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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 | 50.8% | 73.1% | 79.6% | 73.1% | 70.2% |
| EBITDA Margin | 1.3% | 49.3% | 48.7% | 26.1% | 4.3% |
| EBITDAR | 5 | 1,084 | 1,661 | 1,787 | 167 |
| EBITDAR Margin | 1.3% | 49.5% | 48.7% | 51.1% | 4.3% |
| EBIT Margin | -36.4% | 39.9% | 41.0% | 17.3% | -8.4% |
| Net Profit Margin | -200.8% | -4.1% | 31.8% | 12.9% | -24.2% |
| Operating Expense % of Sales | 49.5% | 23.9% | 30.8% | 47.1% | 65.9% |
| Returns | |||||
| Return on Assets (ROA) | -13.6% | -0.7% | 8.4% | 2.5% | -3.2% |
| Return on Equity (ROE) | N/A | -1.5% | 15.2% | 5.6% | -13.1% |
| ROIC [EBIT / Invested Capital] | -2.7% | 7.4% | 11.6% | 3.4% | -1.2% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 112.3% | 45.6% | 38.7% | 52.3% | 68.9% |
| Debt-to-Equity | -6.25x | 0.96x | 0.70x | 1.17x | 2.82x |
| Debt-to-EBITDA | 1288.99x | 5.37x | 3.00x | 10.47x | 121.36x |
| Equity-to-Assets | -18.0% | 47.7% | 55.5% | 44.6% | 24.4% |
| Net Debt | 5,781 | 5,769 | 4,962 | 9,469 | 20,095 |
| Cash & Equivalents | 167 | 20 | 21 | 80 | 134 |
| Total Debt | 5,947 | 5,789 | 4,983 | 9,549 | 20,229 |
| Liquidity & working capital | |||||
| Current Ratio | 0.80x | 0.20x | 3.18x | 8.44x | 3.84x |
| Quick Ratio | -3.92x | 0.20x | 3.18x | 8.44x | 3.84x |
| Cash Ratio | 0.56x | 0.02x | 0.03x | 0.14x | 0.07x |
| Total Current Assets | 241 | 163 | 2,362 | 4,768 | 7,558 |
| Total Current Liabilities | 300 | 825 | 742 | 565 | 1,970 |
| Inventory | 1,418 | N/A | N/A | N/A | N/A |
| Trade Receivables | 74 | 91 | 203 | 310 | 496 |
| Trade Payables | 300 | 825 | 742 | 412 | 1,746 |
| Net Working Capital | -59 | -662 | 1,620 | 4,203 | 5,588 |
| Net Working Capital % of Revenue | -16.5% | -30.3% | 47.5% | 120.2% | 144.0% |
| Trade Working Capital | 1,192 | -734 | -539 | -103 | -1,250 |
| Trade Working Capital % of Revenue | 331.7% | -33.5% | -15.8% | -2.9% | -32.2% |
| Change in Trade Working Capital | N/A | -1,926 | 195 | 436 | -1,147 |
| Turnover & efficiency | |||||
| Inventory Turnover | 0.12x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 2925.8 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 4.84x | 23.97x | 16.77x | 11.30x | 7.82x |
| Days Sales Outstanding (DSO) | 75.4 | 15.2 | 21.8 | 32.3 | 46.7 |
| Payables Turnover | 0.59x | 0.71x | 0.94x | 2.28x | 0.66x |
| Days Payable Outstanding (DPO) | 619.6 | 512.4 | 388.7 | 160.1 | 551.0 |
| Cash Conversion Cycle | 2381.6 days | -497.2 days | -366.9 days | -127.8 days | -504.4 days |
| Asset Turnover | 0.07x | 0.17x | 0.26x | 0.19x | 0.13x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -714 | 681 | 737 | -3,172 | -1,523 |
| Free Cash Flow (OCF − Capex proxy) | -2,187 | 534 | 538 | -4,036 | -9,675 |
| Cash Conversion (OCF / EBITDA) | -15476.9% | 63.1% | 44.4% | -347.9% | -913.6% |
| 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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