FCM

Bê tông Phan Vũ Hà Nam ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.95%, +3.03pp YoY

Price

3,300

Latest close

03 Jun 2026

P/E 7.60x

P/B 0.28x

EPS 434

BVPS 11,921

ROE 3.4%

ROA 3.0%

Profit Margin 4.0%

Asset Turnover 0.75x

Equity Mult. 1.15x

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

What Is Changing

On a TTM 2026Q1 basis, FCM posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 472bn
	                                
−6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
+302.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	462.0	469.1	459.0	591.3	599.2
Growth	-2%	+2%	-22%	-1%	—
Net Income	18.8	1.0	15.7	20.9	13.3
Net Margin	4.06%	0.21%	3.41%	3.53%	2.22%

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	121.9	140.6	93.1	116.3	112.1	121.4	103.3	165.4	78.9	136.1	129.6	127.1
Growth	-13%	+51%	-20%	+4%	-8%	+17%	-38%	+109%	-42%	+5%	+2%	—
Net Income	4.3	6.4	3.6	4.4	4.4	6.6	4.4	-10.7	-0.2	3.4	5.7	4.7
Net Margin	3.51%	4.56%	3.87%	3.75%	3.93%	5.43%	4.22%	-6.48%	-0.21%	2.53%	4.42%	3.67%

Drivers of FCM's profit

TTM

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

Finance costs ↓ 19.6bn

Administrative expenses ↓ 6.2bn

Gross profit ↓ 12.3bn

Tax ↑ 2.4bn

TTM

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

Administrative expenses ↓ 2.9bn

Finance costs ↓ 0.3bn

Tax ↓ 0.0bn

Financial income ↑ 0.0bn

Gross profit ↓ 3.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.8% = 0.9% × 0.69 × 1.29

2026Q1 3.4% = 4.0% × 0.75 × 1.15

ROE rose from 0.8% to 3.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.0% +3.0pp Asset turnover: 0.75x +0.06x Leverage: 1.15x -0.15x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.95%, rising 3.0pp. Core operating signals are improving as SG&A / Revenue fell 1.1pp are enough to offset pressure from Gross margin fell 1.9pp (with additional support from Net financial result / Revenue rose 3.8pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 3.95% +3.0pp

Gross Margin 8.92% −1.9pp

SG&A / Revenue 4.31% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

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 3.74% +2.6pp

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 0.17x equity, with a net cash position equivalent to 0.08x equity.

Inventory ended the period at 98.9bn, roughly 15.3% of total assets.

Over the last 12 months, working capital absorbed 20.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −24.0bn

Inventories decreased → higher CFO: +13.3bn

Payables decreased → lower CFO: −10.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.4 days versus the same period last year. The main moves came from DIO fell 18.5 days, DSO fell 6.7 days, and DPO fell 11.8 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 367.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 337.9 days −6.7 days

Inventory 85.7 days −18.5 days

Payables 55.9 days −11.8 days

Cash Conversion Cycle 367.8 days −13.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 26.6bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.08x and interest coverage at 28.62x.

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 -0.08x —

Interest Coverage 28.62x +28.19x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.30x −31.73x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.6bn in 2025, against investing cash flow of 2.4bn.

Post-investment cash flow was positive +29.0bn. Financing cash flow was negative +101.5bn.

CFO / net income was 0.30x.

After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of +4.3bn.

Cash Conversion

CFO TTM 5.6bn −124.1bn

Cash Capex 1.4bn —

FCF TTM +4.3bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.0 pp. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 368 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.95% after expanding 3.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 367.8 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	462.0	469.1	463.6	591.4	599.7
Revenue Deductions	—	0.0	4.7	0.1	0.0
Net Revenue	462.0	469.1	459.0	591.3	599.2
Cost of Goods Sold	416.6	420.4	403.7	536.1	0.0
Gross Profit	45.4	48.6	55.3	55.2	50.0
Financial Income	1.1	1.6	3.5	2.1	0.6
Financial Expenses	1.1	21.3	11.7	9.7	-9.3
Interest Expense	—	2.5	9.8	9.2	-9.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.7	0.9	1.3	-1.6
General and Administrative Expenses	23.2	23.7	26.0	21.7	-23.8
Operating Profit	22.3	4.5	20.1	24.6	15.9
Other Income	1.5	0.2	0.3	1.6	0.0
Other Expenses	0.2	2.0	0.1	0.1	0.0
Other Profit	1.3	-1.8	0.2	1.5	0.6
Profit Before Tax	23.5	2.8	20.4	26.1	16.5
Current Income Tax Expense	4.8	1.8	4.7	5.2	-3.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.8	1.0	15.7	20.9	13.3
Non-controlling Interest	-0.0	-0.5	-1.4	0.1	0.3
Profit Attributable to Parent	18.8	1.5	17.1	20.8	13.0
Earnings per Share	365.00	31.00	344.00	414.00	318.00
Diluted EPS	365.00	31.00	344.00	414.00	288.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	582.5	557.6	682.2	703.1	651.0
I. Cash and cash equivalents	60.6	31.6	60.3	60.9	63.6
1. Cash	40.6	11.6	41.6	25.8	0.0
2. Cash equivalents	20.0	20.0	18.7	35.0	0.0
II. Short-term financial investments	7.2	6.6	26.6	25.6	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	7.2	6.6	26.6	25.6	0.0
III. Short-term receivables	412.1	425.2	502.9	504.0	432.5
1. Short-term trade accounts receivable	442.1	444.6	522.5	500.3	0.0
2. Short-term prepayments to suppliers	1.4	1.2	1.1	1.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.0	15.5	13.2	27.5	0.0
7. Provision for short-term doubtful debts (*)	-46.4	-36.1	-33.9	-25.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	98.9	88.5	88.5	108.8	142.8
1. Inventories	105.7	98.3	98.8	119.5	0.0
2. Provision for decline in value of inventories	-6.9	-9.8	-10.3	-10.7	0.0
V. Other short-term assets	3.8	5.8	3.9	3.8	2.6
1. Short-term prepayments	3.6	5.6	3.8	3.6	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	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)	63.8	74.1	125.4	130.8	153.6
I. Long-term receivables	2.5	2.5	2.6	2.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.5	2.5	2.6	2.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	13.3	23.2	75.2	98.5	124.5
1. Tangible fixed assets	9.1	18.9	70.7	93.8	119.7
- Cost	397.7	402.6	512.4	512.4	0.0
- Accumulated depreciation	-388.6	-383.8	-441.7	-418.6	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	4.2	4.3	4.5	4.7	4.9
- Cost	7.0	7.0	7.2	7.2	0.0
- Accumulated depreciation	-2.8	-2.7	-2.6	-2.4	0.0
III. Investment properties	0.9	0.9	0.9	0.9	0.9
- Cost	0.9	0.9	0.9	0.9	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	31.7	32.6	31.8	28.1	24.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	31.7	32.6	31.8	28.1	0.0
V. Long-term financial investments	14.0	14.0	14.0	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	14.0	14.0	14.0	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	1.5	1.0	1.0	0.8	0.0
1. Long-term prepayments	1.5	1.0	0.9	0.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	646.4	631.7	807.6	833.9	804.7
A. LIABILITIES (300=210+330)	92.7	96.7	222.9	261.9	240.2
I. Short -term liabilities	92.4	96.4	222.7	261.6	239.6
1. Short-term trade accounts payable	70.1	77.4	86.4	106.8	85.3
2. Short-term advances from customers	5.0	5.0	6.2	8.7	9.5
3. Taxes and other payables to state authorities	2.2	1.3	5.7	8.9	0.0
4. Payable to employees	4.7	4.2	4.4	5.0	0.0
5. Short-term acrrued expenses	8.9	4.0	3.3	3.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.6	0.8	14.2	0.0
10. Short-term borrowings and financial leases	—	0.0	111.4	111.6	128.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	4.0	4.6	2.9	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	0.2	0.3	0.3	0.3	0.6
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	0.2	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.3
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)	553.7	535.0	584.6	572.1	564.5
I. Owner's equity	553.7	535.0	584.6	572.1	0.0
1. Owner's capital	462.3	462.3	451.0	451.0	564.5
- Common stock with voting right	462,266,260,000.00	462,266,260,000.00	450,999,690,000.00	450,999,690,000.00	450,999,690,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-1.9	-1.9	-1.9	-1.9	-1.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.9	0.9	0.9
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	40.8	40.6	38.3	35.1	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	52.5	34.0	47.9	37.1	31.7
- Accumulated retained earning at the end of the previous period	33.7	32.5	31.7	17.1	17.6
- Undistributed earnings in this period	18.8	1.5	16.3	20.0	14.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	48.3	49.7	49.6
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)	646.4	631.7	807.6	833.9	804.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	23.5	2.8	20.4	26.1	16.5
Depreciation of Fixed Assets and Investment Property	10.2	15.8	23.3	26.4	28.9
Provision (Increase)/Reversal	7.4	9.5	8.3	5.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.6	0.0
Gain/Loss from Investment Activities	-2.6	16.2	-3.0	-1.5	0.0
Interest Expense	—	2.5	9.8	9.2	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	38.6	46.7	58.7	64.6	61.6
Increase/(Decrease) in Receivables	2.7	41.4	-21.4	-63.4	0.0
Increase/(Decrease) in Inventory	-7.4	-32.7	20.7	30.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	30.4	-39.4	38.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	-1.8	-0.3	2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-2.7	-9.8	-9.0	0.0
Corporate Income Tax Paid	-3.1	-3.3	-5.8	-1.0	0.0
Other Operating Receipts	—	0.0	0.1	0.0	0.0
Other Operating Payments	-3.2	-2.5	-1.5	-5.4	0.0
Net Cash Flow from Operating Activities	26.6	75.6	1.3	57.6	53.9
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.8	-3.8	-3.7	-5.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-20.0	-16.0	-3.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	20.0	19.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-14.0	0.0
Proceeds from Investments in Other Entities	—	-23.7	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	1.7	3.0	1.5	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	2.4	-2.8	-1.7	-32.2	-7.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	40,999,690,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	87.3	251.8	293.7	342.3
Repayment of Borrowings	—	-188.8	-251.9	-310.4	-350.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-11.5	-51.2
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	—	-101.5	-0.1	-28.2	-18.9
Net Cash Flow During the Period	29.0	-28.6	-0.6	-2.7	21.3
Cash and Cash Equivalents at Beginning of Period	31.6	60.3	60.9	63.6	36.1
FX Difference from Revaluation	—	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	60.6	31.6	60.3	60.9	63.6

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	121.9	140.6	93.1	116.3	112.1	121.4	104.3	165.4	79.9	140.5	129.8	127.1
Revenue Deductions	—	—	—	—	—	0.0	1.0	0.1	0.9	4.4	0.2	0.0
Net Revenue	121.9	140.6	93.1	116.3	112.1	121.4	103.3	165.4	78.9	136.1	129.6	127.1
Cost of Goods Sold	113.2	129.4	84.6	102.5	100.0	107.2	91.5	149.0	72.6	126.0	112.9	108.2
Gross Profit	8.7	11.1	8.5	13.7	12.0	14.2	11.8	16.4	6.4	10.1	16.7	18.9
Financial Income	0.2	0.4	0.2	0.2	0.2	0.9	0.2	0.3	0.2	1.4	0.3	0.8
Financial Expenses	0.1	0.1	0.4	0.2	0.4	0.3	0.2	19.6	2.3	2.5	3.0	3.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.6	1.9	2.3	2.6	2.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.4	0.3	0.2	0.3	0.3
General and Administrative Expenses	3.5	4.6	3.9	8.4	6.3	5.6	6.5	8.1	3.6	4.1	7.4	10.1
Operating Profit	5.3	6.8	4.5	5.5	5.5	9.2	5.4	-11.4	0.4	4.7	6.4	6.2
Other Income	—	1.5	—	—	—	0.0	0.0	0.2	0.0	0.0	0.3	0.0
Other Expenses	0.0	0.2	—	—	0.0	0.9	1.0	0.0	0.1	0.1	0.0	0.0
Other Profit	-0.0	1.3	—	—	-0.0	-0.9	-1.0	0.1	-0.0	-0.0	0.3	-0.0
Profit Before Tax	5.3	8.1	4.5	5.5	5.5	8.3	4.4	-11.3	0.4	4.7	6.7	6.2
Current Income Tax Expense	1.1	1.7	0.9	1.1	1.1	1.8	0.0	-0.5	0.5	1.2	1.0	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.3	6.4	3.6	4.4	4.4	6.6	4.4	-10.7	-0.2	3.4	5.7	4.7
Non-controlling Interest	—	-0.0	-0.0	-0.0	—	-0.0	0.0	0.6	-1.1	-0.7	0.8	-0.7
Profit Attributable to Parent	4.3	6.4	3.6	4.4	4.4	6.6	4.4	-11.3	0.9	4.2	5.0	5.3
Earnings per Share	92.00	138.00	97.00	107.00	107.00	161.00	86.00	-253.00	23.00	101.00	153.00	130.00
Diluted EPS	92.49	138.58	77.95	94.30	95.26	142.49	96.68	-250.56	20.95	92.38	110.03	117.90

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)	562.0	582.5	551.0	582.6	554.0	557.8	541.0	530.8	708.0	678.7	689.2	698.3
I. Cash and cash equivalents	44.2	60.6	42.4	41.7	44.2	31.6	49.8	46.8	36.5	61.6	30.6	67.7
1. Cash	24.2	40.6	22.4	21.7	24.2	11.6	29.8	26.8	26.5	41.6	20.6	47.7
2. Cash equivalents	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	10.0	20.0	10.0	20.0
II. Short-term financial investments	7.2	7.2	6.6	6.6	6.6	6.6	6.6	6.6	25.6	25.3	35.6	35.6
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	7.2	7.2	6.6	6.6	6.6	6.6	6.6	6.6	25.6	25.3	35.6	35.6
III. Short-term receivables	418.6	412.0	390.9	426.1	402.8	425.1	388.2	386.5	503.7	502.7	490.1	449.3
1. Short-term trade accounts receivable	448.8	442.1	419.8	452.5	425.0	444.6	405.7	396.0	523.2	522.4	507.9	466.1
2. Short-term prepayments to suppliers	1.5	1.4	1.5	1.6	2.1	1.2	1.1	5.0	0.9	1.1	1.6	1.7
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	15.2	14.9	15.0	15.4	15.4	15.5	15.6	15.7	13.5	13.2	14.6	13.0
7. Provision for short-term doubtful debts (*)	-47.0	-46.4	-45.4	-43.4	-39.7	-36.1	-34.1	-30.2	-33.9	-34.0	-34.0	-31.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	87.4	99.1	105.2	100.9	97.8	91.0	95.5	90.0	137.8	87.8	129.6	139.7
1. Inventories	94.2	106.0	112.1	109.9	107.6	100.8	105.3	99.8	148.1	98.1	140.3	150.3
2. Provision for decline in value of inventories	-6.9	-6.9	-6.9	-8.9	-9.8	-9.8	-9.8	-9.8	-10.3	-10.3	-10.7	-10.7
V. Other short-term assets	4.7	3.5	5.9	7.4	2.6	3.5	1.0	1.0	4.4	1.3	3.3	6.0
1. Short-term prepayments	3.6	3.4	5.8	5.1	2.4	3.3	0.3	0.3	0.4	1.1	2.9	4.5
2. Value added tax to be reclaimed	0.7	0.1	0.1	0.4	0.2	0.1	0.1	0.1	3.8	0.1	0.4	1.5
3. Taxes and other receivables from state authorities	0.4	0.0	—	—	—	0.0	0.5	0.5	0.2	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	1.9	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	63.8	63.9	66.6	69.0	70.9	73.9	76.7	79.8	120.5	125.3	129.1	135.2
I. Long-term receivables	2.5	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.5	2.5	2.5	3.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.5	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.5	2.5	2.5	3.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12.0	13.3	15.1	17.6	20.2	23.2	26.2	29.3	69.9	75.2	80.8	86.5
1. Tangible fixed assets	7.8	9.1	10.9	13.4	15.9	18.9	21.8	24.8	65.4	70.7	76.3	81.9
- Cost	397.7	—	—	—	—	402.6	402.6	402.6	512.4	512.4	512.4	512.4
- Accumulated depreciation	-389.9	—	—	—	—	-383.8	-380.8	-377.8	-447.0	-441.7	-436.1	-430.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.1	4.2	4.2	4.3	4.3	4.3	4.4	4.4	4.5	4.5	4.6	4.6
- Cost	7.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
- Cost	0.9	—	—	—	—	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	32.9	31.7	32.6	32.8	32.6	32.6	32.2	32.2	32.4	31.8	30.0	29.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	32.9	31.7	32.6	32.8	32.6	32.6	32.2	32.2	32.4	31.8	30.0	29.7
V. Long-term financial investments	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0
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	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0
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	1.6	1.5	1.5	1.2	0.6	0.8	0.9	1.0	0.9	0.9	0.9	0.9
1. Long-term prepayments	1.6	1.5	1.5	1.2	0.6	0.8	0.9	1.0	0.9	0.9	0.9	0.9
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)	625.9	646.4	617.5	651.7	624.8	631.7	617.7	610.6	828.6	804.0	818.3	833.4
A. LIABILITIES (300=210+330)	74.8	92.7	70.2	108.0	85.4	96.7	89.2	86.5	244.1	219.4	237.0	257.6
I. Short -term liabilities	74.6	92.4	70.0	107.7	85.1	96.4	89.0	86.2	243.8	219.1	236.7	257.3
1. Short-term trade accounts payable	60.8	70.1	51.8	88.8	70.8	77.4	71.8	69.7	95.2	82.9	89.2	107.6
2. Short-term advances from customers	5.0	5.0	5.3	5.1	5.4	5.0	5.2	5.0	6.6	6.2	9.5	12.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.2	2.3	3.5	2.9	0.6	1.3	0.7	0.7	2.1	5.6	8.7	8.2
4. Payable to employees	4.7	4.7	4.1	4.2	4.0	4.2	3.4	3.1	5.4	4.4	3.8	4.8
5. Short-term acrrued expenses	2.1	8.9	3.4	3.8	1.5	4.0	2.9	2.0	1.2	3.3	2.6	1.7
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	0.8	0.7	0.7	0.7	0.7	0.6	0.7	0.7	1.0	0.8	1.2	1.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	128.5	111.4	117.0	117.1
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	0.1	0.9	1.1	2.2	2.2	4.0	4.3	5.1	3.8	4.6	4.6	4.6
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	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	551.0	553.7	547.3	543.7	539.4	535.0	528.4	524.1	584.4	584.6	581.4	575.8
I. Owner's equity	551.0	553.7	547.3	543.7	539.4	535.0	528.4	524.1	584.4	584.6	581.4	575.8
1. Owner's capital	462.3	462.3	462.3	462.3	462.3	462.3	451.0	451.0	451.0	451.0	451.0	451.0
- Common stock with voting right	462,266,260,000.00	462,266,260,000.00	462,266,260,000.00	462,266,260,000.00	462,266,260,000.00	462,266,260,000.00	450,999,690,000.00	450,999,690,000.00	450,999,690,000.00	450,999,690,000.00	450,999,690,000.00	450,999,690,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
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	0.9	0.9	0.9	0.9
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	40.8	40.8	40.8	40.8	40.6	40.6	40.6	40.6	38.3	38.3	38.3	38.3
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	49.9	52.5	46.1	42.5	38.4	34.0	38.7	34.3	48.9	47.9	44.0	39.2
- Accumulated retained earning at the end of the previous period	45.6	33.7	33.7	33.7	34.0	32.5	43.7	46.0	47.9	30.9	31.1	31.3
- Undistributed earnings in this period	4.3	18.8	12.4	8.8	4.4	1.5	-5.0	-11.7	0.9	17.1	12.9	7.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	47.2	48.3	49.0	48.3
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)	625.9	646.4	617.5	651.7	624.8	631.7	617.7	610.6	828.6	804.0	818.3	833.4

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	5.3	8.1	4.5	5.5	5.5	8.3	4.4	-10.3	0.4	4.7	6.7	6.3
Depreciation of Fixed Assets and Investment Property	1.3	2.1	2.5	2.6	3.0	3.0	2.6	4.5	5.3	5.7	5.7	5.9
Provision (Increase)/Reversal	0.6	1.0	-0.1	2.9	3.6	2.0	3.9	3.6	0.0	-0.4	2.3	6.4
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	-0.2	-1.9	-0.2	-0.2	-0.2	-0.3	0.7	17.5	-0.2	-0.9	-0.8	-1.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.6	1.9	2.1	2.6	2.7
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	7.0	9.3	6.8	10.7	11.8	13.0	11.6	15.8	7.3	11.2	16.4	20.2
Increase/(Decrease) in Receivables	-8.1	-22.2	35.3	-29.1	18.6	-38.4	-10.3	94.8	-4.7	-12.5	-42.2	-8.6
Increase/(Decrease) in Inventory	11.5	6.4	-2.2	-2.3	-9.3	4.5	-1.4	11.0	-49.2	41.5	7.1	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-16.2	22.7	-37.2	20.7	-8.9	7.6	0.5	15.4	6.0	-7.5	-25.6	19.1
Increase/(Decrease) in Prepaid Expenses	-0.2	2.5	-1.0	-3.2	3.6	-2.9	2.0	-2.0	3.5	-0.9	3.9	-5.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.2	-0.9	-1.7	-2.4	-2.3	-2.8
Corporate Income Tax Paid	-1.9	-1.8	-0.3	0.7	-1.7	-1.5	0.5	-0.5	-1.8	-2.0	-0.9	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
Other Operating Payments	-0.8	-0.3	-1.1	-0.0	-1.8	-0.4	-0.7	-0.6	-0.8	-0.3	-0.3	-0.4
Net Cash Flow from Operating Activities	-8.6	16.5	0.2	-2.5	12.4	-18.0	2.4	133.0	-41.5	27.3	-43.9	22.2
Payments for Fixed Assets and Other Long-term Assets	-1.2	-0.2	0.3	-0.3	—	-0.4	0.4	0.2	-0.5	-1.9	-0.2	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	20.0	-1.0	1.0	-10.0	0.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-20.0	20.0	0.0	19.0	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	-23.7	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.4	0.2	0.3	0.2	0.3	0.2	0.3	0.2	0.9	1.0	0.8
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	-1.0	1.7	0.5	-0.0	0.2	-0.1	0.6	-4.2	0.7	8.0	0.8	-10.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	11,266,570,000.00	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	9.4	0.5	86.7	41.8	91.9	58.5
Repayment of Borrowings	—	—	—	—	—	0.0	-9.4	-119.1	-69.6	-47.4	-85.8	-51.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-6.9	—	—	—	—	-11.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-6.9	—	—	—	—	0.0	0.0	-118.6	17.1	-5.6	6.1	7.2
Net Cash Flow During the Period	-16.5	18.2	0.7	-2.5	12.6	-18.1	3.0	10.2	-23.7	29.7	-37.1	18.7
Cash and Cash Equivalents at Beginning of Period	60.6	42.4	41.7	44.2	31.6	60.3	60.3	60.3	60.3	60.9	60.9	60.9
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	44.2	60.6	42.4	41.7	44.2	31.6	49.8	46.8	36.5	60.3	30.6	67.7

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FCM

What Is Changing

Drivers of FCM'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