PAT

Phốt Pho Apatit Việt Nam ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 23.35x

Price

66,900

Latest close

29 May 2026

P/E 5.75x

P/B 2.64x

EPS 11,630

BVPS 25,300

ROE 51.1%

ROA 35.1%

Profit Margin 16.2%

Asset Turnover 2.17x

Equity Mult. 1.46x

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

What Is Changing

On a TTM 2026Q1 basis, PAT posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,909bn
	                                
+11.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 309bn
	                                
+7.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.18x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Growth	+12%	+1%	-46%	+436%	—
Net Income	347.5	264.9	285.6	963.3	195.4
Net Margin	18.07%	15.39%	16.70%	30.58%	33.26%

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	421.9	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1
Growth	-16%	-1%	+6%	+9%	+2%	-32%	+174%	-48%	+21%	-21%	+2%	—
Net Income	46.6	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2
Net Margin	11.03%	14.96%	21.70%	16.25%	19.41%	18.92%	10.75%	24.38%	13.89%	14.37%	18.08%	17.08%

Drivers of PAT's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 21.1bn

Finance costs ↓ 3.2bn

Tax ↓ 2.8bn

Financial income ↑ 2.4bn

Gross profit ↓ 10.4bn

TTM

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

Tax ↓ 8.7bn

Selling expenses ↓ 6.7bn

Gross profit ↓ 58.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 51.7% = 16.8% × 1.91 × 1.62

2026Q1 51.1% = 16.2% × 2.17 × 1.46

ROE fell from 51.7% to 51.1% — leverage weakened the most, though asset turnover still provided support.

Net margin: 16.2% -0.6pp Asset turnover: 2.17x +0.26x Leverage: 1.46x -0.16x

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 16.20%, falling 0.6pp. The main pressure is Gross margin fell 2.8pp, outweighing the improvement in SG&A / Revenue fell 1.8pp (with additional support from Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 16.20% −0.6pp

Gross Margin 20.15% −2.8pp

SG&A / Revenue 4.76% −1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 44.35%, broadly flat versus the same period. That translates to 44.35 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.6pp, but capital turnover rose 0.08x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 44.35% −0.3pp

NOPAT Margin 16.19% −0.6pp

Capital Turnover 2.74x +0.08x

Average Invested Capital 697.1bn +49.4bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.44x equity, net debt at 0.28x equity.

Over the last 12 months, working capital absorbed 367.3bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −22.1bn

Inventories increased → lower CFO: −12.3bn

Payables decreased → lower CFO: −332.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 5.8 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO fell 9.7 days, and DPO fell 16.2 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.8 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 15.2 days −9.7 days

Inventory 21.9 days −0.8 days

Payables 15.6 days −16.2 days

Cash Conversion Cycle 21.6 days +5.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 158.0bn due to capex of 101.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 23.35x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 176.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 1.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.28x +0.26x

Interest Coverage 23.35x +5.33x

Cash / Debt 1.0% −18.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.18x −1.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 359.1bn in 2025, against investing cash flow of -360.6bn.

Post-investment cash flow was negative +1.4bn. Financing cash flow was positive +26.1bn.

CFO / net income was -0.18x.

After spending +101.0bn on fixed-asset investment, the business generated trailing free cash flow of −158.0bn.

Cash Conversion

CFO TTM 57.0bn −416.6bn

Cash Capex 101.0bn —

FCF TTM −158.0bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 23.35x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -0.18x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.18x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.28x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,923.4	1,721.4	1,710.6	3,149.9	587.5
Cost of Goods Sold	1,480.7	1,358.2	1,344.4	2,012.2	0.0
Gross Profit	442.7	363.2	366.2	1,137.7	228.4
Financial Income	47.6	49.3	53.2	67.5	7.3
Financial Expenses	14.6	19.0	18.2	26.8	-6.2
Interest Expense	3.1	4.3	7.0	2.9	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	82.2	98.9	82.5	147.1	-25.1
General and Administrative Expenses	17.0	15.5	17.9	17.1	-6.4
Operating Profit	376.5	279.2	300.8	1,014.1	198.0
Other Income	0.2	0.0	0.0	1.4	0.0
Other Expenses	—	0.0	0.0	1.4	0.0
Other Profit	0.2	0.0	0.0	0.0	-2.6
Profit Before Tax	376.7	279.2	300.8	1,014.1	195.4
Current Income Tax Expense	29.2	14.2	15.2	50.9	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	347.5	264.9	285.6	963.3	195.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	347.5	264.9	285.6	963.3	195.4
Earnings per Share	13,066.00	9,995.00	10,775.00	36,341.00	7,815.88
Diluted EPS	13,066.00	9,995.00	10,775.00	36,341.00	7,815.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,170.2	619.5	847.4	787.9	584.1
I. Cash and cash equivalents	31.9	7.3	61.6	203.2	49.4
1. Cash	31.9	7.3	1.6	6.2	0.0
2. Cash equivalents	—	0.0	60.0	197.0	0.0
II. Short-term financial investments	804.7	424.1	528.0	353.0	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	804.7	424.1	528.0	353.0	0.0
III. Short-term receivables	264.3	101.9	165.4	159.8	159.3
1. Short-term trade accounts receivable	247.0	89.7	140.5	142.0	0.0
2. Short-term prepayments to suppliers	2.2	2.2	2.1	2.5	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	15.1	10.0	22.8	15.3	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	67.6	84.7	89.0	67.3	132.8
1. Inventories	67.6	84.7	89.0	67.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	1.5	3.3	4.7	2.6
1. Short-term prepayments	—	1.0	3.0	1.1	0.0
2. Value added tax to be reclaimed	1.7	0.0	0.4	3.5	0.0
3. Taxes and other receivables from state authorities	—	0.5	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)	270.2	313.2	357.4	406.6	421.6
I. Long-term receivables	—	2.0	2.0	2.0	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	—	2.0	2.0	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	250.4	287.1	333.4	382.2	396.9
1. Tangible fixed assets	250.4	287.1	333.4	382.2	396.9
- Cost	573.1	565.0	564.2	568.3	0.0
- Accumulated depreciation	-322.7	-277.9	-230.8	-186.1	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
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	2.6	0.1	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	2.6	0.1	0.1	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	19.7	21.4	21.9	22.4	0.0
1. Long-term prepayments	19.7	21.4	21.9	22.4	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	24.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,440.4	932.6	1,204.8	1,194.5	1,005.7
A. LIABILITIES (300=210+330)	850.1	363.9	684.8	414.0	484.6
I. Short -term liabilities	850.1	363.9	684.8	414.0	484.6
1. Short-term trade accounts payable	339.9	189.1	24.2	35.2	76.3
2. Short-term advances from customers	—	2.2	26.5	0.1	97.3
3. Taxes and other payables to state authorities	5.6	2.5	2.7	15.7	0.0
4. Payable to employees	16.0	14.8	23.1	25.0	0.0
5. Short-term acrrued expenses	0.3	0.1	4.7	0.2	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	250.9	0.6	225.4	250.3	0.0
10. Short-term borrowings and financial leases	174.7	84.8	316.6	73.9	238.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	62.6	69.9	61.5	13.6	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	—	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)	590.2	568.7	520.0	780.5	521.1
I. Owner's equity	590.2	568.7	520.0	780.5	0.0
1. Owner's capital	250.0	250.0	250.0	250.0	521.1
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- 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	242.7	228.8	209.4	67.3	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	97.5	89.9	60.6	463.3	252.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	46.4
- Undistributed earnings in this period	97.5	89.9	60.6	463.3	206.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,440.4	932.6	1,204.8	1,194.5	1,005.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	376.7	279.2	300.8	1,014.1	0.0
Depreciation of Fixed Assets and Investment Property	44.8	47.1	48.3	45.1	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.3	1.9	2.5	0.0
Gain/Loss from Investment Activities	-23.8	-23.3	-33.7	-25.3	0.0
Interest Expense	3.1	4.3	7.0	2.9	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	401.4	307.0	324.3	1,039.5	0.0
Increase/(Decrease) in Receivables	-165.1	52.1	9.5	5.6	0.0
Increase/(Decrease) in Inventory	17.1	4.3	-21.7	65.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	148.1	124.7	15.2	70.5	0.0
Increase/(Decrease) in Prepaid Expenses	2.7	2.4	-0.1	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-3.1	-8.1	-3.3	0.0
Corporate Income Tax Paid	-21.2	-15.5	-25.4	-38.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-20.7	-7.9	-6.8	-2.7	0.0
Net Cash Flow from Operating Activities	359.1	464.0	286.8	1,139.5	0.0
Payments for Fixed Assets and Other Long-term Assets	-8.1	-0.8	-3.3	-30.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	3.8	0.0	0.0
Loans and Purchases of Debt Instruments	-805.7	-354.1	-560.0	-608.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	425.1	458.0	385.0	295.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	28.0	35.6	26.1	12.3	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	-360.6	138.6	-148.4	-331.1	0.0
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	410.9	541.3	565.8	469.9	0.0
Repayment of Borrowings	-322.3	-773.2	-329.3	-634.5	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-62.5	-425.0	-516.4	-490.0	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	26.1	-656.9	-279.9	-654.6	0.0
Net Cash Flow During the Period	24.6	-54.4	-141.5	153.8	0.0
Cash and Cash Equivalents at Beginning of Period	7.3	61.6	203.2	49.4	0.0
FX Difference from Revaluation	0.0	0.0	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	31.9	7.3	61.6	203.2	0.0

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	421.9	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	421.9	502.6	506.7	477.7	436.4	428.3	626.6	228.5	438.1	362.9	462.0	452.1
Cost of Goods Sold	364.3	407.0	376.3	376.7	320.8	323.8	513.7	166.6	354.1	295.5	353.5	354.7
Gross Profit	57.6	95.6	130.5	100.9	115.7	104.4	112.9	62.0	83.9	67.4	108.5	97.4
Financial Income	12.5	12.8	13.8	10.8	10.1	12.5	10.6	14.3	11.8	17.5	14.2	12.0
Financial Expenses	2.5	5.0	3.3	3.4	2.9	2.8	7.2	4.4	4.6	9.7	4.7	5.2
Interest Expense	1.4	1.4	1.0	0.5	0.2	0.8	0.6	0.7	2.2	2.4	2.3	1.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	14.2	19.0	20.6	21.7	20.9	24.4	41.6	9.6	23.3	14.1	25.4	19.7
General and Administrative Expenses	3.3	4.1	4.1	3.8	4.9	4.3	3.7	3.6	3.9	6.9	4.0	3.2
Operating Profit	50.2	80.3	116.3	82.9	97.1	85.4	71.0	58.7	64.1	54.2	88.7	81.3
Other Income	0.0	0.0	0.2	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.7	0.0
Other Profit	0.0	0.0	0.2	—	—	0.0	0.0	0.0	0.0	0.7	-0.7	0.0
Profit Before Tax	50.2	80.3	116.5	82.9	97.1	85.4	71.0	58.7	64.1	55.0	88.0	81.3
Current Income Tax Expense	3.6	5.2	6.5	5.2	12.3	4.4	3.6	2.9	3.2	2.8	4.4	4.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	46.6	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	46.6	75.2	110.0	77.6	84.7	81.0	67.4	55.7	60.8	52.1	83.5	77.2
Earnings per Share	1,750.00	2,826.00	4,135.00	2,919.00	3,186.00	3,046.00	2,534.00	2,095.00	2,295.00	1,960.00	3,141.00	2,903.00
Diluted EPS	1,750.00	2,826.00	4,135.00	2,919.00	3,186.00	9,962.00	2,534.00	2,095.00	2,295.00	1,960.00	3,141.00	2,903.00

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)	650.1	1,170.2	867.3	692.6	549.5	619.5	665.5	596.8	607.0	847.4	765.4	591.8
I. Cash and cash equivalents	1.7	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	61.6	9.5	2.3
1. Cash	1.7	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	1.6	9.5	2.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	60.0	0.0	0.0
II. Short-term financial investments	441.4	804.7	688.1	334.1	369.1	424.1	499.1	348.0	348.0	528.0	513.0	310.0
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	441.4	804.7	688.1	334.1	369.1	424.1	499.1	348.0	348.0	528.0	513.0	310.0
III. Short-term receivables	102.7	264.3	94.9	250.0	81.4	101.9	62.3	27.1	176.7	165.4	196.4	220.4
1. Short-term trade accounts receivable	88.7	247.0	87.4	236.1	70.3	89.7	51.5	10.0	163.9	140.5	174.3	203.9
2. Short-term prepayments to suppliers	3.1	2.2	1.8	2.2	2.1	2.2	2.4	1.6	2.3	2.1	4.5	3.6
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	10.9	15.1	5.7	11.6	8.9	10.0	8.4	15.5	10.5	22.8	17.6	12.9
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	97.9	67.6	62.9	92.3	85.4	84.7	72.0	185.0	79.5	89.0	41.1	53.9
1. Inventories	97.9	67.6	62.9	92.3	85.4	84.7	72.0	185.0	79.5	89.0	41.1	53.9
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	6.4	1.7	7.0	9.0	11.4	1.5	1.2	2.5	1.1	3.3	5.4	5.1
1. Short-term prepayments	0.1	—	0.2	0.1	0.3	1.0	1.2	1.9	1.1	3.0	5.4	5.1
2. Value added tax to be reclaimed	—	1.7	1.5	3.2	3.3	0.0	0.0	0.6	0.0	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	6.3	—	5.3	5.7	7.8	0.5	0.0	0.0	0.0	0.0	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)	259.2	270.2	282.7	297.3	304.2	313.2	322.2	332.4	344.2	357.4	366.2	383.4
I. Long-term receivables	—	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	—	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	239.2	250.4	261.5	272.8	276.1	287.1	300.5	309.3	321.3	333.4	342.1	357.9
1. Tangible fixed assets	239.2	250.4	261.5	272.8	276.1	287.1	300.5	309.3	321.3	333.4	342.1	357.9
- Cost	573.1	—	—	—	—	565.0	567.3	564.2	564.2	564.2	560.9	568.3
- Accumulated depreciation	-333.9	—	—	—	—	-277.9	-266.8	-254.9	-242.9	-230.8	-218.8	-210.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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
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	0.6	0.1	0.1	0.1	5.8	2.6	0.1	1.3	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	0.1	0.1	0.1	5.8	2.6	0.1	1.3	0.1	0.1	0.1	0.1
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	19.4	19.7	21.2	22.5	20.3	21.4	19.7	19.8	20.8	21.9	22.1	23.4
1. Long-term prepayments	19.4	19.7	21.2	22.5	20.3	21.4	19.7	19.8	20.8	21.9	22.1	23.4
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)	909.3	1,440.4	1,150.0	990.0	853.7	932.6	987.8	929.2	951.2	1,204.8	1,131.6	975.1
A. LIABILITIES (300=210+330)	276.8	850.1	384.9	334.9	276.2	363.9	325.1	333.8	411.6	684.8	438.8	365.8
I. Short -term liabilities	276.8	850.1	384.9	334.9	276.2	363.9	325.1	333.8	411.6	684.8	438.8	365.8
1. Short-term trade accounts payable	27.2	339.9	86.9	114.7	103.1	189.1	63.3	83.5	127.6	24.2	54.5	38.2
2. Short-term advances from customers	0.5	—	1.5	0.2	13.1	2.2	0.6	32.1	0.0	26.5	0.2	0.4
3. Taxes and other payables to state authorities	5.0	5.6	17.3	10.8	5.6	2.5	13.6	6.3	3.5	2.7	25.3	15.9
4. Payable to employees	6.7	16.0	11.1	9.0	4.6	14.8	11.1	8.1	6.6	23.1	12.9	9.1
5. Short-term acrrued expenses	0.2	0.3	0.2	0.4	0.7	0.1	0.2	0.2	1.9	4.7	0.5	0.9
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	1.6	250.9	1.9	0.8	63.3	0.6	0.6	0.9	25.8	225.4	0.4	0.7
10. Short-term borrowings and financial leases	176.9	174.7	194.2	127.1	11.2	84.8	163.3	130.3	170.9	316.6	281.5	236.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	58.7	62.6	71.9	71.9	74.6	69.9	72.5	72.5	75.2	61.5	63.6	63.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	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)	632.5	590.2	765.1	655.1	577.5	568.7	662.7	595.3	539.6	520.0	692.9	609.3
I. Owner's equity	632.5	590.2	765.1	655.1	577.5	568.7	662.7	595.3	539.6	520.0	692.9	609.3
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- 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	242.7	242.7	242.7	242.7	242.7	228.8	228.8	228.8	228.8	209.4	209.4	209.4
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	139.8	97.5	272.3	162.4	84.7	89.9	183.9	116.6	60.8	60.6	233.5	149.9
- Accumulated retained earning at the end of the previous period	93.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	46.6	97.5	272.3	162.4	84.7	89.9	183.9	116.6	60.8	60.6	233.5	149.9
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)	909.3	1,440.4	1,150.0	990.0	853.7	932.6	987.8	929.2	951.2	1,204.8	1,131.6	975.1

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
Profit Before Tax	50.2	80.3	116.5	82.9	97.1	85.4	71.0	58.7	64.1	55.0	88.0	81.3
Depreciation of Fixed Assets and Investment Property	11.2	11.4	11.2	11.2	11.0	11.1	11.8	12.1	12.1	12.0	12.1	12.1
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	0.5	—	-0.3	0.0	-0.0	0.0	1.9	-2.7	2.7
Gain/Loss from Investment Activities	-8.6	-14.5	0.0	-4.6	-4.6	40.3	-5.5	-4.9	-6.7	-9.4	-8.0	-8.3
Interest Expense	1.4	1.4	1.0	0.5	0.2	0.8	0.6	0.7	2.2	2.4	2.3	1.5
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	54.2	78.6	128.7	90.4	103.7	137.4	78.1	66.5	71.6	61.9	91.7	89.3
Increase/(Decrease) in Receivables	159.2	-159.0	148.0	-170.2	16.2	-83.1	-39.9	152.5	-23.9	36.6	31.5	-95.6
Increase/(Decrease) in Inventory	-30.2	-4.7	29.4	-6.8	-0.7	-12.7	113.0	-105.5	9.5	-47.9	12.8	21.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-577.0	252.0	-23.7	15.8	-96.0	125.3	-45.3	-14.7	59.4	-11.1	32.7	32.2
Increase/(Decrease) in Prepaid Expenses	0.2	1.6	1.2	-2.0	1.8	-1.6	2.1	-2.3	4.1	0.3	1.0	-3.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.4	-1.0	-0.4	-0.3	-0.8	-0.6	1.7	-3.4	-0.1	-2.2	-5.2
Corporate Income Tax Paid	-9.4	-13.0	0.0	-0.1	-8.1	-12.8	0.0	0.0	-2.6	-12.5	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.9	-9.3	-0.0	-2.7	-8.7	-2.6	-0.0	-2.7	-2.5	-2.0	-0.3	-3.9
Net Cash Flow from Operating Activities	-408.3	144.8	282.6	-76.1	7.8	149.1	107.3	95.5	112.2	25.1	167.3	34.9
Payments for Fixed Assets and Other Long-term Assets	-92.9	-0.2	0.0	-7.8	—	2.2	-3.1	0.0	0.0	-3.3	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	6.8	-3.0	0.0
Loans and Purchases of Debt Instruments	456.2	-117.6	-573.1	0.0	-115.0	0.0	-319.1	-35.0	0.0	-75.0	-260.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.0	219.1	35.0	170.0	75.0	168.0	35.0	180.0	60.0	57.0	83.0
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	12.7	9.3	11.2	1.9	5.7	3.7	10.8	1.4	19.7	4.7	2.7	3.6
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	376.0	-107.5	-342.8	29.1	60.7	80.9	-143.4	1.4	199.7	-6.8	-203.3	86.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	157.6	134.3	138.8	126.1	11.7	123.0	177.4	141.5	99.4	152.9	129.6	220.4
Repayment of Borrowings	-155.5	-153.9	-71.6	-11.5	-85.3	-201.6	-144.4	-181.1	-246.2	-119.1	-86.4	-74.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-62.5	—	-175.0	0.0	-25.0	-225.0	0.0	0.0	-266.4
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	2.1	-19.6	67.2	52.2	-73.6	-253.6	33.0	-64.6	-371.8	33.8	43.3	-120.8
Net Cash Flow During the Period	-30.2	17.6	7.0	5.1	-5.1	-23.6	-3.2	32.3	-59.9	52.1	7.2	0.7
Cash and Cash Equivalents at Beginning of Period	31.9	14.3	7.3	2.2	7.3	61.6	61.6	61.6	61.6	203.2	203.2	203.2
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	1.7	31.9	14.3	7.3	2.2	7.3	30.9	34.1	1.7	61.6	9.5	2.3

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PAT

What Is Changing

Drivers of PAT'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