NCS

Suất ăn Hàng không Nội Bài ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.58x

Price

38,500

Latest close

02 Jun 2026

P/E 9.85x

P/B 2.64x

EPS 3,909

BVPS 14,577

ROE 30.4%

ROA 14.2%

Profit Margin 7.6%

Asset Turnover 1.87x

Equity Mult. 2.14x

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

What Is Changing

On a TTM 2026Q1 basis, NCS is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 924bn
	                                
+21.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 70bn
	                                
+23.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	874.8	732.1	613.7	409.8	127.5
Growth	+19%	+19%	+50%	+222%	—
Net Income	67.7	54.8	46.2	5.3	-86.4
Net Margin	7.74%	7.48%	7.53%	1.29%	-67.81%

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	257.2	236.7	228.9	201.6	207.6	193.8	197.7	162.4	178.1	166.9	163.7	136.6
Growth	+9%	+3%	+14%	-3%	+7%	-2%	+22%	-9%	+7%	+2%	+20%	—
Net Income	21.0	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9
Net Margin	8.18%	6.79%	7.49%	7.89%	8.37%	6.61%	7.41%	7.45%	8.51%	9.64%	7.09%	5.81%

Drivers of NCS'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

Finance costs ↓ 3.6bn

Financial income ↑ 2.5bn

Administrative expenses ↑ 6.9bn

Tax ↑ 2.0bn

TTM

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

Gross profit ↑ 4.9bn

Finance costs ↓ 0.5bn

Selling expenses ↓ 0.4bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 1.6bn

Tax ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 33.2% = 7.5% × 1.67 × 2.67

2026Q1 30.4% = 7.6% × 1.87 × 2.14

ROE fell from 33.2% to 30.4% — leverage weakened the most, though net margin and asset turnover still provided support.

Net margin: 7.6% +0.1pp Asset turnover: 1.87x +0.21x Leverage: 2.14x -0.53x

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 stands at 7.59%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 7.59% +0.1pp

Gross Margin 15.16% −1.0pp

SG&A / Revenue 5.36% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 19.0 days.

Is capital being deployed efficiently?

ROIC expanded to 21.53%, rising 3.8pp. That translates to 21.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.45x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 21.53% +3.8pp

NOPAT Margin 7.63% +0.2pp

Capital Turnover 2.82x +0.45x

Average Invested Capital 327.4bn +7.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.96x equity, net debt at 0.29x equity.

Over the last 12 months, working capital released 19.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −15.8bn

Inventories increased → lower CFO: −1.5bn

Payables increased → higher CFO: +36.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.8 days versus the same period last year. The main moves came from DIO fell 0.9 days, DSO fell 3.7 days, and DPO fell 1.9 days.

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

Working Capital Efficiency

Receivables 42.0 days −3.7 days

Inventory 6.6 days −0.9 days

Payables 29.7 days −1.9 days

Cash Conversion Cycle 19.0 days −2.8 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 11.74x.

At present, short-term debt accounts for 92.5% of total debt, cash equals 23.3% of debt, and total debt stands at 99.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 92.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 23.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.29x −0.29x

Interest Coverage 11.74x +5.20x

Cash / Debt 23.3% +4.0pp

Short-term Debt / Total Debt 92.5% +32.5pp

CFO / NI 1.58x +0.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 106.2bn in 2025, against investing cash flow of -34.0bn.

Post-investment cash flow was positive +72.3bn. Financing cash flow was negative +69.8bn.

CFO / net income was 1.58x.

After spending +22.1bn on fixed-asset investment, the business generated trailing free cash flow of +89.0bn.

Cash Conversion

CFO TTM 111.1bn +29.0bn

Cash Capex 22.1bn —

FCF TTM +89.0bn —

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.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.58x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	900.8	758.8	633.9	413.4	129.2
Revenue Deductions	26.0	26.8	20.1	3.7	0.0
Net Revenue	874.8	732.1	613.7	409.8	127.5
Cost of Goods Sold	738.9	615.1	510.4	353.4	0.0
Gross Profit	135.9	117.0	103.3	56.3	-52.2
Financial Income	5.1	2.8	4.0	3.8	5.5
Financial Expenses	8.1	12.4	24.7	26.5	-25.3
Interest Expense	7.7	12.1	24.6	26.4	-25.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	15.6	13.9	14.9	10.8	-1.8
General and Administrative Expenses	31.8	26.1	21.8	17.8	-12.8
Operating Profit	85.5	67.4	46.0	5.0	-86.6
Other Income	0.2	0.2	0.2	0.3	0.0
Other Expenses	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.4	0.2	0.2	0.3	0.2
Profit Before Tax	85.1	67.6	46.2	5.3	-86.4
Current Income Tax Expense	17.4	12.8	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	67.7	54.8	46.2	5.3	-86.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	67.7	54.8	46.2	5.3	-86.4
Earnings per Share	3,771.00	3,052.00	2,573.00	296.00	-2,434.00
Diluted EPS	3,771.00	3,052.00	2,573.00	296.00	-4,815.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	188.2	161.2	132.2	151.5	105.6
I. Cash and cash equivalents	16.0	13.5	13.2	39.8	6.7
1. Cash	16.0	13.5	13.2	39.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	73.0	53.0	3.5	30.0	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	73.0	53.0	3.5	30.0	0.0
III. Short-term receivables	85.5	78.5	100.0	67.2	27.2
1. Short-term trade accounts receivable	84.4	74.7	100.8	68.6	0.0
2. Short-term prepayments to suppliers	0.1	2.8	0.2	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.3	2.2	1.0	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-2.0	-2.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.7	15.4	13.7	12.7	9.4
1. Inventories	13.7	15.4	13.7	12.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.8	1.8	1.8	2.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	1.8	1.8	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)	296.9	310.8	331.0	362.1	390.4
I. Long-term receivables	1.5	0.6	1.5	1.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.9
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	1.5	1.4	1.5	1.8	0.0
7. Provision for long-term doubtful debts	—	-0.8	0.0	0.0	0.0
II. Fixed assets	287.8	299.7	327.8	357.3	388.0
1. Tangible fixed assets	287.8	299.7	327.8	357.3	387.6
- Cost	583.7	566.1	565.0	566.5	0.0
- Accumulated depreciation	-295.9	-266.4	-237.2	-209.2	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	—	0.0	0.0	0.0	0.5
- Cost	4.7	4.7	4.7	4.7	0.0
- Accumulated depreciation	-4.7	-4.7	-4.7	-4.7	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.7	10.6	1.7	3.0	0.0
1. Long-term prepayments	7.7	10.6	1.7	3.0	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	0.5
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)	485.2	472.0	463.2	513.6	496.0
A. LIABILITIES (300=210+330)	237.9	289.5	335.5	432.1	430.0
I. Short -term liabilities	220.3	231.6	217.0	241.4	164.4
1. Short-term trade accounts payable	78.6	74.9	61.1	51.6	14.6
2. Short-term advances from customers	—	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	7.7	10.3	1.2	1.6	0.0
4. Payable to employees	70.2	53.7	31.8	15.5	0.0
5. Short-term acrrued expenses	2.0	2.1	1.9	11.3	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	0.7	0.5	0.3	27.0	0.0
10. Short-term borrowings and financial leases	60.4	89.8	120.2	133.0	121.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.3	0.5	1.4	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	17.5	57.9	118.5	190.7	265.5
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	17.5	57.9	118.5	190.7	238.6
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)	247.3	182.5	127.7	81.5	66.1
I. Owner's equity	247.3	182.5	127.7	81.5	0.0
1. Owner's capital	179.5	179.5	179.5	179.5	66.1
- Common stock with voting right	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00
- 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	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	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	—	0.0	0.0	0.0	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	67.8	3.0	-51.8	-97.9	-113.4
- Accumulated retained earning at the end of the previous period	0.1	-51.8	-97.9	-103.2	-26.4
- Undistributed earnings in this period	67.7	54.8	46.2	5.3	-87.0
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)	485.2	472.0	463.2	513.6	496.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.1	67.6	46.2	5.3	-87.0
Depreciation of Fixed Assets and Investment Property	29.5	29.1	29.6	31.0	31.8
Provision (Increase)/Reversal	-0.8	0.0	0.0	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.1	0.1	0.0
Gain/Loss from Investment Activities	-2.8	-1.2	-2.5	-3.8	0.0
Interest Expense	7.7	12.1	24.6	26.4	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	118.7	107.6	97.8	59.8	-35.4
Increase/(Decrease) in Receivables	-6.0	24.6	-32.4	-35.7	0.0
Increase/(Decrease) in Inventory	1.7	-1.8	-1.0	-3.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.0	33.9	22.0	45.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	-8.9	1.3	-2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.7	-12.2	-31.2	-35.5	0.0
Corporate Income Tax Paid	-23.1	-1.5	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	106.2	141.6	56.6	27.6	-28.5
Payments for Fixed Assets and Other Long-term Assets	-16.6	-1.1	0.0	-0.3	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-93.0	-53.0	-43.5	-54.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	73.0	3.5	70.0	84.0	25.0
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	2.7	0.2	2.3	12.1	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	-34.0	-50.4	28.8	41.9	10.6
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	403.6	515.8	374.2	257.5	139.1
Repayment of Borrowings	-473.4	-606.8	-459.3	-293.9	-124.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-26.9	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-69.8	-91.0	-112.0	-36.3	14.3
Net Cash Flow During the Period	2.5	0.3	-26.5	33.1	-0.1
Cash and Cash Equivalents at Beginning of Period	13.5	13.2	39.8	6.7	10.3
FX Difference from Revaluation	-0.0	0.0	-0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	16.0	13.5	13.2	39.8	6.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	265.7	240.2	239.1	206.4	215.0	195.2	209.2	170.7	183.6	171.3	172.3	141.2
Revenue Deductions	8.5	3.5	10.1	4.8	7.4	1.4	11.6	8.3	5.5	4.4	8.6	4.6
Net Revenue	257.2	236.7	228.9	201.6	207.6	193.8	197.7	162.4	178.1	166.9	163.7	136.6
Cost of Goods Sold	217.5	205.5	193.3	168.0	172.8	165.7	165.1	134.4	149.8	139.3	137.7	114.5
Gross Profit	39.6	31.2	35.6	33.7	34.8	28.0	32.6	28.0	28.3	27.6	26.0	22.1
Financial Income	1.7	2.6	1.2	0.9	1.2	1.8	0.2	0.6	0.4	1.3	0.7	0.9
Financial Expenses	2.0	1.6	1.7	2.3	2.6	2.5	3.1	3.1	3.9	5.1	5.8	6.3
Interest Expense	1.9	1.4	1.7	2.1	2.4	2.4	2.8	3.0	2.6	5.0	5.7	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	3.6	4.1	3.8	4.1	3.2	3.9	3.8	3.0	2.7	3.7	3.3
General and Administrative Expenses	9.3	7.7	8.7	8.6	7.7	6.4	6.8	6.5	6.3	5.2	5.6	5.5
Operating Profit	26.3	20.9	22.3	19.9	21.7	17.7	19.0	15.1	15.5	16.1	11.6	7.8
Other Income	0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2
Other Expenses	0.0	0.5	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.4	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.2
Profit Before Tax	26.3	20.5	22.3	19.9	21.7	17.7	19.2	15.1	15.5	16.1	11.6	7.9
Current Income Tax Expense	5.3	4.4	5.1	4.0	4.3	4.9	4.5	3.0	0.4	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	21.0	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.0	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9
Earnings per Share	1,172.00	896.00	955.00	886.00	968.00	714.00	816.00	674.00	844.00	897.00	647.00	442.00
Diluted EPS	1,172.00	896.00	955.00	886.00	968.00	3,052.00	816.00	674.00	844.00	897.00	647.00	442.00

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)	230.7	189.0	196.3	165.6	166.6	162.2	166.9	142.2	121.0	132.1	183.8	170.9
I. Cash and cash equivalents	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0
1. Cash	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	73.0	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5	40.0
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	73.0	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5	40.0
III. Short-term receivables	119.5	86.3	110.1	92.0	102.2	76.6	87.6	79.1	88.9	99.9	123.1	109.2
1. Short-term trade accounts receivable	112.4	84.2	105.0	88.0	100.5	74.6	87.9	79.2	90.4	100.9	123.8	109.5
2. Short-term prepayments to suppliers	5.7	0.1	3.6	3.6	0.8	1.1	0.0	1.5	0.1	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.6	3.2	2.7	1.6	2.0	2.2	0.9	0.4	0.3	1.0	1.2	1.7
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-2.0	-2.0	-2.0	-2.0	-2.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	15.0	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5	10.8
1. Inventories	15.0	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5	10.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	0.4	0.7	—	3.6	0.0	0.0	1.5	1.8	1.8	1.8
1. Short-term prepayments	—	—	—	—	—	2.8	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.4	0.7	—	0.0	0.0	0.0	1.5	1.8	1.8	1.8
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)	287.2	296.0	293.7	295.5	302.4	308.0	311.9	316.2	323.4	331.0	338.2	347.5
I. Long-term receivables	1.5	1.4	1.6	0.8	0.7	0.6	0.7	1.5	1.8	1.5	1.9	1.7
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	1.5	1.4	1.6	1.6	1.5	1.4	1.5	1.5	1.8	1.5	1.9	1.7
7. Provision for long-term doubtful debts	—	—	—	-0.8	-0.8	-0.8	-0.8	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	280.1	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1	342.5
1. Tangible fixed assets	280.1	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1	342.5
- Cost	583.7	—	—	—	—	566.1	566.1	565.0	565.0	565.0	565.0	565.0
- Accumulated depreciation	-303.6	—	—	—	—	-266.4	-259.1	-251.8	-244.5	-237.2	-229.9	-222.5
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
- Cost	4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.7	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2	3.3
1. Long-term prepayments	5.7	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2	3.3
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)	517.9	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0	518.3
A. LIABILITIES (300=210+330)	256.3	244.4	258.5	248.3	269.1	287.7	309.2	303.4	301.6	335.3	410.2	418.1
I. Short -term liabilities	248.8	226.9	230.9	190.3	211.2	229.8	210.9	205.1	183.1	186.5	241.2	249.1
1. Short-term trade accounts payable	72.2	78.5	67.3	58.9	55.4	73.2	58.5	47.0	54.9	60.9	53.7	51.5
2. Short-term advances from customers	0.3	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.3	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	11.4	6.6	9.4	5.1	6.9	10.3	7.3	4.0	2.8	1.2	4.0	7.3
4. Payable to employees	47.4	71.3	61.1	48.8	43.8	53.9	42.5	30.7	30.9	31.8	26.0	15.8
5. Short-term acrrued expenses	13.4	2.0	23.7	18.6	11.8	2.1	27.3	20.0	11.5	2.0	14.9	16.5
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	5.6	0.4	14.8	9.5	5.8	0.3	17.0	13.8	6.0	0.2	37.1	33.2
10. Short-term borrowings and financial leases	91.9	60.4	52.7	47.5	87.1	89.8	57.9	89.2	76.5	89.9	104.3	123.6
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	6.5	7.6	1.7	1.9	0.4	0.3	0.4	0.4	0.5	0.5	1.0	1.2
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	7.4	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0	169.0
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	7.4	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0	169.0
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)	261.6	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8	100.3
I. Owner's equity	261.6	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8	100.3
1. Owner's capital	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5
- Common stock with voting right	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00
- 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	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	82.2	61.1	52.0	33.4	20.4	3.0	-9.9	-24.5	-36.6	-51.7	-67.7	-79.2
- Accumulated retained earning at the end of the previous period	61.1	0.1	0.1	—	3.0	-51.8	-51.8	-51.8	-51.8	-97.9	-97.9	-97.9
- Undistributed earnings in this period	21.0	61.0	51.9	33.4	17.4	54.8	41.9	27.3	15.2	46.3	30.3	18.7
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)	517.9	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0	518.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	26.3	20.2	22.2	21.0	21.7	17.8	19.2	15.1	15.5	15.9	11.5	8.2
Depreciation of Fixed Assets and Investment Property	7.7	7.5	7.5	7.3	7.2	7.3	7.3	7.3	7.3	7.4	7.4	7.4
Provision (Increase)/Reversal	—	0.0	0.0	-0.8	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.5
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.0	0.1	-0.2	-0.3	0.3	-0.1	0.0	0.1	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-1.2	-0.7	-0.3	-0.6	-1.0	-0.1	-0.0	-0.0	-0.4	-0.5	-0.7
Interest Expense	1.9	1.4	1.7	2.1	2.4	2.4	2.8	3.0	3.9	5.0	5.8	6.3
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	34.8	28.0	30.7	29.4	30.6	26.1	29.5	25.3	26.7	28.0	24.2	20.7
Increase/(Decrease) in Receivables	-33.1	25.9	-18.4	9.8	-23.3	10.3	-7.7	11.5	11.3	23.3	-14.5	3.2
Increase/(Decrease) in Inventory	-1.3	-0.9	1.0	-0.4	1.9	-2.5	-0.0	0.1	0.7	-1.1	-1.7	0.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.2	-22.0	37.7	26.3	-22.0	-17.9	32.6	6.2	9.4	-13.3	10.7	14.0
Increase/(Decrease) in Prepaid Expenses	2.0	-2.2	0.9	2.8	1.4	-6.4	-2.7	-0.3	0.5	-0.5	2.1	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-1.4	-1.7	-2.1	-2.4	-2.4	-2.8	-3.0	-3.9	-4.8	-5.0	-13.2
Corporate Income Tax Paid	-4.4	-5.1	-4.2	-13.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.0	22.3	46.0	51.8	-13.8	7.2	48.9	39.9	44.7	31.5	15.7	25.4
Payments for Fixed Assets and Other Long-term Assets	-5.4	-4.4	-8.1	-4.1	—	0.0	-1.1	0.0	0.0	0.0	0.0	0.0
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	-10.0	-40.0	-33.0	-20.0	—	0.0	-53.0	0.0	0.0	0.0	-3.5	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	20.0	23.0	0.0	30.0	0.0	3.5	0.0	0.0	20.0	20.0	20.0
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	0.3	0.6	1.2	0.1	0.8	1.0	0.1	0.0	0.0	0.5	1.0	-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	-5.2	-23.8	-17.0	-24.0	30.8	1.0	-50.5	0.0	0.0	20.5	17.5	-0.0
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	98.4	60.6	102.6	101.6	138.8	138.2	121.0	123.2	133.5	134.1	121.8	79.1
Repayment of Borrowings	-77.0	-63.0	-127.7	-141.2	-141.5	-146.7	-152.4	-130.6	-177.1	-168.7	-141.1	-98.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-26.9	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	21.4	-2.4	-25.1	-39.5	-2.7	-8.5	-31.4	-7.5	-43.6	-61.6	-19.3	-19.6
Net Cash Flow During the Period	7.3	-3.9	3.9	-11.8	14.3	-0.3	-32.9	32.4	1.1	-9.6	13.8	5.7
Cash and Cash Equivalents at Beginning of Period	16.0	20.0	16.0	27.9	13.5	13.2	13.2	13.2	13.2	39.8	39.8	39.8
FX Difference from Revaluation	-0.1	-0.0	0.0	0.0	0.2	0.3	-0.3	0.1	0.0	-0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0

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NCS

What Is Changing

Drivers of NCS's profit

Financial Highlights

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Is capital being deployed efficiently? ▲▲

Balance Sheet ●

Working Capital Efficiency ●

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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