MED

Dược Trung ương Mediplantex ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.65%, +1.39pp YoY

Price

18,400

Latest close

13 May 2026

P/E 10.77x

P/B 0.68x

EPS 1,709

BVPS 27,175

ROE 6.3%

ROA 4.5%

Profit Margin 4.7%

Asset Turnover 0.97x

Equity Mult. 1.40x

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

What Is Changing

On a TTM 2026Q1 basis, MED is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 456bn
	                                
+10.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+57.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	366.8	443.1	402.7	401.1	344.0
Growth	-17%	+10%	+0%	+17%	—
Net Income	15.8	15.2	11.7	6.0	3.7
Net Margin	4.32%	3.44%	2.92%	1.50%	1.06%

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	88.7	117.6	87.1	162.3	75.4	105.9	92.2	140.3	105.0	111.3	106.1	96.6
Growth	-25%	+35%	-46%	+115%	-29%	+15%	-34%	+34%	-6%	+5%	+10%	—
Net Income	5.9	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3
Net Margin	6.68%	5.22%	4.49%	3.22%	2.89%	2.74%	3.78%	3.50%	3.65%	3.71%	3.22%	3.44%

Drivers of MED's profit

TTM

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

Gross profit ↑ 16.8bn

Administrative expenses ↑ 7.2bn

Tax ↑ 2.5bn

TTM

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

Administrative expenses ↓ 3.9bn

Gross profit ↑ 2.1bn

Tax ↑ 0.9bn

Selling expenses ↑ 0.6bn

Finance costs ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.1% = 3.3% × 0.76 × 1.65

2026Q1 6.3% = 4.7% × 0.97 × 1.40

ROE rose from 4.1% to 6.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.7% +1.4pp Asset turnover: 0.97x +0.21x Leverage: 1.40x -0.24x

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 4.65%, rising 1.4pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 4.65% +1.4pp

Gross Margin 23.12% +1.7pp

SG&A / Revenue 16.65% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 81.9 days.

Is capital being deployed efficiently?

ROIC expanded to 5.76%, rising 2.0pp. That translates to 5.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.2pp and capital turnover rose 0.16x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

CAPITAL EFFICIENCY TREND

ROIC 5.76% +2.0pp

NOPAT Margin 4.46% +1.2pp

Capital Turnover 1.29x +0.16x

Average Invested Capital 352.5bn −11.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.38x equity, net debt at 0.06x equity.

Inventory ended the period at 93.2bn, roughly 20.4% of total assets.

Over the last 12 months, working capital absorbed 3.8bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +19.7bn

Inventories decreased → higher CFO: +5.6bn

Payables decreased → lower CFO: −29.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 33.4 days versus the same period last year. The main moves came from DIO fell 19.5 days, DSO fell 32.2 days, and DPO fell 18.3 days.

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

Working Capital Efficiency

Receivables 40.3 days −32.2 days

Inventory 88.8 days −19.5 days

Payables 47.2 days −18.3 days

Cash Conversion Cycle 81.9 days −33.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 5.49x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 61.0% of debt, and total debt stands at 50.4bn.

Watchpoints

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 0.06x +0.01x

Interest Coverage 5.49x +1.64x

Cash / Debt 61.0% −8.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.23x −2.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -5.4bn in 2025, against investing cash flow of -4.0bn.

Post-investment cash flow was negative +9.3bn. Financing cash flow was negative +8.9bn.

CFO / net income was 0.23x.

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

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

Cash Conversion

CFO TTM 4.8bn −28.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.65% after expanding 1.4pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	369.0	443.5	404.3	402.0	344.7
Revenue Deductions	2.1	0.3	1.6	1.0	0.0
Net Revenue	366.8	443.1	402.7	401.1	344.0
Cost of Goods Sold	281.0	350.6	319.7	322.6	0.0
Gross Profit	85.8	92.6	83.1	78.4	68.1
Financial Income	1.4	2.2	7.9	5.9	4.8
Financial Expenses	3.7	5.9	6.7	7.5	-5.5
Interest Expense	2.3	3.8	5.4	5.0	-3.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.7	8.0	12.7	14.4	-16.0
General and Administrative Expenses	58.6	62.4	56.2	54.9	-43.2
Operating Profit	20.1	18.5	15.3	7.4	8.2
Other Income	0.6	1.2	0.0	3.4	0.0
Other Expenses	0.1	0.3	0.4	2.6	0.0
Other Profit	0.5	0.9	-0.4	0.8	-2.7
Profit Before Tax	20.7	19.4	14.9	8.2	5.5
Current Income Tax Expense	4.8	4.2	3.2	2.2	-1.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	15.8	15.2	11.7	6.0	3.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	15.8	15.2	11.7	6.0	3.7
Earnings per Share	1,276.00	1,229.00	946.00	554.00	581.00
Diluted EPS	1,275.86	1,228.59	946.32	485.24	581.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	205.0	253.1	344.5	456.5	342.1
I. Cash and cash equivalents	24.4	42.6	43.5	81.2	46.1
1. Cash	12.4	30.6	21.5	18.2	0.0
2. Cash equivalents	12.0	12.0	22.0	63.0	0.0
II. Short-term financial investments	6.7	12.0	20.0	92.4	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	6.7	12.0	20.0	92.4	0.0
III. Short-term receivables	68.6	99.2	163.5	167.3	151.4
1. Short-term trade accounts receivable	43.8	69.9	91.7	128.0	0.0
2. Short-term prepayments to suppliers	27.0	27.9	26.2	28.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	4.4	46.4	11.6	0.0
7. Provision for short-term doubtful debts (*)	-4.4	-3.0	-0.8	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	93.2	87.5	102.9	101.3	87.9
1. Inventories	93.2	87.5	103.0	101.4	0.0
2. Provision for decline in value of inventories	—	0.0	-0.0	-0.0	0.0
V. Other short-term assets	12.0	11.8	14.5	14.3	8.2
1. Short-term prepayments	0.1	0.2	0.2	0.0	0.0
2. Value added tax to be reclaimed	11.7	11.5	14.2	14.2	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	252.4	250.7	254.4	241.4	151.5
I. Long-term receivables	5.3	4.3	4.2	4.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.4
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	5.3	4.3	4.2	4.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	32.2	34.4	42.6	51.1	42.1
1. Tangible fixed assets	32.2	34.4	42.6	51.1	42.1
- Cost	159.1	154.4	164.2	171.9	0.0
- Accumulated depreciation	-126.8	-119.9	-121.6	-120.8	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	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
III. Investment properties	1.6	1.9	0.0	0.0	0.0
- Cost	11.4	11.4	0.0	0.0	0.0
- Accumulated depreciation	-9.7	-9.5	0.0	0.0	0.0
IV. Long-term assets in progress	180.5	177.7	171.1	145.6	67.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	180.5	177.7	171.1	145.6	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	32.8	32.4	36.4	40.2	0.0
1. Long-term prepayments	32.8	32.4	36.4	40.2	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	37.9
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)	457.3	503.8	598.9	697.9	493.6
A. LIABILITIES (300=210+330)	126.0	172.9	271.7	376.2	327.9
I. Short -term liabilities	126.0	172.9	271.7	376.2	327.9
1. Short-term trade accounts payable	55.2	78.0	74.4	84.8	41.4
2. Short-term advances from customers	15.2	15.8	29.5	12.0	18.9
3. Taxes and other payables to state authorities	4.9	1.1	0.8	2.3	0.0
4. Payable to employees	11.2	12.2	13.1	11.8	0.0
5. Short-term acrrued expenses	0.4	0.4	0.0	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.0	0.0
9. Other short-term payables	2.8	35.0	86.6	171.5	0.0
10. Short-term borrowings and financial leases	33.9	27.8	64.5	90.8	68.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.5	2.5	2.9	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	0.0	0.0
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	—	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)	331.3	330.9	327.2	321.7	165.8
I. Owner's equity	331.3	330.9	327.2	321.7	0.0
1. Owner's capital	124.1	124.1	124.1	124.1	165.8
- Common stock with voting right	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	62,800,950,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	121.2	121.2	121.2	121.2	29.4
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	69.8	69.8	69.8	69.8	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	16.2	15.8	12.1	6.5	3.8
- Accumulated retained earning at the end of the previous period	0.4	0.5	0.3	0.5	0.0
- Undistributed earnings in this period	15.8	15.2	11.7	6.0	3.7
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)	457.3	503.8	598.9	697.9	493.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.7	19.4	14.9	8.2	5.5
Depreciation of Fixed Assets and Investment Property	7.2	7.9	8.4	10.1	9.5
Provision (Increase)/Reversal	1.4	2.2	0.0	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.4	0.0
Gain/Loss from Investment Activities	-0.5	-0.8	-6.4	-4.7	0.0
Interest Expense	2.3	3.8	5.4	5.0	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	31.0	32.6	22.3	17.6	15.1
Increase/(Decrease) in Receivables	27.8	23.3	17.7	-6.9	0.0
Increase/(Decrease) in Inventory	-5.7	15.4	-1.6	-13.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.2	-16.8	-61.7	1.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	1.4	3.7	-2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-3.8	-5.4	-5.0	0.0
Corporate Income Tax Paid	-3.4	-3.9	-4.7	-0.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-0.5	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	-5.4	47.7	-30.1	-8.6	62.1
Payments for Fixed Assets and Other Long-term Assets	-9.8	-10.0	-40.0	-83.5	-54.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	1.0
Loans and Purchases of Debt Instruments	-2.7	0.0	-25.0	-74.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.0	8.0	97.4	30.0	6.0
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	0.5	1.1	-7.2	4.3	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	-4.0	-0.9	25.2	-122.9	-43.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	153,103,925,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	133.3	157.8	193.6	205.1	180.3
Repayment of Borrowings	-127.2	-194.4	-220.0	-183.0	-192.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-15.0	-11.0	-6.4	-8.8	-13.3
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	-8.9	-47.7	-32.8	166.5	-25.3
Net Cash Flow During the Period	-18.2	-0.9	-37.7	34.9	-27.5
Cash and Cash Equivalents at Beginning of Period	42.6	43.5	81.2	46.2	53.2
FX Difference from Revaluation	-0.0	-0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	24.4	42.6	43.5	81.2	46.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	90.3	117.6	87.1	162.3	75.4	105.9	92.5	140.3	105.0	111.4	106.3	97.5
Revenue Deductions	1.7	—	—	0.0	0.0	0.0	0.3	0.0	0.0	0.1	0.2	0.9
Net Revenue	88.7	117.6	87.1	162.3	75.4	105.9	92.2	140.3	105.0	111.3	106.1	96.6
Cost of Goods Sold	68.6	90.0	69.3	122.6	57.4	82.9	71.1	114.0	82.4	87.7	84.1	78.0
Gross Profit	20.1	27.7	17.8	39.8	18.0	23.0	21.2	26.3	22.5	23.6	21.9	18.6
Financial Income	0.2	0.0	0.3	1.0	0.4	0.5	0.5	0.8	0.3	2.2	1.4	3.4
Financial Expenses	1.1	1.3	0.7	1.7	0.6	1.4	1.1	1.4	1.4	1.9	1.4	1.6
Interest Expense	0.5	0.6	0.6	1.1	0.4	0.0	1.1	1.1	1.1	1.3	1.2	1.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.8	1.4	1.0	2.4	1.2	1.3	1.5	2.8	2.3	3.9	3.3	2.0
General and Administrative Expenses	9.9	17.8	11.5	30.0	13.8	17.0	14.5	16.7	14.2	14.8	14.3	14.1
Operating Profit	7.4	7.2	5.0	6.6	2.8	3.9	4.5	6.2	5.0	5.3	4.3	4.4
Other Income	—	1.2	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.2
Other Profit	—	1.2	-0.1	-0.0	-0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.2
Profit Before Tax	7.4	8.4	5.0	6.6	2.8	3.8	4.4	6.2	4.9	5.2	4.3	4.2
Current Income Tax Expense	1.5	2.2	1.1	1.4	0.6	0.9	0.9	1.3	1.0	1.1	0.9	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.9	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.9	6.1	3.9	5.2	2.2	2.9	3.5	4.9	3.8	4.1	3.4	3.3
Earnings per Share	478.00	495.00	315.00	421.00	176.00	234.00	280.00	396.00	309.00	332.00	275.00	306.00
Diluted EPS	478.00	495.00	315.00	421.00	176.00	1,223.00	280.68	395.99	308.56	332.43	275.22	267.87

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)	206.1	204.2	204.0	227.9	231.7	253.3	253.4	375.2	357.8	345.3	301.7	438.6
I. Cash and cash equivalents	30.7	24.4	25.0	27.3	34.5	42.6	35.7	30.3	31.2	43.5	13.8	27.0
1. Cash	10.7	12.4	13.0	15.3	22.5	30.6	35.7	30.3	19.2	21.5	11.8	27.0
2. Cash equivalents	20.0	12.0	12.0	12.0	12.0	12.0	0.0	0.0	12.0	22.0	2.0	0.0
II. Short-term financial investments	11.7	6.7	4.0	9.0	9.0	12.0	24.0	24.0	20.0	20.0	57.4	137.4
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	11.7	6.7	4.0	9.0	9.0	12.0	24.0	24.0	20.0	20.0	57.4	137.4
III. Short-term receivables	70.2	68.4	69.6	83.6	88.8	99.2	110.8	213.9	187.3	164.4	143.2	181.8
1. Short-term trade accounts receivable	40.4	43.7	44.8	53.5	60.3	69.9	79.0	108.0	104.2	92.7	94.2	99.2
2. Short-term prepayments to suppliers	29.2	26.9	25.7	29.4	26.9	27.9	28.2	28.1	27.0	26.2	25.9	30.3
3. Short-term inter-company receivables	—	—	—	—	-0.0	0.1	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	1.9	2.2	2.2	3.8	4.6	4.3	4.5	78.6	56.9	46.2	23.9	53.0
7. Provision for short-term doubtful debts (*)	-1.3	-4.4	-3.0	-3.0	-3.0	-3.0	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	82.5	92.7	94.6	96.4	88.1	87.7	70.8	93.6	105.1	102.9	73.7	78.0
1. Inventories	82.5	92.7	94.6	96.4	88.1	87.7	70.8	93.6	105.1	102.9	73.7	78.0
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	10.9	12.0	10.9	11.6	11.3	11.7	12.0	13.4	14.2	14.5	13.6	14.5
1. Short-term prepayments	0.0	0.1	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.2	0.1	0.1
2. Value added tax to be reclaimed	10.4	11.7	10.6	11.3	11.2	11.5	1.2	13.1	13.6	14.2	13.5	14.0
3. Taxes and other receivables from state authorities	0.5	0.2	0.0	0.0	0.1	0.0	10.6	0.2	0.4	0.0	0.1	0.4
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)	250.7	252.5	253.5	255.0	252.4	250.7	250.6	251.4	252.2	254.7	255.6	251.9
I. Long-term receivables	5.3	5.3	5.3	5.3	4.3	4.3	4.3	4.2	4.2	4.4	4.4	4.4
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	5.3	5.3	5.3	5.3	4.3	4.3	4.3	4.2	4.2	4.4	4.4	4.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	30.6	32.2	33.1	34.4	33.1	34.4	36.0	39.7	40.6	42.6	44.6	46.6
1. Tangible fixed assets	30.6	32.2	33.0	34.4	33.0	34.4	36.0	39.7	40.6	42.6	44.6	46.6
- Cost	159.1	—	—	—	—	154.4	154.0	165.2	164.2	164.2	164.2	164.2
- Accumulated depreciation	-128.5	—	—	—	—	-119.9	-118.1	-125.5	-123.5	-121.6	-119.5	-117.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.6	1.6	1.7	1.8	1.8	1.9	2.0	0.0	0.0	0.0	0.0	0.0
- Cost	11.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	180.9	180.6	180.1	179.4	178.5	177.7	176.3	172.2	171.7	171.1	169.9	162.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	180.9	180.6	180.1	179.4	178.5	177.7	176.3	172.2	171.7	171.1	169.9	162.4
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	32.3	32.8	33.3	34.1	34.7	32.4	32.1	35.2	35.6	36.6	36.7	38.4
1. Long-term prepayments	32.3	32.8	33.3	34.1	34.7	32.4	32.1	35.2	35.6	36.6	36.7	38.4
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)	456.7	456.7	457.5	482.9	484.1	504.0	504.0	626.5	609.9	600.0	557.3	690.5
A. LIABILITIES (300=210+330)	119.5	126.0	132.9	162.2	151.1	173.2	176.1	290.6	278.9	272.7	234.2	370.7
I. Short -term liabilities	119.5	126.0	132.9	162.2	151.1	173.2	176.1	290.6	278.9	272.7	234.2	370.7
1. Short-term trade accounts payable	38.7	55.1	42.3	42.8	52.0	78.3	42.0	61.6	64.9	75.4	60.9	54.9
2. Short-term advances from customers	15.1	15.2	22.9	29.4	24.6	15.8	9.7	16.2	33.9	29.5	12.4	15.6
3. Taxes and other payables to state authorities	3.3	4.7	2.5	1.5	0.8	1.1	2.9	2.3	1.1	0.8	2.1	1.3
4. Payable to employees	6.3	11.5	9.3	7.5	6.7	12.2	11.2	9.4	8.2	13.2	10.6	8.1
5. Short-term acrrued expenses	0.4	0.4	0.2	0.4	0.3	0.4	2.5	2.5	0.4	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	0.5	0.2	0.5	0.2	0.1	0.2	0.2	0.0	0.2	0.2	0.0	0.0
9. Other short-term payables	2.9	2.7	3.0	33.2	14.8	35.0	35.9	109.9	87.2	86.6	74.1	219.5
10. Short-term borrowings and financial leases	50.4	33.9	49.9	44.4	49.6	27.8	69.4	86.2	80.5	64.5	71.5	68.8
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	2.1	2.2	2.2	2.7	2.2	2.5	2.5	2.5	2.5	2.5	2.5	2.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	337.2	330.7	324.6	320.7	333.0	330.8	327.9	335.9	331.0	327.3	323.2	319.7
I. Owner's equity	337.2	330.7	324.6	320.7	333.0	330.8	327.9	335.9	331.0	327.3	323.2	319.7
1. Owner's capital	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1
- Common stock with voting right	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00	124,100,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2
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	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8
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	22.1	15.6	9.5	5.6	17.9	15.7	12.8	20.8	15.9	12.2	8.1	4.6
- Accumulated retained earning at the end of the previous period	0.4	0.4	0.4	0.4	0.5	0.5	0.5	12.1	12.1	0.3	0.3	0.3
- Undistributed earnings in this period	21.8	15.3	9.1	5.2	17.4	15.2	12.3	8.7	3.8	11.8	7.7	4.3
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)	456.7	456.7	457.5	482.9	484.1	504.0	504.0	626.5	609.9	600.0	557.3	690.5

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	1.5	9.1	5.0	-7.8	14.4	3.8	4.4	6.2	4.9	5.1	4.3	4.2
Depreciation of Fixed Assets and Investment Property	1.7	1.6	1.9	1.9	1.8	1.9	2.0	2.0	2.0	2.0	2.0	2.1
Provision (Increase)/Reversal	-3.1	1.4	—	—	—	2.2	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	-0.2	0.2	0.0	-0.1	0.0	0.5
Gain/Loss from Investment Activities	-0.1	0.1	-0.3	-0.2	-0.1	-0.3	-0.1	-0.4	-0.1	-1.8	-1.4	-2.7
Interest Expense	1.1	0.6	0.6	0.7	0.4	-0.9	1.1	1.2	1.1	1.3	1.2	1.4
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	1.1	12.7	7.3	-5.5	16.5	6.8	7.2	9.2	7.8	6.5	6.1	5.5
Increase/(Decrease) in Receivables	2.6	-1.7	14.8	4.0	10.6	10.0	28.5	5.6	-23.0	-4.1	36.9	26.4
Increase/(Decrease) in Inventory	10.7	1.3	1.9	-8.4	-0.5	-16.9	22.7	11.6	-2.2	-29.2	4.3	16.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-27.5	19.6	-27.9	6.8	-49.7	31.6	-24.6	-27.4	-7.3	46.0	-134.7	-11.7
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.8	0.4	-2.2	-0.3	0.3	0.4	0.9	0.2	1.7	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.6	-0.7	-0.6	-0.4	1.0	-1.5	-0.7	-1.1	-1.2	-1.2	-1.4
Corporate Income Tax Paid	-2.4	-2.5	0.0	0.0	-0.9	-2.7	0.0	-0.5	-0.7	-2.5	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	0.0	0.0	-0.3	0.3	-0.4	-0.0	-0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-16.7	28.5	-3.8	-3.2	-26.9	29.8	32.3	-1.8	-25.6	15.7	-87.0	35.9
Payments for Fixed Assets and Other Long-term Assets	—	-5.3	0.7	-5.5	0.4	4.7	0.3	-1.6	-2.4	-3.2	-4.2	-10.3
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	5.0	-2.7	—	—	—	4.0	-4.0	0.0	0.0	0.0	0.0	-7.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	5.0	0.0	3.0	8.0	-8.0	8.0	0.0	37.4	0.0	42.0
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	0.1	-0.1	0.2	0.3	0.1	-0.1	0.2	1.3	-0.4	-13.1	1.4	2.9
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	5.1	-8.0	5.9	-5.3	3.4	16.6	-11.6	7.6	-2.8	21.2	-2.8	27.7
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	33.1	26.4	36.2	31.2	39.5	13.4	28.8	56.4	59.2	50.2	46.7	41.0
Repayment of Borrowings	-16.6	-42.3	-30.8	-36.4	-17.7	-54.9	-45.3	-51.1	-43.1	-57.3	-43.9	-57.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	5.1	-5.1	-9.8	6.4	-6.4	2.0	-10.8	-0.0	-0.0	-0.0	-6.2	-0.2
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	21.5	-21.1	-4.4	1.2	15.4	-39.6	-27.3	5.3	16.0	-7.1	-3.4	-17.1
Net Cash Flow During the Period	10.0	-0.6	-2.3	-7.3	-8.1	6.9	-6.6	11.2	-12.4	29.7	-93.2	46.5
Cash and Cash Equivalents at Beginning of Period	24.4	25.0	27.3	34.5	42.6	43.5	43.5	43.5	43.5	81.2	81.2	81.2
FX Difference from Revaluation	—	-0.0	—	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.4	24.4	25.0	27.3	34.5	42.6	35.7	42.4	31.2	43.5	13.8	107.0

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MED

What Is Changing

Drivers of MED'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