TCL

Đại lý Giao nhận Vận tải Xếp dỡ Tân Cảng ·HOSE ·2026Q1

▼ Slightly negative

Price

30,300

Latest close

04 Jun 2026

P/E 6.86x

P/B 1.24x

EPS 4,415

BVPS 24,419

ROE 22.7%

ROA 14.6%

Profit Margin 8.3%

Asset Turnover 1.76x

Equity Mult. 1.56x

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

What Is Changing

On a TTM 2026Q1 basis, TCL posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit is at an all-time high. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,936bn
	                                
+16.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 164bn
	                                
−0.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,847.6	1,631.2	1,529.4	1,355.1	1,185.7
Growth	+13%	+7%	+13%	+14%	—
Net Income	160.2	146.2	134.4	124.8	112.9
Net Margin	8.67%	8.96%	8.79%	9.21%	9.52%

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	442.1	523.1	462.6	508.1	348.9	464.1	405.0	448.0	313.8	441.0	355.7	374.6
Growth	-15%	+13%	-9%	+46%	-25%	+15%	-10%	+43%	-29%	+24%	-5%	—
Net Income	32.0	47.2	34.2	50.5	26.5	53.3	29.8	54.7	19.8	33.6	31.9	46.0
Net Margin	7.25%	9.02%	7.39%	9.95%	7.59%	11.48%	7.35%	12.20%	6.32%	7.63%	8.97%	12.27%

Drivers of TCL's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Financial income ↑ 4.4bn

Gross profit ↑ 3.0bn

Selling expenses ↑ 5.8bn

Minority interests ↑ 3.7bn

Administrative expenses ↑ 0.9bn

Tax ↑ 0.8bn

TTM

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

Gross profit ↑ 4.6bn

Associates income ↑ 4.3bn

Selling expenses ↑ 3.5bn

Minority interests ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.6% = 9.9% × 1.68 × 1.55

2026Q1 23.3% = 8.5% × 1.76 × 1.56

ROE fell from 25.6% to 23.3% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 8.5% -1.4pp Asset turnover: 1.76x +0.08x Leverage: 1.56x +0.01x

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 8.47%, falling 1.4pp. The main pressure is Gross margin fell 2.0pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (with additional support from Net financial result / Revenue rose 0.2pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 8.47% −1.4pp

Gross Margin 13.70% −2.0pp

SG&A / Revenue 5.84% −0.5pp

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 8.46% −1.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.67x equity, with a net cash position equivalent to 0.15x equity.

Over the last 12 months, working capital released 226.8bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +144.3bn

Inventories decreased → higher CFO: +0.6bn

Payables increased → higher CFO: +81.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.7 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO fell 14.0 days, and DPO fell 4.1 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 54.8 days −14.0 days

Inventory 3.1 days −0.8 days

Payables 54.0 days −4.1 days

Cash Conversion Cycle 3.9 days −10.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 320.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.15x and interest coverage at 319.21x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.15x −0.07x

Interest Coverage 319.21x +77.64x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.30x +2.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 320.3bn in 2025, against investing cash flow of -124.4bn.

Post-investment cash flow was positive +195.8bn. Financing cash flow was negative +103.5bn.

CFO / net income was 2.30x.

After spending +91.9bn on fixed-asset investment, the business generated trailing free cash flow of +276.1bn.

Cash Conversion

CFO TTM 368.0bn +333.1bn

Cash Capex 91.9bn +67.3bn

FCF TTM +276.1bn +265.8bn

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 2.30x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.30x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,847.6	1,631.2	1,529.4	1,355.1	1,185.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,847.6	1,631.2	1,529.4	1,355.1	1,185.7
Cost of Goods Sold	1,589.5	1,382.7	1,290.2	1,124.3	0.0
Gross Profit	258.1	248.4	239.2	230.7	202.6
Financial Income	14.7	11.5	17.5	8.3	10.3
Financial Expenses	1.0	0.5	1.0	1.2	-1.4
Interest Expense	0.5	0.5	1.0	1.2	-1.5
Share of Associates and Joint Ventures	31.6	21.9	11.7	16.2	14.9
Selling Expenses	32.7	30.6	35.2	33.1	-25.1
General and Administrative Expenses	76.7	73.6	70.2	67.8	-62.1
Operating Profit	194.0	177.2	162.1	153.1	139.4
Other Income	0.3	0.0	2.1	0.0	0.0
Other Expenses	0.1	0.2	0.1	0.1	0.0
Other Profit	0.2	-0.2	2.0	-0.0	-0.2
Profit Before Tax	194.1	177.0	164.1	153.1	139.1
Current Income Tax Expense	33.9	30.8	29.7	28.2	-26.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	160.2	146.2	134.4	124.8	112.9
Non-controlling Interest	3.5	0.2	0.3	0.3	-0.4
Profit Attributable to Parent	156.7	146.1	134.2	124.6	113.3
Earnings per Share	4,366.00	4,067.00	3,691.00	3,418.00	3,109.00
Diluted EPS	4,366.00	4,067.00	3,691.00	3,418.00	3,756.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	728.6	663.2	474.2	369.2	390.7
I. Cash and cash equivalents	147.2	55.5	71.1	91.1	16.2
1. Cash	51.2	13.5	20.1	23.8	0.0
2. Cash equivalents	96.0	42.0	51.0	67.3	0.0
II. Short-term financial investments	236.6	145.1	138.8	92.0	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	236.6	145.1	138.8	92.0	0.0
III. Short-term receivables	328.0	444.5	248.3	174.6	230.3
1. Short-term trade accounts receivable	295.8	428.1	231.7	142.7	0.0
2. Short-term prepayments to suppliers	8.4	2.4	2.0	1.0	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	24.7	14.8	15.4	31.4	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-0.9	-0.8	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.8	13.1	12.9	9.3	7.1
1. Inventories	13.8	13.1	12.9	9.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.0	5.1	3.2	2.1	4.1
1. Short-term prepayments	2.7	3.1	2.1	2.1	0.0
2. Value added tax to be reclaimed	0.3	1.9	1.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	462.4	447.4	466.2	447.7	498.7
I. Long-term receivables	9.7	18.0	20.0	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	22.0
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	9.7	18.0	20.0	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	228.1	247.4	273.8	283.6	316.1
1. Tangible fixed assets	206.6	225.3	251.0	260.1	292.0
- Cost	914.1	904.7	900.0	884.8	0.0
- Accumulated depreciation	-707.5	-679.4	-649.0	-624.7	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	21.6	22.1	22.9	23.5	24.2
- Cost	28.9	28.7	28.7	28.6	0.0
- Accumulated depreciation	-7.4	-6.6	-5.8	-5.1	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	29.8	3.4	3.0	9.1	2.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	3.4	3.0	9.1	0.0
V. Long-term financial investments	163.3	146.3	138.7	141.7	139.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	136.8	119.9	112.3	115.3	0.0
3. Investments in other entities	26.5	26.5	26.5	26.5	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	31.5	32.2	30.7	10.9	0.0
1. Long-term prepayments	31.5	32.2	30.7	10.9	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	18.7
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)	1,191.1	1,110.6	940.5	816.9	889.4
A. LIABILITIES (300=210+330)	477.6	460.0	341.6	261.3	310.0
I. Short -term liabilities	399.6	422.0	288.6	200.8	248.7
1. Short-term trade accounts payable	236.7	272.1	166.2	97.6	166.7
2. Short-term advances from customers	1.2	0.5	0.3	0.0	0.5
3. Taxes and other payables to state authorities	19.1	12.3	13.2	11.9	0.0
4. Payable to employees	40.1	34.7	26.6	24.7	0.0
5. Short-term acrrued expenses	39.4	20.4	23.2	19.8	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	30.1	31.1	34.0	27.5	0.0
10. Short-term borrowings and financial leases	1.8	32.2	7.2	7.2	7.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	31.2	18.6	17.8	12.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	78.0	37.9	53.0	60.5	61.3
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	78.0	36.1	43.9	44.2	0.0
8. Long-term borrowings and financial leases	—	1.8	9.1	16.3	23.6
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)	713.4	650.7	598.9	555.6	579.4
I. Owner's equity	713.4	650.7	598.9	555.6	0.0
1. Owner's capital	301.6	301.6	301.6	301.6	579.4
- Common stock with voting right	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	20.7	20.7	20.7	20.7	20.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.5	1.5	1.5	1.5	1.5
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	242.7	199.0	158.0	117.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	121.4	105.5	94.6	91.3	152.9
- Accumulated retained earning at the end of the previous period	33.4	23.7	23.4	25.6	91.9
- Undistributed earnings in this period	88.0	81.7	71.2	65.7	61.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	25.6	22.4	22.5	22.6	22.5
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)	1,191.1	1,110.6	940.5	816.9	889.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	194.1	177.0	164.1	153.1	140.2
Depreciation of Fixed Assets and Investment Property	27.8	29.6	30.7	33.5	36.1
Provision (Increase)/Reversal	0.1	0.1	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-31.7	-19.1	-18.0	-24.5	0.0
Interest Expense	0.5	0.5	1.0	1.2	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	191.3	188.2	178.3	163.3	156.0
Increase/(Decrease) in Receivables	137.4	-193.1	-92.5	76.8	0.0
Increase/(Decrease) in Inventory	-0.7	-0.2	-3.6	-2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.6	102.5	82.9	-44.1	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	-2.5	-19.8	7.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.5	-1.0	-1.3	0.0
Corporate Income Tax Paid	-31.6	-31.9	-27.9	-31.5	0.0
Other Operating Receipts	0.0	0.1	0.1	0.0	0.0
Other Operating Payments	-13.3	-23.4	-17.8	-15.9	0.0
Net Cash Flow from Operating Activities	320.3	39.2	98.6	152.9	47.0
Payments for Fixed Assets and Other Long-term Assets	-46.8	-7.4	-16.2	-9.4	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	-121.5	-85.0	-88.0	-67.0	-46.4
Receipts from Loan Repayments and Sale of Debt Instruments	30.0	78.7	41.2	93.0	85.8
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	13.7	11.6	17.1	22.4	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	-124.4	-2.1	-45.4	39.0	69.1
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	—	25.0	0.0	0.0	0.0
Repayment of Borrowings	-32.2	-7.2	-7.2	-7.2	-7.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-71.3	-70.4	-66.1	-124.7	-150.3
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	-103.5	-52.7	-73.3	-131.9	-157.6
Net Cash Flow During the Period	92.3	-15.6	-20.1	59.9	-1.3
Cash and Cash Equivalents at Beginning of Period	55.5	71.1	91.1	31.2	57.6
FX Difference from Revaluation	-0.5	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	147.2	55.5	71.1	91.1	16.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	442.1	523.1	462.6	508.1	348.9	464.1	405.0	448.0	313.8	441.0	355.7	374.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	442.1	523.1	462.6	508.1	348.9	464.1	405.0	448.0	313.8	441.0	355.7	374.6
Cost of Goods Sold	389.3	448.5	400.7	432.1	300.8	384.0	355.9	363.2	277.1	378.2	298.2	314.5
Gross Profit	52.8	74.6	61.8	76.0	48.2	80.1	49.1	84.8	36.6	62.8	57.5	60.1
Financial Income	0.9	5.4	1.9	7.8	0.8	2.7	0.9	7.1	1.0	4.5	2.3	9.8
Financial Expenses	0.0	0.5	0.0	0.1	0.4	0.1	0.1	0.2	0.1	0.2	0.2	0.3
Interest Expense	0.0	0.0	0.0	0.1	0.4	0.1	0.1	0.2	0.1	0.2	0.2	0.3
Share of Associates and Joint Ventures	9.6	7.9	6.7	6.0	5.3	10.1	12.0	3.4	6.7	1.6	4.9	9.0
Selling Expenses	9.4	8.0	9.0	9.8	5.9	8.4	8.1	8.0	6.1	10.3	7.9	8.7
General and Administrative Expenses	15.7	21.8	20.4	18.8	15.7	20.3	19.3	20.6	14.5	18.0	17.7	17.4
Operating Profit	38.1	57.6	41.0	61.0	32.3	64.1	34.5	66.6	23.7	40.4	38.9	52.5
Other Income	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.6	0.0	1.6
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.1	0.1	-0.0	-0.1	0.0	-0.1	0.0	0.6	0.0	1.6
Profit Before Tax	38.1	57.6	41.1	61.1	32.3	64.0	34.5	66.5	23.7	40.9	38.9	54.1
Current Income Tax Expense	6.0	10.5	6.9	10.6	5.9	10.7	4.7	11.8	3.8	7.3	7.0	8.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	32.0	47.2	34.2	50.5	26.5	53.3	29.8	54.7	19.8	33.6	31.9	46.0
Non-controlling Interest	0.7	2.6	0.2	0.5	0.2	0.1	0.0	0.1	-0.1	0.6	0.4	0.1
Profit Attributable to Parent	31.4	44.6	34.0	50.1	26.3	53.2	29.7	54.6	19.9	33.0	31.6	45.9
Earnings per Share	814.00	1,182.00	923.00	1,496.00	669.00	1,556.00	797.00	1,620.00	470.00	895.00	861.00	1,336.00
Diluted EPS	814.00	1,182.00	923.00	1,496.00	669.00	3,951.00	797.00	1,620.00	470.00	895.00	861.00	1,336.00

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)	667.1	724.2	785.4	674.5	592.7	659.1	585.4	560.7	485.8	480.0	525.1	483.5
I. Cash and cash equivalents	112.9	147.2	122.5	60.8	59.9	46.5	47.3	72.3	46.7	71.9	103.6	82.6
1. Cash	84.9	51.2	71.5	19.8	48.9	13.5	14.3	14.3	20.7	20.1	27.6	13.8
2. Cash equivalents	28.0	96.0	51.0	41.0	11.0	33.0	33.0	58.0	26.0	51.8	76.0	68.8
II. Short-term financial investments	263.8	236.6	191.5	181.3	119.2	154.0	141.8	129.8	140.8	138.0	138.8	131.0
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	263.8	236.6	191.5	181.3	119.2	154.0	141.8	129.8	140.8	138.0	138.8	131.0
III. Short-term receivables	271.7	323.5	457.1	416.2	395.1	440.4	380.1	339.9	278.6	254.0	271.5	261.7
1. Short-term trade accounts receivable	211.4	291.3	393.3	389.5	369.4	428.1	363.8	310.0	258.5	231.1	226.7	219.4
2. Short-term prepayments to suppliers	38.8	8.4	19.4	14.4	12.5	2.4	0.7	1.3	0.2	2.1	1.8	1.5
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	22.5	24.7	45.4	13.3	14.2	10.8	16.4	29.4	20.6	21.2	43.3	41.2
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-0.9	-0.9	-0.9	-0.9	-0.8	-0.8	-0.8	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.8	13.8	11.3	13.3	14.4	13.1	12.1	12.1	15.7	12.9	7.7	5.7
1. Inventories	13.8	13.8	11.3	13.3	14.4	13.1	12.1	12.1	15.7	12.9	7.7	5.7
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	4.9	3.0	2.9	2.9	4.0	5.1	4.1	6.5	4.0	3.2	3.5	2.5
1. Short-term prepayments	3.6	2.7	2.9	2.9	4.0	3.1	4.1	2.3	3.8	2.1	3.5	2.5
2. Value added tax to be reclaimed	1.2	0.3	—	—	—	1.9	0.0	4.2	0.0	1.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	—	—	0.0	—	0.0	0.0	0.0	0.2	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	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)	493.9	462.2	419.6	439.3	444.9	449.1	454.9	458.0	464.0	462.6	450.5	454.2
I. Long-term receivables	9.7	9.7	9.7	16.8	17.7	24.1	24.1	20.0	20.0	17.0	17.0	10.9
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	9.7	9.7	9.7	16.8	17.7	24.1	24.1	20.0	20.0	17.0	17.0	10.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	221.6	228.1	229.0	236.3	243.5	247.4	252.2	258.0	265.4	273.8	268.9	267.1
1. Tangible fixed assets	200.2	206.6	207.2	214.4	221.6	225.3	229.9	235.5	242.8	251.0	246.0	244.0
- Cost	914.6	—	—	—	—	904.7	902.0	900.2	899.7	900.0	889.2	879.5
- Accumulated depreciation	-714.4	—	—	—	—	-679.4	-672.1	-664.7	-656.9	-649.0	-643.2	-635.5
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	21.4	21.6	21.8	22.0	21.9	22.1	22.3	22.5	22.7	22.9	22.9	23.1
- Cost	28.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.6	—	—	—	—	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	60.1	29.8	4.4	4.2	3.7	3.4	3.4	3.4	3.4	3.0	3.4	10.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	60.1	29.8	4.4	4.2	3.7	3.4	3.4	3.4	3.4	3.0	3.4	10.3
V. Long-term financial investments	172.9	163.1	152.3	157.8	151.7	141.9	143.6	143.1	145.4	138.1	149.8	154.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	146.4	136.6	125.8	131.3	125.2	115.5	117.2	116.6	119.0	111.6	123.3	127.7
3. Investments in other entities	26.5	—	26.5	—	26.5	26.5	0.0	26.5	26.5	26.5	26.5	26.5
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	—	26.5	—	26.5	—	0.0	26.5	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	29.6	31.5	24.2	24.3	28.3	32.2	31.6	33.6	29.8	30.7	11.4	11.8
1. Long-term prepayments	29.6	31.5	24.2	24.3	28.3	32.2	31.6	33.6	29.8	30.7	11.4	11.8
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)	1,161.0	1,186.4	1,205.0	1,113.8	1,037.6	1,108.2	1,040.3	1,018.7	949.9	942.5	975.6	937.7
A. LIABILITIES (300=210+330)	424.6	473.4	534.1	468.0	366.6	461.4	428.6	432.5	336.9	344.4	405.5	385.1
I. Short -term liabilities	344.2	396.5	488.0	431.9	328.7	415.6	379.2	383.1	283.9	291.1	348.5	327.9
1. Short-term trade accounts payable	253.3	236.7	345.4	305.7	240.8	272.1	142.0	184.0	206.3	166.2	156.6	161.0
2. Short-term advances from customers	1.6	1.2	1.8	0.8	1.3	0.5	1.2	1.0	1.1	0.3	0.3	0.4
3. Dividends and profits payable	6.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.2	19.1	24.7	19.8	6.6	12.7	28.1	17.1	5.6	13.2	25.6	20.0
4. Payable to employees	7.9	40.1	24.1	14.0	4.1	35.5	29.0	25.8	7.0	26.6	24.0	21.0
5. Short-term acrrued expenses	15.3	35.2	30.5	41.0	16.1	18.4	131.3	39.4	10.2	23.2	20.1	9.4
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	2.5	—	2.5	—	2.5	0.0	2.5	0.0	2.5	0.0	2.5	0.0
9. Other short-term payables	27.1	31.2	29.3	24.8	33.2	25.4	24.0	98.1	37.3	36.6	99.5	97.1
10. Short-term borrowings and financial leases	—	1.8	3.6	5.4	5.4	32.2	5.4	7.2	5.4	7.2	5.4	7.2
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	23.8	31.2	25.9	20.4	18.7	18.7	15.6	10.4	8.4	17.8	14.5	11.8
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	80.3	76.9	46.1	36.1	37.9	45.8	49.4	49.4	53.0	53.3	56.9	57.2
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	80.3	76.9	46.1	36.1	36.1	43.9	43.9	43.9	43.9	44.2	44.2	44.5
8. Long-term borrowings and financial leases	—	—	—	—	1.8	1.8	5.4	5.4	9.1	9.1	12.7	12.7
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)	736.4	713.0	670.9	645.8	671.0	646.9	611.7	586.1	613.0	598.1	570.1	552.6
I. Owner's equity	736.4	713.0	670.9	645.8	671.0	646.9	611.7	586.1	613.0	598.1	570.1	552.6
1. Owner's capital	301.6	301.6	301.6	301.6	301.6	301.6	301.6	301.6	301.6	301.6	301.6	301.6
- Common stock with voting right	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00	301,584,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	249.8	242.6	230.6	218.3	205.2	199.2	186.9	177.6	162.0	158.0	145.8	137.5
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	138.9	121.1	93.4	80.6	119.4	101.5	78.6	62.3	104.8	93.8	78.8	69.5
- Accumulated retained earning at the end of the previous period	121.4	33.2	33.2	33.4	105.5	23.5	23.5	23.7	94.6	23.0	23.0	23.4
- Undistributed earnings in this period	17.5	87.8	60.1	47.2	13.9	78.0	55.1	38.5	10.2	70.8	55.8	46.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	24.0	25.6	23.1	23.0	22.6	22.3	22.3	22.5	22.4	22.5	21.7	21.7
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)	1,161.0	1,186.4	1,205.0	1,113.8	1,037.6	1,108.2	1,040.3	1,018.7	949.9	942.5	975.6	937.7

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
Profit Before Tax	38.1	62.1	33.8	65.9	32.3	52.2	36.9	61.2	23.7	41.7	28.7	56.3
Depreciation of Fixed Assets and Investment Property	7.0	5.8	8.1	6.7	7.3	7.4	8.3	7.3	8.1	6.5	8.5	7.3
Provision (Increase)/Reversal	—	4.3	-4.3	—	—	2.1	0.0	0.0	0.0	0.4	0.0	0.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.4	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.9	-8.8	4.7	-26.9	-0.8	8.4	-7.2	-11.8	-1.0	-3.4	11.1	-24.4
Interest Expense	0.0	0.0	0.0	0.1	0.4	0.1	0.1	0.1	0.1	0.2	0.2	0.3
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	44.3	63.9	42.4	45.8	39.2	70.2	38.1	56.7	30.9	45.4	48.5	39.8
Increase/(Decrease) in Receivables	49.0	159.1	-69.7	5.8	42.2	-63.6	-49.6	-50.9	-31.7	13.9	-21.3	-10.4
Increase/(Decrease) in Inventory	-0.0	-2.5	1.9	1.1	-1.3	-1.0	0.0	3.6	-2.8	-5.2	-2.1	4.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.6	-90.2	94.3	88.5	-56.0	-20.4	61.3	11.5	12.8	19.6	10.7	-26.8
Increase/(Decrease) in Prepaid Expenses	0.9	-7.1	0.0	5.2	3.1	0.3	0.1	-1.2	-1.8	-17.9	-0.6	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	-0.0	-0.1	-0.4	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.3
Corporate Income Tax Paid	-12.9	-19.5	-1.3	1.3	-12.1	-20.3	-1.1	1.2	-13.2	-16.3	-1.6	1.2
Other Operating Receipts	0.0	—	—	—	—	0.1	0.0	0.1	0.0	-0.1	0.1	0.0
Other Operating Payments	-14.3	-3.9	-0.6	-2.8	-6.1	-3.4	-0.7	-4.4	-15.1	-2.6	-3.0	-4.1
Net Cash Flow from Operating Activities	56.4	99.8	67.1	144.8	8.6	-38.1	48.0	16.5	-21.1	36.7	30.5	4.3
Payments for Fixed Assets and Other Long-term Assets	-58.3	-27.4	-2.9	-3.3	-13.2	-3.5	-5.3	-2.7	-0.5	-12.0	-3.0	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	—	0.0	0.0	0.0	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	-32.4	-45.2	-12.4	-62.0	-2.0	-33.0	-12.0	-4.0	-27.0	-3.0	-7.0	-48.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.3	-9.0	11.2	-9.2	37.0	23.8	0.0	15.0	25.0	2.2	0.8	20.2
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	1.0	8.9	0.7	3.2	0.8	-8.6	16.1	2.9	1.0	9.6	3.4	2.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-84.5	-72.6	-3.3	-71.1	22.7	-21.2	-1.2	11.3	-1.4	-2.6	-5.7	-26.0
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	—	—	—	—	—	25.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.8	-1.8	-1.8	-1.8	-26.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-4.5	-0.1	-0.2	-71.0	—	35.4	-70.0	-0.4	-0.1	-64.8	-1.1	-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	-6.3	-1.9	-2.0	-72.8	-26.8	58.6	-71.8	-2.2	-1.9	-66.6	-3.0	-1.8
Net Cash Flow During the Period	-34.4	25.3	61.7	0.8	4.4	-0.8	-25.0	25.6	-24.4	-32.5	21.8	-23.6
Cash and Cash Equivalents at Beginning of Period	147.2	122.5	60.8	59.9	55.5	71.1	71.1	71.1	71.1	91.1	91.1	91.1
FX Difference from Revaluation	—	-0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	112.9	147.2	122.5	60.8	59.9	46.5	47.3	72.3	46.7	71.1	103.6	81.8

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TCL

What Is Changing

Drivers of TCL'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 ▲

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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