PBT

Bao bì và Thương mại dầu khí Bình Sơn ·UPCOM ·2026Q1

▲ Showing improvement

Price

14,500

Latest close

12 May 2026

P/E 12.17x

P/B 1.29x

EPS 1,191

BVPS 11,223

ROE 10.6%

ROA 4.1%

Profit Margin 1.2%

Asset Turnover 3.26x

Equity Mult. 2.61x

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

What Is Changing

On a TTM 2026Q1 basis, PBT is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,677bn
	                                
+76.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+19.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,444.5	813.0	727.3	819.3	859.5
Growth	+78%	+12%	-11%	-5%	—
Net Income	20.0	18.2	16.7	13.7	15.9
Net Margin	1.38%	2.23%	2.29%	1.67%	1.85%

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	556.7	398.8	359.4	361.7	325.5	239.0	217.1	168.9	193.0	201.2	202.5	187.6
Growth	+40%	+11%	-1%	+11%	+36%	+10%	+29%	-12%	-4%	-1%	+8%	—
Net Income	5.3	3.2	6.3	6.1	4.4	4.3	4.0	4.8	5.1	3.1	5.5	5.3
Net Margin	0.95%	0.80%	1.74%	1.69%	1.34%	1.79%	1.86%	2.83%	2.65%	1.52%	2.69%	2.81%

Drivers of PBT's profit

TTM

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

Gross profit ↑ 17.5bn

Financial income ↑ 5.0bn

Administrative expenses ↑ 12.5bn

Selling expenses ↑ 2.6bn

Finance costs ↑ 2.5bn

Tax ↑ 1.5bn

TTM

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

Gross profit ↑ 4.8bn

Financial income ↑ 1.8bn

Administrative expenses ↑ 3.2bn

Finance costs ↑ 1.0bn

Tax ↑ 0.8bn

Selling expenses ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.9% = 1.8% × 2.80 × 1.72

2026Q1 10.6% = 1.2% × 3.26 × 2.61

ROE rose from 8.9% to 10.6% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 1.2% -0.6pp Asset turnover: 3.26x +0.46x Leverage: 2.61x +0.89x

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 1.25%, falling 0.6pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 1.25% −0.6pp

Gross Margin 3.42% −0.8pp

SG&A / Revenue 2.35% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.26% −0.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.34x equity, net debt at 0.39x equity.

Over the last 12 months, working capital released 50.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −83.2bn

Inventories increased → lower CFO: −23.7bn

Payables increased → higher CFO: +157.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.3 days versus the same period last year. The main moves came from DIO fell 4.7 days, DSO fell 7.6 days, and DPO rose 1.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 37.2 days −7.6 days

Inventory 8.0 days −4.7 days

Payables 51.8 days +1.0 days

Cash Conversion Cycle -6.5 days −13.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.39x and interest coverage at 10.02x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 40.2% of debt, and total debt stands at 127.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.39x —

Interest Coverage 10.02x −975.68x

Cash / Debt 40.2% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 2.92x −0.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.3bn in 2025, against investing cash flow of -67.0bn.

Post-investment cash flow was negative +40.6bn. Financing cash flow was positive +71.2bn.

CFO / net income was 2.92x.

After spending +44.0bn on fixed-asset investment, the business generated trailing free cash flow of +17.1bn.

Cash Conversion

CFO TTM 61.1bn −7.2bn

Cash Capex 44.0bn +43.4bn

FCF TTM +17.1bn −50.6bn

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 next item to monitor is the earnings mix, when non-core contribution is 28.1%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.92x. Even so, net financial result still accounts for 28.1% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,444.5	813.0	727.3	819.3	859.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,444.5	813.0	727.3	819.3	859.5
Cost of Goods Sold	1,391.9	774.0	688.8	786.3	0.0
Gross Profit	52.6	39.1	38.5	33.0	35.7
Financial Income	7.6	4.3	5.6	4.7	4.4
Financial Expenses	1.5	0.0	0.1	0.1	-0.0
Interest Expense	1.5	0.0	0.1	0.1	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	6.9	4.9	4.5	4.3	-4.6
General and Administrative Expenses	28.7	17.8	22.1	18.2	-17.7
Operating Profit	23.1	20.7	17.4	15.2	17.8
Other Income	0.0	0.0	0.6	0.8	0.0
Other Expenses	0.2	0.2	0.0	0.1	0.0
Other Profit	-0.2	-0.2	0.6	0.7	0.4
Profit Before Tax	22.9	20.4	18.0	15.9	18.2
Current Income Tax Expense	3.0	2.3	1.4	2.2	-2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	20.0	18.2	16.7	13.7	15.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.0	18.2	16.7	13.7	15.9
Earnings per Share	860.00	791.00	743.00	701.00	908.01
Diluted EPS	1,138.85	1,036.46	951.52	701.00	908.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	367.2	244.6	244.5	240.0	261.6
I. Cash and cash equivalents	108.2	77.5	57.0	33.4	30.7
1. Cash	12.3	26.6	14.9	19.1	0.0
2. Cash equivalents	95.9	50.9	42.2	14.4	0.0
II. Short-term financial investments	100.3	70.3	69.7	70.3	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	100.3	70.3	69.7	70.3	0.0
III. Short-term receivables	137.1	66.0	96.3	104.5	113.3
1. Short-term trade accounts receivable	133.8	63.6	95.9	100.8	0.0
2. Short-term prepayments to suppliers	0.4	0.0	0.2	0.8	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	3.0	2.4	3.2	2.9	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-3.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.4	29.2	19.7	29.8	28.6
1. Inventories	18.4	29.2	19.7	29.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	1.7	1.8	2.1	1.5
1. Short-term prepayments	2.0	1.7	1.2	2.0	0.0
2. Value added tax to be reclaimed	0.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.5	0.1	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)	81.4	43.9	50.2	60.4	74.6
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	75.5	39.7	46.4	56.4	69.8
1. Tangible fixed assets	75.3	39.7	46.4	56.4	69.8
- Cost	232.0	189.0	188.6	188.2	0.0
- Accumulated depreciation	-156.8	-149.2	-142.2	-131.7	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	0.2	0.0	0.0	0.0	0.0
- Cost	0.4	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1	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	0.6	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	0.0	0.0	0.0	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	5.2	4.2	3.8	3.9	0.0
1. Long-term prepayments	5.2	4.2	3.8	3.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.8
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)	448.6	288.5	294.7	300.4	336.2
A. LIABILITIES (300=210+330)	257.2	96.1	102.9	109.8	143.5
I. Short -term liabilities	257.2	96.0	102.8	109.7	143.5
1. Short-term trade accounts payable	152.6	84.7	88.9	71.7	129.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.5
3. Taxes and other payables to state authorities	0.3	0.8	4.0	5.3	0.0
4. Payable to employees	12.4	5.2	5.2	4.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.1	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	0.5	0.6	0.4	0.0	0.0
9. Other short-term payables	4.3	3.2	2.5	3.5	0.0
10. Short-term borrowings and financial leases	83.6	0.0	0.0	22.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.6	1.4	1.9	2.4	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	—	0.1	0.1	0.1	0.0
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	—	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	191.4	192.4	191.8	190.6	192.7
I. Owner's equity	191.4	192.4	191.8	190.6	0.0
1. Owner's capital	175.2	175.2	175.2	175.2	192.7
- Common stock with voting right	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.9	0.9	1.3	2.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	15.1	16.2	15.2	12.3	14.4
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	15.1	16.2	15.2	12.3	14.4
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)	448.6	288.5	294.7	300.4	336.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.9	20.4	18.0	15.9	18.2
Depreciation of Fixed Assets and Investment Property	7.6	7.1	12.3	13.5	13.9
Provision (Increase)/Reversal	—	-3.0	3.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-7.5	-4.2	-6.2	-4.7	0.0
Interest Expense	1.5	0.0	0.1	0.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	24.3	20.3	27.2	24.8	27.2
Increase/(Decrease) in Receivables	-71.6	32.8	5.2	8.6	0.0
Increase/(Decrease) in Inventory	10.8	-9.5	10.1	-1.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	75.1	-6.1	14.6	-55.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.4	-0.9	0.9	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-0.0	-0.2	0.0	0.0
Corporate Income Tax Paid	-3.3	-3.0	-2.2	-1.5	0.0
Other Operating Receipts	—	0.0	1.0	0.0	0.0
Other Operating Payments	-6.2	-5.6	-5.9	-4.8	0.0
Net Cash Flow from Operating Activities	26.3	28.0	50.8	-29.3	45.9
Payments for Fixed Assets and Other Long-term Assets	-43.7	-0.4	-2.5	-0.1	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.7	0.1	0.0
Loans and Purchases of Debt Instruments	-52.1	-5.6	-37.4	-26.1	-31.4
Receipts from Loan Repayments and Sale of Debt Instruments	22.1	5.0	38.0	43.4	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	6.7	5.3	5.1	4.8	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	-67.0	4.3	3.9	22.1	-29.7
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	698.4	5.0	26.0	48.0	10.0
Repayment of Borrowings	-614.8	-5.0	-48.0	-26.0	-10.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.4	-11.9	-9.1	-12.0	-10.3
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	71.2	-11.9	-31.1	10.0	-10.3
Net Cash Flow During the Period	30.5	20.4	23.5	2.7	5.6
Cash and Cash Equivalents at Beginning of Period	77.5	57.0	33.4	30.7	24.7
FX Difference from Revaluation	0.1	0.1	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	108.2	77.5	57.0	33.4	30.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	556.7	398.8	359.4	361.7	325.5	239.0	217.1	168.9	193.0	201.2	202.5	187.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	556.7	398.8	359.4	361.7	325.5	239.0	217.1	168.9	193.0	201.2	202.5	187.6
Cost of Goods Sold	540.5	386.7	343.7	348.3	314.2	228.2	207.6	160.8	182.3	190.8	192.3	177.3
Gross Profit	16.1	12.2	15.7	13.4	11.3	10.8	9.5	8.1	10.6	10.4	10.3	10.4
Financial Income	3.0	2.4	2.3	1.8	1.2	1.3	1.0	0.9	1.1	1.4	1.4	1.5
Financial Expenses	1.0	0.8	0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	1.0	0.8	0.6	0.1	—	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	1.9	2.6	1.6	1.4	1.3	1.2	1.3	1.1	1.2	1.4	1.1	1.1
General and Administrative Expenses	9.5	7.6	8.0	6.6	6.3	6.0	4.7	2.2	4.8	7.6	4.9	4.9
Operating Profit	6.7	3.5	7.7	7.0	4.9	4.9	4.4	5.7	5.7	2.8	5.6	5.9
Other Income	0.0	—	0.0	—	—	0.0	0.0	0.0	0.0	0.2	0.4	0.0
Other Expenses	0.0	0.2	0.0	—	—	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.2	0.0	—	—	-0.1	0.0	-0.1	-0.0	0.2	0.4	-0.0
Profit Before Tax	6.7	3.3	7.7	7.0	4.9	4.8	4.4	5.6	5.7	3.0	6.0	5.9
Current Income Tax Expense	1.4	0.1	1.4	0.9	0.5	0.5	0.4	0.8	0.6	-0.0	0.5	0.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	3.2	6.3	6.1	4.4	4.3	4.0	4.8	5.1	3.1	5.5	5.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	3.2	6.3	6.1	4.4	4.3	4.0	4.8	5.1	3.1	5.5	5.3
Earnings per Share	302.28	182.39	357.78	348.87	249.17	244.31	230.58	272.34	291.53	174.65	311.41	300.87
Diluted EPS	302.28	182.39	357.78	348.87	249.17	244.31	230.58	272.34	291.53	174.65	311.41	300.87

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)	578.3	367.2	391.0	406.6	327.8	244.6	262.9	276.1	259.4	244.5	225.5	241.1
I. Cash and cash equivalents	51.3	108.2	118.4	146.1	100.2	77.5	79.4	46.7	39.8	57.0	46.4	29.7
1. Cash	23.0	12.3	10.5	9.3	38.3	26.6	28.5	27.3	22.4	14.9	10.0	12.4
2. Cash equivalents	28.3	95.9	107.9	136.9	61.9	50.9	50.9	19.4	17.4	42.2	36.4	17.4
II. Short-term financial investments	261.5	100.3	84.3	70.3	70.3	70.3	70.3	70.3	70.3	69.7	57.7	70.3
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	261.5	100.3	84.3	70.3	70.3	70.3	70.3	70.3	70.3	69.7	57.7	70.3
III. Short-term receivables	213.0	137.1	158.8	167.8	130.8	66.0	88.9	133.7	102.7	96.3	96.0	90.2
1. Short-term trade accounts receivable	212.6	133.8	155.7	165.5	129.3	63.6	87.2	131.2	104.1	95.9	93.6	87.7
2. Short-term prepayments to suppliers	0.0	0.4	0.3	0.3	0.4	0.0	0.0	1.1	0.4	0.2	0.0	0.0
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	0.4	3.0	2.8	2.0	1.1	2.4	1.7	1.5	1.1	3.2	2.5	2.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	-3.0	-3.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	47.5	18.3	26.1	19.4	23.8	29.2	20.1	22.3	39.6	19.7	23.4	47.4
1. Inventories	47.5	18.3	26.1	19.4	23.8	29.2	20.1	22.3	39.6	19.7	23.4	47.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.0	3.2	3.4	3.0	2.8	1.7	4.3	3.1	7.1	1.8	2.0	3.5
1. Short-term prepayments	4.7	2.0	2.7	2.1	2.8	1.7	2.4	2.6	3.5	1.2	2.0	2.6
2. Value added tax to be reclaimed	—	0.9	0.7	0.9	—	0.0	1.4	0.0	3.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.1	—	—	0.0	0.5	0.5	0.6	0.5	0.0	0.9
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)	79.1	81.3	80.3	41.1	42.3	43.9	45.3	46.9	48.6	50.2	50.2	53.2
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	73.9	75.5	71.3	37.9	38.8	39.7	41.4	43.2	44.6	46.4	47.1	50.2
1. Tangible fixed assets	73.7	75.3	71.0	37.6	38.8	39.7	41.4	43.2	44.6	46.4	47.1	50.2
- Cost	233.0	—	—	—	—	189.0	188.9	188.9	188.6	188.6	187.1	188.2
- Accumulated depreciation	-159.4	—	—	—	—	-149.2	-147.5	-145.7	-143.9	-142.2	-140.0	-138.0
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	0.2	0.2	0.3	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	0.2	0.6	5.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.6	5.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5.0	5.2	3.2	3.3	3.5	4.2	3.9	3.7	4.0	3.8	3.1	3.0
1. Long-term prepayments	5.0	5.2	3.2	3.3	3.5	4.2	3.9	3.7	4.0	3.8	3.1	3.0
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)	657.4	448.5	471.4	447.8	370.2	288.5	308.3	323.0	308.0	294.7	275.7	294.3
A. LIABILITIES (300=210+330)	460.8	257.1	280.3	261.0	173.3	96.1	118.1	136.5	111.1	102.9	85.5	109.5
I. Short -term liabilities	460.8	257.1	280.3	260.9	173.3	96.0	118.0	136.4	111.0	102.8	85.4	109.5
1. Short-term trade accounts payable	303.9	152.5	159.5	168.5	155.5	84.7	93.8	105.5	97.9	88.9	65.4	69.3
2. Short-term advances from customers	1.9	—	0.2	0.2	0.3	0.0	6.9	0.0	0.0	0.0	0.0	0.5
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.0	0.3	7.2	5.9	2.0	0.8	4.4	4.7	0.5	4.0	7.4	2.9
4. Payable to employees	5.5	12.3	15.6	11.3	5.1	5.2	7.7	8.9	4.5	5.2	6.8	5.2
5. Short-term acrrued expenses	9.2	—	4.5	2.3	4.1	0.0	1.0	1.1	2.1	0.0	0.2	0.4
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	0.6	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.8	0.4	0.1	0.9
9. Other short-term payables	7.4	4.3	4.0	16.6	4.8	3.2	3.2	14.7	4.1	2.5	4.2	14.3
10. Short-term borrowings and financial leases	127.7	83.6	87.0	55.0	—	0.0	0.0	0.0	0.0	0.0	0.0	14.0
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	2.5	3.6	1.8	0.5	0.8	1.4	0.5	0.9	1.1	1.9	1.4	2.1
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	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	196.7	191.3	191.0	186.8	196.8	192.4	190.2	186.5	196.9	191.8	190.2	184.8
I. Owner's equity	196.7	191.3	191.0	186.8	196.8	192.4	190.2	186.5	196.9	191.8	190.2	184.8
1. Owner's capital	175.2	175.2	175.2	175.2	175.2	175.2	175.2	175.2	175.2	175.2	175.2	175.2
- Common stock with voting right	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00	175,222,845,365.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1.3	1.3	1.3	1.3	1.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	20.4	15.1	14.7	10.5	20.5	16.2	13.9	9.9	20.3	15.2	13.6	8.2
- Accumulated retained earning at the end of the previous period	15.1	—	—	—	16.2	0.0	0.0	0.0	15.2	0.0	0.0	0.0
- Undistributed earnings in this period	5.3	15.1	14.7	10.5	4.4	16.2	13.9	9.9	5.1	15.2	13.6	8.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	657.4	448.5	471.4	447.8	370.2	288.5	308.3	323.0	308.0	294.7	275.7	294.3

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
Profit Before Tax	6.7	3.3	7.7	7.0	4.9	4.8	4.4	5.6	5.7	3.0	6.0	5.9
Depreciation of Fixed Assets and Investment Property	2.6	2.6	1.8	1.5	1.7	1.7	1.8	1.8	1.8	3.0	3.1	3.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	-3.0	0.0	0.0	3.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.1	-0.0	-0.0	-0.0	0.0	-0.1	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-3.0	-2.4	-2.3	-1.6	-1.2	-1.2	-1.0	-0.8	-1.1	-2.0	-1.4	-1.5
Interest Expense	1.0	0.8	0.6	0.1	—	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	7.3	4.3	7.7	6.9	5.4	5.2	2.2	6.5	6.3	6.9	7.7	7.5
Increase/(Decrease) in Receivables	-77.6	21.0	10.6	-37.1	-66.1	23.4	48.2	-30.7	-8.6	-2.3	-5.3	21.0
Increase/(Decrease) in Inventory	-29.1	7.7	-6.7	4.3	5.4	-9.1	2.2	17.3	-19.9	3.7	24.0	-21.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	159.1	-18.0	-3.9	19.9	77.2	-20.3	-8.1	16.0	6.5	16.7	-0.2	-30.2
Increase/(Decrease) in Prepaid Expenses	-2.5	-1.2	-0.7	0.9	-0.4	0.4	0.0	1.2	-2.5	-0.1	0.7	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-0.9	-0.5	-0.1	—	0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0
Corporate Income Tax Paid	-0.1	-2.9	0.0	0.0	-0.5	-1.2	0.0	-0.6	-1.2	0.0	-0.3	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	1.0	-1.0	1.0
Other Operating Payments	-1.1	-1.1	-0.7	-3.8	-0.6	-1.1	-0.4	-3.4	-0.8	-1.7	-0.0	-3.7
Net Cash Flow from Operating Activities	55.1	9.0	5.8	-8.9	20.4	-2.7	44.0	6.5	-20.1	24.2	25.5	-24.5
Payments for Fixed Assets and Other Long-term Assets	-0.5	-1.7	-40.8	-1.1	-0.2	-0.1	-0.3	0.0	0.0	-2.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.4	0.0
Loans and Purchases of Debt Instruments	-171.5	-18.0	-17.0	-17.1	—	0.0	0.0	0.0	-5.6	-37.4	25.0	-25.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.0	2.0	3.0	17.1	—	0.0	0.0	0.0	5.0	25.4	-12.4	25.0
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	2.7	1.8	1.5	0.9	2.5	0.8	0.6	0.4	3.4	0.4	1.3	0.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-156.3	-15.8	-53.2	-0.2	2.3	0.7	0.3	0.4	2.8	-13.6	14.3	0.3
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	387.0	282.9	284.5	131.0	—	0.0	0.0	5.0	0.0	0.0	0.0	26.0
Repayment of Borrowings	-342.9	-286.3	-252.5	-76.0	—	0.0	0.0	-5.0	0.0	0.0	-14.0	-12.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-12.4	—	—	0.0	-11.6	0.0	0.0	0.0	-9.1	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	44.1	-3.4	19.6	55.0	—	0.0	-11.6	0.0	0.0	0.0	-23.1	14.0
Net Cash Flow During the Period	-57.1	-10.2	-27.9	46.0	22.7	-1.9	32.7	6.9	-17.3	10.6	16.7	-10.2
Cash and Cash Equivalents at Beginning of Period	108.4	118.4	146.1	100.2	77.5	57.0	57.0	57.0	57.0	33.4	33.4	33.4
FX Difference from Revaluation	—	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	51.3	108.2	118.4	146.1	100.2	77.5	79.4	46.7	39.8	57.0	46.4	29.7

Explore Other Stocks In The Same Sector

GVR, DGC, NTP, RTB, PHR, AAA, APH, PAT, DPR, TRC, CSV, DRG, DRI, BRR, HPP, PRT, NHH, HVT, ADP, HII, VTZ, TNC, SBR, HRC, SIV, PLP, HDA, HSP, PCH, IRC, VNP, ECO, SFN, HNP, SDN, VTQ, DMS, DPC, PGN, PCM, DVG, VHG, NSG, KTT, BQP, NHP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

PBT

What Is Changing

Drivers of PBT's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow