TNC

Cao su Thống Nhất ·HOSE ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT 27.39%

Price

32,600

Latest close

02 Jun 2026

P/E 11.69x

P/B 1.74x

EPS 2,789

BVPS 18,742

ROE 15.2%

ROA 14.0%

Profit Margin 31.3%

Asset Turnover 0.45x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, TNC is showing a few mildly positive signals versus the same period, though the magnitude is narrow — margins have been expanding consistently over multiple periods. Notably, a significant portion of profit is supported by non-core sources, affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 171bn
	                                
+25.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 54bn
	                                
+21.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    36.6%

Metric	2025	2024	2023	2022	2021
Revenue	166.0	143.2	129.5	97.4	70.2
Growth	+16%	+11%	+33%	+39%	—
Net Income	49.2	40.4	32.8	51.8	40.1
Net Margin	29.67%	28.22%	25.35%	53.20%	57.11%

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	38.9	58.2	50.3	23.9	33.3	42.6	39.5	21.0	39.5	32.7	26.7	25.7
Growth	-33%	+16%	+110%	-28%	-22%	+8%	+88%	-47%	+21%	+22%	+4%	—
Net Income	11.6	6.2	4.1	31.8	7.0	13.0	13.2	10.9	4.1	5.1	4.2	19.8
Net Margin	29.83%	10.61%	8.22%	132.71%	20.95%	30.56%	33.58%	52.08%	10.30%	15.60%	15.84%	77.06%

Drivers of TNC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 11.4bn

Gross profit ↑ 2.2bn

Financial income ↑ 1.1bn

Tax ↑ 2.3bn

Administrative expenses ↑ 1.9bn

TTM

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

Gross profit ↑ 4.5bn

Other profit ↑ 0.7bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.9% = 32.4% × 0.37 × 1.07

2026Q1 15.2% = 31.3% × 0.45 × 1.08

ROE rose from 12.9% to 15.2% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 31.3% -1.1pp Asset turnover: 0.45x +0.08x Leverage: 1.08x +0.01x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 31.32%, falling 1.1pp. The main pressure is Gross margin fell 5.4pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (in addition, Other profit / Revenue rose 4.9pp added support while Net financial result / Revenue fell 1.7pp remained a drag).

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

Profitability trend

Net Margin 31.32% −1.1pp

Gross Margin 27.38% −5.4pp

SG&A / Revenue 14.34% −1.6pp

Non-core / Revenue 23.16% +3.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 64.0% of PBT and lifted net margin by 3.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 19.86% −5.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.03x equity.

Inventory ended the period at 38.7bn, roughly 10.1% of total assets.

Over the last 12 months, working capital released 16.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +1.6bn

Inventories decreased → higher CFO: +14.0bn

Payables increased → higher CFO: +0.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 27.3 days versus the same period last year. The main moves came from DIO fell 26.7 days, DSO fell 1.7 days, and DPO fell 1.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 130.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 14.0 days −1.7 days

Inventory 126.0 days −26.7 days

Payables 9.6 days −1.1 days

Cash Conversion Cycle 130.4 days −27.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 4.9bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.38x +0.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 4.9bn in 2025, against investing cash flow of 17.6bn.

Post-investment cash flow was positive +22.5bn. Financing cash flow was negative +30.8bn.

CFO / net income was 0.38x.

After spending +10.3bn on fixed-asset investment, the business generated trailing free cash flow of +10.1bn.

Cash Conversion

CFO TTM 20.4bn +19.8bn

Cash Capex 10.3bn −5.0bn

FCF TTM +10.1bn +24.9bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.03x. The next item to monitor is the earnings mix, when non-core contribution is 27.4%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 130 days.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.4% of PBT and CFO / net income currently at 0.38x.

Key risk: working capital remains tied up for too long, with cash cycle at 130.4 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	166.0	143.2	129.5	97.4	70.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	166.0	143.2	129.5	97.4	70.2
Cost of Goods Sold	123.4	104.1	107.9	75.3	0.0
Gross Profit	42.6	39.1	21.6	22.1	13.4
Financial Income	17.3	17.2	24.4	32.9	37.3
Financial Expenses	—	0.0	0.5	0.1	-0.0
Interest Expense	—	0.0	0.5	0.1	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	9.7	8.5	1.8	2.7	-0.8
General and Administrative Expenses	14.9	12.8	11.3	9.7	-7.9
Operating Profit	35.3	34.9	32.4	42.5	42.0
Other Income	22.9	12.3	6.1	19.5	0.0
Other Expenses	1.0	1.0	1.3	4.4	0.0
Other Profit	22.0	11.4	4.7	15.1	0.1
Profit Before Tax	57.2	46.3	37.2	57.6	42.1
Current Income Tax Expense	8.0	5.9	4.3	5.8	-2.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	49.2	40.4	32.8	51.8	40.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	49.2	40.4	32.8	51.8	40.1
Earnings per Share	1,903.00	1,545.00	1,392.00	2,198.00	1,881.00
Diluted EPS	1,903.00	1,545.00	1,392.00	2,198.00	2,082.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.6	213.4	202.6	242.3	224.0
I. Cash and cash equivalents	6.7	15.1	10.6	4.0	2.9
1. Cash	6.7	15.1	10.6	4.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	161.1	136.1	136.1	165.0	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	161.1	136.1	136.1	165.0	0.0
III. Short-term receivables	27.9	10.8	12.0	21.4	16.1
1. Short-term trade accounts receivable	26.6	10.1	7.1	18.7	0.0
2. Short-term prepayments to suppliers	0.3	0.8	1.1	0.6	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	6.9	5.5	9.1	7.1	0.0
7. Provision for short-term doubtful debts (*)	-5.9	-5.5	-5.3	-4.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	38.7	51.3	42.7	51.9	39.5
1. Inventories	38.7	51.3	42.7	51.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	1.2	0.0	0.5
1. Short-term prepayments	—	0.0	0.0	0.0	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	0.2	0.2	1.2	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)	147.6	159.9	164.2	161.7	161.7
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	90.0	102.4	111.8	88.1	87.9
1. Tangible fixed assets	90.0	102.4	111.8	88.1	87.9
- Cost	182.8	191.0	196.6	176.5	0.0
- Accumulated depreciation	-92.8	-88.7	-84.8	-88.3	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	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	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	20.3	17.1	16.9	40.2	40.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	20.3	17.1	16.9	40.2	0.0
V. Long-term financial investments	29.9	33.1	31.6	30.5	27.3
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	26.8	26.8	26.8	26.8	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	3.1	6.3	4.8	3.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.3	7.3	3.9	2.9	0.0
1. Long-term prepayments	7.3	7.3	3.9	2.9	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	6.2
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)	382.2	373.3	366.7	404.0	385.7
A. LIABILITIES (300=210+330)	33.1	33.1	34.2	60.2	46.2
I. Short -term liabilities	33.1	32.7	34.2	51.2	24.4
1. Short-term trade accounts payable	2.7	2.9	1.5	1.0	0.5
2. Short-term advances from customers	0.1	0.1	5.6	0.1	1.2
3. Taxes and other payables to state authorities	0.6	1.8	1.0	5.6	0.0
4. Payable to employees	6.1	8.8	8.9	8.3	0.0
5. Short-term acrrued expenses	4.1	0.3	0.3	0.3	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	0.3	0.2	0.0	0.0	0.0
9. Other short-term payables	2.6	2.0	2.2	3.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	20.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.6	16.5	14.8	12.7	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	—	0.4	0.0	9.0	21.8
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	—	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	—	0.4	0.0	9.0	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)	349.2	340.3	332.5	343.8	339.5
I. Owner's equity	349.2	340.3	332.5	343.8	0.0
1. Owner's capital	192.5	192.5	192.5	192.5	339.5
- Common stock with voting right	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00
- 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	105.8	105.8	105.8	95.5	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	50.8	41.9	34.2	55.8	51.5
- Accumulated retained earning at the end of the previous period	1.6	1.5	1.4	4.0	11.4
- Undistributed earnings in this period	49.2	40.4	32.8	51.8	40.1
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)	382.2	373.3	366.7	404.0	385.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	57.2	46.3	37.2	57.6	42.1
Depreciation of Fixed Assets and Investment Property	8.7	9.9	9.7	9.4	8.0
Provision (Increase)/Reversal	0.3	0.2	0.4	-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	-39.7	-28.6	-29.9	-49.5	0.0
Interest Expense	—	0.0	0.5	0.1	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	26.6	27.8	17.8	17.6	13.9
Increase/(Decrease) in Receivables	-16.7	-1.3	9.7	-7.9	0.0
Increase/(Decrease) in Inventory	12.6	-10.4	4.8	-12.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.4	-3.7	-3.7	-10.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-3.4	-1.0	3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.6	-0.0	0.0
Corporate Income Tax Paid	-9.5	-5.0	-8.6	-2.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.4	-7.9	-7.4	-8.0	0.0
Net Cash Flow from Operating Activities	4.9	-3.9	11.0	-20.3	-10.4
Payments for Fixed Assets and Other Long-term Assets	-8.4	-7.5	-6.8	-11.7	-17.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	31.3	19.5	6.7	18.8	-0.0
Loans and Purchases of Debt Instruments	-25.0	-1.5	-1.1	-3.2	12.0
Receipts from Loan Repayments and Sale of Debt Instruments	3.2	0.0	28.9	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	16.5	20.9	22.6	36.0	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	17.6	31.4	50.3	39.8	29.2
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	—	0.0	10.0	22.8	0.0
Repayment of Borrowings	—	0.0	-30.0	-2.8	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-30.8	-23.1	-34.7	-38.5	-38.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-30.8	-23.1	-54.7	-18.5	-38.5
Net Cash Flow During the Period	-8.3	4.4	6.6	1.1	-32.3
Cash and Cash Equivalents at Beginning of Period	15.1	10.6	4.0	2.9	22.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.7	15.1	10.6	4.0	2.9

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
Revenue	38.9	58.2	50.3	23.9	33.3	42.6	39.5	21.0	39.5	32.7	26.7	25.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	38.9	58.2	50.3	23.9	33.3	42.6	39.5	21.0	39.5	32.7	26.7	25.7
Cost of Goods Sold	22.5	44.4	41.8	15.8	21.4	27.3	26.9	16.1	33.4	25.4	23.3	21.0
Gross Profit	16.4	13.8	8.5	8.1	11.9	15.3	12.5	4.9	6.1	7.4	3.4	4.7
Financial Income	1.8	2.2	1.9	11.0	1.7	1.7	1.5	11.1	2.6	3.0	3.4	15.4
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Interest Expense	—	—	—	—	—	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	2.8	2.3	3.5	1.3	2.6	2.2	1.1	3.0	2.1	0.4	0.2	0.5
General and Administrative Expenses	2.3	7.2	2.2	3.0	2.4	6.1	2.2	2.0	1.9	4.7	1.9	2.2
Operating Profit	13.1	6.5	4.8	14.9	8.5	8.7	10.6	11.0	4.6	5.2	4.7	17.4
Other Income	0.0	0.3	0.0	22.7	0.0	7.7	5.1	0.4	0.5	0.6	0.6	5.4
Other Expenses	0.0	-0.4	0.0	0.8	0.7	0.9	0.4	-0.0	0.2	-0.2	0.1	1.4
Other Profit	0.0	0.7	0.0	21.9	-0.7	6.8	4.8	0.4	0.3	0.9	0.5	4.0
Profit Before Tax	13.2	7.2	4.8	36.8	7.9	15.5	15.4	11.4	5.0	6.1	5.2	21.4
Current Income Tax Expense	1.5	1.0	0.7	5.1	0.9	2.5	2.2	0.5	0.9	1.0	1.0	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.6	6.2	4.1	31.8	7.0	13.0	13.2	10.9	4.1	5.1	4.2	19.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.6	6.2	4.1	31.8	7.0	13.0	13.2	10.9	4.1	5.1	4.2	19.8
Earnings per Share	603.00	321.00	215.00	1,650.00	363.00	677.00	688.00	569.00	211.00	265.00	220.00	1,029.00
Diluted EPS	603.00	321.00	215.00	1,650.00	363.00	2,132.00	688.00	569.00	211.00	265.00	220.00	1,029.00

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)	243.8	229.9	227.2	265.6	215.6	213.6	199.2	198.6	195.0	202.6	218.4	228.5
I. Cash and cash equivalents	11.6	6.7	7.4	43.6	20.3	15.1	12.6	7.9	9.8	10.6	17.0	21.9
1. Cash	11.6	6.7	7.4	13.6	20.3	15.1	12.6	7.9	9.8	10.6	17.0	11.9
2. Cash equivalents	—	—	—	30.0	—	0.0	0.0	0.0	0.0	0.0	0.0	10.0
II. Short-term financial investments	181.1	156.1	149.1	146.1	136.1	136.1	136.1	151.1	146.1	136.1	156.1	172.1
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	181.1	156.1	149.1	146.1	136.1	136.1	136.1	151.1	146.1	136.1	156.1	172.1
III. Short-term receivables	9.9	28.2	18.4	12.0	7.5	11.0	7.3	5.7	10.1	12.1	11.0	7.2
1. Short-term trade accounts receivable	6.9	26.6	18.3	13.2	6.3	10.1	7.5	6.6	5.5	7.1	5.9	5.7
2. Short-term prepayments to suppliers	2.3	0.3	0.4	0.8	1.6	1.2	0.9	1.8	1.9	1.1	3.1	2.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.5	6.9	5.1	3.5	5.2	5.3	4.3	2.6	8.0	8.7	6.9	4.4
7. Provision for short-term doubtful debts (*)	-5.9	-5.6	-5.5	-5.5	-5.5	-5.5	-5.4	-5.3	-5.3	-4.9	-4.9	-4.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	36.0	38.7	45.2	58.7	50.0	51.3	37.3	25.6	26.8	42.7	29.3	20.9
1. Inventories	36.0	38.7	45.2	58.7	50.0	51.3	37.3	25.6	26.8	42.7	29.3	20.9
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	5.2	0.2	7.1	5.3	1.8	0.2	5.8	8.2	2.2	1.2	5.0	6.4
1. Short-term prepayments	4.7	—	7.1	5.3	1.7	0.0	5.6	6.7	2.2	0.0	5.0	6.3
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.2	0.0	0.0	0.0	0.2	0.2	1.5	0.0	1.2	0.0	0.2
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)	148.3	152.5	157.2	150.5	159.9	160.1	164.6	162.8	163.9	164.2	161.3	158.2
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	88.7	90.0	88.2	89.5	100.0	101.1	107.0	110.7	109.4	111.8	109.2	111.6
1. Tangible fixed assets	88.7	90.0	88.2	89.5	100.0	101.1	107.0	110.7	109.4	111.8	109.2	111.6
- Cost	183.7	—	—	—	—	190.2	196.7	199.0	196.6	196.6	191.5	191.4
- Accumulated depreciation	-94.9	—	—	—	—	-89.1	-89.7	-88.3	-87.2	-84.8	-82.3	-79.8
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	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	21.8	20.3	23.4	19.3	18.3	18.6	17.9	14.4	17.7	16.9	17.1	12.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	21.8	20.3	23.4	19.3	18.3	18.6	17.9	14.4	17.7	16.9	17.1	12.8
V. Long-term financial investments	29.9	34.9	38.1	33.1	33.1	33.1	33.1	31.6	31.6	31.6	30.5	30.5
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	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8
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	3.1	8.1	11.3	6.3	6.3	6.3	6.3	4.8	4.8	4.8	3.7	3.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.9	7.3	7.5	8.6	8.4	7.3	6.6	6.1	5.1	3.9	4.5	3.3
1. Long-term prepayments	7.9	7.3	7.5	8.6	8.4	7.3	6.6	6.1	5.1	3.9	4.5	3.3
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	392.1	382.4	384.4	416.1	375.5	373.8	363.8	361.4	358.8	366.8	379.7	386.7
A. LIABILITIES (300=210+330)	31.3	32.8	41.0	77.4	28.2	32.9	35.9	46.5	22.2	34.3	52.3	62.7
I. Short -term liabilities	31.3	32.4	40.6	74.8	27.9	32.9	35.9	46.5	22.2	34.3	52.3	62.7
1. Short-term trade accounts payable	3.0	2.7	3.0	9.2	3.6	3.0	3.4	1.3	1.8	1.4	1.2	0.9
2. Short-term advances from customers	0.9	0.2	0.0	0.2	0.5	0.4	3.2	0.3	0.2	5.6	0.6	0.0
3. Taxes and other payables to state authorities	8.0	0.5	13.1	11.2	6.4	1.8	5.7	0.0	3.2	1.1	11.8	7.7
4. Payable to employees	0.9	6.5	2.7	1.3	5.3	8.8	3.6	1.7	3.3	8.9	2.5	0.9
5. Short-term acrrued expenses	1.7	0.2	0.0	0.1	0.1	0.3	0.1	0.1	0.1	0.3	0.0	0.1
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	0.3	0.1	0.1	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.3	2.1	3.4	33.3	2.1	2.0	2.2	25.1	2.8	2.2	20.2	36.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	3.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.3	16.6	18.3	19.2	9.7	16.5	17.6	18.1	11.0	14.8	15.9	16.3
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	—	0.4	0.4	2.6	0.4	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	—	0.4	0.4	2.6	0.4	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)	360.8	349.6	343.4	338.7	347.3	340.9	327.9	314.9	336.6	332.5	327.4	324.0
I. Owner's equity	360.8	349.6	343.4	338.7	347.3	340.9	327.9	314.9	336.6	332.5	327.4	324.0
1. Owner's capital	192.5	192.5	192.5	192.5	192.5	192.5	192.5	192.5	192.5	192.5	192.5	192.5
- Common stock with voting right	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00	192,500,000,000.00
- 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	105.8	105.8	105.8	105.8	105.8	105.8	105.8	105.8	105.8	105.8	105.8	105.8
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	62.5	51.3	45.1	40.4	48.9	42.6	29.5	16.5	38.3	34.2	29.1	25.6
- Accumulated retained earning at the end of the previous period	1.6	1.6	1.6	1.6	1.5	1.5	1.5	1.5	34.2	1.4	1.4	1.4
- Undistributed earnings in this period	60.9	49.6	43.5	38.8	47.4	41.0	28.0	15.0	4.1	32.8	27.7	24.3
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)	392.1	382.4	384.4	416.1	375.5	373.8	363.8	361.4	358.8	366.8	379.7	386.7

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
Profit Before Tax	13.2	52.4	-40.7	37.6	7.9	15.5	15.4	11.1	5.0	6.2	5.2	20.5
Depreciation of Fixed Assets and Investment Property	2.2	6.5	-0.5	-7.5	10.2	2.4	2.7	2.8	2.4	0.0	4.9	2.5
Provision (Increase)/Reversal	—	0.3	—	—	—	0.2	0.0	0.1	0.0	0.4	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	-3.1	-23.5	19.4	-33.2	-2.3	-9.2	-2.4	-14.0	-0.6	-4.9	-2.7	-22.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	-0.5	0.5
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	12.2	35.7	-21.8	-3.1	15.8	8.9	15.7	-0.0	6.7	2.1	6.9	1.2
Increase/(Decrease) in Receivables	15.3	-6.4	-6.4	-0.9	-3.0	-3.9	-2.3	1.8	-1.2	24.1	-26.1	6.3
Increase/(Decrease) in Inventory	2.7	6.5	15.0	-10.3	1.3	-13.9	-11.6	1.1	15.9	27.4	-52.5	5.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	-4.3	-2.4	7.6	0.6	-1.8	11.1	-13.5	0.7	-31.5	39.5	-4.5
Increase/(Decrease) in Prepaid Expenses	-5.3	7.3	-2.4	-2.1	-2.8	5.0	0.8	-5.7	-3.5	5.6	0.1	-4.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	2.5	-2.5	0.0	0.0	5.4	-5.4	5.4
Corporate Income Tax Paid	—	-6.9	—	-2.7	—	-5.0	2.4	-0.5	-2.0	-8.6	5.8	-5.8
Other Operating Receipts	—	—	—	—	—	-2.4	3.1	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-11.3	8.7	-0.1	-6.7	1.9	6.3	-2.7	-3.6	-6.8	5.3	-1.0
Net Cash Flow from Operating Activities	21.3	18.0	-6.6	-12.3	5.8	-8.7	22.9	-19.4	13.0	17.7	-26.3	2.7
Payments for Fixed Assets and Other Long-term Assets	-3.1	-26.6	19.9	-0.6	-1.2	12.3	1.5	2.8	-5.4	-14.8	9.6	3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	—	31.3	—	1.7	5.0	0.7	0.3	2.8	-2.5	6.3
Loans and Purchases of Debt Instruments	-20.0	-7.0	-8.0	-10.0	—	0.0	-1.5	10.0	-10.0	7.8	-1.8	9.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	3.2	—	—	—	0.0	-5.0	5.0	0.0	28.9	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	4.6	11.8	-10.7	9.1	6.3	1.7	-7.9	14.6	5.7	2.1	-0.2	19.3
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	-18.6	12.6	-30.1	29.9	5.1	15.6	-7.9	33.1	-9.4	26.8	5.1	38.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	10.0	-10.0	10.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-30.0	30.0	-30.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	2.1	-31.3	0.5	5.7	-5.7	-4.5	-30.3	4.4	-4.4	-31.0	-3.6	-10.7
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	-31.3	0.5	5.7	-5.7	-4.5	-30.3	4.4	-4.4	-51.0	16.4	-30.7
Net Cash Flow During the Period	4.8	-0.7	-36.1	23.3	5.2	2.4	-15.3	18.1	-0.8	-6.4	-4.8	10.9
Cash and Cash Equivalents at Beginning of Period	6.7	7.4	43.6	20.3	15.1	10.6	10.6	10.6	10.6	4.0	4.0	4.0
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	11.6	6.7	7.4	43.6	20.3	15.1	12.6	27.9	9.8	10.6	17.0	21.9

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TNC

What Is Changing

Drivers of TNC'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