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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 100.0% | 89.3% | 97.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | -21.0% | -56.9% | -343.6% | -76.4% | -219.1% | -279.3% |
| EBITDAR | -39 | -249 | -1,133 | -321 | -1,248 | -1,520 |
| EBITDAR Margin | -21.0% | -56.9% | -343.6% | -76.4% | -219.1% | -279.3% |
| EBIT Margin | -42.8% | -86.9% | -392.5% | -100.5% | -254.0% | -321.9% |
| Net Profit Margin | -450.9% | -319.6% | -589.5% | -335.6% | -141.7% | -518.8% |
| Operating Expense % of Sales | 121.0% | 146.2% | 440.6% | 176.4% | 319.1% | 379.3% |
| Returns | ||||||
| Return on Assets (ROA) | -3.7% | -8.0% | -10.9% | -8.2% | -4.2% | -13.1% |
| Return on Equity (ROE) | -10.9% | -22.4% | -45.3% | -48.0% | -37.9% | N/A |
| ROIC [EBIT / Invested Capital] | -0.9% | -3.6% | -10.5% | -3.0% | -9.1% | -9.2% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 65.7% | 64.1% | 75.9% | 82.5% | 88.5% | 142.1% |
| Debt-to-Equity | 1.92x | 1.79x | 3.15x | 4.84x | 7.93x | -3.35x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity-to-Assets | 34.2% | 35.7% | 24.1% | 17.1% | 11.2% | -42.4% |
| Net Debt | 947 | 4,254 | 7,998 | 11,084 | 13,714 | 28,136 |
| Cash & Equivalents | 13,721 | 6,924 | 5,518 | 3,118 | 3,158 | 2,454 |
| Total Debt | 14,668 | 11,177 | 13,516 | 14,203 | 16,872 | 30,590 |
| Liquidity & working capital | ||||||
| Current Ratio | 947.33x | 244.42x | 571.56x | 53.13x | 74.30x | 63.62x |
| Quick Ratio | 947.33x | 244.16x | 570.65x | 50.16x | 74.30x | 63.62x |
| Cash Ratio | 946.78x | 233.28x | 529.99x | 40.14x | 42.56x | 31.98x |
| Total Current Assets | 13,729 | 7,254 | 5,951 | 4,128 | 5,513 | 4,882 |
| Total Current Liabilities | 14 | 30 | 10 | 78 | 74 | 77 |
| Inventory | N/A | 8 | 10 | 230 | N/A | N/A |
| Trade Receivables | 0 | 12 | 102 | 173 | 229 | 394 |
| Trade Payables | 5 | 6 | 5 | 10 | 7 | 5 |
| Net Working Capital | 13,714 | 7,225 | 5,941 | 4,050 | 5,438 | 4,805 |
| Net Working Capital % of Revenue | 7427.5% | 1652.4% | 1802.5% | 964.4% | 954.6% | 883.0% |
| Trade Working Capital | -4 | 14 | 107 | 394 | 221 | 389 |
| Trade Working Capital % of Revenue | -2.4% | 3.2% | 32.4% | 93.9% | 38.9% | 71.5% |
| Change in Trade Working Capital | N/A | 18 | 93 | 288 | -173 | 167 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 6.23x | 1.05x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 58.6 | 348.0 | N/A | N/A | N/A |
| Receivables Turnover | 835.48x | 35.71x | 3.22x | 2.42x | 2.49x | 1.38x |
| Days Sales Outstanding (DSO) | 0.4 | 10.2 | 113.3 | 150.7 | 146.6 | 264.3 |
| Payables Turnover | N/A | 8.26x | 1.92x | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | 44.2 | 189.9 | N/A | N/A | N/A |
| Cash Conversion Cycle | 0.4 days | 24.6 days | 271.4 days | 150.7 days | 146.6 days | 264.3 days |
| Asset Turnover | 0.01x | 0.03x | 0.02x | 0.02x | 0.03x | 0.03x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -20 | 315 | -526 | N/A | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -5,457 | -1,415 | -1,303 | N/A | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | 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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