Cash flow J.R.W. Utility Thailand S.E.

Stocks

JR-R

THA040010R17

Construction & Engineering

End-of-day quote Thailand S.E. 2026-09-30			5-day change	1st Jan Change
1.860 ^THB	-1.06%		-1.06%	+8.77%

Aug. 14	J.R.W. Utility Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
May. 12	J.R.W. Utility Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: J.R.W. UTILITY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	2.15B	1.89B	1.94B	1.56B	1.91B
Other Revenues, Total	3.3M	5.44M	16.9M	44.17M	27.91M
Total Revenues	2.15B	1.89B	1.96B	1.6B	1.94B
Cost of Goods Sold, Total	1.8B	1.62B	1.79B	1.4B	1.7B
Gross Profit	345M	273M	170M	200M	241M
Selling General & Admin Expenses, Total	79.53M	85.61M	93.24M	117M	106M
Other Operating Expenses, Total	79.53M	85.61M	93.24M	117M	106M
Operating Income	266M	187M	76.27M	82.82M	135M
Interest Expense, Total	-185K	-1.88M	-6.55M	-5.91M	-10.45M
Interest And Investment Income	5.7M	1.44M	6.47M	6.66M	5.01M
Net Interest Expenses	5.51M	-445K	-80.76K	748K	-5.45M
EBT, Excl. Unusual Items	271M	187M	76.19M	83.57M	130M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
EBT, Incl. Unusual Items	271M	187M	76.19M	83.57M	130M
Income Tax Expense	54.36M	37.36M	14.41M	17.32M	30.24M
Earnings From Continuing Operations	217M	149M	61.78M	66.25M	99.5M
Net Income to Company	217M	149M	61.78M	66.25M	99.5M
Net Income - (IS)	217M	149M	61.78M	66.25M	99.5M
Net Income to Common Incl Extra Items	217M	149M	61.78M	66.25M	99.5M
Net Income to Common Excl. Extra Items	217M	149M	61.78M	66.25M	99.5M
Per Share Items
Net EPS - Basic	0.29	0.2	0.08	0.09	0.13
Basic EPS - Continuing Operations	0.29	0.2	0.08	0.09	0.13
Basic Weighted Average Shares Outstanding	760M	760M	760M	760M	760M
Net EPS - Diluted	0.29	0.2	0.08	0.09	0.13
Diluted EPS - Continuing Operations	0.29	0.2	0.08	0.09	0.13
Diluted Weighted Average Shares Outstanding	760M	760M	760M	760M	760M
Normalized Basic EPS	0.22	0.15	0.06	0.07	0.11
Normalized Diluted EPS	0.22	0.15	0.06	0.07	0.11
Dividend Per Share	0.14	0.09	0.04	0.04	0.06
Payout Ratio	21.01	71.19	110.71	45.86	30.51
Supplemental Items
EBITDA	271M	193M	83.85M	91.82M	143M
EBITA	266M	187M	76.48M	83.04M	135M
EBIT	266M	187M	76.27M	82.82M	135M
Total Revenues (As Reported)	2.15B	1.89B	1.96B	1.6B	1.94B
Effective Tax Rate - (Ratio)	20.03	20	18.91	20.73	23.31
Current Domestic Taxes	54.69M	37.82M	16.7M	21.19M	29.68M
Total Current Taxes	54.69M	37.82M	16.7M	21.19M	29.68M
Deferred Domestic Taxes	-338K	-462K	-2.3M	-3.86M	554K
Total Deferred Taxes	-338K	-462K	-2.3M	-3.86M	554K
Normalized Net Income	170M	117M	47.62M	52.23M	81.08M
Non-Cash Pension Expense	536K	-	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	22.64M	25.51M	25.28M	22.1M	18.81M
General and Administrative Expenses	56.89M	60.1M	67.96M	95.05M	87.01M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	713M	251M	344M	281M	361M
Short Term Investments	460K	-	106M	100M	100M
Total Cash And Short Term Investments	713M	251M	449M	381M	461M
Accounts Receivable, Total	2.02B	2.9B	2.75B	2.74B	2.56B
Other Receivables	58.32M	1.62M	2.44M	2.76M	2.48M
Notes Receivable	-	-	-	-	-
Total Receivables	2.08B	2.91B	2.75B	2.75B	2.57B
Inventory	122M	78.44M	123M	375M	214M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	42.1M	133M	80.57M	106M	85.5M
Total Current Assets	2.95B	3.37B	3.41B	3.61B	3.33B
Gross Property Plant And Equipment	82.74M	95.44M	164M	165M	164M
Accumulated Depreciation	-57.29M	-63.72M	-71.9M	-83.29M	-88.25M
Net Property Plant And Equipment	25.45M	31.72M	92.11M	82.07M	76.14M
Other Intangibles, Total	382K	-	-	-	-
Accounts Receivable Long-Term	33.38M	92.71M	167M	81.71M	129M
Deferred Tax Assets Long-Term	4.29M	4.75M	8.01M	11.87M	11.25M
Other Long-Term Assets, Total	239M	239M	310M	305M	306M
Total Assets	3.26B	3.74B	3.99B	4.09B	3.85B
Liabilities
Accounts Payable, Total	289M	312M	337M	555M	602M
Accrued Expenses, Total	15.67M	58.88M	46.54M	173M	38.03M
Short-term Borrowings	-	349M	140M	106M	211M
Current Portion of Leases	931K	2.62M	2.76M	2.84M	2.86M
Current Income Taxes Payable	18.87M	-	-	2.71M	11.66M
Unearned Revenue Current, Total	18.25M	766K	452M	269M	12.11M
Other Current Liabilities	1.2B	1.24B	1.21B	1.12B	1.01B
Total Current Liabilities	1.54B	1.96B	2.19B	2.23B	1.89B
Long-Term Leases	453K	1.43M	3.63M	1.35M	2.98M
Pension & Other Post Retirement Benefits	21.46M	23.8M	29.66M	33.13M	36.49M
Other Non Current Liabilities	62.48M	78.18M	103M	124M	159M
Total Liabilities	1.63B	2.06B	2.32B	2.39B	2.08B
Common Stock, Total	380M	380M	380M	380M	380M
Additional Paid In Capital	974M	974M	974M	974M	974M
Retained Earnings	274M	317M	306M	342M	411M
Comprehensive Income and Other	1.42M	1.42M	1.42M	1.42M	1.42M
Total Common Equity	1.63B	1.67B	1.66B	1.7B	1.77B
Total Equity	1.63B	1.67B	1.66B	1.7B	1.77B
Total Liabilities And Equity	3.26B	3.74B	3.99B	4.09B	3.85B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	760M	760M	760M	760M	760M
ECS Total Common Shares Outstanding	760M	760M	760M	760M	760M
Book Value / Share	2.14	2.2	2.19	2.23	2.32
Tangible Book Value	1.63B	1.67B	1.66B	1.7B	1.77B
Tangible Book Value Per Share	2.14	2.2	2.19	2.23	2.32
Total Debt	1.38M	353M	146M	110M	217M
Net Debt	-712M	102M	-303M	-271M	-244M
Debt Equivalent of Unfunded Proj. Benefit Obligation	21.46M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Others	-	-	-	-	-
Land - (BS)	5.92M	5.92M	51.52M	51.52M	51.52M
Buildings, Total	42.46M	42.46M	48.02M	48.02M	48.02M
Machinery, Total	30.22M	39.27M	45.97M	47.19M	46.24M
Full Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	11.87M	-
Order Backlog	-	-	-	-	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	217M	149M	61.78M	66.25M	99.5M
Depreciation & Amortization - CF	6.03M	7.92M	10.14M	11.39M	10.57M
Amortization of Goodwill and Intangible Assets - (CF)	136K	162K	214K	216K	190K
Depreciation & Amortization, Total	6.17M	8.08M	10.36M	11.6M	10.76M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-561K	-	-	-	-5.98K
(Gain) Loss on Sale of Investments - (CF)	-233K	-82	-397	-489	-320
Provision and Write-off of Bad Debts	-	-	-	15.53M	-5.93M
Other Operating Activities, Total	11.81M	-26.28M	-51.21M	-7.11M	26.86M
Change In Accounts Receivable	-1.55B	-947M	77.74M	76.95M	139M
Change In Inventories	-17.37M	43.61M	-44.54M	-252M	143M
Change In Accounts Payable	789M	57.75M	-7.85M	236M	-209M
Change in Unearned Revenues	545K	17.25M	489M	-160M	-203M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-18.83M	-11.96M	32.95M	-7.71M	8.39M
Cash from Operations	-567M	-709M	568M	-20.03M	9.66M
Capital Expenditure	-4.79M	-9.03M	-19.79M	-1.23M	-517K
Sale of Property, Plant, and Equipment	561K	-	-	-	6.08K
Sale (Purchase) of Intangible assets	-182K	-222K	-338K	-210K	-2.25M
Investment in Marketable and Equity Securities, Total	100M	-101K	-105M	5.53M	216K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-53.97M	16.59M	-70.23M	20.12M	456K
Cash from Investing	41.76M	7.23M	-196M	24.22M	-2.09M
Short Term Debt Issued, Total	-	349M	-	-	105M
Total Debt Issued	-	349M	-	-	105M
Short Term Debt Repaid, Total	-	-	-209M	-34.21M	-
Long-Term Debt Repaid, Total	-1.67M	-2.46M	-2.64M	-2.32M	-2.48M
Total Debt Repaid	-1.67M	-2.46M	-212M	-36.53M	-2.48M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-45.6M	-106M	-68.4M	-30.38M	-30.35M
Common & Preferred Stock Dividends Paid	-45.6M	-106M	-68.4M	-30.38M	-30.35M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-47.27M	241M	-280M	-66.91M	72.44M
Net Change in Cash	-572M	-461M	92.18M	-62.72M	80.01M
Supplemental Items
Cash Interest Paid	185K	1.88M	6.55M	5.91M	10.45M
Cash Income Tax Paid (Refund)	39.22M	64.89M	64.6M	18.48M	20.73M
Levered Free Cash Flow	-622M	-695M	628M	-131M	-6.42M
Unlevered Free Cash Flow	-622M	-693M	632M	-128M	118K
Change In Net Working Capital	790M	809M	-594M	190M	92.36M
Net Debt Issued / Repaid	-1.67M	347M	-212M	-36.53M	103M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	6.02	3.35	1.23	1.28	2.13
Return on Total Capital	10.75	6.4	2.49	2.86	4.46
Return On Equity %	14.06	9.06	3.71	3.95	5.75
Return on Common Equity	14.06	9.06	3.71	3.95	5.75
Margin Analysis
Gross Profit Margin %	16.06	14.43	8.64	12.48	12.43
SG&A Margin	3.7	4.53	4.75	7.31	5.46
EBITDA Margin %	12.59	10.21	4.27	5.73	7.39
EBITA Margin %	12.37	9.91	3.9	5.18	6.98
EBIT Margin %	12.36	9.9	3.89	5.17	6.97
Income From Continuing Operations Margin %	10.09	7.9	3.15	4.13	5.13
Net Income Margin %	10.09	7.9	3.15	4.13	5.13
Net Avail. For Common Margin %	10.09	7.9	3.15	4.13	5.13
Normalized Net Income Margin	7.89	6.17	2.43	3.26	4.18
Levered Free Cash Flow Margin	-28.94	-36.73	32.01	-8.2	-0.33
Unlevered Free Cash Flow Margin	-28.94	-36.66	32.22	-7.96	0.01
Asset Turnover
Asset Turnover	0.78	0.54	0.51	0.4	0.49
Fixed Assets Turnover	82.48	66.16	31.68	18.4	24.5
Receivables Turnover (Average Receivables)	1.72	0.77	0.69	0.57	0.72
Inventory Turnover (Average Inventory)	15.92	16.14	17.8	5.63	5.77
Short Term Liquidity
Current Ratio	1.91	1.72	1.56	1.62	1.76
Quick Ratio	1.81	1.61	1.46	1.4	1.61
Operating Cash Flow to Current Liabilities	-0.37	-0.36	0.26	-0.01	0.01
Days Sales Outstanding (Average Receivables)	211.63	476.21	530.77	645.45	507.04
Days Outstanding Inventory (Average Inventory)	22.92	22.61	20.51	64.96	63.3
Average Days Payable Outstanding	34.65	69.74	64.5	98.69	137.51
Cash Conversion Cycle (Average Days)	199.91	429.08	486.78	611.71	432.84
Long Term Solvency
Total Debt/Equity	0.08	21.14	8.81	6.48	12.28
Total Debt / Total Capital	0.08	17.45	8.1	6.09	10.94
LT Debt/Equity	0.03	0.09	0.22	0.08	0.17
Long-Term Debt / Total Capital	0.03	0.07	0.2	0.07	0.15
Total Liabilities / Total Assets	49.97	55.26	58.32	58.49	54.11
EBIT / Interest Expense	1.44K	99.4	11.64	14.02	12.93
EBITDA / Interest Expense	1.47K	103.69	13.22	15.98	13.96
(EBITDA - Capex) / Interest Expense	1.45K	98.89	10.2	15.77	13.91
Total Debt / EBITDA	0.01	1.81	1.69	1.16	1.49
Net Debt / EBITDA	-2.62	0.52	-3.5	-2.87	-1.67
Total Debt / (EBITDA - Capex)	0.01	1.9	2.19	1.18	1.49
Net Debt / (EBITDA - Capex)	-2.66	0.55	-4.53	-2.91	-1.68
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	67.76	-12.05	3.73	-18.31	20.96
Gross Profit, 1 Yr. Growth %	84.68	-21	-37.88	17.97	20.52
EBITDA, 1 Yr. Growth %	142.71	-28.69	-56.56	9.51	56
EBITA, 1 Yr. Growth %	147.01	-29.54	-59.2	8.57	63.02
EBIT, 1 Yr. Growth %	147.12	-29.56	-59.28	8.59	63.22
Earnings From Cont. Operations, 1 Yr. Growth %	146.16	-31.13	-58.67	7.23	50.19
Net Income, 1 Yr. Growth %	146.16	-31.13	-58.67	7.23	50.19
Normalized Net Income, 1 Yr. Growth %	146.07	-31.16	-59.22	9.69	55.24
Diluted EPS Before Extra, 1 Yr. Growth %	71.82	-31.13	-58.67	7.23	50.19
Accounts Receivable, 1 Yr. Growth %	326.41	43.98	-5.21	-0.32	-6.54
Inventory, 1 Yr. Growth %	16.6	-35.73	56.78	204.8	-42.93
Net Property, Plant and Equip., 1 Yr. Growth %	-4.65	24.63	190.38	-10.9	-7.22
Total Assets, 1 Yr. Growth %	43.53	14.79	6.66	2.59	-5.85
Tangible Book Value, 1 Yr. Growth %	11.6	2.64	-0.63	2.16	4.09
Common Equity, 1 Yr. Growth %	11.6	2.64	-0.63	2.16	4.09
Cash From Operations, 1 Yr. Growth %	294.63	25.1	-180.13	-103.53	-148.24
Capital Expenditures, 1 Yr. Growth %	37.01	88.47	119.16	-93.8	-57.89
Levered Free Cash Flow, 1 Yr. Growth %	250.55	11.52	-190.48	-120.91	-95.11
Unlevered Free Cash Flow, 1 Yr. Growth %	250.77	11.35	-191.23	-120.19	-100.09
Dividend Per Share, 1 Yr. Growth %	133.33	-35.71	-55.56	0	37.5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	59.3	21.47	-4.49	-7.95	-0.6
Gross Profit, 2 Yr. CAGR %	52.26	20.79	-29.95	-14.4	19.24
EBITDA, 2 Yr. CAGR %	85.56	31.56	-44.34	-31.03	30.7
EBITA, 2 Yr. CAGR %	88.59	31.93	-46.38	-33.44	33.04
EBIT, 2 Yr. CAGR %	88.64	31.93	-46.44	-33.5	33.13
Earnings From Cont. Operations, 2 Yr. CAGR %	89.02	30.2	-46.65	-33.43	26.9
Net Income, 2 Yr. CAGR %	89.02	30.2	-46.65	-33.43	26.9
Normalized Net Income, 2 Yr. CAGR %	88.78	30.15	-47.02	-33.12	30.49
Diluted EPS Before Extra, 2 Yr. CAGR %	30.09	8.78	-46.65	-33.43	26.9
Accounts Receivable, 2 Yr. CAGR %	318.16	147.78	16.82	-2.8	-3.48
Inventory, 2 Yr. CAGR %	1.48K	-13.44	0.38	118.6	31.89
Net Property, Plant and Equip., 2 Yr. CAGR %	2.04	9.01	90.24	60.85	-9.08
Total Assets, 2 Yr. CAGR %	97.38	28.36	10.65	4.61	-1.72
Tangible Book Value, 2 Yr. CAGR %	129.64	7.04	1	0.76	3.12
Common Equity, 2 Yr. CAGR %	129.54	7.03	1	0.76	3.12
Cash From Operations, 2 Yr. CAGR %	6.35	122.19	0.12	-83.19	-86.96
Capital Expenditures, 2 Yr. CAGR %	39.75	60.69	103.24	-63.14	-83.84
Levered Free Cash Flow, 2 Yr. CAGR %	13.81	97.79	0.41	-56.5	-89.89
Unlevered Free Cash Flow, 2 Yr. CAGR %	13.79	97.7	0.75	-57.08	-98.64
Dividend Per Share, 2 Yr. CAGR %	-32.8	22.47	-46.55	-33.33	17.26
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	32.08	30.68	15.24	-9.34	0.83
Gross Profit, 3 Yr. CAGR %	31.39	22.35	-3.23	-16.66	-4.06
EBITDA, 3 Yr. CAGR %	38.21	34.91	-9.07	-30.26	-9.46
EBITA, 3 Yr. CAGR %	39.03	35.83	-10.78	-32.17	-10.28
EBIT, 3 Yr. CAGR %	39.03	35.84	-10.84	-32.21	-10.3
Earnings From Cont. Operations, 3 Yr. CAGR %	37.81	35	-11.18	-32.67	-12.69
Net Income, 3 Yr. CAGR %	37.81	35	-11.18	-32.67	-12.69
Normalized Net Income, 3 Yr. CAGR %	40.05	34.87	-11.6	-32.47	-11.45
Diluted EPS Before Extra, 3 Yr. CAGR %	5.8	5.24	-21.21	-32.67	-12.69
Accounts Receivable, 3 Yr. CAGR %	82.42	193.08	79.87	10.8	-4.06
Inventory, 3 Yr. CAGR %	156.59	443.6	5.52	45.36	39.72
Net Property, Plant and Equip., 3 Yr. CAGR %	0.27	9.07	51.12	47.73	33.89
Total Assets, 3 Yr. CAGR %	79.47	64.75	20.68	7.89	1
Tangible Book Value, 3 Yr. CAGR %	78.43	75.6	4.42	1.38	1.85
Common Equity, 3 Yr. CAGR %	78.41	75.53	4.41	1.38	1.85
Cash From Operations, 3 Yr. CAGR %	99.48	12.27	58.16	-67.18	-76.11
Capital Expenditures, 3 Yr. CAGR %	29.71	54.4	78.21	-36.5	-61.47
Levered Free Cash Flow, 3 Yr. CAGR %	133.53	13.07	52.36	-40.48	-79.01
Unlevered Free Cash Flow, 3 Yr. CAGR %	133.37	13	52.73	-41.04	-94.47
Dividend Per Share, 3 Yr. CAGR %	11.87	-33.78	-12.64	-34.14	-15.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.88	14.34	16.02	13.59	8.62
Gross Profit, 5 Yr. CAGR %	35.3	15.13	2.16	6.06	5.2
EBITDA, 5 Yr. CAGR %	65.15	26.93	-3.94	3.16	5.13
EBITA, 5 Yr. CAGR %	70.41	27.68	-5.03	2.11	4.68
EBIT, 5 Yr. CAGR %	70.39	27.66	-5.07	2.08	4.67
Earnings From Cont. Operations, 5 Yr. CAGR %	71.4	29.37	-5.72	1.75	2.45
Net Income, 5 Yr. CAGR %	71.4	29.37	-5.72	1.75	2.45
Normalized Net Income, 5 Yr. CAGR %	72.57	27.83	-5.06	1.88	3.3
Diluted EPS Before Extra, 5 Yr. CAGR %	43.99	8.68	-19.55	-12.38	-4.66
Accounts Receivable, 5 Yr. CAGR %	61.46	63.43	52.63	88.48	40.22
Inventory, 5 Yr. CAGR %	19.23	66.06	76.28	277.6	15.37
Net Property, Plant and Equip., 5 Yr. CAGR %	-2.62	3.59	29.55	27.41	23.33
Total Assets, 5 Yr. CAGR %	39.85	52.04	47.9	37.38	11.16
Tangible Book Value, 5 Yr. CAGR %	58.82	52.33	42.11	40.61	3.9
Common Equity, 5 Yr. CAGR %	58.8	52.32	42.09	40.58	3.89
Cash From Operations, 5 Yr. CAGR %	28.71	49.51	51.41	-47.48	-41.71
Capital Expenditures, 5 Yr. CAGR %	-	-	55.23	-12.94	-31.78
Levered Free Cash Flow, 5 Yr. CAGR %	-	47.9	66.64	-22.85	-48.53
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	47.94	66.79	-23.29	-76.86
Dividend Per Share, 5 Yr. CAGR %	-	5.15	-16.74	-33.6	-1.73