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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 46,044 · FY2023 0 · FY2024 0 — 3-yr total 46,044
GM Pharmaceuticals LLC (GMP) is Georgia's largest pharmaceutical manufacturer, producing ~140 brands across 230+ dosage forms at its Ponichala (Tbilisi) plant — the largest pharma facility in the South Caucasus. Exports across the CIS with 600+ employees.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 73.9% | 72.3% | 70.6% | 69.8% | 66.5% | 62.1% | 63.0% | 66.0% |
| EBITDA Margin | 39.3% | 31.8% | 27.2% | 32.2% | 36.6% | 34.0% | 16.3% | 33.6% |
| EBITDAR | 37,053 | 33,678 | 33,524 | 43,719 | 67,079 | 64,994 | 21,326 | 62,063 |
| EBITDAR Margin | 39.3% | 31.8% | 27.2% | 32.2% | 36.6% | 34.0% | 16.3% | 33.6% |
| EBIT Margin | 37.8% | 30.1% | 25.0% | 27.7% | 31.3% | 29.8% | 6.6% | 29.4% |
| Net Profit Margin | 13.3% | 27.8% | 22.4% | 29.0% | 27.8% | 19.4% | 4.4% | 32.1% |
| Operating Expense % of Sales | 34.6% | 40.5% | 43.4% | 37.7% | 29.9% | 28.1% | 46.7% | 32.4% |
| Returns | ||||||||
| Return on Assets (ROA) | 14.3% | 26.9% | 20.7% | 23.1% | 24.1% | 17.1% | 2.7% | 22.5% |
| Return on Equity (ROE) | 17.1% | 28.6% | 22.3% | 25.4% | 26.5% | 20.3% | 3.0% | 23.9% |
| ROIC [EBIT / Invested Capital] | 45.3% | 32.2% | 25.4% | 28.4% | 41.3% | 43.4% | 5.8% | 27.0% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 6.4% | 0.0% | 2.0% | 1.0% | 1.2% | 0.9% | 0.7% | 0.3% |
| Debt-to-Equity | 0.08x | 0.00x | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x | 0.00x |
| Debt-to-EBITDA | 0.15x | 0.00x | 0.08x | 0.04x | 0.04x | 0.03x | 0.07x | 0.01x |
| Equity-to-Assets | 83.7% | 94.2% | 92.8% | 90.6% | 90.9% | 84.2% | 90.3% | 94.2% |
| Net Debt | 5,073 | -4,120 | -2,070 | -21,961 | -52,979 | -51,370 | -40,743 | -46,609 |
| Cash & Equivalents | 531 | 4,120 | 4,752 | 23,732 | 55,495 | 53,359 | 42,144 | 47,348 |
| Total Debt | 5,604 | N/A | 2,682 | 1,771 | 2,515 | 1,989 | 1,401 | 738 |
| Liquidity & working capital | ||||||||
| Current Ratio | 4.96x | 11.67x | 12.16x | 8.73x | 9.64x | 5.07x | 8.14x | 13.46x |
| Quick Ratio | 2.61x | 7.07x | 5.79x | 4.61x | 6.62x | 4.06x | 5.08x | 8.26x |
| Cash Ratio | 0.05x | 0.73x | 0.72x | 1.71x | 3.33x | 1.62x | 2.21x | 3.15x |
| Total Current Assets | 47,932 | 65,735 | 80,205 | 121,249 | 160,536 | 166,632 | 155,169 | 202,180 |
| Total Current Liabilities | 9,664 | 5,633 | 6,594 | 13,884 | 16,654 | 32,882 | 19,057 | 15,021 |
| Inventory | 22,717 | 25,935 | 42,024 | 57,263 | 50,309 | 33,128 | 58,375 | 78,109 |
| Trade Receivables | 21,627 | 26,879 | 29,447 | 30,810 | 42,790 | 63,832 | 49,133 | 67,384 |
| Trade Payables | 3,594 | 3,036 | 2,824 | 1,219 | 11,508 | 4,752 | 3,327 | 8,373 |
| Net Working Capital | 38,267 | 60,102 | 73,612 | 107,365 | 143,882 | 133,750 | 136,113 | 187,159 |
| Net Working Capital % of Revenue | 40.6% | 56.7% | 59.8% | 79.0% | 78.5% | 70.0% | 104.1% | 101.2% |
| Trade Working Capital | 40,750 | 49,778 | 68,646 | 86,853 | 81,591 | 92,208 | 104,181 | 137,121 |
| Trade Working Capital % of Revenue | 43.2% | 47.0% | 55.8% | 63.9% | 44.5% | 48.3% | 79.7% | 74.2% |
| Change in Trade Working Capital | N/A | 9,028 | 18,868 | 18,207 | -5,262 | 10,617 | 11,973 | 32,940 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1.08x | 1.13x | 0.86x | 0.72x | 1.22x | 2.18x | 0.83x | 0.81x |
| Days Inventory Outstanding (DIO) | 337.6 | 322.2 | 424.0 | 509.7 | 299.4 | 167.1 | 440.6 | 453.2 |
| Receivables Turnover | 4.36x | 3.94x | 4.18x | 4.41x | 4.28x | 2.99x | 2.66x | 2.74x |
| Days Sales Outstanding (DSO) | 83.7 | 92.6 | 87.3 | 82.7 | 85.2 | 121.9 | 137.2 | 133.0 |
| Payables Turnover | 6.83x | 9.68x | 12.81x | 33.62x | 5.33x | 15.23x | 14.54x | 7.51x |
| Days Payable Outstanding (DPO) | 53.4 | 37.7 | 28.5 | 10.9 | 68.5 | 24.0 | 25.1 | 48.6 |
| Cash Conversion Cycle | 367.9 days | 377.1 days | 482.9 days | 581.6 days | 316.1 days | 265.0 days | 552.7 days | 537.6 days |
| Asset Turnover | 1.07x | 0.97x | 0.93x | 0.80x | 0.87x | 0.88x | 0.63x | 0.70x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 12,439 | 16,617 | 11,827 | 22,822 | 38,863 | 16,157 | -1,009 | 10,288 |
| Free Cash Flow (OCF − Capex proxy) | 12,439 | 8,175 | 1,146 | 18,890 | 35,053 | 10,498 | -6,856 | 5,119 |
| Cash Conversion (OCF / EBITDA) | 33.6% | 49.3% | 35.3% | 52.2% | 57.9% | 24.9% | -4.7% | 16.6% |
| Dividends Declared | 0 | 0 | 7,322 | 7,735 | 14,216 | 46,044 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 26.6% | 19.6% | 27.9% | 124.3% | 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).
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