THN

Cấp nước Thanh Hóa ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 8.55x

Price

—

Latest close

P/E —

P/B —

EPS 1,934

BVPS 13,588

ROE 14.4%

ROA 8.9%

Profit Margin 13.2%

Asset Turnover 0.68x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, THN is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 484bn
	                                
+5.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 64bn
	                                
−0.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	475.0	456.1	428.5	410.3	389.0
Growth	+4%	+6%	+4%	+5%	—
Net Income	62.9	62.1	47.6	42.7	40.7
Net Margin	13.25%	13.63%	11.10%	10.41%	10.46%

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	114.9	117.9	129.6	121.3	106.2	112.0	122.4	119.0	102.7	107.3	119.0	108.6
Growth	-3%	-9%	+7%	+14%	-5%	-9%	+3%	+16%	-4%	-10%	+10%	—
Net Income	11.0	17.6	17.6	17.6	10.2	23.5	15.1	15.5	8.4	11.4	14.2	14.3
Net Margin	9.58%	14.95%	13.57%	14.51%	9.62%	20.99%	12.37%	13.03%	8.15%	10.60%	11.97%	13.18%

Drivers of THN's profit

TTM

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

Gross profit ↑ 12.1bn

Finance costs ↓ 1.6bn

Financial income ↑ 0.2bn

Selling expenses ↑ 6.1bn

Other profit ↓ 5.1bn

Administrative expenses ↑ 2.1bn

TTM

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

Gross profit ↑ 3.0bn

Administrative expenses ↓ 1.8bn

Finance costs ↓ 0.3bn

Other profit ↓ 2.7bn

Selling expenses ↑ 1.3bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.1% = 14.0% × 0.67 × 1.62

2026Q1 14.4% = 13.2% × 0.68 × 1.61

ROE fell from 15.1% to 14.4% — net margin weakened the most, though asset turnover still provided support.

Net margin: 13.2% -0.8pp Asset turnover: 0.68x +0.01x Leverage: 1.61x -0.00x

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 13.20%, falling 0.8pp. The main pressure is SG&A / Revenue rose 1.0pp, outweighing the improvement in Gross margin rose 1.0pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 1.1pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 13.20% −0.8pp

Gross Margin 31.66% +1.0pp

SG&A / Revenue 16.09% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 10.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC stands at 10.56%, broadly flat versus the same period. That translates to 10.56 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.2pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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

CAPITAL EFFICIENCY TREND

ROIC 10.56% +0.0pp

NOPAT Margin 12.77% +0.2pp

Capital Turnover 0.83x −0.01x

Average Invested Capital 585.3bn +37.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.35x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.4 days versus the same period last year. The main moves came from DIO fell 4.1 days, DSO fell 3.2 days, and DPO rose 0.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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

Working Capital Efficiency

Receivables 18.8 days −3.2 days

Inventory 21.7 days −4.1 days

Payables 26.1 days +0.0 days

Cash Conversion Cycle 14.4 days −7.4 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 0.35x and interest coverage at 8.55x.

At present, short-term debt accounts for 6.1% of total debt, cash equals 6.2% of debt, and total debt stands at 168.7bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 6.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.35x +0.06x

Interest Coverage 8.55x +1.99x

Cash / Debt 6.2% −13.0pp

Short-term Debt / Total Debt 6.1% −20.9pp

CFO / NI 2.27x +0.69x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 110.0bn in 2025, against investing cash flow of -102.7bn.

Post-investment cash flow was positive +7.3bn. Financing cash flow was negative +37.4bn.

CFO / net income was 2.27x.

After spending +121.0bn on fixed-asset investment, the business generated trailing free cash flow of +24.0bn.

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

Cash Conversion

CFO TTM 145.0bn +43.2bn

Cash Capex 121.0bn +42.3bn

FCF TTM +24.0bn +0.9bn

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 2.27x. The next item to monitor is capital efficiency, with ROIC at 10.6%. The main risk still sits in leverage and liquidity, with interest coverage at 8.55x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.27x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.35x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	475.0	456.1	428.5	410.3	389.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	475.0	456.1	428.5	410.3	389.0
Cost of Goods Sold	320.3	313.6	285.9	274.9	0.0
Gross Profit	154.7	142.5	142.6	135.4	124.9
Financial Income	1.6	1.3	3.0	2.1	3.8
Financial Expenses	8.3	9.8	13.5	16.5	-14.9
Interest Expense	8.3	9.8	13.5	16.5	-7.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	44.5	39.1	40.7	36.2	-31.5
General and Administrative Expenses	33.8	27.1	31.1	38.7	-34.6
Operating Profit	69.7	67.8	60.4	46.1	47.7
Other Income	0.7	11.3	0.3	7.4	0.0
Other Expenses	0.2	9.6	0.1	0.0	0.0
Other Profit	0.5	1.7	0.2	7.4	3.4
Profit Before Tax	70.1	69.5	60.6	53.5	51.1
Current Income Tax Expense	7.2	7.4	13.0	10.8	-10.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	62.9	62.1	47.6	42.7	40.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	62.9	62.1	47.6	42.7	40.7
Earnings per Share	1,621.00	1,601.00	1,225.00	1,101.00	524.00
Diluted EPS	1,621.00	1,601.00	1,225.00	1,101.00	1,233.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	62.1	96.5	117.6	110.1	101.2
I. Cash and cash equivalents	15.3	45.4	67.9	34.7	22.7
1. Cash	2.1	2.7	3.0	2.1	0.0
2. Cash equivalents	13.2	42.7	64.9	32.7	0.0
II. Short-term financial investments	0.6	0.0	1.8	20.5	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	0.6	0.0	1.8	20.5	0.0
III. Short-term receivables	29.1	27.5	24.8	31.9	31.4
1. Short-term trade accounts receivable	25.0	27.7	29.0	31.4	0.0
2. Short-term prepayments to suppliers	12.1	0.6	0.8	0.9	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	11.6	22.2	22.2	25.1	0.0
7. Provision for short-term doubtful debts (*)	-19.6	-22.9	-27.2	-25.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	15.6	19.6	22.6	22.2	20.5
1. Inventories	18.0	22.1	22.6	22.2	0.0
2. Provision for decline in value of inventories	-2.4	-2.4	0.0	0.0	0.0
V. Other short-term assets	1.5	4.0	0.6	0.9	1.4
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.4	0.2	0.5	0.8	0.0
3. Taxes and other receivables from state authorities	0.1	3.8	0.1	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)	653.0	596.1	574.6	591.1	608.1
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	538.3	559.1	554.7	563.3	568.9
1. Tangible fixed assets	537.8	558.7	554.7	563.3	568.8
- Cost	1,529.8	1,494.6	1,435.1	1,389.0	0.0
- Accumulated depreciation	-992.0	-935.9	-880.4	-825.7	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	0.5	0.4	0.0	0.1	0.1
- Cost	1.2	1.0	0.6	0.6	0.0
- Accumulated depreciation	-0.7	-0.6	-0.5	-0.5	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	86.3	19.6	7.0	15.9	28.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	86.3	19.6	7.0	15.9	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	28.5	17.4	12.9	11.8	0.0
1. Long-term prepayments	28.5	17.4	12.9	11.8	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	11.1
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)	715.1	692.6	692.3	701.2	709.3
A. LIABILITIES (300=210+330)	277.8	265.4	286.8	306.9	323.2
I. Short -term liabilities	146.8	140.1	139.6	135.6	125.4
1. Short-term trade accounts payable	48.4	36.3	28.9	37.8	23.7
2. Short-term advances from customers	0.5	0.3	8.0	3.8	3.7
3. Taxes and other payables to state authorities	4.2	2.5	5.1	4.4	0.0
4. Payable to employees	25.9	19.5	19.1	14.5	0.0
5. Short-term acrrued expenses	8.1	11.7	6.0	5.8	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	29.6	41.9	39.7	36.2	0.0
10. Short-term borrowings and financial leases	21.8	21.8	24.0	26.1	26.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.3	6.0	8.7	7.0	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	131.0	125.3	147.1	171.4	197.8
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	2.0	2.4	2.4	2.7	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	129.0	122.9	144.7	168.7	194.8
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)	437.3	427.2	405.5	394.3	386.1
I. Owner's equity	437.3	427.2	405.5	394.3	0.0
1. Owner's capital	330.0	330.0	330.0	330.0	386.1
- Common stock with voting right	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00
- 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	44.4	35.1	28.0	21.6	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	62.9	62.1	47.6	42.7	40.7
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	62.9	62.1	47.6	42.7	40.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	715.1	692.6	692.3	701.2	709.3

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	-2.2	-13.4	-12.1	-10.7	0.0
Other Operating Receipts	7.1	8.3	11.4	15.3	0.0
Other Operating Payments	-69.3	-73.6	-69.7	-59.9	0.0
Net Cash Flow from Operating Activities	110.0	104.1	104.5	103.5	72.4
Payments for Fixed Assets and Other Long-term Assets	-103.7	-72.6	-37.1	-43.6	-58.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-5.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	56.9
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	1.6	1.4	3.1	2.1	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	-102.7	-69.3	-15.3	-36.7	-2.1
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	72.4	0.0	0.0	12.5	40.7
Repayment of Borrowings	-66.3	-24.0	-26.1	-38.6	-65.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-43.5	-33.3	-29.9	-28.6	-27.9
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	-37.4	-57.3	-56.0	-54.7	-52.4
Net Cash Flow During the Period	-30.1	-22.5	33.2	12.1	-13.2
Cash and Cash Equivalents at Beginning of Period	45.4	67.9	34.7	22.7	4.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.3	45.4	67.9	34.7	22.7

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	114.9	117.9	129.6	121.3	106.2	112.0	122.4	119.0	102.7	107.3	119.0	108.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	114.9	117.9	129.6	121.3	106.2	112.0	122.4	119.0	102.7	107.3	119.0	108.6
Cost of Goods Sold	82.8	78.3	86.8	82.7	77.1	74.9	85.8	80.8	73.9	72.6	80.9	69.8
Gross Profit	32.0	39.6	42.8	38.7	29.1	37.1	36.6	38.2	28.8	34.6	38.1	38.8
Financial Income	0.0	0.2	0.2	1.0	0.2	0.4	0.3	0.3	0.3	0.7	0.6	1.2
Financial Expenses	2.2	1.7	2.2	1.9	2.5	2.2	2.5	2.4	2.7	3.5	3.1	3.6
Interest Expense	2.1	—	2.2	1.9	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	11.7	8.0	14.5	11.6	10.4	8.6	9.6	11.1	9.8	5.9	10.9	11.0
General and Administrative Expenses	7.7	10.6	6.8	6.9	9.5	7.6	6.6	6.3	6.7	10.9	7.1	6.9
Operating Profit	10.4	19.4	19.5	19.3	6.9	19.1	18.2	18.8	9.9	15.0	17.6	18.4
Other Income	1.8	0.4	0.0	0.2	—	3.3	0.7	6.7	0.6	0.0	0.2	0.0
Other Expenses	—	0.2	—	—	-4.4	2.3	0.0	5.5	0.0	0.0	0.0	0.1
Other Profit	1.8	0.2	0.0	0.2	4.4	1.0	0.7	1.2	0.6	-0.0	0.2	-0.1
Profit Before Tax	12.2	19.6	19.5	19.6	11.4	20.1	18.9	20.1	10.5	15.0	17.8	18.3
Current Income Tax Expense	1.2	2.0	2.0	2.0	1.1	-3.4	3.8	4.6	2.1	3.6	3.6	4.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.0	17.6	17.6	17.6	10.2	23.5	15.1	15.5	8.4	11.4	14.2	14.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.0	17.6	17.6	17.6	10.2	23.5	15.1	15.5	8.4	11.4	14.2	14.3
Earnings per Share	333.55	534.40	533.09	533.38	309.68	712.47	458.81	469.97	253.58	344.59	431.49	433.81
Diluted EPS	333.55	534.40	533.09	533.38	309.68	712.47	458.81	469.97	253.58	344.59	431.49	433.81

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)	53.0	62.1	85.2	100.3	92.4	96.9	98.2	105.2	107.8	117.6	124.7	118.7
I. Cash and cash equivalents	10.5	15.3	31.3	44.5	30.1	45.4	48.5	58.2	48.3	67.9	52.1	45.2
1. Cash	2.8	2.1	3.0	3.1	3.6	2.7	3.3	3.9	3.3	3.0	3.8	2.5
2. Cash equivalents	7.7	13.2	28.3	41.4	26.5	42.7	45.2	54.3	45.1	64.9	48.3	42.7
II. Short-term financial investments	0.6	0.6	—	—	—	0.0	0.0	0.0	1.8	1.8	21.5	20.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.6	0.6	—	—	—	0.0	0.0	0.0	1.8	1.8	21.5	20.5
III. Short-term receivables	23.9	29.1	38.1	38.0	42.3	27.5	29.3	24.9	32.0	24.8	30.1	29.2
1. Short-term trade accounts receivable	22.9	25.0	25.0	25.1	27.0	27.7	28.4	29.2	28.5	29.0	28.9	29.6
2. Short-term prepayments to suppliers	1.2	0.6	1.2	10.4	0.6	0.6	2.1	1.7	0.5	0.8	1.5	0.7
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	19.4	23.1	32.3	23.2	37.2	22.2	22.3	20.6	30.1	22.2	26.4	25.1
7. Provision for short-term doubtful debts (*)	-19.6	-19.6	-20.3	-20.6	-22.5	-22.9	-23.4	-26.6	-27.2	-27.2	-26.7	-26.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16.7	15.6	15.4	17.5	17.8	19.6	20.3	22.1	24.8	22.6	20.9	23.6
1. Inventories	19.1	18.0	17.9	19.9	20.2	22.1	22.8	22.1	24.8	22.6	20.9	23.6
2. Provision for decline in value of inventories	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	1.5	0.3	0.4	2.2	4.4	0.0	0.0	0.9	0.6	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.3	1.4	0.2	—	—	0.2	0.0	0.0	0.8	0.5	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.4	2.2	4.1	0.0	0.0	0.1	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	680.6	653.0	609.7	606.6	602.7	596.1	573.6	582.4	574.1	574.6	571.5	584.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	529.4	538.3	534.3	539.0	545.4	559.1	543.9	543.9	548.4	554.7	548.7	547.1
1. Tangible fixed assets	528.9	537.8	534.0	538.7	545.0	558.7	543.8	543.9	548.3	554.7	548.6	547.0
- Cost	1,535.4	—	—	—	—	1,494.6	1,465.7	1,451.8	1,442.5	1,435.0	1,415.2	1,399.9
- Accumulated depreciation	-1,006.5	—	—	—	—	-935.9	-921.8	-907.9	-894.1	-880.4	-866.6	-852.9
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	0.4	0.5	0.3	0.4	0.4	0.4	0.0	0.0	0.0	0.1	0.0	0.1
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	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	115.4	86.3	49.1	36.1	38.7	19.6	18.8	24.2	11.4	7.0	15.2	26.5
1. Long-term production in progress	—	86.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	115.4	—	49.1	36.1	38.7	19.6	18.8	24.2	11.4	7.0	15.2	26.5
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	35.9	28.5	26.3	31.5	18.6	17.4	10.9	14.3	14.4	12.9	7.5	10.6
1. Long-term prepayments	35.9	28.5	26.3	31.5	18.6	17.4	10.9	14.3	14.4	12.9	7.5	10.6
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)	733.7	715.1	694.9	706.9	695.1	693.0	671.8	687.6	681.9	692.3	696.1	702.9
A. LIABILITIES (300=210+330)	285.3	277.8	275.2	304.7	257.6	265.4	267.7	298.7	268.0	286.8	302.0	323.0
I. Short -term liabilities	126.9	146.8	139.4	168.9	140.8	140.1	130.6	166.2	122.1	139.6	130.6	166.4
1. Short-term trade accounts payable	24.2	26.0	33.2	28.9	23.1	28.0	19.5	24.3	22.4	20.5	34.3	22.4
2. Short-term advances from customers	1.3	0.5	0.4	0.6	0.4	0.3	0.4	0.4	8.2	8.0	3.8	3.8
3. Taxes and other payables to state authorities	4.3	4.2	4.5	3.0	2.6	2.5	6.6	6.3	4.3	5.1	6.4	6.7
4. Payable to employees	16.6	25.9	19.7	11.4	9.5	19.5	16.2	10.1	6.4	19.1	17.3	12.0
5. Short-term acrrued expenses	12.0	8.1	9.7	7.9	11.1	11.7	13.1	8.3	7.1	6.0	7.7	4.8
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	53.5	51.9	39.0	82.1	46.0	50.3	47.5	81.9	45.9	48.2	30.7	79.3
10. Short-term borrowings and financial leases	10.2	21.8	21.8	21.8	42.3	21.8	16.6	24.0	23.7	24.0	11.1	26.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	3.0	0.0	0.0	0.0	9.5	0.0
12.. Bonus and welfare fund	4.7	8.3	11.0	13.1	5.9	6.0	7.6	10.9	4.0	8.7	9.8	11.5
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	158.5	131.0	135.8	135.8	116.8	125.3	137.1	132.5	145.9	147.1	171.4	156.6
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	—	2.0	2.4	2.1	2.4	2.4	2.4	2.4	2.9	2.4	2.7	2.5
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	158.5	129.0	133.4	133.7	114.4	122.9	134.7	130.1	143.1	144.7	168.7	154.1
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)	448.3	437.3	419.7	402.2	437.4	427.6	404.1	388.9	413.9	405.5	394.1	379.9
I. Owner's equity	448.3	437.3	419.7	402.2	437.4	427.6	404.1	388.9	413.9	405.5	394.1	379.9
1. Owner's capital	330.0	330.0	330.0	330.0	330.0	330.0	330.0	330.0	330.0	330.0	330.0	330.0
- Common stock with voting right	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00	329,954,110,000.00
- 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	44.4	44.4	44.4	44.4	35.1	35.1	35.1	35.1	28.0	28.0	28.0	28.0
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	73.9	62.9	45.3	27.8	72.4	62.5	39.0	23.9	55.9	47.6	36.2	22.0
- Accumulated retained earning at the end of the previous period	—	—	—	—	62.1	0.0	0.0	0.0	47.6	0.0	0.0	0.0
- Undistributed earnings in this period	73.9	62.9	45.3	27.8	10.2	62.5	39.0	23.9	8.4	47.6	36.2	22.0
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)	733.7	715.1	694.9	706.9	695.1	693.0	671.8	687.6	681.9	692.3	696.1	702.9

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	-2.0	-2.0	-0.2	—	—	-3.5	-3.3	-3.6	-3.0	-3.6	-4.5	-1.7
Other Operating Receipts	99.8	—	—	—	—	-311.7	318.3	-100.5	102.2	-357.8	363.6	-75.2
Other Operating Payments	-139.2	536.0	-571.6	110.3	-144.0	364.8	-402.7	129.5	-165.2	347.3	-385.2	85.0
Net Cash Flow from Operating Activities	9.1	39.0	59.3	37.6	-25.9	54.2	13.5	60.0	-23.7	-15.0	74.0	40.9
Payments for Fixed Assets and Other Long-term Assets	-37.3	-37.0	-41.9	-4.7	-20.0	-29.5	-9.1	-20.2	-13.8	3.9	-19.4	-9.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.5	-1.1	1.2	0.1	0.8	-0.1	0.5	0.3	2.8	-0.9	0.7
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	-31.8	-50.6	-28.7	-19.7	-3.7	-48.4	10.5	-37.7	6.2	42.0	-36.9	-14.0
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	37.3	6.2	43.0	-18.9	42.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-19.5	-10.5	-43.3	15.4	-27.9	-9.0	-0.4	-12.7	-1.9	-11.1	-0.4	-12.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-43.5	—	—	0.0	-33.3	0.0	0.0	-0.0	-29.9	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	17.9	-4.4	-43.9	-3.5	14.4	-9.0	-33.7	-12.7	-1.9	-11.1	-30.3	-12.7
Net Cash Flow During the Period	-4.8	-16.0	-13.2	14.3	-15.3	-3.1	-9.7	9.6	-19.4	15.9	6.8	14.2
Cash and Cash Equivalents at Beginning of Period	15.3	31.3	44.5	30.1	45.4	67.9	67.9	67.9	67.7	34.7	34.7	34.7
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	10.5	15.3	31.3	44.5	30.1	45.4	48.5	58.2	48.3	67.9	52.1	45.2

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THN

What Is Changing

Drivers of THN'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