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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
Subsidiary of Nikora (90.5%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 37.7% | 36.9% | 18.4% | 10.0% | 23.4% | 36.6% | 33.2% | 20.6% |
| EBITDA Margin | 35.5% | 31.2% | 5.8% | -8.2% | 8.2% | 22.2% | 21.1% | 6.6% |
| EBITDAR | 896 | 784 | 118 | -172 | 238 | 612 | 604 | 186 |
| EBITDAR Margin | 35.9% | 31.7% | 6.3% | -8.2% | 8.2% | 22.2% | 21.1% | 6.6% |
| EBIT Margin | 35.4% | 31.2% | 5.6% | -8.2% | 8.2% | 22.2% | 21.1% | 6.6% |
| Net Profit Margin | 22.2% | 18.8% | -18.8% | -26.4% | 3.8% | 16.4% | 12.2% | -0.4% |
| Operating Expense % of Sales | 2.2% | 5.7% | 94.2% | 18.2% | 15.2% | 14.3% | 12.1% | 14.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 10.2% | 8.3% | -6.2% | -9.0% | 2.2% | 8.3% | 5.7% | -0.2% |
| Return on Equity (ROE) | 16.6% | 12.3% | -9.5% | -16.0% | 3.9% | 13.4% | 8.4% | -0.2% |
| ROIC [EBIT / Invested Capital] | 17.1% | 14.3% | 1.9% | -3.2% | 5.0% | 11.9% | 10.2% | 3.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 34.3% | 28.9% | 31.7% | 33.3% | 38.5% | 32.8% | 28.5% | 25.0% |
| Debt-to-Equity | 0.56x | 0.43x | 0.48x | 0.59x | 0.68x | 0.53x | 0.42x | 0.35x |
| Debt-to-EBITDA | 2.09x | 2.11x | 16.44x | N/A | 8.16x | 2.91x | 2.91x | 8.39x |
| Equity-to-Assets | 61.5% | 67.2% | 65.9% | 56.4% | 56.4% | 62.3% | 67.9% | 71.6% |
| Net Debt | 1,835 | 1,620 | 1,764 | 2,001 | 1,927 | 1,764 | 1,736 | 1,542 |
| Cash & Equivalents | 21 | 12 | 12 | 33 | 15 | 19 | 23 | 19 |
| Total Debt | 1,856 | 1,632 | 1,776 | 2,034 | 1,942 | 1,783 | 1,759 | 1,561 |
| Liquidity & working capital | ||||||||
| Current Ratio | 6.04x | 0.70x | 0.33x | 0.35x | 0.29x | 0.32x | 0.37x | 0.66x |
| Quick Ratio | 1.24x | 0.33x | 0.17x | 0.19x | 0.24x | 0.28x | 0.31x | 0.59x |
| Cash Ratio | 0.09x | 0.01x | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x | 0.02x |
| Total Current Assets | 1,372 | 762 | 456 | 759 | 551 | 630 | 697 | 801 |
| Total Current Liabilities | 227 | 1,096 | 1,371 | 2,171 | 1,932 | 1,989 | 1,883 | 1,206 |
| Inventory | 1,090 | 399 | 224 | 341 | 88 | 83 | 112 | 95 |
| Trade Receivables | 261 | 351 | 220 | 385 | 448 | 528 | 562 | 687 |
| Trade Payables | 227 | 219 | 136 | 630 | 258 | 267 | 221 | 216 |
| Net Working Capital | 1,145 | -334 | -915 | -1,412 | -1,381 | -1,359 | -1,186 | -405 |
| Net Working Capital % of Revenue | 45.9% | -13.5% | -49.2% | -67.4% | -47.4% | -49.3% | -41.4% | -14.4% |
| Trade Working Capital | 1,124 | 531 | 308 | 96 | 278 | 344 | 453 | 566 |
| Trade Working Capital % of Revenue | 45.0% | 21.4% | 16.6% | 4.6% | 9.5% | 12.5% | 15.8% | 20.1% |
| Change in Trade Working Capital | N/A | -593 | -223 | -212 | 182 | 66 | 109 | 113 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1.43x | 3.92x | 6.77x | 5.53x | 25.35x | 21.06x | 17.10x | 23.53x |
| Days Inventory Outstanding (DIO) | 256.0 | 93.2 | 53.9 | 66.0 | 14.4 | 17.3 | 21.3 | 15.5 |
| Receivables Turnover | 9.56x | 7.06x | 8.45x | 5.44x | 6.50x | 5.22x | 5.10x | 4.10x |
| Days Sales Outstanding (DSO) | 38.2 | 51.7 | 43.2 | 67.1 | 56.2 | 70.0 | 71.6 | 89.0 |
| Payables Turnover | 6.85x | 7.14x | 11.15x | 2.99x | 8.65x | 6.55x | 8.67x | 10.35x |
| Days Payable Outstanding (DPO) | 53.3 | 51.1 | 32.7 | 122.0 | 42.2 | 55.8 | 42.1 | 35.3 |
| Cash Conversion Cycle | 240.9 days | 93.8 days | 64.3 days | 11.1 days | 28.4 days | 31.5 days | 50.8 days | 69.3 days |
| Asset Turnover | 0.46x | 0.44x | 0.33x | 0.34x | 0.58x | 0.51x | 0.46x | 0.45x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 481 | 352 | 47 | -23 | 87 | 153 | 113 | 238 |
| Free Cash Flow (OCF − Capex proxy) | 481 | 239 | 13 | -100 | 32 | 115 | 30 | 195 |
| Cash Conversion (OCF / EBITDA) | 54.3% | 45.5% | 43.5% | N/A | 36.6% | 25.0% | 18.7% | 128.0% |
| Dividends Declared | 0 | 0 | 106 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | N/A | 0.0% | 0.0% | 0.0% | N/A |
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.