NBT

Cấp thoát nước Bến Tre ·UPCOM ·2026Q1

▼ Under pressure

Capital efficiency needs cycle context ROE 11.89%

Price

16,000

Latest close

04 Jun 2026

P/E 9.58x

P/B 1.04x

EPS 1,670

BVPS 15,358

ROE 12.5%

ROA 10.7%

Profit Margin 23.1%

Asset Turnover 0.46x

Equity Mult. 1.16x

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

What Is Changing

On a TTM 2026Q1 basis, NBT is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 245bn
	                                
+1.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 56bn
	                                
−2.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	241.9	242.3	225.8	215.5	206.5
Growth	-0%	+7%	+5%	+4%	—
Net Income	54.0	57.8	55.4	54.6	47.6
Net Margin	22.33%	23.84%	24.54%	25.32%	23.05%

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	62.9	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6
Growth	+11%	-4%	-12%	+12%	+11%	-5%	-20%	+16%	+12%	-2%	-9%	—
Net Income	12.6	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5
Net Margin	20.10%	18.59%	28.32%	24.96%	22.00%	21.02%	21.96%	29.30%	24.65%	22.53%	25.97%	26.79%

Drivers of NBT's profit

TTM

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

Gross profit ↑ 7.0bn

Other profit ↑ 3.1bn

Finance costs ↓ 1.4bn

Financial income ↑ 0.7bn

Selling expenses ↑ 7.0bn

Administrative expenses ↑ 6.6bn

TTM

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

Gross profit ↑ 1.5bn

Other profit ↑ 0.2bn

Finance costs ↓ 0.2bn

Financial income ↑ 0.1bn

Selling expenses ↑ 1.4bn

Administrative expenses ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.9% = 23.9% × 0.45 × 1.20

2026Q1 12.5% = 23.1% × 0.46 × 1.16

ROE is broadly flat at 12.5% — the components are offsetting one another.

Net margin: 23.1% -0.9pp Asset turnover: 0.46x +0.02x Leverage: 1.16x -0.04x

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 23.05%, falling 0.9pp. The main pressure is SG&A / Revenue rose 5.0pp, outweighing the improvement in Gross margin rose 1.8pp (with additional support from Other profit / Revenue rose 1.3pp and Net financial result / Revenue rose 0.9pp).

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

Profitability trend

Net Margin 23.05% −0.9pp

Gross Margin 65.94% +1.8pp

SG&A / Revenue 37.60% +5.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 11.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 11.89%, falling 0.5pp. That translates to 11.89 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 11.89% −0.5pp

NOPAT Margin 21.99% −1.9pp

Capital Turnover 0.54x +0.02x

Average Invested Capital 453.4bn −10.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.01x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 3.8 days versus the same period last year. The main moves came from DIO rose 4.9 days, DSO fell 12.3 days, and DPO fell 11.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.8 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +4.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 1.5 days −12.3 days

Inventory 65.4 days +4.9 days

Payables 28.5 days −11.2 days

Cash Conversion Cycle 38.5 days +3.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 77.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 12.57x.

At present, short-term debt accounts for 23.6% of total debt, cash equals 105.8% of debt, and total debt stands at 49.4bn.

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

Leverage and liquidity trend

Net Debt / Equity -0.01x −0.01x

Interest Coverage 12.57x +2.02x

Cash / Debt 105.8% +10.8pp

Short-term Debt / Total Debt 23.6% −15.1pp

CFO / NI 1.49x −0.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 77.8bn in 2025, against investing cash flow of -32.9bn.

Post-investment cash flow was positive +44.9bn. Financing cash flow was negative +67.2bn.

CFO / net income was 1.49x.

After spending +32.7bn on fixed-asset investment, the business generated trailing free cash flow of +51.6bn.

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

Cash Conversion

CFO TTM 84.3bn −6.4bn

Cash Capex 32.7bn +2.8bn

FCF TTM +51.6bn −9.2bn

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 some core pressures remaining the main constraint. The next watchpoint is capital efficiency, with ROIC at 11.9%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.49x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.49x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	241.9	242.3	225.8	215.5	206.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	241.9	242.3	225.8	215.5	206.5
Cost of Goods Sold	82.5	89.0	83.4	77.0	0.0
Gross Profit	159.4	153.3	142.4	138.5	123.6
Financial Income	0.8	0.2	0.2	0.7	1.6
Financial Expenses	5.4	6.5	4.5	4.1	-5.1
Interest Expense	5.4	6.5	4.5	4.1	-5.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	63.7	56.1	53.2	50.9	-45.8
General and Administrative Expenses	28.7	21.5	19.3	18.7	-17.4
Operating Profit	62.4	69.4	65.6	65.5	57.0
Other Income	3.2	0.5	1.3	1.1	0.0
Other Expenses	0.3	0.2	0.1	0.8	0.0
Other Profit	2.9	0.3	1.3	0.3	0.7
Profit Before Tax	65.3	69.7	66.9	65.8	57.7
Current Income Tax Expense	11.3	12.0	11.5	11.2	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	54.0	57.8	55.4	54.6	47.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	54.0	57.8	55.4	54.6	47.6
Earnings per Share	1,607.00	1,764.00	1,666.00	1,605.00	1,441.00
Diluted EPS	1,607.00	1,764.00	1,666.00	1,605.00	1,619.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	74.1	93.5	91.6	51.5	81.4
I. Cash and cash equivalents	56.0	78.3	62.7	23.0	47.2
1. Cash	33.8	76.3	60.7	10.5	0.0
2. Cash equivalents	22.2	2.0	2.0	12.4	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	6.1	2.0	17.1	15.7	18.7
1. Short-term trade accounts receivable	0.8	1.0	15.5	15.1	0.0
2. Short-term prepayments to suppliers	5.1	0.9	1.4	0.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	10.7	11.9	10.5	9.9	11.5
1. Inventories	10.7	11.9	10.5	9.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	1.3	1.3	2.9	4.0
1. Short-term prepayments	1.2	1.3	1.3	1.3	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	1.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.1	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)	454.9	454.5	460.7	458.9	437.1
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	423.9	425.5	416.1	429.3	416.8
1. Tangible fixed assets	423.8	425.3	416.1	429.2	416.6
- Cost	1,008.4	971.5	923.6	899.4	0.0
- Accumulated depreciation	-584.6	-546.1	-507.5	-470.2	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	0.1	0.2	0.0	0.1	0.1
- Cost	1.5	1.5	1.3	1.3	0.0
- Accumulated depreciation	-1.4	-1.3	-1.3	-1.2	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	1.7	6.0	25.5	9.3	5.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.7	6.0	25.5	9.3	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	29.2	23.1	19.1	20.3	0.0
1. Long-term prepayments	29.2	23.1	19.1	20.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.6
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)	528.9	548.0	552.2	510.5	518.6
A. LIABILITIES (300=210+330)	73.2	90.0	109.6	99.2	110.4
I. Short -term liabilities	36.8	44.5	47.9	52.5	42.3
1. Short-term trade accounts payable	3.0	2.3	3.9	6.2	7.9
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2
3. Taxes and other payables to state authorities	3.0	3.0	3.5	2.4	0.0
4. Payable to employees	9.6	7.1	5.7	5.4	0.0
5. Short-term acrrued expenses	0.1	0.3	0.5	0.6	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	0.1	0.7	3.0	12.6	0.0
10. Short-term borrowings and financial leases	16.0	27.1	25.7	18.5	18.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.8	3.7	5.4	6.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	36.5	45.5	61.7	46.7	68.1
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	2.9	0.0
8. Long-term borrowings and financial leases	36.5	45.5	61.7	43.8	62.1
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)	455.7	458.0	442.6	411.3	408.2
I. Owner's equity	455.7	458.0	442.6	411.3	0.0
1. Owner's capital	294.0	294.0	294.0	294.0	408.2
- Common stock with voting right	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	126.7	111.0	95.1	82.0	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	35.0	53.0	53.6	35.3	46.7
- Accumulated retained earning at the end of the previous period	—	11.8	14.7	0.0	38.4
- Undistributed earnings in this period	35.0	41.2	38.9	35.3	8.2
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)	528.9	548.0	552.2	510.5	518.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-11.6	-12.4	-10.5	-12.7	0.0
Other Operating Receipts	2.2	1.5	1.6	1.8	0.0
Other Operating Payments	-23.8	-26.4	-23.6	-23.0	0.0
Net Cash Flow from Operating Activities	77.8	91.7	83.5	80.2	46.8
Payments for Fixed Assets and Other Long-term Assets	-34.4	-26.0	-43.0	-56.2	-44.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	0.0	1.2	1.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-1.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	62.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.7	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	-32.9	-26.0	-41.8	-54.3	18.5
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	7.0	11.1	45.2	0.2	0.0
Repayment of Borrowings	-27.1	-25.9	-20.1	-18.5	-18.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-47.0	-35.3	-27.1	-31.7	-26.5
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	-67.2	-50.1	-2.0	-50.0	-45.0
Net Cash Flow During the Period	-22.2	15.6	39.7	-24.2	3.1
Cash and Cash Equivalents at Beginning of Period	78.3	62.7	23.0	47.2	26.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	56.0	78.3	62.7	23.0	47.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	62.9	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	62.9	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6
Cost of Goods Sold	22.8	19.1	18.6	23.0	21.1	18.9	20.8	25.8	23.5	22.1	19.4	22.7
Gross Profit	40.1	37.3	40.4	43.8	38.7	34.9	35.8	45.2	37.6	32.6	36.4	38.9
Financial Income	0.2	0.3	0.4	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1
Financial Expenses	1.3	1.2	1.3	1.4	1.5	1.6	1.7	1.7	1.4	1.2	1.2	1.0
Interest Expense	1.3	1.2	1.3	1.4	1.5	1.6	1.7	1.7	1.4	1.2	1.2	1.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	16.5	16.3	15.2	17.1	15.1	14.7	14.0	14.3	12.9	13.4	13.1	13.7
General and Administrative Expenses	7.3	7.3	6.1	6.4	6.1	4.8	5.0	4.6	5.1	4.5	4.6	4.4
Operating Profit	15.3	12.8	18.1	19.0	16.1	13.7	15.1	24.6	18.1	13.6	17.5	19.9
Other Income	0.0	0.0	2.0	1.1	0.0	0.0	0.0	0.5	0.0	1.3	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.2	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	2.0	1.1	-0.2	-0.0	-0.1	0.5	-0.0	1.3	-0.0	0.0
Profit Before Tax	15.3	12.8	20.2	20.1	15.9	13.7	15.0	25.1	18.1	14.9	17.5	19.9
Current Income Tax Expense	2.6	2.3	3.5	3.4	2.7	2.4	2.6	4.3	3.1	2.6	3.0	3.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.6	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.6	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5
Earnings per Share	358.00	300.00	510.00	502.00	397.00	334.00	372.00	658.00	461.00	364.00	439.00	501.00
Diluted EPS	358.00	300.00	510.00	502.00	397.00	1,825.00	372.00	658.00	461.00	364.00	439.00	501.00

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)	75.1	74.1	72.2	100.2	81.7	93.5	86.4	103.2	83.2	91.6	64.3	79.6
I. Cash and cash equivalents	52.2	56.0	51.9	80.1	60.2	78.3	69.1	70.1	50.5	62.7	32.8	40.2
1. Cash	29.8	33.8	29.9	38.1	58.2	76.3	67.1	68.1	48.5	60.7	30.8	38.2
2. Cash equivalents	22.4	22.2	22.0	42.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	7.7	6.1	6.3	5.1	5.1	2.0	2.8	19.0	18.2	17.1	17.6	25.8
1. Short-term trade accounts receivable	1.1	0.8	1.0	0.8	1.0	1.0	1.3	17.2	17.3	15.5	15.9	17.2
2. Short-term prepayments to suppliers	6.5	5.1	5.2	4.1	4.0	0.9	1.1	1.5	0.5	1.4	1.5	8.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.5	0.2	0.5	0.2	0.2	0.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	14.4	10.7	12.4	13.0	15.5	11.9	13.0	13.7	13.2	10.5	11.1	13.2
1. Inventories	14.4	10.7	12.4	13.0	15.5	11.9	13.0	13.7	13.2	10.5	11.1	13.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	1.3	1.7	2.0	0.9	1.3	1.5	0.4	1.3	1.3	2.9	0.4
1. Short-term prepayments	0.6	1.2	1.7	2.0	0.9	1.3	1.5	0.4	0.7	1.3	1.7	0.4
2. Value added tax to be reclaimed	—	0.0	—	—	—	0.0	0.0	0.0	0.4	0.0	1.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	447.1	454.9	447.0	446.9	450.6	454.7	455.1	457.8	463.7	460.7	466.2	441.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	415.4	423.9	410.4	412.9	420.2	425.4	424.5	431.1	441.1	416.1	422.5	418.0
1. Tangible fixed assets	415.3	423.8	410.3	412.7	420.1	425.3	424.4	431.0	441.0	416.1	422.4	418.0
- Cost	1,010.5	—	—	—	—	971.4	961.0	958.0	958.0	923.6	921.5	908.1
- Accumulated depreciation	-595.2	—	—	—	—	-546.1	-536.6	-526.9	-517.0	-507.5	-499.1	-490.1
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	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1	0.1
- Cost	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	2.3	1.7	10.0	8.5	7.2	6.2	9.2	6.1	3.6	25.5	24.9	5.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	1.7	10.0	8.5	7.2	6.2	9.2	6.1	3.6	25.5	24.9	5.1
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	29.4	29.2	26.5	25.5	23.2	23.1	21.4	20.7	19.1	19.1	18.8	18.8
1. Long-term prepayments	29.4	29.2	26.5	25.5	23.2	23.1	21.4	20.7	19.1	19.1	18.8	18.8
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)	522.2	528.9	519.2	547.1	532.3	548.1	541.5	561.0	546.9	552.2	530.4	521.5
A. LIABILITIES (300=210+330)	70.7	70.2	69.3	79.5	77.3	88.3	91.5	101.4	105.4	108.5	97.4	83.7
I. Short -term liabilities	33.0	33.8	36.9	44.9	38.5	42.9	43.6	45.7	52.8	46.8	41.5	41.2
1. Short-term trade accounts payable	8.6	2.9	5.4	6.8	4.5	2.3	2.8	3.2	14.3	3.9	3.3	4.7
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.4
3. Taxes and other payables to state authorities	4.6	2.9	4.4	4.2	3.4	3.3	3.6	5.2	3.9	3.5	3.6	4.3
4. Payable to employees	4.9	6.7	5.2	5.2	3.4	5.2	4.0	3.3	2.7	4.4	3.8	3.3
5. Short-term acrrued expenses	0.2	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.3	0.5	0.3	0.5
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	0.1	0.1	0.2	0.3	0.7	0.7	3.0	3.0	3.0	3.0	3.3	3.2
10. Short-term borrowings and financial leases	11.6	16.0	17.4	24.5	24.5	27.1	26.8	26.6	26.6	25.7	22.8	19.5
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	2.8	4.8	3.9	3.5	1.6	3.7	2.8	3.8	1.8	5.5	4.2	5.2
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	37.7	36.5	32.4	34.6	38.9	45.5	47.9	55.7	52.6	61.7	55.9	42.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.9	2.9
8. Long-term borrowings and financial leases	37.7	36.5	32.4	34.6	38.9	45.5	47.9	55.7	52.6	61.7	52.9	39.6
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)	451.5	458.7	449.9	467.6	455.0	459.8	450.0	459.6	441.5	443.8	433.1	437.8
I. Owner's equity	451.5	458.7	449.9	467.6	455.0	459.8	450.0	459.6	441.5	443.8	433.1	437.8
1. Owner's capital	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0
- Common stock with voting right	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00	294,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	128.7	126.7	123.7	120.7	113.7	111.0	108.4	105.7	97.7	95.1	92.5	90.0
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	28.8	38.0	32.2	52.9	47.3	54.8	47.6	59.9	49.8	54.7	46.5	53.8
- Accumulated retained earning at the end of the previous period	20.3	32.2	20.1	41.3	38.3	47.6	39.3	43.3	38.9	46.5	36.2	41.2
- Undistributed earnings in this period	8.5	5.8	12.0	11.5	9.0	7.2	8.3	16.7	10.9	8.2	10.4	12.6
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)	522.2	528.9	519.2	547.1	532.3	548.1	541.5	561.0	546.9	552.2	530.4	521.5

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.7	-3.4	-3.4	-2.7	-2.0	-2.6	-4.3	-3.1	-2.5	-3.0	-3.4	-2.7
Other Operating Receipts	1.1	—	—	—	—	0.3	0.5	0.3	0.4	0.5	0.2	0.3
Other Operating Payments	-7.5	-5.3	-6.6	-6.2	-5.6	-8.1	-6.0	-5.9	-6.4	-7.4	-5.6	-5.1
Net Cash Flow from Operating Activities	18.8	17.4	21.8	26.2	12.3	21.4	27.5	29.4	13.4	19.0	21.8	24.7
Payments for Fixed Assets and Other Long-term Assets	-4.8	-15.9	-8.5	-3.5	-6.5	-10.1	-0.4	-12.9	-2.6	-16.3	-13.8	-3.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	1.5	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.8	-15.9	-8.5	-2.0	-6.5	-10.1	-0.4	-12.9	-2.6	-15.3	-13.7	-3.7
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	3.5	7.0	—	—	—	2.2	1.6	7.3	0.0	28.9	9.8	0.0
Repayment of Borrowings	-6.6	-4.3	-9.3	-4.3	-9.3	-4.3	-9.1	-4.2	-8.2	-2.8	-7.6	-2.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-14.7	0.0	-32.3	0.0	-14.7	0.0	-20.6	0.0	-14.7	0.0	-17.6	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	-17.8	2.7	-41.6	-4.3	-24.0	-2.1	-28.2	3.1	-22.9	26.2	-15.4	-2.4
Net Cash Flow During the Period	-3.8	4.2	-28.2	19.9	-18.1	9.2	-1.1	19.6	-12.1	29.9	-7.4	18.6
Cash and Cash Equivalents at Beginning of Period	56.0	51.9	80.1	60.2	78.3	62.7	62.7	62.7	62.7	23.0	23.0	23.0
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	52.2	56.0	51.9	80.1	60.2	78.3	69.1	70.1	50.5	62.7	32.8	40.2

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NBT

What Is Changing

Drivers of NBT'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