SED

Đầu tư và Phát triển Giáo dục Phương Nam ·HNX ·2026Q1

▼▼ Declining sharply

Working capital is tied up too long in the operating cycle Working capital 151 days

Price

17,400

Latest close

02 Jun 2026

P/E 4.47x

P/B 0.49x

EPS 3,894

BVPS 35,351

ROE 10.5%

ROA 6.5%

Profit Margin 3.4%

Asset Turnover 1.94x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, SED is losing revenue quickly, though margins have not been hit proportionally yet — margins have been compressing consistently over multiple periods. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,077bn
	                                
−18.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 36bn
	                                
−38.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,100.7	1,331.2	1,041.2	907.4	1,046.8
Growth	-17%	+28%	+15%	-13%	—
Net Income	36.2	61.0	41.2	37.9	55.0
Net Margin	3.29%	4.58%	3.96%	4.18%	5.26%

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	47.7	87.0	267.2	675.2	71.3	197.3	428.6	616.9	88.5	79.2	439.6	450.3
Growth	-45%	-67%	-60%	+847%	-64%	-54%	-31%	+597%	+12%	-82%	-2%	—
Net Income	2.0	0.7	8.7	24.8	2.0	21.2	16.9	18.7	4.2	5.9	15.6	16.5
Net Margin	4.16%	0.76%	3.25%	3.68%	2.85%	10.74%	3.94%	3.03%	4.75%	7.49%	3.55%	3.67%

Drivers of SED's profit

TTM

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

Administrative expenses ↓ 29.4bn

Tax ↓ 6.9bn

Gross profit ↓ 36.8bn

Selling expenses ↑ 21.7bn

TTM

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

Administrative expenses ↓ 4.8bn

Tax ↓ 1.2bn

Financial income ↑ 0.7bn

Gross profit ↓ 6.8bn

Finance costs ↑ 1.8bn

Selling expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.5% = 4.5% × 2.33 × 1.77

2026Q1 10.5% = 3.4% × 1.94 × 1.61

ROE fell from 18.5% to 10.5% — all three components weakened, with asset turnover being the main drag.

Net margin: 3.4% -1.1pp Asset turnover: 1.94x -0.39x Leverage: 1.61x -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 3.36%, falling 1.1pp. The main pressure is SG&A / Revenue rose 3.1pp, outweighing the improvement in Gross margin rose 1.6pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

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

Profitability trend

Net Margin 3.36% −1.1pp

Gross Margin 24.57% +1.6pp

SG&A / Revenue 20.16% +3.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 10.55%, losing 7.2pp. That translates to 10.55 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.3pp and capital turnover fell 0.68x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 10.55% −7.2pp

NOPAT Margin 3.20% −1.3pp

Capital Turnover 3.30x −0.68x

Average Invested Capital 326.8bn −4.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.62x equity, with a net cash position equivalent to 0.07x equity.

Inventory ended the period at 189.9bn, roughly 33.4% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 30.1 days versus the same period last year. The main moves came from DIO rose 14.8 days, DSO rose 18.9 days, and DPO rose 3.6 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 151.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +18.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.7 days +18.9 days

Inventory 140.1 days +14.8 days

Payables 35.7 days +3.6 days

Cash Conversion Cycle 151.1 days +30.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 64.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 8.18x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 137.4% of debt, and total debt stands at 61.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.07x −0.03x

Interest Coverage 8.18x −8.14x

Cash / Debt 137.4% +15.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.70x −0.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 64.1bn in 2025, against investing cash flow of 3.0bn.

Post-investment cash flow was positive +67.1bn. Financing cash flow was negative +6.2bn.

CFO / net income was 0.70x.

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

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

Cash Conversion

CFO TTM 25.3bn −21.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.70x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 151 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.70x.

Watchpoint: Cash generation still needs confirmation.

Key risk: working capital remains tied up for too long, with cash cycle at 151.1 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,110.9	1,337.5	1,050.5	917.0	1,055.2
Revenue Deductions	10.2	6.3	9.3	9.6	0.0
Net Revenue	1,100.7	1,331.2	1,041.2	907.4	1,046.8
Cost of Goods Sold	829.3	1,021.8	781.0	676.5	0.0
Gross Profit	271.4	309.4	260.1	230.8	280.9
Financial Income	2.7	4.9	2.6	1.0	1.2
Financial Expenses	3.7	5.0	5.9	5.4	-7.5
Interest Expense	3.0	3.3	4.6	4.7	-6.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	169.5	154.6	129.2	111.3	-137.0
General and Administrative Expenses	51.6	76.3	69.6	64.1	-64.3
Operating Profit	49.4	78.5	57.9	51.1	73.3
Other Income	0.9	0.4	0.0	0.6	0.0
Other Expenses	1.5	0.2	0.4	0.0	0.0
Other Profit	-0.6	0.2	-0.4	0.5	0.1
Profit Before Tax	48.8	78.7	57.5	51.6	73.4
Current Income Tax Expense	12.6	17.7	16.3	13.7	-18.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	36.2	61.0	41.2	37.9	55.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	36.2	61.0	41.2	37.9	55.0
Earnings per Share	3,905.00	5,459.00	3,688.00	3,394.00	5,629.00
Diluted EPS	3,620.26	5,459.00	3,688.00	3,394.00	5,504.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	473.0	506.7	428.7	379.4	392.2
I. Cash and cash equivalents	157.1	96.2	78.3	71.0	66.8
1. Cash	26.9	23.2	58.3	61.0	0.0
2. Cash equivalents	130.2	73.0	20.0	10.0	0.0
II. Short-term financial investments	—	0.0	0.0	10.0	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	10.0	0.0
III. Short-term receivables	124.1	152.7	58.5	75.2	110.9
1. Short-term trade accounts receivable	128.3	157.4	63.3	78.1	0.0
2. Short-term prepayments to suppliers	1.8	0.5	1.5	3.4	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	0.3	3.6	0.7	2.0	0.0
7. Provision for short-term doubtful debts (*)	-6.3	-8.8	-6.9	-8.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	189.9	256.6	284.1	218.7	211.9
1. Inventories	284.8	315.9	326.0	242.1	0.0
2. Provision for decline in value of inventories	-94.8	-59.3	-41.9	-23.4	0.0
V. Other short-term assets	1.9	1.2	7.8	4.4	2.5
1. Short-term prepayments	1.9	1.2	7.8	4.4	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	95.0	100.4	104.5	112.0	104.8
I. Long-term receivables	22.2	22.2	22.6	22.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	22.5
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	22.2	22.2	22.6	22.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	50.9	54.8	57.1	63.2	5.3
1. Tangible fixed assets	50.9	54.8	57.1	62.7	4.3
- Cost	77.2	78.6	78.1	78.2	0.0
- Accumulated depreciation	-26.3	-23.8	-20.9	-15.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.4	1.0
- Cost	1.8	1.8	1.8	1.8	0.0
- Accumulated depreciation	-1.8	-1.8	-1.8	-1.4	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	48.3
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	0.8	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8	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	21.1	22.6	24.0	25.5	0.0
1. Long-term prepayments	21.1	22.6	24.0	25.5	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	28.0
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)	568.0	607.0	533.2	491.4	497.0
A. LIABILITIES (300=210+330)	216.5	273.1	236.1	214.5	231.2
I. Short -term liabilities	216.5	273.1	236.1	214.5	220.0
1. Short-term trade accounts payable	56.4	43.1	46.7	46.8	94.8
2. Short-term advances from customers	1.7	2.5	3.8	6.1	4.5
3. Taxes and other payables to state authorities	9.1	21.7	11.8	8.8	0.0
4. Payable to employees	15.7	36.1	17.1	9.0	0.0
5. Short-term acrrued expenses	46.2	92.2	66.6	66.3	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	0.5	0.1	0.4	0.5	0.0
10. Short-term borrowings and financial leases	65.7	53.4	70.4	60.7	83.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	21.0	24.1	19.3	16.4	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	—	0.0	0.0	0.0	11.1
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	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	11.1
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)	351.5	333.9	297.2	276.9	265.8
I. Owner's equity	351.5	333.9	297.2	276.9	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	265.8
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	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	211.3	193.0	172.7	155.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.9	1.9	1.9	1.9	0.0
11. Undistributed earnings after tax	50.0	50.6	34.2	31.5	38.3
- Accumulated retained earning at the end of the previous period	13.8	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	36.2	50.6	34.2	31.5	38.3
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)	568.0	607.0	533.2	491.4	497.0

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	-24.7	-10.5	-13.2	-10.2	0.0
Other Operating Receipts	0.3	11.2	6.0	5.8	0.0
Other Operating Payments	-21.1	-22.4	-17.4	-15.4	0.0
Net Cash Flow from Operating Activities	64.1	49.5	0.7	76.5	16.5
Payments for Fixed Assets and Other Long-term Assets	—	-1.9	0.0	-14.6	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.1	1.0	0.8	0.5	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	3.0	-0.6	10.8	-24.0	-0.1
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	163.5	162.9	204.8	193.1	226.2
Repayment of Borrowings	-151.2	-179.8	-195.1	-227.5	-255.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.6	-13.9	-13.9	-13.9	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	-6.2	-30.8	-4.2	-48.3	-29.4
Net Cash Flow During the Period	60.9	18.0	7.3	4.2	-20.3
Cash and Cash Equivalents at Beginning of Period	96.2	78.3	71.0	66.8	79.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	157.1	96.2	78.3	71.0	66.8

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	47.7	94.6	269.5	675.4	71.4	203.1	428.7	617.1	88.6	85.1	441.7	450.9
Revenue Deductions	0.0	7.5	2.3	0.2	0.1	5.8	0.1	0.2	0.1	6.0	2.1	0.6
Net Revenue	47.7	87.0	267.2	675.2	71.3	197.3	428.6	616.9	88.5	79.2	439.6	450.3
Cost of Goods Sold	30.6	55.8	215.3	510.9	47.3	152.7	321.4	491.2	56.5	54.3	338.5	344.8
Gross Profit	17.2	31.2	51.9	164.3	24.0	44.6	107.2	125.6	32.0	24.8	101.1	105.5
Financial Income	1.1	1.5	0.4	0.4	0.4	4.3	0.1	0.2	0.3	1.9	0.0	0.2
Financial Expenses	2.0	1.3	0.6	1.6	0.2	-0.9	3.5	1.8	0.5	0.4	3.1	0.8
Interest Expense	2.0	1.0	0.6	1.2	0.2	-0.7	2.5	1.0	0.5	-0.6	3.1	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	14.3	25.7	27.1	103.4	13.3	-6.3	64.3	77.3	19.2	-14.4	65.5	62.6
General and Administrative Expenses	2.4	4.2	12.5	27.6	7.2	28.4	17.9	22.6	7.4	30.3	12.5	20.6
Operating Profit	-0.4	1.5	12.0	32.2	3.7	27.6	21.5	24.1	5.3	10.4	20.1	21.6
Other Income	2.9	0.9	—	—	—	0.0	0.0	0.4	0.0	0.0	-0.0	0.0
Other Expenses	0.0	1.1	0.4	0.0	—	0.1	0.0	0.1	0.0	0.4	0.0	0.0
Other Profit	2.9	-0.3	-0.4	-0.0	—	-0.1	-0.0	0.3	-0.0	-0.4	-0.0	0.0
Profit Before Tax	2.5	1.3	11.6	32.2	3.7	27.5	21.5	24.3	5.3	10.0	20.1	21.6
Current Income Tax Expense	0.5	0.6	2.9	7.4	1.7	6.3	4.6	5.6	1.1	4.0	4.5	5.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.0	0.7	8.7	24.8	2.0	21.2	16.9	18.7	4.2	5.9	15.6	16.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	0.7	8.7	24.8	2.0	21.2	16.9	18.7	4.2	5.9	15.6	16.5
Earnings per Share	214.00	66.14	937.00	2,677.00	203.00	2,118.00	1,823.00	2,017.00	454.00	640.00	1,683.00	1,783.00
Diluted EPS	198.71	66.14	869.05	2,481.81	203.26	2,117.75	1,690.13	1,870.19	420.49	592.95	1,560.55	1,652.85

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)	407.8	473.0	651.2	919.0	510.6	506.7	679.9	786.7	414.1	428.8	705.4	784.7
I. Cash and cash equivalents	84.6	157.1	114.9	104.6	71.4	96.2	103.6	46.9	19.5	78.3	110.6	56.9
1. Cash	9.0	26.9	55.9	84.6	40.4	23.2	73.6	28.9	19.5	58.3	110.6	56.9
2. Cash equivalents	75.6	130.2	59.0	20.0	31.0	73.0	30.0	18.0	0.0	20.0	0.0	0.0
II. Short-term financial investments	2.0	—	—	—	—	0.0	0.0	0.0	15.0	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	2.0	—	—	—	—	0.0	0.0	0.0	15.0	0.0	0.0	0.0
III. Short-term receivables	134.5	124.1	290.4	544.4	140.7	152.7	248.8	384.3	60.1	58.7	245.0	337.5
1. Short-term trade accounts receivable	134.9	128.3	294.6	546.2	140.9	157.4	250.4	384.5	59.6	63.4	245.8	341.0
2. Short-term prepayments to suppliers	1.9	1.8	2.8	4.2	5.6	0.5	5.2	6.4	5.9	1.5	6.0	3.4
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	3.9	0.3	1.6	1.5	2.9	3.6	1.6	1.7	1.6	0.8	1.2	1.0
7. Provision for short-term doubtful debts (*)	-6.3	-6.3	-8.5	-7.5	-8.8	-8.8	-8.4	-8.4	-6.9	-6.9	-7.9	-7.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	185.0	189.9	240.7	265.2	284.6	256.6	320.6	347.4	309.1	284.1	342.1	380.7
1. Inventories	279.8	284.8	322.9	326.0	343.9	315.9	356.2	383.1	351.0	326.0	359.0	397.6
2. Provision for decline in value of inventories	-94.8	-94.8	-82.2	-60.9	-59.3	-59.3	-35.6	-35.6	-41.9	-41.9	-16.9	-16.9
V. Other short-term assets	1.8	1.9	5.1	4.8	14.0	1.2	7.0	8.2	10.3	7.7	7.8	9.6
1. Short-term prepayments	1.8	1.9	3.3	3.8	13.3	1.2	6.0	7.5	10.1	7.7	7.0	9.1
2. Value added tax to be reclaimed	—	—	0.2	—	—	0.0	0.2	0.2	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	1.6	1.0	0.6	0.0	0.8	0.5	0.2	0.0	0.8	0.5
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)	92.6	95.0	95.0	97.7	100.4	100.4	100.6	103.5	104.5	104.5	104.5	108.2
I. Long-term receivables	22.2	22.2	22.2	22.2	22.2	22.2	22.6	22.6	22.6	22.6	22.6	22.6
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	22.2	22.2	22.2	22.2	22.2	22.2	22.6	22.6	22.6	22.6	22.6	22.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	49.4	50.9	50.9	52.8	54.8	54.8	54.7	56.8	57.1	57.1	57.1	60.1
1. Tangible fixed assets	49.4	50.9	50.9	52.8	54.8	54.8	54.7	56.8	57.1	57.1	57.1	59.9
- Cost	77.2	—	—	—	—	78.6	78.4	78.4	78.1	78.1	78.1	78.1
- Accumulated depreciation	-27.8	—	—	—	—	-23.8	-23.8	-21.7	-20.9	-20.9	-20.9	-18.2
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	0.2
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.8	—	—	—	—	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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	20.2	21.1	21.1	21.8	22.6	22.6	22.6	23.3	24.0	24.0	24.0	24.8
1. Long-term prepayments	20.2	21.1	21.1	21.8	22.6	22.6	22.6	23.3	24.0	24.0	24.0	24.8
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)	500.4	568.0	746.1	1,016.6	611.0	607.0	780.6	890.2	518.6	533.3	809.9	892.9
A. LIABILITIES (300=210+330)	146.9	216.5	395.3	674.5	275.1	273.1	457.5	584.1	217.3	234.9	510.2	608.7
I. Short -term liabilities	146.9	216.5	395.3	674.5	275.1	273.1	457.5	584.1	217.3	234.9	510.2	608.7
1. Short-term trade accounts payable	48.4	56.4	188.4	414.7	110.6	43.1	173.1	356.7	67.6	46.7	231.2	360.9
2. Short-term advances from customers	2.0	1.7	2.5	1.8	2.2	2.5	7.9	7.9	6.0	3.8	6.1	15.3
3. Taxes and other payables to state authorities	1.1	9.1	3.6	7.5	0.1	21.7	9.4	5.3	1.5	10.3	4.4	7.0
4. Payable to employees	—	15.7	24.0	23.6	—	36.1	28.6	17.7	0.0	17.1	19.1	12.1
5. Short-term acrrued expenses	20.2	46.2	91.5	122.6	73.1	92.2	135.3	97.3	69.6	66.6	133.2	89.6
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	0.3	0.5	7.5	6.7	6.7	0.1	1.9	1.5	1.4	0.4	1.3	0.7
10. Short-term borrowings and financial leases	61.5	65.7	56.3	75.9	58.6	53.4	87.0	83.4	56.7	70.4	100.8	108.9
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	13.4	21.0	21.4	21.6	23.8	24.1	14.3	14.3	14.4	19.6	14.1	14.2
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	—	—	—	—	—	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)	353.5	351.5	350.9	342.2	335.9	333.9	323.1	306.2	301.4	298.4	299.7	284.1
I. Owner's equity	353.5	351.5	350.9	342.2	335.9	333.9	323.1	306.2	301.4	298.4	299.7	284.1
1. Owner's capital	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00	-11,541,426,210.00
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	211.3	211.3	211.3	211.3	193.0	193.0	193.0	193.0	172.7	172.7	172.7	172.7
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
11. Undistributed earnings after tax	52.0	50.0	49.3	40.6	52.7	50.6	39.8	22.9	38.4	35.4	36.8	21.2
- Accumulated retained earning at the end of the previous period	50.0	13.8	13.8	13.8	50.6	0.0	0.0	0.0	34.2	0.0	0.0	0.0
- Undistributed earnings in this period	2.0	36.2	35.5	26.9	2.0	50.6	39.8	22.9	4.2	35.4	36.8	21.2
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)	500.4	568.0	746.1	1,016.6	611.0	607.0	780.6	890.2	518.6	533.3	809.9	892.9

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	-2.7	-1.3	-6.5	-0.0	-16.8	-0.4	-0.0	-2.4	-7.8	-2.0	-6.1	-0.4
Other Operating Receipts	10.5	—	—	—	—	0.9	-2.9	3.3	0.4	4.6	-1.3	1.5
Other Operating Payments	-24.5	33.4	-40.4	1.1	-15.2	-49.0	-35.9	-2.6	-17.9	35.9	-36.0	-3.6
Net Cash Flow from Operating Activities	-69.1	30.3	30.2	34.0	-30.4	26.2	64.5	-13.8	-15.7	-28.7	88.5	-19.8
Payments for Fixed Assets and Other Long-term Assets	0.1	—	-0.2	—	—	-0.3	1.0	-1.2	-0.6	2.0	-2.0	1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.9	—	—	—	0.0	-0.4	0.4	0.0	0.0	-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	0.8	1.0	0.4	0.3	0.4	0.4	0.1	0.1	0.3	-0.4	0.6	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.8	2.1	0.2	0.3	0.4	0.0	0.8	-0.8	-0.3	-8.4	8.6	-8.4
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	9.3	71.2	2.6	61.5	28.2	32.7	7.9	81.2	15.0	83.9	-8.6	86.2
Repayment of Borrowings	-13.5	-42.8	-41.2	-44.2	-23.0	-66.3	-30.4	-40.3	-42.8	-75.3	-38.7	-42.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	—	-18.5	—	0.0	13.9	-13.9	0.0	-13.9	13.9	-13.9
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	-4.2	9.8	-20.1	-1.2	5.2	-33.6	-8.6	26.9	-27.8	-5.2	-33.4	30.2
Net Cash Flow During the Period	-72.5	42.2	10.3	33.2	-24.8	-7.4	56.7	12.4	-43.7	-42.3	63.7	2.0
Cash and Cash Equivalents at Beginning of Period	157.1	114.9	104.6	71.4	96.2	78.3	78.3	78.3	78.3	71.0	61.0	71.0
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	84.6	157.1	114.9	104.6	71.4	96.2	103.6	46.9	34.5	78.3	110.6	56.9

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SED

What Is Changing

Drivers of SED'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