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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Non-bank Credit (MFO/Leasing) — Leasing. Per the activity note to the FY2024 annual report, the company leases and finances civil construction equipment and machinery. Founded October 2018.
Subsidiary of Element Holding (100.0%)
| Ratio | 2023 | 2024 |
|---|---|---|
| Margins | ||
| Gross Margin | 61.9% | 76.0% |
| EBITDA Margin | 44.2% | 50.4% |
| EBITDAR | 759 | 1,252 |
| EBITDAR Margin | 44.2% | 50.4% |
| EBIT Margin | 21.8% | 30.1% |
| Net Profit Margin | 6.1% | 19.0% |
| Operating Expense % of Sales | 17.7% | 25.5% |
| Returns | ||
| Return on Assets (ROA) | 2.5% | 9.8% |
| Return on Equity (ROE) | 33.4% | 59.9% |
| ROIC [EBIT / Invested Capital] | 10.0% | 16.9% |
| Leverage & debt balances | ||
| Debt-to-Assets | 82.7% | 76.7% |
| Debt-to-Equity | 10.86x | 4.69x |
| Debt-to-EBITDA | 4.51x | 2.94x |
| Equity-to-Assets | 7.6% | 16.4% |
| Net Debt | 3,418 | 3,626 |
| Cash & Equivalents | 5 | 61 |
| Total Debt | 3,423 | 3,687 |
| Liquidity & working capital | ||
| Current Ratio | 0.16x | 0.17x |
| Quick Ratio | 0.16x | 0.17x |
| Cash Ratio | 0.00x | 0.03x |
| Total Current Assets | 256 | 364 |
| Total Current Liabilities | 1,618 | 2,082 |
| Inventory | N/A | N/A |
| Trade Receivables | 239 | 117 |
| Trade Payables | 145 | 45 |
| Net Working Capital | -1,362 | -1,718 |
| Net Working Capital % of Revenue | -79.4% | -69.2% |
| Trade Working Capital | 94 | 72 |
| Trade Working Capital % of Revenue | 5.5% | 2.9% |
| Change in Trade Working Capital | N/A | -21 |
| Turnover & efficiency | ||
| Inventory Turnover | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A |
| Receivables Turnover | 7.18x | 21.13x |
| Days Sales Outstanding (DSO) | 50.9 | 17.3 |
| Payables Turnover | 4.49x | 13.16x |
| Days Payable Outstanding (DPO) | 81.3 | 27.7 |
| Cash Conversion Cycle | -30.4 days | -10.5 days |
| Asset Turnover | 0.41x | 0.52x |
| Cash flow & dividends | ||
| Operating Cash Flow | 83 | 81 |
| Free Cash Flow (OCF − Capex proxy) | -424 | -447 |
| Cash Conversion (OCF / EBITDA) | 11.0% | 6.5% |
| Dividends Declared | N/A | N/A |
| Dividend Payout Ratio | 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).
Ranked by how close each latest revenue is to this one — not a curated comp set.