HCD

Đầu tư Sản xuất và Thương mại HCD ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 3.58%, −1.22pp YoY

Price

6,400

Latest close

04 Jun 2026

P/E 10.27x

P/B 0.46x

EPS 623

BVPS 13,779

ROE 4.6%

ROA 2.7%

Profit Margin 2.8%

Asset Turnover 0.94x

Equity Mult. 1.74x

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

What Is Changing

On a TTM 2026Q1 basis, HCD is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 819bn
	                                
−4.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 23bn
	                                
−23.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.43x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	790.2	869.3	913.0	744.5	732.5
Growth	-9%	-5%	+23%	+2%	—
Net Income	20.0	30.2	51.9	40.2	48.4
Net Margin	2.54%	3.47%	5.68%	5.40%	6.61%

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	205.9	228.4	198.7	186.2	177.0	202.1	248.6	225.8	192.8	258.4	183.3	240.5
Growth	-10%	+15%	+7%	+5%	-12%	-19%	+10%	+17%	-25%	+41%	-24%	—
Net Income	7.4	6.3	3.5	5.9	8.0	5.2	8.3	8.4	14.3	22.6	12.8	8.4
Net Margin	3.57%	2.76%	1.76%	3.16%	4.54%	2.55%	3.34%	3.73%	7.40%	8.75%	6.97%	3.50%

Drivers of HCD's profit

TTM

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

Tax ↓ 2.0bn

Finance costs ↓ 1.9bn

Financial income ↑ 1.0bn

Gross profit ↓ 8.7bn

Administrative expenses ↑ 1.9bn

TTM

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

Financial income ↑ 3.2bn

Tax ↓ 0.2bn

Selling expenses ↓ 0.1bn

Gross profit ↓ 3.9bn

Administrative expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.3% = 3.5% × 1.04 × 1.71

2026Q1 4.6% = 2.8% × 0.94 × 1.74

ROE fell from 6.3% to 4.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 2.8% -0.7pp Asset turnover: 0.94x -0.10x Leverage: 1.74x +0.02x

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 2.81%, falling 0.7pp. The main pressure comes from Gross margin fell 0.8pp and SG&A / Revenue rose 0.3pp (with additional support from Net financial result / Revenue rose 0.3pp).

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

Profitability trend

Net Margin 2.81% −0.7pp

Gross Margin 4.79% −0.8pp

SG&A / Revenue 0.82% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC narrowed to 3.58%, falling 1.2pp. That translates to 3.58 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.12x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 3.58% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.58% −1.2pp

NOPAT Margin 2.81% −0.6pp

Capital Turnover 1.28x −0.12x

Average Invested Capital 642.4bn +28.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.61x equity, net debt at 0.31x equity.

Inventory ended the period at 273.4bn, roughly 33.9% of total assets.

Over the last 12 months, working capital absorbed 107.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −152.0bn

Inventories decreased → higher CFO: +32.9bn

Payables increased → higher CFO: +11.4bn

Working Capital Efficiency

Cash conversion cycle improved by 0.0 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO rose 11.8 days, and DPO rose 12.5 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 144.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +11.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 78.4 days +11.8 days

Inventory 142.9 days +0.7 days

Payables 77.0 days +12.5 days

Cash Conversion Cycle 144.4 days −0.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 4.04x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.7% of debt, and total debt stands at 166.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 4.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.31x +0.05x

Interest Coverage 4.04x −0.07x

Cash / Debt 4.7% −23.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -3.43x −4.61x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -59.7bn in 2025, against investing cash flow of 38.0bn.

Post-investment cash flow was negative +21.7bn. Financing cash flow was negative +33.6bn.

CFO / net income was -3.43x.

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

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

Cash Conversion

CFO TTM 79.0bn −114.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.6%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -3.43x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -3.43x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	790.2	869.3	913.0	744.5	732.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	790.2	869.3	913.0	744.5	732.5
Cost of Goods Sold	746.9	815.2	843.8	697.7	0.0
Gross Profit	43.3	54.1	69.2	46.8	58.4
Financial Income	0.1	4.2	12.1	13.1	5.0
Financial Expenses	11.2	16.2	15.8	10.3	-4.8
Interest Expense	7.2	10.6	12.4	9.8	-4.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.9	0.4	0.5	0.2	-0.0
General and Administrative Expenses	5.3	4.0	1.5	2.8	-2.2
Operating Profit	26.0	37.8	63.5	46.7	56.4
Other Income	—	0.0	0.0	2.1	0.0
Other Expenses	0.0	0.0	0.2	0.2	0.0
Other Profit	-0.0	-0.0	-0.2	1.9	-0.0
Profit Before Tax	26.0	37.7	63.3	48.6	56.3
Current Income Tax Expense	5.9	7.5	11.5	8.4	-7.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	20.0	30.2	51.9	40.2	48.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	20.0	30.2	51.9	40.2	48.4
Earnings per Share	542.00	817.00	1,403.00	1,272.00	1,793.24
Diluted EPS	542.00	817.00	1,403.27	1,272.48	1,793.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	611.8	608.9	575.5	524.7	436.7
I. Cash and cash equivalents	38.5	93.8	58.2	35.6	17.2
1. Cash	29.1	49.5	46.8	29.1	0.0
2. Cash equivalents	9.4	44.3	11.4	6.4	0.0
II. Short-term financial investments	7.3	58.3	58.8	68.2	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	7.3	58.3	58.8	68.2	0.0
III. Short-term receivables	291.5	174.2	164.0	113.4	191.1
1. Short-term trade accounts receivable	177.4	137.4	138.2	113.5	0.0
2. Short-term prepayments to suppliers	114.0	34.7	24.7	4.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	2.2	1.1	1.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-5.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	273.4	278.2	284.5	290.8	189.3
1. Inventories	273.4	278.2	284.5	290.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.1	4.4	9.9	16.8	0.1
1. Short-term prepayments	—	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	1.1	4.4	9.8	16.8	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	194.6	203.1	203.0	230.9	119.2
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	181.5	195.7	194.5	64.5	68.8
1. Tangible fixed assets	154.1	168.4	182.7	52.7	57.0
- Cost	218.6	218.6	218.6	78.7	0.0
- Accumulated depreciation	-64.5	-50.2	-35.9	-26.0	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	27.3	27.3	11.8	11.8	11.8
- Cost	27.3	27.3	11.8	11.8	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.4	1.1	1.1	141.3	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.4	1.1	1.1	141.3	0.0
V. Long-term financial investments	—	0.0	0.0	20.0	45.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	20.0	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	6.7	6.3	7.3	5.1	0.0
1. Long-term prepayments	6.7	6.3	7.3	5.1	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	5.3
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)	806.4	812.0	778.5	755.6	555.9
A. LIABILITIES (300=210+330)	304.5	330.2	326.8	340.1	179.3
I. Short -term liabilities	304.5	330.2	326.8	336.3	166.5
1. Short-term trade accounts payable	155.8	152.4	135.4	144.9	33.7
2. Short-term advances from customers	5.9	1.1	1.0	0.4	5.6
3. Taxes and other payables to state authorities	22.6	22.2	22.0	16.5	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	0.7	0.1	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.3	1.3	0.2	0.0
10. Short-term borrowings and financial leases	116.2	149.8	164.2	171.1	109.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	2.7	2.7	3.0	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	—	0.0	0.0	3.7	12.8
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	3.7	12.8
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)	501.9	481.9	451.7	415.6	376.6
I. Owner's equity	501.9	481.9	451.7	415.6	0.0
1. Owner's capital	369.6	369.6	369.6	315.9	376.6
- Common stock with voting right	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	315,898,020,000.00	270,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-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	4.0	4.0	4.0	4.0	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	128.3	108.3	78.1	95.7	102.7
- Accumulated retained earning at the end of the previous period	108.3	78.1	26.2	55.5	54.2
- Undistributed earnings in this period	20.0	30.2	51.9	40.2	48.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	806.4	812.0	778.5	755.6	555.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	26.0	37.7	63.3	48.6	56.3
Depreciation of Fixed Assets and Investment Property	14.3	14.3	9.9	4.9	4.8
Provision (Increase)/Reversal	—	0.0	-5.7	-1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.0	0.4	3.5	-0.0	0.0
Gain/Loss from Investment Activities	-3.8	-4.2	-12.1	-13.1	0.0
Interest Expense	7.2	10.6	12.4	9.8	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	47.6	58.9	71.3	48.8	61.0
Increase/(Decrease) in Receivables	-112.4	-4.7	-37.7	60.1	0.0
Increase/(Decrease) in Inventory	4.8	6.3	6.4	-100.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.0	16.7	-4.6	-13.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	1.1	-2.3	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.7	-10.1	-12.5	-13.0	0.0
Corporate Income Tax Paid	-5.5	-7.4	-5.9	-2.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.3	0.0	0.0
Net Cash Flow from Operating Activities	-59.7	60.8	14.3	-20.3	5.4
Payments for Fixed Assets and Other Long-term Assets	-15.2	-15.5	-6.5	-22.4	-11.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-26.5	-76.7	-17.1	-49.1	-33.1
Receipts from Loan Repayments and Sale of Debt Instruments	77.5	77.2	26.5	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	29.0	35.5	0.0
Dividends and Interest Income Received	2.2	4.2	2.8	2.6	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	38.0	-10.8	34.7	-33.4	-39.7
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	340.9	382.0	329.0	381.6	177.4
Repayment of Borrowings	-374.5	-396.5	-339.5	-329.5	-123.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-15.8	0.0	-12.8
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	-33.6	-14.5	-26.3	52.1	41.6
Net Cash Flow During the Period	-55.3	35.6	22.7	-1.6	-10.6
Cash and Cash Equivalents at Beginning of Period	93.8	58.2	35.6	37.1	9.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	38.5	93.8	58.2	35.6	17.2

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	205.9	228.4	198.7	186.2	177.0	202.1	248.6	225.8	192.8	258.4	183.3	240.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	205.9	228.4	198.7	186.2	177.0	202.1	248.6	225.8	192.8	258.4	183.3	240.5
Cost of Goods Sold	196.9	217.1	191.1	174.8	164.0	191.7	237.6	212.1	172.6	230.0	164.2	237.8
Gross Profit	9.1	11.3	7.5	11.4	13.0	10.4	10.9	13.7	20.2	28.4	19.1	2.7
Financial Income	3.3	0.1	0.1	-0.2	0.1	-0.6	2.1	0.7	0.8	0.9	0.8	9.5
Financial Expenses	2.2	1.5	1.8	1.6	2.2	2.3	2.3	2.3	3.0	3.0	3.2	3.1
Interest Expense	2.2	1.5	1.8	1.6	2.2	2.3	2.3	2.3	3.0	3.0	3.2	3.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.6	0.2	0.3	0.2	0.1	0.0	0.2	0.1	0.2	0.1	0.1
General and Administrative Expenses	0.9	1.4	1.3	2.0	0.6	1.0	0.9	1.1	0.9	-2.5	0.7	0.8
Operating Profit	9.2	7.9	4.4	7.4	10.0	6.5	9.7	10.9	16.9	28.5	16.0	8.2
Other Income	—	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.2
Other Expenses	—	—	-0.0	0.0	—	0.0	-0.5	0.0	0.0	0.0	0.0	0.2
Other Profit	—	—	0.0	-0.0	—	0.0	0.5	0.0	0.0	0.0	0.0	2.0
Profit Before Tax	9.2	7.9	4.4	7.3	10.0	6.5	10.2	10.9	16.9	28.5	16.0	10.2
Current Income Tax Expense	1.8	1.6	0.9	1.5	2.0	1.3	1.9	2.5	2.6	5.9	3.2	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.4	6.3	3.5	5.9	8.0	5.2	8.3	8.4	14.3	22.6	12.8	8.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.4	6.3	3.5	5.9	8.0	5.2	8.3	8.4	14.3	22.6	12.8	8.4
Earnings per Share	199.00	170.00	95.00	159.00	217.00	140.00	225.00	228.00	386.00	612.00	404.00	267.00
Diluted EPS	198.99	170.30	94.73	159.05	217.36	139.55	224.53	227.74	386.04	611.73	404.41	266.60

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)	681.6	616.4	590.9	627.9	662.0	616.8	638.8	613.4	577.8	572.4	556.4	533.2
I. Cash and cash equivalents	7.8	29.3	27.3	12.0	49.6	89.0	58.2	83.6	19.4	61.8	15.8	41.2
1. Cash	7.8	29.3	27.3	12.0	7.8	50.1	18.3	42.4	19.4	50.4	15.8	7.2
2. Cash equivalents	—	—	—	—	41.8	38.9	39.9	41.2	0.0	11.4	0.0	33.9
II. Short-term financial investments	9.6	16.6	3.6	49.1	62.5	63.7	70.3	70.3	58.8	58.8	76.8	57.6
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	9.6	16.6	3.6	49.1	62.5	63.7	70.3	70.3	58.8	58.8	76.8	57.6
III. Short-term receivables	373.7	296.4	233.4	240.4	220.5	181.7	217.0	157.9	187.5	164.0	202.9	169.2
1. Short-term trade accounts receivable	196.0	182.4	184.7	154.6	155.9	144.3	184.9	129.0	155.5	138.2	183.9	146.6
2. Short-term prepayments to suppliers	177.6	114.0	48.7	81.4	62.5	36.5	30.0	26.6	30.1	24.7	21.4	23.9
3. Short-term inter-company receivables	—	—	—	2.8	—	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	0.1	0.1	0.0	1.7	2.2	0.9	2.2	2.3	1.9	1.1	1.2	2.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-3.6	-3.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	288.9	272.9	324.4	320.1	321.8	278.0	287.4	293.9	306.0	277.9	251.2	253.8
1. Inventories	288.9	272.9	324.4	320.1	321.8	278.0	287.4	293.9	306.0	277.9	251.2	253.8
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	1.5	1.1	2.2	6.3	7.5	4.4	5.9	7.8	6.0	9.8	9.8	11.4
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	1.5	1.1	2.2	6.3	7.5	4.4	5.9	7.8	6.0	9.8	9.8	11.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	192.7	194.6	193.1	196.8	199.3	203.1	191.5	195.4	199.5	203.1	209.1	210.2
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	177.9	181.5	185.0	188.6	192.2	195.7	183.8	187.4	191.0	197.0	104.1	105.3
1. Tangible fixed assets	150.6	154.1	157.7	161.3	164.8	168.4	172.0	175.5	179.1	185.1	92.2	93.4
- Cost	218.6	—	—	—	—	218.6	218.6	218.6	218.6	221.0	122.1	122.3
- Accumulated depreciation	-68.0	—	—	—	—	-50.2	-46.6	-43.0	-39.4	-35.9	-29.9	-28.8
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	27.3	27.3	27.3	27.3	27.3	27.3	11.8	11.8	11.8	11.8	11.8	11.8
- Cost	27.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	8.2	6.4	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	100.1	99.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.2	6.4	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	100.1	99.9
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	6.6	6.7	7.0	7.0	6.0	6.3	6.6	6.9	7.4	5.0	4.9	5.0
1. Long-term prepayments	6.6	6.7	7.0	7.0	6.0	6.3	6.6	6.9	7.4	5.0	4.9	5.0
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)	874.2	811.0	784.0	824.7	861.3	819.9	830.3	808.8	777.3	775.4	765.5	743.4
A. LIABILITIES (300=210+330)	365.0	305.5	284.8	328.9	371.4	337.7	353.3	334.5	311.3	323.0	320.6	311.3
I. Short -term liabilities	365.0	305.5	284.8	328.9	371.4	337.7	353.3	334.5	311.3	323.0	320.6	311.3
1. Short-term trade accounts payable	164.7	166.6	141.7	156.6	164.2	158.1	143.1	141.3	120.2	132.0	133.6	123.8
2. Short-term advances from customers	6.8	6.1	16.7	1.4	1.6	3.0	1.0	1.0	1.0	1.0	0.9	0.8
3. Taxes and other payables to state authorities	23.1	22.8	21.3	22.2	24.0	22.3	22.0	22.1	22.6	22.6	18.7	18.5
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	—	—	—	0.7	0.7	0.7	0.1	0.1	0.2	0.2	0.2
6. Short-term inter-company payables	—	—	—	2.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	1.1	1.1	1.1	1.3	1.4	1.3	1.4	0.5	0.3	0.3	0.3
10. Short-term borrowings and financial leases	166.3	106.2	101.3	142.1	176.8	149.6	182.5	165.9	164.1	164.2	164.3	164.6
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	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	3.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	509.2	505.5	499.2	495.8	489.9	482.2	477.0	474.3	465.9	452.5	444.8	432.1
I. Owner's equity	509.2	505.5	499.2	495.8	489.9	482.2	477.0	474.3	465.9	452.5	444.8	432.1
1. Owner's capital	369.6	369.6	369.6	369.6	369.6	369.6	369.6	369.6	369.6	369.6	315.9	315.9
- Common stock with voting right	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	369,588,160,000.00	315,898,020,000.00	315,898,020,000.00
- 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	-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	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	135.7	131.9	125.6	122.2	116.3	108.6	103.4	100.8	92.4	78.9	125.0	112.2
- Accumulated retained earning at the end of the previous period	128.3	108.3	108.3	108.3	108.3	78.1	78.1	78.1	78.1	27.2	95.7	100.4
- Undistributed earnings in this period	7.4	23.6	17.4	13.9	8.0	30.5	25.4	22.7	14.3	51.7	29.3	11.8
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)	874.2	811.0	784.0	824.7	861.3	819.9	830.3	808.8	777.3	775.4	765.5	743.4

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	9.2	4.3	4.4	7.3	10.0	6.5	10.2	4.6	16.9	27.9	16.0	10.1
Depreciation of Fixed Assets and Investment Property	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.5	6.0	1.0	1.6
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-3.6	0.0	-2.2
FX Gain/Loss from Revaluation of Monetary Items	—	4.0	—	—	—	0.0	-5.1	5.1	0.0	3.5	0.0	0.0
Gain/Loss from Investment Activities	-3.3	-3.8	-0.1	0.2	-0.1	0.6	-2.1	-0.6	-0.8	-0.9	-0.8	-9.5
Interest Expense	2.2	1.7	1.8	1.6	2.2	2.3	2.3	2.9	3.0	2.9	3.2	3.1
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	11.7	9.7	9.6	12.7	15.7	12.9	8.9	15.6	22.7	35.9	19.4	3.2
Increase/(Decrease) in Receivables	-89.1	-55.4	9.2	-16.7	-49.5	36.9	-57.8	29.0	-19.7	42.7	-33.3	15.2
Increase/(Decrease) in Inventory	-15.5	51.0	-3.1	0.5	-43.6	9.4	6.5	12.2	-21.5	-33.3	2.6	-17.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.8	10.0	-0.1	-8.3	12.4	17.0	1.3	22.4	-16.0	8.6	3.0	-4.5
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	-1.2	0.3	0.3	0.3	0.3	0.5	0.0	-2.5	0.1	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	-2.2	-1.1	-2.3	-2.2	-2.3	-2.9	-2.3	-3.0	-3.0	-3.2	-3.1
Corporate Income Tax Paid	-1.3	-0.3	-1.8	-3.2	-0.2	-1.0	-1.4	-3.0	-2.0	-2.0	-3.0	-0.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	0.0
Net Cash Flow from Operating Activities	-86.5	13.0	11.6	-17.1	-67.2	73.1	-45.1	74.3	-39.5	46.0	-14.5	-7.7
Payments for Fixed Assets and Other Long-term Assets	—	-15.2	—	—	—	-15.5	0.0	0.0	0.0	-6.3	6.6	-4.6
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	—	-22.3	—	—	-4.2	6.6	-11.4	0.0	0.0	9.7	-25.9	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	2.4	22.8	39.7	15.1	—	0.0	0.0	0.0	0.0	8.3	6.7	11.4
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	22.4
Dividends and Interest Income Received	3.3	2.2	-0.4	0.3	0.1	-0.6	3.1	-0.4	0.8	0.6	2.0	-0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	5.7	-16.7	39.2	19.6	-4.1	-9.5	-8.4	-0.4	0.8	12.3	-10.6	27.7
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	59.6	111.9	32.4	69.8	126.9	70.4	134.8	107.2	69.6	131.1	33.3	155.4
Repayment of Borrowings	-9.5	-97.0	-73.2	-104.5	-99.9	-103.3	-118.2	-105.5	-69.7	-131.1	-33.7	-149.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-15.8	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	50.1	14.9	-40.8	-34.7	27.1	-32.9	16.6	1.8	-0.1	-15.8	-0.4	5.8
Net Cash Flow During the Period	-30.7	11.2	9.9	-32.2	-44.2	30.8	-36.9	75.7	-38.8	42.5	-25.5	25.8
Cash and Cash Equivalents at Beginning of Period	38.5	27.3	17.3	49.6	93.8	58.2	58.2	58.2	58.2	35.6	35.6	35.6
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	7.8	38.5	27.3	17.3	49.6	89.0	58.2	95.1	19.4	58.2	15.8	41.3

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HCD

What Is Changing

Drivers of HCD's profit

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What is driving the margin? ▼

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Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ●

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow