Cash flow Polynet

Stocks

POLY

THB087010005

Tires & Rubber Products

End-of-day quote Thailand S.E. 11/08/2026			5-day change	1st Jan Change
6.950 ^THB	+1.46%		0.00%	-0.71%

05-15	Polynet Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
03-31	Polynet Public Company Limited Approves Appointment of Chayathorn Leenharatanarak as a Member of the Audit Committee, Effective from 31 March 2026	CI

07b0870e.538Ra3b6sfL8lFq8aXh3lbb5KTf8ZAs0IRzbDBgcUH4.1z17PSe354Cb1SL-Ig04p86PRA6-MkpuSi62SmhdfRS4HUITT7vWkY37LQ

Published financial data: POLYNET

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	786M	1.08B	961M	1.02B	1.2B
Total Revenues	786M	1.08B	961M	1.02B	1.2B
Cost of Goods Sold, Total	564M	813M	729M	718M	816M
Gross Profit	222M	269M	232M	306M	384M
Selling General & Admin Expenses, Total	69.43M	78.11M	78.12M	81.42M	89.27M
Provision for Bad Debts	-2.22M	118K	3.55M	-134K	149K
Other Operating Expenses, Total	67.22M	78.23M	81.67M	81.29M	89.41M
Operating Income	155M	191M	150M	225M	294M
Interest Expense, Total	-14.11M	-23.97M	-9.17M	-3.61M	-2.25M
Interest And Investment Income	2.82K	131K	2.15M	4M	3.14M
Net Interest Expenses	-14.11M	-23.84M	-7.01M	388K	896K
Currency Exchange Gains (Loss)	-364K	658K	-375K	-201K	298K
Other Non Operating Income (Expenses)	995K	1.3M	12.29M	2.44M	814K
EBT, Excl. Unusual Items	142M	169M	155M	227M	296M
Gain (Loss) On Sale Of Assets	-371K	23.62M	49.78M	-1.09M	-787K
EBT, Incl. Unusual Items	141M	193M	205M	226M	296M
Income Tax Expense	20.26M	31.06M	30.02M	12.08M	27.48M
Earnings From Continuing Operations	121M	162M	175M	214M	268M
Net Income to Company	121M	162M	175M	214M	268M
Net Income - (IS)	121M	162M	175M	214M	268M
Net Income to Common Incl Extra Items	121M	162M	175M	214M	268M
Net Income to Common Excl. Extra Items	121M	162M	175M	214M	268M
Per Share Items
Net EPS - Basic	0.37	0.47	0.39	0.48	0.6
Basic EPS - Continuing Operations	0.37	0.47	0.39	0.48	0.6
Basic Weighted Average Shares Outstanding	330M	346M	450M	450M	450M
Net EPS - Diluted	0.37	0.47	0.39	0.48	0.6
Diluted EPS - Continuing Operations	0.37	0.47	0.39	0.48	0.6
Diluted Weighted Average Shares Outstanding	330M	346M	450M	450M	450M
Normalized Basic EPS	0.27	0.31	0.22	0.32	0.41
Normalized Diluted EPS	0.27	0.31	0.22	0.32	0.41
Dividend Per Share	0.71	0.16	0.38	0.45	0.57
Payout Ratio	-	211.57	43.68	102.99	87.29
Supplemental Items
EBITDA	231M	274M	240M	318M	386M
EBITA	155M	191M	150M	226M	295M
EBIT	155M	191M	150M	225M	294M
EBITDAR	263M	-	-	-	-
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	14.35	16.12	14.64	5.34	9.3
Current Domestic Taxes	19.44M	23.69M	31.89M	14.85M	30.78M
Total Current Taxes	19.44M	23.69M	31.89M	14.85M	30.78M
Deferred Domestic Taxes	823K	7.38M	-1.88M	-2.77M	-3.3M
Total Deferred Taxes	823K	7.38M	-1.88M	-2.77M	-3.3M
Normalized Net Income	88.48M	106M	97.05M	142M	185M
Interest on Long-Term Debt	2.47M	4.93M	4.76M	3.42M	2.08M
Non-Cash Pension Expense	160K	173K	182K	304K	318K
Supplemental Operating Expense Items
Marketing Expenses	819K	-	-	2.39M	8.16M
Selling and Marketing Expenses	12.89M	13.83M	15.37M	19.01M	25.74M
General and Administrative Expenses	56.54M	64.28M	62.75M	62.42M	63.52M
Net Rental Expense, Total	32.77M	-	-	-	-
Imputed Operating Lease Interest Expense	10.14M	-	-	-	-
Imputed Operating Lease Depreciation	22.64M	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	11.09M	410M	192M	254M	125M
Short Term Investments	-	-	100M	50M	151M
Total Cash And Short Term Investments	11.09M	410M	292M	304M	277M
Accounts Receivable, Total	137M	225M	234M	207M	225M
Other Receivables	11.27K	10.1K	6.51M	2.88M	2.97M
Total Receivables	137M	225M	241M	210M	228M
Inventory	57.65M	63.76M	51.26M	59.94M	69.7M
Prepaid Expenses	2.86M	2.08M	1.86M	2.02M	2.42M
Other Current Assets, Total	5.74M	5.54M	1.77M	974K	1.37M
Total Current Assets	214M	707M	588M	577M	578M
Gross Property Plant And Equipment	1.72B	1.85B	1.94B	1.96B	2.03B
Accumulated Depreciation	-804M	-879M	-968M	-1.03B	-1.1B
Net Property Plant And Equipment	913M	969M	971M	928M	933M
Other Intangibles, Total	4.49M	4.52M	4.92M	4M	3.06M
Other Long-Term Assets, Total	3.15M	12.45M	2.55M	938K	7.03M
Total Assets	1.13B	1.69B	1.57B	1.51B	1.52B
Liabilities
Accounts Payable, Total	64.67M	94.13M	66.44M	86.63M	81M
Accrued Expenses, Total	4.43M	1.86M	2.86M	6.29M	3.56M
Short-term Borrowings	11M	9.89M	-	-	-
Current Portion of Long-Term Debt	80.59M	63.58M	1.87M	1.23M	1.3M
Current Portion of Leases	29.97M	28.8M	28.32M	24.08M	19.63M
Current Income Taxes Payable	14.46M	3.23M	24.5M	5.56M	16.96M
Unearned Revenue Current, Total	-	1.11M	392K	12.48M	6.42M
Other Current Liabilities	60.15M	49.6M	45.36M	13.25M	20.7M
Total Current Liabilities	265M	252M	170M	150M	150M
Long-Term Debt	181M	125M	3.35M	1.41M	112K
Long-Term Leases	66.81M	72.96M	51.5M	26.31M	6.68M
Pension & Other Post Retirement Benefits	11.86M	9.41M	10.85M	11.45M	12.83M
Deferred Tax Liability Non Current	22.97M	30.46M	28.58M	25.75M	22.45M
Total Liabilities	548M	490M	264M	214M	192M
Common Stock, Total	330M	450M	450M	450M	450M
Additional Paid In Capital	3.9M	680M	680M	680M	680M
Retained Earnings	251M	70.57M	169M	163M	197M
Comprehensive Income and Other	2.36M	2.8M	2.8M	2.55M	2.55M
Total Common Equity	587M	1.2B	1.3B	1.3B	1.33B
Total Equity	587M	1.2B	1.3B	1.3B	1.33B
Total Liabilities And Equity	1.13B	1.69B	1.57B	1.51B	1.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	330M	450M	450M	450M	450M
ECS Total Common Shares Outstanding	330M	450M	450M	450M	450M
Book Value / Share	1.78	2.67	2.89	2.88	2.95
Tangible Book Value	583M	1.2B	1.3B	1.29B	1.33B
Tangible Book Value Per Share	1.77	2.66	2.88	2.87	2.95
Total Debt	369M	300M	85.04M	53.03M	27.72M
Net Debt	358M	-110M	-207M	-251M	-249M
Debt Equivalent of Unfunded Proj. Benefit Obligation	11.86M	9.41M	10.85M	11.45M	12.83M
Debt Equivalent Oper. Leases	262M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	31.83M	26.24M	29.21M	26.66M	24.43M
Inventories - Work In Process, Total	22.07M	26.56M	18.16M	30.73M	31M
Inventories - Finished Goods, Total	16.15M	20.84M	11.86M	10.81M	22.2M
Inventories - Others	493K	531K	679K	792K	870K
Land - (BS)	123M	123M	123M	123M	123M
Buildings, Total	539M	578M	634M	637M	691M
Machinery, Total	1.02B	1.14B	1.17B	1.16B	1.2B
Full Time Employees	644	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	7.64K	126K	153K	19.68K	168K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	121M	162M	175M	214M	268M
Depreciation & Amortization - CF	82.28M	94.33M	103M	101M	98.74M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	996K	984K
Depreciation & Amortization, Total	82.28M	94.33M	103M	102M	99.73M
Amortization of Deferred Charges, Total - (CF)	797K	851K	1.02M	-	-
(Gain) Loss From Sale Of Asset	371K	102K	-49.78M	1.09M	787K
Asset Writedown & Restructuring Costs	247K	-	-	371K	219K
Provision and Write-off of Bad Debts	-2.22M	118K	3.55M	-134K	149K
Other Operating Activities, Total	37.16M	23.66M	28.33M	-16.34M	10.76M
Change In Accounts Receivable	-29.49M	-87.67M	53.83M	31.95M	-18.35M
Change In Inventories	-25.61M	-3.62M	14.26M	-9.08M	-9.52M
Change In Accounts Payable	13.22M	-9.05M	-22.57M	25.41M	-3.43M
Change in Unearned Revenues	-	-28.03M	-720K	12.09M	-6.06M
Change in Other Net Operating Assets	-7.63M	-1.56M	2.45M	1.03M	981K
Cash from Operations	190M	151M	308M	362M	343M
Capital Expenditure	-117M	-57.84M	-127M	-94.62M	-103M
Sale of Property, Plant, and Equipment	1.47M	606K	1.36M	673K	398K
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-117K	-881K	-1.42M	-82.27K	-40.95K
Investment in Marketable and Equity Securities, Total	-	-	-100M	50M	-101M
Other Investing Activities, Total	-	600K	-	-	-
Cash from Investing	-115M	-57.51M	-227M	-44.03M	-204M
Short Term Debt Issued, Total	-	305M	-	-	-
Long-Term Debt Issued, Total	198M	8.9M	-	-	-
Total Debt Issued	198M	314M	-	-	-
Short Term Debt Repaid, Total	-65M	-316M	-	-	-
Long-Term Debt Repaid, Total	-208M	-117M	-213M	-31.9M	-25.4M
Total Debt Repaid	-273M	-433M	-213M	-31.9M	-25.4M
Issuance of Common Stock	-	816M	-	-	-
Common Dividends Paid	-	-342M	-76.45M	-220M	-234M
Common & Preferred Stock Dividends Paid	-	-342M	-76.45M	-220M	-234M
Other Financing Activities, Total	-5.61M	-48.96M	-9.17M	-3.61M	-2.25M
Cash from Financing	-80.58M	306M	-299M	-256M	-262M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-7M
Net Change in Cash	-5.88M	399M	-218M	62.43M	-129M
Supplemental Items
Cash Interest Paid	5.61M	23.97M	9.17M	3.61M	2.25M
Cash Income Tax Paid (Refund)	5.48M	29.92M	10.62M	33.8M	19.38M
Levered Free Cash Flow	33.31M	53.61M	53.99M	153M	155M
Unlevered Free Cash Flow	42.13M	68.6M	59.72M	156M	156M
Change In Net Working Capital	21.01M	87.25M	9.28M	-7.9M	24.75M
Net Debt Issued / Repaid	-74.97M	-119M	-213M	-31.9M	-25.4M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	9.32	8.44	5.77	9.13	12.14
Return on Total Capital	10.87	9.71	6.5	10.27	13.6
Return On Equity %	22.96	18.06	13.97	16.49	20.43
Return on Common Equity	22.96	18.06	13.97	16.49	20.43
Margin Analysis
Gross Profit Margin %	28.27	24.88	24.14	29.88	31.99
SG&A Margin	8.83	7.22	8.13	7.95	7.44
EBITDA Margin %	29.34	25.31	24.95	31.08	32.2
EBITA Margin %	19.72	17.65	15.64	22.04	24.62
EBIT Margin %	19.72	17.65	15.64	21.94	24.54
Income From Continuing Operations Margin %	15.38	14.94	18.21	20.91	22.35
Net Income Margin %	15.38	14.94	18.21	20.91	22.35
Net Avail. For Common Margin %	15.38	14.94	18.21	20.91	22.35
Normalized Net Income Margin	11.26	9.77	10.1	13.87	15.44
Levered Free Cash Flow Margin	4.24	4.95	5.62	14.97	12.89
Unlevered Free Cash Flow Margin	5.36	6.34	6.21	15.19	13.01
Asset Turnover
Asset Turnover	0.76	0.77	0.59	0.67	0.79
Fixed Assets Turnover	0.92	1.15	0.99	1.08	1.29
Receivables Turnover (Average Receivables)	7.16	5.97	4.18	4.64	5.55
Inventory Turnover (Average Inventory)	11.77	13.39	12.68	12.91	12.58
Short Term Liquidity
Current Ratio	0.81	2.8	3.46	3.86	3.87
Quick Ratio	0.56	2.52	3.14	3.44	3.37
Operating Cash Flow to Current Liabilities	0.72	0.6	1.82	2.42	2.3
Days Sales Outstanding (Average Receivables)	50.99	61.15	87.3	78.84	65.73
Days Outstanding Inventory (Average Inventory)	31.02	27.25	28.78	28.34	29
Average Days Payable Outstanding	37.39	35.38	40.88	38.55	37.06
Cash Conversion Cycle (Average Days)	44.62	53.02	75.2	68.63	57.67
Long Term Solvency
Total Debt/Equity	62.86	24.91	6.53	4.09	2.09
Total Debt / Total Capital	38.6	19.94	6.13	3.93	2.04
LT Debt/Equity	42.16	16.41	4.21	2.14	0.51
Long-Term Debt / Total Capital	25.89	13.14	3.95	2.06	0.5
Total Liabilities / Total Assets	48.26	28.92	16.86	14.2	12.6
EBIT / Interest Expense	10.99	7.97	16.41	62.23	130.97
EBITDA / Interest Expense	16.82	11.9	27.61	90.47	175.35
(EBITDA - Capex) / Interest Expense	8.55	9.49	13.73	64.27	129.57
Total Debt / EBITDA	1.56	1.05	0.34	0.16	0.07
Net Debt / EBITDA	1.51	-0.39	-0.82	-0.77	-0.63
Total Debt / (EBITDA - Capex)	3.06	1.32	0.68	0.23	0.1
Net Debt / (EBITDA - Capex)	2.97	-0.48	-1.64	-1.08	-0.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	50.39	37.68	-11.17	6.51	17.14
Gross Profit, 1 Yr. Growth %	121.43	21.14	-13.81	31.84	25.43
EBITDA, 1 Yr. Growth %	40.87	18.75	-12.41	32.07	18.25
EBITA, 1 Yr. Growth %	69.87	23.2	-21.27	49.03	31.45
EBIT, 1 Yr. Growth %	69.87	23.2	-21.27	49.38	31.02
Earnings From Cont. Operations, 1 Yr. Growth %	454.88	33.7	8.27	22.31	25.21
Net Income, 1 Yr. Growth %	454.88	33.7	8.27	22.31	25.21
Normalized Net Income, 1 Yr. Growth %	400.98	19.47	-8.18	46.36	30.39
Diluted EPS Before Extra, 1 Yr. Growth %	454.89	27.59	-16.81	22.31	25.21
Accounts Receivable, 1 Yr. Growth %	66.22	64.42	3.95	-11.8	8.98
Inventory, 1 Yr. Growth %	51.02	10.59	-19.6	16.93	16.27
Net Property, Plant and Equip., 1 Yr. Growth %	14.54	6.17	0.17	-4.42	0.51
Total Assets, 1 Yr. Growth %	20.16	49.16	-7.5	-3.59	0.75
Tangible Book Value, 1 Yr. Growth %	26.37	105.71	8.19	-0.44	2.71
Common Equity, 1 Yr. Growth %	25.94	104.91	8.19	-0.51	2.63
Cash From Operations, 1 Yr. Growth %	75.15	-20.66	104.32	17.63	-5.28
Capital Expenditures, 1 Yr. Growth %	30.89	-50.45	120.08	-25.67	8.71
Levered Free Cash Flow, 1 Yr. Growth %	-1.62	60.95	0.71	183.98	0.84
Unlevered Free Cash Flow, 1 Yr. Growth %	2.84	62.82	-12.94	160.52	0.28
Dividend Per Share, 1 Yr. Growth %	-	-77.45	137.5	18.42	26.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.28	43.89	10.59	-2.73	11.7
Gross Profit, 2 Yr. CAGR %	46.76	63.78	2.18	6.6	28.59
EBITDA, 2 Yr. CAGR %	45.93	29.34	1.98	7.78	26.62
EBITA, 2 Yr. CAGR %	122.94	44.66	-1.52	8.69	39.66
EBIT, 2 Yr. CAGR %	122.94	44.66	-1.52	8.45	39.9
Earnings From Cont. Operations, 2 Yr. CAGR %	203.39	172.37	20.31	15.07	23.75
Net Income, 2 Yr. CAGR %	203.39	172.37	20.31	15.07	23.75
Normalized Net Income, 2 Yr. CAGR %	194.88	144.64	4.73	15.92	38.14
Diluted EPS Before Extra, 2 Yr. CAGR %	203.4	166.08	3.03	0.87	23.75
Accounts Receivable, 2 Yr. CAGR %	46.46	65.32	30.73	-4.25	-1.96
Inventory, 2 Yr. CAGR %	19.22	29.23	-5.7	-3.04	16.6
Net Property, Plant and Equip., 2 Yr. CAGR %	8.49	10.28	3.12	-2.15	-1.98
Total Assets, 2 Yr. CAGR %	12.32	33.88	17.46	-5.57	-1.45
Tangible Book Value, 2 Yr. CAGR %	15.28	61.24	49.19	3.78	1.12
Common Equity, 2 Yr. CAGR %	14.94	60.64	48.9	3.75	1.05
Cash From Operations, 2 Yr. CAGR %	12.4	17.89	27.33	55.03	5.56
Capital Expenditures, 2 Yr. CAGR %	19.68	-19.47	4.43	27.9	-10.11
Levered Free Cash Flow, 2 Yr. CAGR %	49.45	25.84	27.31	69.11	69.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	31.28	29.4	19.06	50.6	61.64
Dividend Per Share, 2 Yr. CAGR %	-	-	-26.82	67.71	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.14	23.02	22.52	9.21	3.49
Gross Profit, 3 Yr. CAGR %	14.7	37.67	32.23	11.24	12.54
EBITDA, 3 Yr. CAGR %	15.29	36.24	13.58	11.32	12.14
EBITA, 3 Yr. CAGR %	26.3	82.95	18.11	13.32	15.63
EBIT, 3 Yr. CAGR %	26.3	82.95	18.11	13.16	15.5
Earnings From Cont. Operations, 3 Yr. CAGR %	38.54	130.88	100.26	20.97	18.36
Net Income, 3 Yr. CAGR %	38.54	130.88	100.26	20.97	18.36
Normalized Net Income, 3 Yr. CAGR %	34.36	118.2	76.47	17.09	20.56
Diluted EPS Before Extra, 3 Yr. CAGR %	38.54	127.31	80.6	9.09	8.41
Accounts Receivable, 3 Yr. CAGR %	20.14	52.22	41.63	14.66	-0.03
Inventory, 3 Yr. CAGR %	-0.49	16.27	10.33	1.31	3.01
Net Property, Plant and Equip., 3 Yr. CAGR %	7.63	7.71	6.8	0.55	-1.27
Total Assets, 3 Yr. CAGR %	7.64	23.46	18.36	9.98	-3.51
Tangible Book Value, 3 Yr. CAGR %	11.68	39.83	41.16	30.37	3.43
Common Equity, 3 Yr. CAGR %	11.37	39.37	40.81	30.17	3.38
Cash From Operations, 3 Yr. CAGR %	15.96	0.08	41.6	24.01	31.55
Capital Expenditures, 3 Yr. CAGR %	10.57	-10.8	12.59	-6.76	21.16
Levered Free Cash Flow, 3 Yr. CAGR %	-	53.19	16.83	66.34	42.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	41.05	13.39	54.57	31.51
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-14.08	52.73
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	7.28	11.99	18.07
Gross Profit, 5 Yr. CAGR %	-	-	9.52	24.28	30.76
EBITDA, 5 Yr. CAGR %	-	-	9.77	24.05	18.72
EBITA, 5 Yr. CAGR %	-	-	14.34	48.55	26.47
EBIT, 5 Yr. CAGR %	-	-	14.34	48.42	26.38
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	30.94	74.75	65.19
Net Income, 5 Yr. CAGR %	-	-	30.94	74.75	65.19
Normalized Net Income, 5 Yr. CAGR %	-	-	21.62	69.42	60
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	23.06	64.24	55.25
Accounts Receivable, 5 Yr. CAGR %	-	-	24.27	26.45	22.25
Inventory, 5 Yr. CAGR %	-	-	-2.61	8.12	12.79
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	5.8	3.65	3.19
Total Assets, 5 Yr. CAGR %	-	-	11.46	10.91	10
Tangible Book Value, 5 Yr. CAGR %	-	-	25.4	24.11	23.53
Common Equity, 5 Yr. CAGR %	-	-	25.09	23.85	23.31
Cash From Operations, 5 Yr. CAGR %	-	-	20.38	19.23	25.9
Capital Expenditures, 5 Yr. CAGR %	-	-	8.07	3.03	2.9
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	59.37	35.49
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	44.79	30.66