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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 | 5.0% | 6.0% | 9.1% | 8.6% | 8.7% | 8.4% |
| EBITDA Margin | 2.5% | 3.8% | 4.7% | 3.1% | 4.9% | 2.9% |
| EBITDAR | 211 | 404 | 699 | 419 | 671 | 295 |
| EBITDAR Margin | 3.0% | 4.0% | 5.7% | 3.4% | 5.1% | 3.2% |
| EBIT Margin | 2.5% | 3.3% | 4.0% | 2.5% | 4.4% | 2.4% |
| Net Profit Margin | 2.5% | 2.5% | 3.3% | 3.1% | 3.6% | 1.6% |
| Operating Expense % of Sales | 2.4% | 2.2% | 4.5% | 5.5% | 3.9% | 5.4% |
| Returns | ||||||
| Return on Assets (ROA) | 55.7% | 17.2% | 26.6% | 19.2% | 36.8% | 12.8% |
| Return on Equity (ROE) | 105.2% | 73.3% | 61.0% | 41.4% | 44.8% | 18.6% |
| ROIC [EBIT / Invested Capital] | 211.1% | 28.5% | 34.7% | 19.7% | 50.8% | 26.0% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 69.6% | 55.3% | 52.9% | 13.4% | 14.8% |
| Debt-to-Equity | 0.00x | 2.96x | 1.27x | 1.14x | 0.16x | 0.21x |
| Debt-to-EBITDA | 0.00x | 2.61x | 1.45x | 2.75x | 0.27x | 0.63x |
| Equity-to-Assets | 52.9% | 23.5% | 43.5% | 46.4% | 82.1% | 69.1% |
| Net Debt | -82 | 811 | 771 | 638 | 64 | 63 |
| Cash & Equivalents | 82 | 190 | 64 | 411 | 110 | 107 |
| Total Debt | N/A | 1,001 | 835 | 1,050 | 175 | 169 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.63x | 0.50x | 0.73x | 1.09x | 3.05x | 1.22x |
| Quick Ratio | 1.63x | 0.26x | 0.50x | 0.81x | 3.05x | 1.22x |
| Cash Ratio | 0.56x | 0.17x | 0.08x | 0.39x | 0.62x | 0.30x |
| Total Current Assets | 238 | 555 | 619 | 1,158 | 540 | 432 |
| Total Current Liabilities | 146 | 1,099 | 853 | 1,061 | 177 | 354 |
| Inventory | N/A | 264 | 194 | 297 | N/A | N/A |
| Trade Receivables | 67 | 52 | 31 | 43 | 46 | 51 |
| Trade Payables | 146 | 98 | 17 | 12 | 3 | 185 |
| Net Working Capital | 92 | -544 | -233 | 96 | 362 | 78 |
| Net Working Capital % of Revenue | 1.3% | -5.4% | -1.9% | 0.8% | 2.7% | 0.8% |
| Trade Working Capital | -78 | 218 | 207 | 328 | 44 | -134 |
| Trade Working Capital % of Revenue | -1.1% | 2.2% | 1.7% | 2.7% | 0.3% | -1.5% |
| Change in Trade Working Capital | N/A | 296 | -11 | 121 | -284 | -178 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 35.88x | 57.80x | 38.03x | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 10.2 | 6.3 | 9.6 | N/A | N/A |
| Receivables Turnover | 102.97x | 195.58x | 401.52x | 288.33x | 285.77x | 181.20x |
| Days Sales Outstanding (DSO) | 3.5 | 1.9 | 0.9 | 1.3 | 1.3 | 2.0 |
| Payables Turnover | 45.15x | 96.53x | 642.59x | 949.58x | 4767.54x | 45.59x |
| Days Payable Outstanding (DPO) | 8.1 | 3.8 | 0.6 | 0.4 | 0.1 | 8.0 |
| Cash Conversion Cycle | -4.5 days | 8.3 days | 6.7 days | 10.5 days | 1.2 days | -6.0 days |
| Asset Turnover | 22.35x | 7.02x | 8.16x | 6.23x | 10.17x | 8.02x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -45 | 108 | 138 | 586 | 924 | 838 |
| Free Cash Flow (OCF − Capex proxy) | -45 | 108 | 51 | 578 | 921 | 835 |
| Cash Conversion (OCF / EBITDA) | -25.6% | 28.1% | 24.1% | 153.7% | 143.5% | 311.0% |
| 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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