.1	1.1	3.1	3.1	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	1.1	1.1	1.1	3.1	3.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	152.2	132.5	137.2	128.5	131.7	106.9	108.8	131.1	146.3	142.6	105.9	104.3
1. Short-term trade accounts receivable	125.4	113.0	111.5	109.0	98.3	82.1	85.7	106.1	119.8	126.0	94.5	97.8
2. Short-term prepayments to suppliers	12.1	4.0	8.7	3.0	10.5	8.6	7.1	6.6	6.4	16.5	7.0	4.1
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	0.9	1.7	2.2	1.7	8.1	1.5	1.4	3.9	4.9	1.5	5.8	3.8
7. Provision for short-term doubtful debts (*)	-2.9	-2.9	-1.8	-1.8	-1.9	-1.9	-1.9	-2.1	-1.4	-1.4	-1.5	-1.5
8. Assets awaiting resolution	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	0.0	0.0	0.0
IV. Inventories	206.0	192.6	217.8	219.6	183.4	156.7	192.6	195.5	209.1	263.3	261.4	285.0
1. Inventories	209.6	195.5	220.5	223.6	186.1	159.6	194.7	197.6	210.1	264.3	262.4	286.0
2. Provision for decline in value of inventories	-3.7	-2.8	-2.7	-4.0	-2.7	-3.0	-2.1	-2.1	-1.0	-1.0	-1.0	-1.0
V. Short-term Biological Assets	0.1	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	0.1	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	12.6	12.0	13.6	11.4	8.5	7.8	9.6	11.1	10.3	13.9	11.8	9.5
1. Short-term prepayments	12.6	12.0	13.6	11.4	8.5	7.8	9.6	11.1	10.2	13.8	11.8	8.9
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	0.1	0.1	0.0	0.6
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)	661.5	675.2	689.7	701.9	703.4	715.6	731.0	749.0	761.1	767.6	788.6	801.6
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	611.2	626.3	642.5	655.6	656.2	670.6	686.1	703.4	716.0	717.3	738.5	749.4
1. Tangible fixed assets	610.9	626.0	642.2	655.3	655.9	670.2	685.7	703.0	715.6	716.9	738.1	748.9
- Cost	1,803.7	—	—	—	—	1,795.5	1,795.5	1,795.5	1,797.8	1,786.1	1,788.3	1,786.3
- Accumulated depreciation	-1,192.8	—	—	—	—	-1,125.3	-1,109.8	-1,092.5	-1,082.2	-1,069.3	-1,050.2	-1,037.4
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	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5
- Cost	4.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.0	—	—	—	—	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	0.2	0.1	0.2	0.1	2.6	0.4	0.5	0.4	0.3	0.3	0.6	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.1	0.2	0.1	2.6	0.4	0.5	0.4	0.3	0.3	0.6	0.3
V. Long-term financial investments	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	47.1	45.8	44.0	43.2	41.5	41.6	41.4	42.3	41.8	47.0	46.5	48.9
1. Long-term prepayments	25.0	23.6	21.5	20.4	15.2	12.8	11.8	12.5	11.7	12.5	10.8	13.1
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	22.1	22.2	22.5	22.8	26.3	28.8	29.6	29.7	30.0	34.5	35.7	35.7
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)	1,054.0	1,057.0	1,069.0	1,092.8	1,043.4	1,035.4	1,135.4	1,113.0	1,132.6	1,203.5	1,172.0	1,211.4
A. LIABILITIES (300=210+330)	398.7	403.8	420.7	445.6	397.7	390.3	492.6	477.8	502.8	573.9	539.5	565.2
I. Short -term liabilities	398.7	403.8	420.7	445.6	397.7	390.3	492.6	477.8	502.8	542.3	507.9	533.6
1. Short-term trade accounts payable	39.3	39.2	41.3	47.1	36.0	43.4	47.6	40.3	83.0	105.6	52.9	45.7
2. Short-term advances from customers	2.2	13.6	2.3	15.5	3.9	3.0	2.2	0.2	0.1	0.1	2.9	0.1
3. Dividends and profits payable	4.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.5	4.9	7.5	6.2	3.3	3.6	15.5	7.3	3.6	1.7	13.4	8.0
4. Payable to employees	6.7	9.8	6.8	5.3	4.9	4.0	3.7	2.5	2.8	3.0	2.8	1.7
5. Short-term acrrued expenses	5.7	7.8	7.5	7.3	7.0	6.3	9.9	6.5	2.7	4.1	5.9	5.7
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	10.1	15.2	14.8	15.6	14.5	18.6	15.5	14.6	15.5	9.1	10.7	8.4
10. Short-term borrowings and financial leases	325.5	313.1	340.1	348.3	327.8	311.1	398.1	406.1	394.9	416.4	416.6	460.9
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	0.1	0.3	0.4	0.3	0.2	0.3	0.2	0.2	0.2	2.5	2.7	3.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	31.6	31.6	31.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	31.6	31.6	31.6
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)	655.2	653.2	648.3	647.1	645.7	645.0	642.8	635.2	629.8	629.6	632.6	646.2
I. Owner's equity	655.2	653.2	648.3	647.1	645.7	645.0	642.8	635.2	629.8	629.6	632.6	646.2
1. Owner's capital	551.1	551.1	551.1	551.1	551.1	551.1	551.1	551.1	551.1	551.1	551.1	551.1
- Common stock with voting right	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00	551,135,950,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
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	100.8	100.8	100.8	100.8	100.8	100.8	100.8	100.8	100.8	100.8	100.8	100.8
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	-8.7	-10.8	-15.7	-16.8	-18.3	-19.0	-21.2	-28.8	-34.1	-34.4	-31.4	-17.7
- Accumulated retained earning at the end of the previous period	-10.8	-19.0	-19.0	-19.0	-19.0	-22.3	-22.2	-22.2	-23.4	2.9	0.6	0.6
- Undistributed earnings in this period	2.1	8.2	3.3	2.1	0.7	3.4	1.0	-6.6	-10.7	-37.3	-32.0	-18.3
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)	1,054.0	1,057.0	1,069.0	1,092.8	1,043.4	1,035.4	1,135.4	1,113.0	1,132.6	1,203.5	1,172.0	1,211.4

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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Other Operating Receipts	15.1	—	—	—	—	8.1	22.2	26.7	15.8	21.9	15.0	14.6
Other Operating Payments	-31.4	-30.6	-4.2	-23.6	-48.6	-42.3	-34.5	-2.7	-22.7	-33.1	-13.5	-34.6
Net Cash Flow from Operating Activities	-35.0	62.9	-11.6	-2.2	-46.6	42.7	76.4	8.2	44.0	10.6	40.4	-6.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	-2.6	-0.8	-3.4	-2.3	-0.8	0.0	-0.2	-1.1	-1.1	-2.8	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	—	—	—	0.0	0.0	1.2	0.0	2.4	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	—	—	15.1	—	—	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	0.3	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	-0.6	-1.9	1.3	-3.4	4.9	-0.8	0.0	1.1	-1.1	1.3	-2.8	-0.2
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	266.7	268.5	206.3	186.1	228.6	226.6	220.9	237.8	142.1	190.4	133.7	143.8
Repayment of Borrowings	-254.3	-295.5	-214.5	-165.6	-212.0	-313.5	-229.0	-226.6	-195.2	-190.6	-178.0	-128.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	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	12.4	-27.0	-8.3	20.5	16.7	-86.9	-8.0	11.2	-53.1	-0.2	-44.3	15.4
Net Cash Flow During the Period	-23.1	33.9	-18.6	14.9	-25.0	-45.0	68.4	20.4	-10.2	11.7	-6.7	8.9
Cash and Cash Equivalents at Beginning of Period	43.6	9.7	28.3	13.4	38.3	16.0	16.0	16.0	16.0	49.5	49.5	49.5
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.0	0.1	-1.4	-0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	20.6	43.6	9.7	28.3	13.4	48.3	93.3	26.2	5.8	16.0	4.3	11.1

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MDF

What Is Changing

Drivers of MDF'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 ▼

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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