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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
JSC Georgian Railway is the 100% state-owned vertically-integrated national rail operator, running ~1,326km of network linking the Black Sea ports (Poti, Batumi) to Azerbaijan and Armenia. Core business is freight transit — particularly Caspian oil — alongside long-distance passenger and Tbilisi suburban services.
Group parent — controls 5 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 73.5% | 36.1% | 37.6% | 40.9% | 40.2% | 41.3% | 27.7% | 31.0% |
| EBITDAR | 348,038 | 160,305 | 189,450 | 205,402 | 223,786 | 285,002 | 173,837 | 201,060 |
| EBITDAR Margin | 73.5% | 36.1% | 37.6% | 40.9% | 40.2% | 41.3% | 27.7% | 31.0% |
| EBIT Margin | -30.5% | -145.2% | 21.5% | 25.8% | 29.7% | 31.6% | 15.5% | 21.9% |
| Net Profit Margin | -74.8% | -161.3% | -1.1% | -32.8% | 9.5% | 57.4% | 13.8% | 10.5% |
| Operating Expense % of Sales | 26.5% | 63.9% | 62.4% | 59.1% | 59.8% | 58.7% | 73.7% | 72.5% |
| Returns | ||||||||
| Return on Assets (ROA) | -12.4% | -31.6% | -0.2% | -7.0% | 2.3% | 16.5% | 3.5% | 2.6% |
| Return on Equity (ROE) | -28.4% | -135.4% | -1.1% | -45.8% | 12.8% | 50.8% | 10.0% | 7.3% |
| ROIC [EBIT / Invested Capital] | -5.9% | -36.7% | 5.9% | 7.1% | 9.1% | 11.5% | 4.9% | 6.9% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 50.1% | 65.0% | 67.7% | 75.7% | 71.1% | 58.0% | 55.1% | 55.2% |
| Debt-to-Equity | 1.15x | 2.78x | 2.99x | 4.95x | 3.89x | 1.78x | 1.59x | 1.52x |
| Debt-to-EBITDA | 4.12x | 9.18x | 8.26x | 8.65x | 7.18x | 4.89x | 7.92x | 7.09x |
| Equity-to-Assets | 43.5% | 23.4% | 22.6% | 15.3% | 18.3% | 32.6% | 34.8% | 36.2% |
| Net Debt | 1,190,154 | 1,229,551 | 1,307,655 | 1,454,350 | 1,394,608 | 1,117,791 | 1,092,591 | 1,107,376 |
| Cash & Equivalents | 243,018 | 241,308 | 257,976 | 322,986 | 212,224 | 274,629 | 283,547 | 318,300 |
| Total Debt | 1,433,172 | 1,470,859 | 1,565,631 | 1,777,336 | 1,606,832 | 1,392,420 | 1,376,138 | 1,425,676 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.86x | 0.91x | 1.49x | 2.10x | 1.78x | 2.08x | 1.77x | 3.16x |
| Quick Ratio | 1.68x | 0.82x | -180.22x | 1.89x | 1.54x | 1.87x | 1.59x | 2.91x |
| Cash Ratio | 1.29x | 686.44x | 1165.38x | 1.74x | 1.39x | 1.68x | 1.38x | 2.04x |
| Total Current Assets | 349,822 | 319 | 330 | 388,736 | 272,015 | 338,873 | 362,609 | 492,950 |
| Total Current Liabilities | 188,479 | 352 | 221 | 185,369 | 152,994 | 163,266 | 204,770 | 155,856 |
| Inventory | 32,807 | 33 | 40,224 | 38,399 | 36,937 | 33,944 | 37,330 | 39,506 |
| Trade Receivables | 73,406 | 39,641 | 24,337 | 23,579 | 13,965 | 14,519 | 30,905 | 27,870 |
| Trade Payables | 16,771 | 18,552 | 149,864 | 135,866 | 162,071 | 152,484 | 178,831 | 152,602 |
| Net Working Capital | 161,343 | -32 | 109 | 203,367 | 119,021 | 175,607 | 157,839 | 337,094 |
| Net Working Capital % of Revenue | 34.1% | -0.0% | 0.0% | 40.5% | 21.4% | 25.4% | 25.2% | 52.0% |
| Trade Working Capital | 89,442 | 21,122 | -85,303 | -73,888 | -111,169 | -104,021 | -110,596 | -85,226 |
| Trade Working Capital % of Revenue | 18.9% | 4.8% | -16.9% | -14.7% | -20.0% | -15.1% | -17.6% | -13.1% |
| Change in Trade Working Capital | N/A | -68,320 | -106,425 | 11,415 | -37,281 | 7,148 | -6,575 | 25,370 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 6.45x | 11.20x | 20.70x | 21.29x | 39.87x | 47.57x | 20.29x | 23.26x |
| Days Sales Outstanding (DSO) | 56.6 | 32.6 | 17.6 | 17.1 | 9.2 | 7.7 | 18.0 | 15.7 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 56.6 days | 32.6 days | 17.6 days | 17.1 days | 9.2 days | 7.7 days | 18.0 days | 15.7 days |
| Asset Turnover | 0.17x | 0.20x | 0.22x | 0.21x | 0.25x | 0.29x | 0.25x | 0.25x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 176,232 | 179,040 | 215,236 | 212,716 | 247,300 | 288,221 | 176,815 | 218,829 |
| Free Cash Flow (OCF − Capex proxy) | 176,232 | 103,559 | 129,573 | 175,403 | 190,699 | 165,686 | 75,939 | 98,854 |
| Cash Conversion (OCF / EBITDA) | 50.6% | 111.7% | 113.6% | 103.6% | 110.5% | 101.1% | 101.7% | 108.8% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
Ranked by how close each latest revenue is to this one — not a curated comp set.