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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 89.6% | 82.2% | 48.0% | 70.2% | 99.0% |
| EBITDA Margin | 27.6% | 41.8% | 18.3% | 15.9% | 14.9% |
| EBITDAR | 435 | 1,458 | 1,026 | 548 | 488 |
| EBITDAR Margin | 40.3% | 46.5% | 20.9% | 20.4% | 20.0% |
| EBIT Margin | 21.8% | 39.1% | 14.7% | 9.7% | 9.4% |
| Net Profit Margin | 50.6% | 34.7% | 8.0% | 21.6% | 33.5% |
| Operating Expense % of Sales | 62.0% | 40.4% | 29.7% | 54.4% | 84.1% |
| Returns | |||||
| Return on Assets (ROA) | 27.7% | 37.4% | 12.0% | 18.9% | 20.1% |
| Return on Equity (ROE) | 57.5% | 53.5% | 16.1% | 19.3% | 21.3% |
| ROIC [EBIT / Invested Capital] | 14.1% | 43.3% | 34.1% | 10.1% | 6.4% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 38.9% | 28.7% | 22.3% | 0.0% | 0.0% |
| Debt-to-Equity | 0.81x | 0.41x | 0.30x | 0.00x | 0.00x |
| Debt-to-EBITDA | 2.57x | 0.64x | 0.81x | 0.00x | 0.00x |
| Equity-to-Assets | 48.2% | 69.9% | 74.6% | 97.8% | 94.4% |
| Net Debt | 717 | 801 | -309 | -419 | -263 |
| Cash & Equivalents | 47 | 36 | 1,033 | 419 | 263 |
| Total Debt | 764 | 837 | 725 | N/A | N/A |
| Liquidity & working capital | |||||
| Current Ratio | 6.25x | 20.35x | 13.77x | 41.78x | 47.88x |
| Quick Ratio | 6.06x | 20.35x | 13.77x | 41.78x | 47.88x |
| Cash Ratio | 0.16x | 0.30x | 4.94x | 6.21x | 3.39x |
| Total Current Assets | 1,833 | 2,471 | 2,884 | 2,815 | 3,715 |
| Total Current Liabilities | 293 | 121 | 209 | 67 | 78 |
| Inventory | 57 | N/A | N/A | N/A | N/A |
| Trade Receivables | 174 | 853 | 502 | 980 | 2,015 |
| Trade Payables | 9 | 34 | 73 | 62 | 64 |
| Net Working Capital | 1,540 | 2,350 | 2,675 | 2,747 | 3,637 |
| Net Working Capital % of Revenue | 142.8% | 74.9% | 54.5% | 102.3% | 149.3% |
| Trade Working Capital | 222 | 819 | 429 | 918 | 1,951 |
| Trade Working Capital % of Revenue | 20.6% | 26.1% | 8.7% | 34.2% | 80.1% |
| Change in Trade Working Capital | N/A | 597 | -390 | 489 | 1,033 |
| Turnover & efficiency | |||||
| Inventory Turnover | 1.95x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 187.0 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 6.19x | 3.68x | 9.78x | 2.74x | 1.21x |
| Days Sales Outstanding (DSO) | 58.9 | 99.2 | 37.3 | 133.1 | 301.9 |
| Payables Turnover | 11.97x | 16.58x | 35.10x | 12.98x | 0.39x |
| Days Payable Outstanding (DPO) | 30.5 | 22.0 | 10.4 | 28.1 | 925.3 |
| Cash Conversion Cycle | 215.4 days | 77.2 days | 26.9 days | 105.0 days | -623.4 days |
| Asset Turnover | 0.55x | 1.08x | 1.51x | 0.87x | 0.60x |
| Cash flow & dividends | |||||
| Operating Cash Flow | N/A | N/A | N/A | 166 | 54 |
| Free Cash Flow (OCF − Capex proxy) | N/A | N/A | N/A | 110 | -155 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | 38.9% | 14.9% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 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).
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