HDW

Kinh doanh Nước sạch Hải Dương ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 2.62x

Price

17,500

Latest close

21 May 2026

P/E 10.18x

P/B 1.22x

EPS 1,719

BVPS 14,380

ROE 11.8%

ROA 6.1%

Profit Margin 9.0%

Asset Turnover 0.68x

Equity Mult. 1.94x

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

What Is Changing

On a TTM 2026Q1 basis, HDW is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 610bn
	                                
+4.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 55bn
	                                
+15.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	603.4	569.4	543.3	523.2	510.6
Growth	+6%	+5%	+4%	+2%	—
Net Income	48.5	46.0	44.6	52.9	52.0
Net Margin	8.04%	8.09%	8.20%	10.11%	10.18%

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	150.5	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8
Growth	-3%	-1%	+6%	+3%	-5%	+1%	+8%	+6%	-9%	-1%	+12%	—
Net Income	18.7	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6
Net Margin	12.44%	8.12%	11.41%	3.77%	8.68%	6.16%	12.07%	5.49%	8.57%	7.85%	11.98%	4.33%

Drivers of HDW's profit

TTM

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

Administrative expenses ↓ 10.0bn

Gross profit ↑ 2.3bn

Finance costs ↓ 1.5bn

Financial income ↓ 3.1bn

Tax ↑ 2.0bn

Selling expenses ↑ 1.1bn

TTM

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

Finance costs ↓ 4.2bn

Gross profit ↑ 2.7bn

Financial income ↑ 1.3bn

Tax ↑ 1.6bn

Selling expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.3% = 8.1% × 0.63 × 1.99

2026Q1 11.8% = 9.0% × 0.68 × 1.94

ROE rose from 10.3% to 11.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 9.0% +0.8pp Asset turnover: 0.68x +0.04x Leverage: 1.94x -0.05x

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 edged up to 8.98%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 2.1pp are enough to offset pressure from Gross margin fell 0.9pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 8.98% +0.8pp

Gross Margin 27.11% −0.9pp

SG&A / Revenue 12.81% −2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 8.20%, rising 1.3pp. That translates to 8.20 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.07x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 8.20% +1.3pp

NOPAT Margin 8.97% +0.9pp

Capital Turnover 0.91x +0.07x

Average Invested Capital 668.0bn −19.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.92x equity, net debt at 0.43x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 11.3 days versus the same period last year. The main moves came from DIO fell 1.8 days, DSO rose 0.1 days, and DPO fell 13.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +11.3 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 9.6 days +0.1 days

Inventory 30.5 days −1.8 days

Payables 38.9 days −13.1 days

Cash Conversion Cycle 1.1 days +11.3 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.43x and interest coverage at 3.56x.

At present, short-term debt accounts for 16.2% of total debt, cash equals 10.3% of debt, and total debt stands at 219.4bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 10.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.43x −0.02x

Interest Coverage 3.56x +0.71x

Cash / Debt 10.3% +2.0pp

Short-term Debt / Total Debt 16.2% +12.7pp

CFO / NI 2.62x +0.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 134.1bn in 2025, against investing cash flow of -71.8bn.

Post-investment cash flow was positive +62.3bn. Financing cash flow was negative +60.4bn.

CFO / net income was 2.62x.

After spending +99.0bn on fixed-asset investment, the business generated trailing free cash flow of +44.6bn.

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

Cash Conversion

CFO TTM 143.6bn +22.8bn

Cash Capex 99.0bn +38.5bn

FCF TTM +44.6bn −15.7bn

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 earnings conversion is confirmed, with CFO/NI at 2.62x. The next item to monitor is capital efficiency, with ROIC at 8.2%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.62x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	603.4	569.4	543.3	523.2	510.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	603.4	569.4	543.3	523.2	510.6
Cost of Goods Sold	440.5	409.2	380.4	364.1	0.0
Gross Profit	162.8	160.3	162.8	159.1	150.5
Financial Income	0.1	2.8	0.0	3.8	8.2
Financial Expenses	23.6	15.0	21.7	14.6	-14.5
Interest Expense	12.9	15.0	18.1	14.6	-14.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	22.9	22.8	21.8	20.8	-21.0
General and Administrative Expenses	54.9	66.8	60.9	62.5	-58.1
Operating Profit	61.5	58.4	58.5	65.1	65.2
Other Income	1.0	1.3	0.0	2.7	0.0
Other Expenses	1.2	1.4	1.4	1.1	0.0
Other Profit	-0.1	-0.1	-1.3	1.5	0.0
Profit Before Tax	61.3	58.3	57.2	66.6	65.2
Current Income Tax Expense	12.8	12.2	12.6	13.7	-13.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	48.5	46.0	44.6	52.9	52.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.5	46.0	44.6	52.9	52.0
Earnings per Share	1,522.00	1,444.00	1,398.00	1,278.00	1,629.67
Diluted EPS	1,521.72	1,444.19	1,397.93	1,659.71	1,630.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	73.5	68.7	70.2	68.5	57.3
I. Cash and cash equivalents	12.1	10.2	12.2	3.6	1.3
1. Cash	12.1	10.2	12.2	3.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	17.2	20.6	19.5	22.3	17.2
1. Short-term trade accounts receivable	13.9	16.3	15.0	18.2	0.0
2. Short-term prepayments to suppliers	1.3	1.7	1.8	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	2.0	2.6	2.6	2.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	39.0	36.0	37.5	41.4	36.0
1. Inventories	39.0	36.0	37.5	41.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	2.0	1.1	1.2	2.8
1. Short-term prepayments	0.4	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.4	0.7	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	1.4	1.2	1.0	1.2	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)	838.5	841.7	883.0	917.7	904.7
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	755.9	794.7	833.2	868.2	857.2
1. Tangible fixed assets	755.9	794.7	833.0	867.9	856.7
- Cost	2,137.6	2,068.1	1,999.3	1,926.6	0.0
- Accumulated depreciation	-1,381.7	-1,273.5	-1,166.3	-1,058.8	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	0.1	0.2	0.4	0.5
- Cost	0.9	0.9	0.9	0.9	0.0
- Accumulated depreciation	-0.9	-0.8	-0.7	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	41.3	11.6	3.8	12.3	39.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	41.3	11.6	3.8	12.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	41.3	35.3	45.9	37.3	0.0
1. Long-term prepayments	41.3	35.3	45.9	37.3	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	8.4
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)	912.0	910.4	953.2	986.3	962.0
A. LIABILITIES (300=210+330)	438.1	452.2	513.3	552.4	534.6
I. Short -term liabilities	160.0	110.9	132.2	147.8	110.9
1. Short-term trade accounts payable	62.7	56.1	70.1	73.5	59.5
2. Short-term advances from customers	1.9	1.3	1.9	2.0	1.9
3. Taxes and other payables to state authorities	11.7	11.0	6.8	11.8	0.0
4. Payable to employees	19.7	8.9	6.3	6.1	0.0
5. Short-term acrrued expenses	1.1	0.2	0.2	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	19.2	16.3	13.4	6.3	0.0
10. Short-term borrowings and financial leases	40.9	8.9	24.9	24.1	8.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	8.3	8.6	23.9	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	278.2	341.3	381.1	404.5	423.7
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	105.3	112.5	126.9	134.1	0.0
8. Long-term borrowings and financial leases	172.9	228.8	254.3	270.4	282.4
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)	473.9	458.2	439.9	433.9	427.3
I. Owner's equity	473.9	458.2	439.9	433.9	0.0
1. Owner's capital	318.8	318.8	318.8	318.8	427.3
- Common stock with voting right	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00
- 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	82.9	82.9	82.9	79.5	56.1
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	23.6	10.4	7.3	10.7	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	48.5	46.0	30.9	24.9	34.2
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	7.4
- Undistributed earnings in this period	48.5	46.0	30.9	24.9	26.8
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)	912.0	910.4	953.2	986.3	962.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-12.1	-8.2	-17.7	-7.5	0.0
Other Operating Receipts	12.3	27.9	5.4	10.1	0.0
Other Operating Payments	-85.0	-101.6	-162.3	-123.8	0.0
Net Cash Flow from Operating Activities	134.1	137.9	113.0	112.5	127.2
Payments for Fixed Assets and Other Long-term Assets	-71.9	-75.9	-60.9	-85.3	-89.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0	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	-71.8	-75.9	-60.9	-85.3	-89.8
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	16.1	23.3	60.7	74.9	55.2
Repayment of Borrowings	-50.7	-62.1	-79.6	-67.9	-70.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.8	-25.2	-24.6	-31.9	-23.6
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	-60.4	-64.0	-43.5	-24.9	-38.5
Net Cash Flow During the Period	1.9	-2.0	8.6	2.3	-4.9
Cash and Cash Equivalents at Beginning of Period	10.2	12.2	3.6	1.3	2.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.1	10.2	12.2	3.6	1.3

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	150.5	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8
Revenue Deductions	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	150.5	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8
Cost of Goods Sold	106.9	119.9	110.5	107.6	102.5	113.6	101.0	102.0	92.6	98.5	99.5	94.7
Gross Profit	43.6	34.7	46.5	40.7	41.0	36.7	48.6	36.9	38.1	44.4	45.4	35.2
Financial Income	1.3	0.1	0.0	0.0	0.0	4.3	0.0	0.1	1.1	0.0	1.7	0.0
Financial Expenses	2.8	3.2	4.5	8.9	7.0	3.7	6.1	4.2	3.9	7.2	3.9	6.4
Interest Expense	2.8	3.2	3.1	3.5	3.1	3.7	3.2	4.2	3.9	4.5	3.9	5.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.2	6.3	5.3	6.0	5.4	6.1	5.4	5.7	5.6	5.6	5.6	5.2
General and Administrative Expenses	12.5	9.7	14.0	18.3	12.9	19.5	14.5	17.6	15.1	16.4	14.8	16.2
Operating Profit	23.4	15.6	22.7	7.5	15.7	11.9	22.6	9.5	14.5	15.2	22.9	7.3
Other Income	0.1	0.7	0.0	0.3	0.0	0.3	0.5	0.5	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.3	0.3	0.6	0.0	0.4	0.4	0.3	0.4	0.2	1.0	0.1
Other Profit	0.1	0.4	-0.3	-0.3	-0.0	-0.1	0.2	0.1	-0.4	-0.2	-1.0	-0.1
Profit Before Tax	23.6	16.0	22.4	7.2	15.7	11.8	22.8	9.6	14.2	15.0	21.9	7.2
Current Income Tax Expense	4.8	3.4	4.5	1.7	3.2	2.6	4.7	2.0	3.0	3.8	4.6	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.7	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.7	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6
Earnings per Share	588.00	394.00	562.00	175.00	391.00	291.00	566.00	239.00	351.00	352.00	544.00	176.00
Diluted EPS	587.52	393.76	561.83	175.41	390.71	290.54	566.12	239.19	351.02	352.09	544.15	176.26

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)	84.8	73.5	82.7	85.8	80.3	68.7	85.5	79.1	69.9	70.2	71.0	71.4
I. Cash and cash equivalents	22.7	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5
1. Cash	22.7	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	24.1	17.2	20.1	22.4	22.0	20.6	24.9	23.4	22.6	19.5	22.4	24.4
1. Short-term trade accounts receivable	16.9	13.9	12.0	15.0	15.1	16.3	17.8	16.0	15.2	15.0	15.7	18.3
2. Short-term prepayments to suppliers	3.0	1.3	1.6	1.4	1.2	1.7	1.6	1.4	1.9	1.8	1.3	1.2
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	4.2	2.0	6.5	6.0	5.7	2.6	5.4	5.9	5.5	2.6	5.5	4.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	36.9	39.0	42.6	42.8	37.4	36.0	43.0	38.8	36.8	37.5	39.8	39.8
1. Inventories	36.9	39.0	42.6	42.8	37.4	36.0	43.0	38.8	36.8	37.5	39.8	39.8
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	1.1	5.2	1.9	1.8	1.7	2.0	1.1	2.7	1.5	1.1	1.7	1.8
1. Short-term prepayments	0.0	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	3.4	0.7	0.2	0.0	0.7	0.0	1.3	0.0	0.1	0.6	0.7
3. Taxes and other receivables from state authorities	1.0	—	—	—	—	0.0	0.0	0.0	0.0	1.0	1.0	1.1
4. Government bonds	—	1.4	1.3	1.6	1.7	1.2	1.1	1.4	1.5	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)	814.2	838.5	805.4	809.5	822.4	841.8	843.5	862.4	862.4	883.0	885.3	889.5
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	751.0	755.9	765.7	769.9	780.0	794.8	778.7	791.4	809.9	833.2	829.7	838.3
1. Tangible fixed assets	751.0	755.9	765.7	769.9	779.9	794.8	778.6	791.3	809.7	833.0	829.5	838.1
- Cost	2,163.3	—	—	—	—	2,068.1	2,025.9	2,011.5	2,002.6	1,999.3	1,969.1	1,952.0
- Accumulated depreciation	-1,412.3	—	—	—	—	-1,273.4	-1,247.4	-1,220.3	-1,192.9	-1,166.3	-1,139.6	-1,114.0
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	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	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	25.0	41.3	5.4	5.7	11.3	11.6	28.7	30.3	8.4	3.8	16.8	11.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	25.0	41.3	5.4	5.7	11.3	11.6	28.7	30.3	8.4	3.8	16.8	11.8
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	38.2	41.3	34.3	33.9	31.2	35.3	36.1	40.7	44.1	45.9	38.8	39.4
1. Long-term prepayments	38.2	41.3	34.3	33.9	31.2	35.3	36.1	40.7	44.1	45.9	38.8	39.4
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)	898.9	912.0	888.1	895.3	902.7	910.5	929.0	941.5	932.3	953.2	956.3	961.0
A. LIABILITIES (300=210+330)	440.5	438.1	426.8	426.1	432.1	452.3	480.0	485.3	481.2	513.3	514.0	511.1
I. Short -term liabilities	151.4	160.0	101.6	88.8	98.3	103.7	112.4	113.3	116.0	132.2	128.7	111.4
1. Short-term trade accounts payable	43.9	62.7	42.3	40.3	51.0	56.1	63.9	72.6	68.4	70.1	74.1	60.3
2. Short-term advances from customers	1.7	1.9	1.8	1.7	1.7	1.3	1.4	1.4	1.9	1.9	2.0	2.1
3. Dividends and profits payable	26.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.4	11.7	8.5	5.2	6.9	11.0	9.3	5.5	6.6	6.8	8.1	4.6
4. Payable to employees	9.4	19.7	20.3	15.1	9.1	8.9	18.4	13.0	8.2	6.3	18.2	12.8
5. Short-term acrrued expenses	1.3	1.1	—	0.1	—	0.2	0.0	0.2	0.0	0.2	0.0	0.2
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	17.2	19.2	13.1	9.7	16.3	9.1	8.1	6.6	9.8	13.4	11.4	6.2
10. Short-term borrowings and financial leases	35.6	40.9	3.6	4.4	8.1	8.9	3.6	4.4	13.9	24.9	3.6	12.0
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	7.4	2.6	11.9	12.3	5.3	8.3	7.7	9.6	7.1	8.6	11.3	13.3
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	289.1	278.2	325.2	337.3	333.8	348.5	367.6	372.1	365.3	381.1	385.3	399.7
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	105.3	105.3	112.5	112.5	112.5	119.7	122.7	124.7	126.9	126.9	130.9	134.1
8. Long-term borrowings and financial leases	183.8	172.9	212.7	224.8	221.3	228.8	244.9	247.4	238.4	254.3	254.4	265.6
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)	458.5	473.9	461.3	469.2	470.6	458.3	449.0	456.2	451.1	439.9	442.4	449.9
I. Owner's equity	458.5	473.9	461.3	469.2	470.6	458.3	449.0	456.2	451.1	439.9	442.4	449.9
1. Owner's capital	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8
- Common stock with voting right	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00	318,824,708,995.00
- 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	82.9	82.9	82.9	82.9	82.9	89.8	82.9	82.9	82.9	82.9	80.7	80.4
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	38.0	23.6	23.6	23.6	10.4	3.5	10.4	10.4	7.3	7.3	9.4	9.8
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	18.7	48.5	36.0	43.9	58.5	46.1	36.9	44.1	42.0	30.9	33.3	40.9
- Accumulated retained earning at the end of the previous period	—	—	—	—	46.0	0.0	0.0	25.2	30.9	0.0	0.0	24.9
- Undistributed earnings in this period	18.7	48.5	36.0	43.9	12.5	46.1	36.9	18.8	11.2	30.9	33.3	16.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	898.9	912.0	888.1	895.3	902.7	910.5	929.0	941.5	932.3	953.2	956.3	961.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.0	0.0	-1.5	-3.3	-7.3	0.0	-2.0	-3.0	-3.2	-3.2	-3.1	-3.1
Other Operating Receipts	3.2	—	—	—	—	7.7	14.8	1.0	3.1	0.5	1.6	0.2
Other Operating Payments	-45.3	-4.4	-37.6	-4.3	-38.8	-31.5	-46.8	-37.2	-35.9	-10.9	-68.2	-39.9
Net Cash Flow from Operating Activities	36.4	28.5	51.7	27.0	26.9	16.7	47.0	30.2	26.5	51.6	11.8	29.9
Payments for Fixed Assets and Other Long-term Assets	-32.8	-31.2	-13.2	-21.8	-5.7	-16.0	-14.1	-24.7	-3.8	-25.2	-7.7	-21.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-32.7	-31.1	-13.2	-21.8	-5.7	-16.0	-14.1	-24.7	-3.8	-25.2	-7.7	-20.9
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	27.2	9.5	0.0	6.2	0.4	4.5	6.5	12.3	0.0	11.7	19.6	15.5
Repayment of Borrowings	-20.3	-11.9	-14.3	-11.8	-12.7	-10.9	-12.7	-12.5	-26.0	-28.8	-1.8	-22.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.7	-25.1	0.0	-0.0	-0.6	-24.4	-0.0	0.0	-4.3	-20.3	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	-3.2	-39.4	-5.6	-12.3	-7.1	-30.6	-0.2	-26.0	-21.4	-2.5	-6.4
Net Cash Flow During the Period	10.5	-5.9	-0.8	-0.4	9.0	-6.3	2.3	5.3	-3.3	5.1	1.6	2.5
Cash and Cash Equivalents at Beginning of Period	12.1	18.0	18.8	19.2	10.2	12.2	12.2	12.2	12.2	3.6	3.6	3.6
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	22.7	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5

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HDW

What Is Changing

Drivers of HDW's profit

Financial Highlights

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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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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