L40

Đầu Tư và Xây dựng 40 ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 29.34%, +17.79pp YoY

Price

32,500

Latest close

03 Jun 2026

P/E 3.84x

P/B 0.54x

EPS 8,458

BVPS 59,722

ROE 24.3%

ROA 14.5%

Profit Margin 29.4%

Asset Turnover 0.50x

Equity Mult. 1.67x

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

What Is Changing

On a TTM 2026Q1 basis, L40 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 311bn
	                                
−14.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 91bn
	                                
+118.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    39.6%

Metric	2025	2024	2023	2022	2021
Revenue	262.8	254.8	110.6	167.1	170.4
Growth	+3%	+130%	-34%	-2%	—
Net Income	313.9	42.6	1.1	-0.8	-1.2
Net Margin	119.47%	16.71%	1.00%	-0.46%	-0.68%

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	88.6	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.5
Growth	+40%	-41%	+104%	+30%	-77%	+118%	+12%	+278%	-55%	+48%	+92%	—
Net Income	23.9	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7
Net Margin	26.99%	6.21%	55.62%	7.66%	0.03%	22.02%	2.30%	2.88%	1.99%	0.71%	-1.52%	4.77%

Drivers of L40's profit

TTM

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

Other profit ↑ 49.9bn

Gross profit ↑ 29.9bn

Tax ↑ 30.3bn

TTM

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

Gross profit ↑ 31.7bn

Tax ↑ 6.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 48.3% = 11.5% × 2.13 × 1.97

2026Q1 24.2% = 29.3% × 0.50 × 1.67

ROE fell from 48.3% to 24.2% — asset turnover weakened the most, though net margin still provided support.

Net margin: 29.3% +17.8pp Asset turnover: 0.50x -1.63x Leverage: 1.67x -0.30x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 29.34%, rising 17.8pp. The main driver is Gross margin rose 12.2pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 16.1pp added support while Net financial result / Revenue fell 0.8pp remained a drag).

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 29.34% +17.8pp

Gross Margin 27.96% +12.2pp

SG&A / Revenue 1.61% −0.5pp

Non-core / Revenue 16.30% +15.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 39.6% of PBT and lifted net margin by 15.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 17.74% +6.7pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.67x equity, net debt at 0.08x equity.

Inventory ended the period at 485.3bn, roughly 46.7% of total assets.

Over the last 12 months, working capital absorbed 72.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −144.0bn

Inventories increased → lower CFO: −33.4bn

Payables increased → higher CFO: +104.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 512.0 days versus the same period last year. The main moves came from DIO rose 411.2 days, DSO rose 116.8 days, and DPO rose 16.0 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 539.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +116.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 137.8 days +116.8 days

Inventory 440.8 days +411.2 days

Payables 39.1 days +16.0 days

Cash Conversion Cycle 539.5 days +512.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

At present, short-term debt accounts for 99.4% of total debt, cash equals 43.6% of debt, and total debt stands at 86.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.08x —

Interest Coverage — —

Cash / Debt 43.6% —

Short-term Debt / Total Debt 99.4% —

CFO / NI -0.16x +1.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -59.9bn in 2025, against investing cash flow of -36.6bn.

Post-investment cash flow was negative +96.5bn. Financing cash flow was positive +50.0bn.

CFO / net income was -0.16x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 14.9bn +63.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 17.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 0.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 29.34% after expanding 17.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 0.0% of PBT and CFO / net income currently at -0.16x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	263.0	254.8	110.7	167.8	170.6
Revenue Deductions	0.3	0.0	0.1	0.7	0.0
Net Revenue	262.8	254.8	110.6	167.1	170.4
Cost of Goods Sold	207.4	240.6	104.7	163.6	0.0
Gross Profit	55.3	14.2	5.8	3.6	6.1
Financial Income	0.5	0.5	0.4	0.1	0.7
Financial Expenses	1.0	0.0	0.0	0.2	-0.0
Interest Expense	1.0	0.0	0.0	0.2	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.3	7.7	8.0	9.6	-10.6
Operating Profit	48.5	7.0	-1.8	-6.2	-3.7
Other Income	311.0	54.3	3.2	7.3	0.0
Other Expenses	10.1	7.6	0.0	0.8	0.0
Other Profit	300.9	46.7	3.2	6.4	4.1
Profit Before Tax	349.4	53.7	1.4	0.2	0.4
Current Income Tax Expense	35.5	11.1	0.3	1.0	-1.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	313.9	42.6	1.1	-0.8	-1.2
Non-controlling Interest	-3.7	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	317.6	42.6	1.1	-0.8	-1.2
Earnings per Share	40,912.00	11,906.00	311.00	-215.00	1,643.00
Diluted EPS	29,404.53	11,906.00	311.00	-215.00	-319.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	861.2	176.0	123.9	88.4	122.4
I. Cash and cash equivalents	47.1	93.7	51.3	3.5	47.3
1. Cash	46.1	33.7	11.3	3.5	0.0
2. Cash equivalents	1.0	60.0	40.0	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	325.9	58.2	54.8	67.6	49.3
1. Short-term trade accounts receivable	201.3	41.7	26.3	41.8	0.0
2. Short-term prepayments to suppliers	12.1	15.2	26.3	24.1	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	114.9	2.2	3.1	2.6	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-0.9	-0.9	-0.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	485.3	24.1	13.4	12.5	20.0
1. Inventories	485.3	24.1	13.4	12.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.9	0.0	4.4	4.9	5.8
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.9	0.0	4.2	4.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	0.4	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)	178.7	8.2	61.9	66.8	71.1
I. Long-term receivables	13.3	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	13.3	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	5.3	8.2	52.9	53.7	59.5
1. Tangible fixed assets	5.3	8.2	34.9	35.7	41.5
- Cost	9.0	11.9	65.1	60.6	0.0
- Accumulated depreciation	-3.6	-3.7	-30.3	-24.9	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	18.0	18.0	18.0
- Cost	—	0.0	18.0	18.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	1.7	1.8	0.0
- Cost	—	0.0	2.1	2.1	0.0
- Accumulated depreciation	—	0.0	-0.4	-0.3	0.0
IV. Long-term assets in progress	—	0.0	0.0	3.8	4.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	3.8	0.0
V. Long-term financial investments	160.1	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	160.1	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	—	0.0	7.3	7.5	0.0
1. Long-term prepayments	—	0.0	7.3	7.5	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	7.7
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)	1,039.9	184.2	185.8	155.1	193.5
A. LIABILITIES (300=210+330)	418.8	76.2	120.9	91.3	128.9
I. Short -term liabilities	315.7	72.3	116.5	86.9	124.7
1. Short-term trade accounts payable	29.5	35.4	23.6	18.8	28.2
2. Short-term advances from customers	63.2	21.1	77.6	47.9	86.8
3. Taxes and other payables to state authorities	159.6	11.2	0.1	0.1	0.0
4. Payable to employees	0.1	0.8	0.7	1.9	0.0
5. Short-term acrrued expenses	0.8	1.8	2.6	2.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.5	0.8	2.5	2.5	0.0
10. Short-term borrowings and financial leases	54.6	0.0	5.0	10.0	0.0
11. Provision for short-term liabilities	0.4	0.7	3.9	2.8	0.0
12.. Bonus and welfare fund	—	0.5	0.5	0.5	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	103.1	3.9	4.4	4.4	4.2
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	5.0	3.9	4.4	4.4	0.0
8. Long-term borrowings and financial leases	0.5	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	97.6	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)	621.1	108.0	64.9	63.8	64.6
I. Owner's equity	621.1	108.0	64.9	63.8	0.0
1. Owner's capital	108.0	36.0	36.0	36.0	64.6
- Common stock with voting right	108,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	11.6	11.6	11.6	11.6
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	-460,000,000.00	-460,000,000.00	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	0.0	8.7	8.7	8.7	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	350.3	51.7	9.1	8.0	8.7
- Accumulated retained earning at the end of the previous period	0.0	9.1	8.0	8.7	8.4
- Undistributed earnings in this period	350.3	42.6	1.1	-0.8	0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	162.7	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)	1,039.9	184.2	185.8	155.1	193.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	349.4	53.7	1.4	0.2	0.4
Depreciation of Fixed Assets and Investment Property	-309.4	3.7	5.5	5.4	5.4
Provision (Increase)/Reversal	1.0	-3.1	1.0	1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.3	-26.2	-0.4	-2.9	0.0
Interest Expense	1.0	0.0	0.0	0.2	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	40.8	28.2	7.5	4.6	-0.2
Increase/(Decrease) in Receivables	-207.1	0.8	13.0	-19.3	0.0
Increase/(Decrease) in Inventory	11.6	-10.7	-0.9	7.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	106.7	-47.0	33.6	-48.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	7.3	0.2	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.0	0.0	-0.0	-0.2	0.0
Corporate Income Tax Paid	-10.4	-0.6	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	-59.9	-22.1	53.3	-55.5	0.3
Payments for Fixed Assets and Other Long-term Assets	-0.8	0.0	-0.8	-2.2	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.0	68.3	0.0	3.8	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	-136.3	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	96.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.5	0.4	0.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-36.6	68.8	-0.4	1.7	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	519,983,475.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	60.1	0.5	5.7	26.4	15.1
Repayment of Borrowings	-5.0	-5.5	-10.7	-16.4	-15.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.1	0.0	0.0	0.0	-4.3
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	50.0	-4.5	-5.0	10.0	-4.3
Net Cash Flow During the Period	-46.5	42.3	47.9	-43.8	6.1
Cash and Cash Equivalents at Beginning of Period	93.7	51.3	3.5	47.3	51.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	47.1	93.7	51.3	3.5	47.3

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	88.8	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.6
Revenue Deductions	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Net Revenue	88.6	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.5
Cost of Goods Sold	56.8	56.7	64.9	45.8	40.2	125.7	73.7	66.0	17.2	38.9	28.0	12.1
Gross Profit	31.9	6.5	42.0	6.6	0.2	46.9	5.4	4.6	1.5	2.4	-0.1	2.4
Financial Income	0.0	0.0	0.0	0.0	0.7	0.1	0.1	0.0	0.2	0.1	0.1	0.1
Financial Expenses	0.8	1.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.8	1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.0	1.7	0.6	1.6	1.2	2.2	2.1	2.1	1.3	2.9	1.9	1.6
Operating Profit	30.1	3.8	41.3	5.0	-0.4	44.9	3.4	2.5	0.5	-0.4	-1.9	0.9
Other Income	—	0.8	51.9	0.0	0.4	2.7	0.0	0.0	0.0	0.7	1.5	0.0
Other Expenses	0.1	0.0	0.0	—	0.0	0.1	0.4	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	0.8	51.9	0.0	0.4	2.6	-0.4	-0.0	-0.0	0.7	1.5	-0.0
Profit Before Tax	30.0	4.5	93.2	5.0	0.0	47.5	3.0	2.5	0.5	0.3	-0.4	0.9
Current Income Tax Expense	6.1	0.6	33.8	1.0	0.0	9.5	1.1	0.5	0.1	-0.0	0.0	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Net Income	23.9	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7
Non-controlling Interest	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.0	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7
Earnings per Share	2,220.00	364.00	5,501.76	372.00	4.00	10,558.00	770.00	567.00	104.00	82.00	-118.00	193.00
Diluted EPS	2,220.00	364.00	5,501.76	371.97	3.90	10,557.51	504.20	563.77	103.30	81.06	-117.42	192.17

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)	907.0	861.2	611.2	177.3	162.0	176.0	79.6	93.0	110.4	123.9	84.2	89.6
I. Cash and cash equivalents	37.8	47.1	36.5	6.0	7.7	93.7	1.4	8.4	11.6	51.3	7.4	8.4
1. Cash	5.5	46.1	36.5	6.0	7.7	33.7	1.4	1.4	0.6	11.3	5.4	1.4
2. Cash equivalents	32.3	1.0	—	—	—	60.0	0.0	7.0	11.0	40.0	2.0	7.0
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	342.6	327.3	295.3	159.4	136.7	58.2	60.8	57.6	60.8	54.8	60.7	61.2
1. Short-term trade accounts receivable	216.0	201.3	178.0	35.7	18.9	41.7	24.3	21.3	22.7	26.3	30.8	30.9
2. Short-term prepayments to suppliers	14.2	12.1	19.7	21.2	15.4	15.2	34.9	33.9	34.2	26.3	24.5	26.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	114.7	114.9	98.6	103.4	103.4	2.2	2.6	3.3	4.8	3.1	6.3	5.3
7. Provision for short-term doubtful debts (*)	-2.3	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	523.8	483.9	276.5	11.9	17.6	24.1	13.5	22.1	32.0	13.4	12.0	15.5
1. Inventories	523.8	485.3	276.5	11.9	17.6	24.1	13.5	22.1	32.0	13.4	12.0	15.5
2. Provision for decline in value of inventories	—	-1.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.9	2.9	2.9	—	0.0	0.0	3.9	4.9	6.0	4.4	4.1	4.5
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	2.9	2.9	2.9	—	0.0	0.0	3.9	4.9	6.0	4.2	4.0	4.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.1	0.2	0.1	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	178.7	178.7	12.8	7.9	8.1	8.2	58.2	59.0	60.5	61.9	62.7	64.0
I. Long-term receivables	13.4	13.3	5.0	—	—	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	13.4	13.3	5.0	—	—	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	5.2	5.3	7.8	7.9	8.1	8.2	49.4	50.1	51.5	52.9	49.8	51.1
1. Tangible fixed assets	5.2	5.3	7.8	7.9	8.1	8.2	31.4	32.1	33.5	34.9	31.8	33.1
- Cost	9.0	—	—	—	—	11.9	65.1	65.1	65.1	65.1	60.6	60.6
- Accumulated depreciation	-3.7	—	—	—	—	-3.7	-33.8	-33.1	-31.7	-30.3	-28.8	-27.5
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	—	—	—	—	—	0.0	18.0	18.0	18.0	18.0	18.0	18.0
- 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
III. Investment properties	—	—	—	—	—	0.0	1.7	1.7	1.7	1.7	1.7	1.8
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.8	3.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.8	3.8
V. Long-term financial investments	160.1	160.1	—	—	—	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	160.1	160.1	—	—	—	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	—	—	—	—	—	0.0	7.1	7.2	7.3	7.3	7.4	7.4
1. Long-term prepayments	—	—	—	—	—	0.0	7.2	7.2	7.3	7.3	7.4	7.4
2. Deferred income tax assets	—	—	—	—	—	0.0	-0.1	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)	1,085.7	1,039.9	624.0	185.2	170.1	184.2	137.7	152.0	170.9	185.8	146.9	153.6
A. LIABILITIES (300=210+330)	440.7	418.9	276.8	73.2	62.0	76.2	68.0	84.7	105.6	120.9	82.3	88.7
I. Short -term liabilities	337.5	315.8	210.3	73.2	58.1	72.3	63.7	80.3	101.2	116.5	77.7	84.1
1. Short-term trade accounts payable	26.2	29.5	20.6	29.5	21.9	35.4	26.5	20.2	16.8	23.6	14.6	14.8
2. Short-term advances from customers	53.4	63.2	18.5	17.6	22.0	21.1	26.6	51.0	76.8	77.6	46.7	54.3
3. Taxes and other payables to state authorities	161.6	159.5	120.1	2.5	0.0	11.2	1.4	0.5	0.0	0.1	0.0	0.0
4. Payable to employees	0.2	0.1	0.1	—	—	0.8	0.6	0.0	0.0	0.7	0.0	0.1
5. Short-term acrrued expenses	2.3	1.0	6.4	1.9	4.1	1.8	2.8	2.1	0.9	2.6	3.5	2.5
6. Short-term inter-company payables	—	—	—	0.2	0.0	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	7.6	7.5	44.2	21.0	9.7	0.8	1.2	1.7	2.5	2.5	2.5	2.5
10. Short-term borrowings and financial leases	86.1	54.6	—	—	—	0.0	0.0	0.0	0.0	5.0	6.2	6.2
11. Provision for short-term liabilities	0.2	0.4	0.4	0.4	0.4	0.7	4.1	4.2	3.7	3.9	3.5	3.0
12.. Bonus and welfare fund	—	—	—	—	—	0.5	0.5	0.5	0.5	0.5	0.5	0.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	103.1	103.1	66.5	—	3.9	3.9	4.3	4.4	4.4	4.4	4.6	4.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	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	5.0	5.0	—	—	3.9	3.9	4.3	4.4	4.4	4.4	4.6	4.6
8. Long-term borrowings and financial leases	0.5	0.5	47.8	—	—	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	97.6	97.6	18.7	—	—	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)	645.0	621.0	347.2	112.0	108.0	108.0	69.7	67.3	65.3	64.9	64.6	65.0
I. Owner's equity	645.0	621.0	347.2	112.0	108.0	108.0	69.7	67.3	65.3	64.9	64.6	65.0
1. Owner's capital	108.0	108.0	108.0	108.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0
- Common stock with voting right	108,000,000,000.00	108,000,000,000.00	108,000,000,000.00	108,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00	36,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6
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	-460,000,000.00	-460,000,000.00	-460,000,000.00	-460,000,000.00	-460,000,000.00
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	0.0	0.0	0.0	0.0	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7
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	374.3	350.2	176.3	4.0	51.7	51.7	13.3	11.5	9.4	9.1	8.8	9.1
- Accumulated retained earning at the end of the previous period	350.3	0.0	0.0	0.0	51.7	9.1	9.1	9.1	9.1	8.0	8.0	8.0
- Undistributed earnings in this period	24.0	350.2	176.3	4.0	0.0	42.6	4.2	2.4	0.4	1.1	0.8	1.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	162.7	162.7	62.9	—	—	0.0	0.1	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)	1,085.7	1,039.9	624.0	185.2	170.1	184.2	137.7	152.0	170.9	185.8	146.9	153.6

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
Profit Before Tax	30.0	251.0	93.2	5.1	0.0	47.7	3.0	2.5	0.5	0.3	-0.4	1.0
Depreciation of Fixed Assets and Investment Property	0.1	-257.9	-51.7	0.1	0.1	-23.0	0.7	1.4	1.4	1.5	1.3	1.3
Provision (Increase)/Reversal	—	1.4	0.0	0.0	-0.4	-3.4	-0.1	0.5	-0.2	0.3	0.5	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	-0.8	-0.0	-0.5	—	-8.5	0.1	-0.0	-0.2	-0.1	-0.1	-0.1
Interest Expense	0.8	1.0	—	—	—	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	30.8	-5.2	41.4	4.8	-0.2	12.8	3.8	4.4	1.5	2.0	1.3	2.2
Increase/(Decrease) in Receivables	-16.8	-71.0	-32.7	-23.6	-79.9	6.5	-2.2	4.3	-7.6	5.4	1.0	2.5
Increase/(Decrease) in Inventory	-38.5	8.4	-10.8	7.5	6.6	-10.6	8.9	9.7	-18.7	-1.4	3.5	-2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.1	105.6	-3.4	16.5	-12.0	2.1	-17.9	-21.7	-10.2	39.8	-6.8	-8.7
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	7.2	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	-0.8	-1.0	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Corporate Income Tax Paid	-1.7	0.0	0.0	-10.4	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
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	-0.5	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-41.0	36.7	-5.4	-5.2	-86.0	18.0	-7.4	-3.3	-35.0	45.8	-1.0	-6.8
Payments for Fixed Assets and Other Long-term Assets	—	-0.8	—	—	—	65.9	0.0	0.0	0.0	-0.8	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.0	—	—	—	8.1	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	96.0	—	—	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	0.5	—	0.4	-0.1	0.0	0.2	0.1	0.1	0.1
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	0.0	-28.3	-8.8	0.5	—	74.4	-0.1	0.0	0.2	-0.7	0.0	0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-560,000,000.00	619,983,475.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	460,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	79.5	7.4	49.7	3.0	—	0.0	0.0	0.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	-47.9	-0.0	-5.0	—	—	0.0	0.0	-0.5	-5.0	-1.2	-0.1	-0.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-5.1	—	—	—	0.0	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	31.6	2.2	44.8	3.0	—	-0.1	0.6	0.0	-5.0	-1.2	-0.1	-0.5
Net Cash Flow During the Period	-9.4	10.6	30.5	-1.7	-86.0	92.2	-6.9	-3.2	-39.7	43.9	-1.0	-7.2
Cash and Cash Equivalents at Beginning of Period	47.1	36.5	6.0	7.7	93.7	51.3	51.3	51.3	51.3	3.5	3.5	3.5
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	37.8	47.1	36.5	6.0	7.7	93.7	1.4	8.4	11.6	51.3	7.4	8.4

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L40

What Is Changing

Drivers of L40's profit

Financial Highlights

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What is driving the margin? ▲▲

Is capital being used efficiently?

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