Balance Sheet Rai Way S.p.A.

Equities

RWAY

IT0005054967

Integrated Telecommunications Services

Market Closed - Borsa Italiana Other stock markets 11:45:00 2026-05-19 am EDT			5-day change	1st Jan Change
5.580 ^EUR	-0.53%		-2.45%	-0.18%

May. 14	Indices and Stellantis bullish; focus on US-China	AN
May. 14	Futures rise; Starmer falters in London	AN

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Published financial data: RAI WAY S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	230M	245M	272M	276M	283M
Other Revenues, Total	459K	42K	11K	60K	1.52M
Total Revenues	230M	245M	272M	276M	284M
Cost of Goods Sold, Total	76.44M	85.81M	87.43M	81.69M	86.33M
Gross Profit	154M	160M	185M	194M	198M
Selling General & Admin Expenses, Total	8.33M	8.44M	9.34M	8.34M	8.19M
Provision for Bad Debts	203K	-	-	-	-
Depreciation & Amortization - (IS)	-	-	46.78M	-	-
Amortization of Goodwill and Intangible Assets - (IS)	50.3M	46.91M	-	50.35M	55.72M
Other Operating Expenses	3.7M	691K	2.99M	5.66M	4.18M
Other Operating Expenses, Total	62.53M	56.04M	59.11M	64.35M	68.08M
Operating Income	91.42M	104M	125M	130M	130M
Interest Expense, Total	-1.06M	-1.59M	-5.1M	-6.71M	-5.54M
Interest And Investment Income	-	2K	1.41M	741K	377K
Net Interest Expenses	-1.06M	-1.59M	-3.69M	-5.97M	-5.17M
Currency Exchange Gains (Loss)	-34K	-45K	-61K	-41K	1K
Other Non Operating Income (Expenses)	-51.61K	-220K	-182K	1.27M	-332K
EBT, Excl. Unusual Items	90.28M	102M	121M	125M	124M
Restructuring Charges	-359K	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-32K	-16K	-	-	-
EBT, Incl. Unusual Items	89.89M	102M	121M	125M	124M
Income Tax Expense	24.5M	28.08M	34.76M	35.45M	35.75M
Earnings From Continuing Operations	65.38M	73.69M	86.72M	89.91M	88.63M
Net Income to Company	65.38M	73.69M	86.72M	89.91M	88.63M
Net Income - (IS)	65.38M	73.69M	86.72M	89.91M	88.63M
Net Income to Common Incl Extra Items	65.38M	73.69M	86.72M	89.91M	88.63M
Net Income to Common Excl. Extra Items	65.38M	73.69M	86.72M	89.91M	88.63M
Per Share Items
Net EPS - Basic	0.24	0.27	0.32	0.33	0.33
Basic EPS - Continuing Operations	0.24	0.27	0.32	0.33	0.33
Basic Weighted Average Shares Outstanding	268M	268M	268M	269M	269M
Net EPS - Diluted	0.24	0.27	0.32	0.33	0.33
Diluted EPS - Continuing Operations	0.24	0.27	0.32	0.33	0.33
Diluted Weighted Average Shares Outstanding	268M	268M	268M	269M	269M
Normalized Basic EPS	0.21	0.24	0.28	0.29	0.29
Normalized Diluted EPS	0.21	0.24	0.28	0.29	0.29
Dividend Per Share	0.24	0.27	0.32	0.33	0.33
Payout Ratio	97.95	88.52	85.14	96.22	101.18
Supplemental Items
EBITDA	128M	136M	156M	163M	166M
EBITA	91.63M	104M	126M	130M	130M
EBIT	91.42M	104M	125M	130M	130M
EBITDAR	136M	144M	166M	172M	175M
Effective Tax Rate - (Ratio)	27.26	27.59	28.61	28.28	28.74
Current Domestic Taxes	-	-	-	-	35.56M
Total Current Taxes	25.46M	27.3M	35.6M	35.91M	35.56M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-49K	749K	-953K	-171K	139K
Normalized Net Income	56.42M	63.62M	75.92M	78.35M	77.74M
Interest on Long-Term Debt	548K	487K	506K	587K	734K
Non-Cash Pension Expense	2.14M	2.13M	2.37M	-	-
Supplemental Operating Expense Items
Net Rental Expense, Total	8.33M	8.44M	9.34M	8.34M	8.19M
Imputed Operating Lease Interest Expense	903K	867K	2.72M	3.19M	2.53M
Imputed Operating Lease Depreciation	7.42M	7.57M	6.62M	5.15M	5.66M
Maintenance & Repair Expenses, Total	5.57M	5.04M	5.19M	5.66M	5.74M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	17.24M	35.18M	34.12M	13.49M	9.18M
Trading Asset Securities, Total	-	938K	-	-	-
Total Cash And Short Term Investments	17.24M	36.12M	34.12M	13.49M	9.18M
Accounts Receivable, Total	67.82M	66.22M	74.75M	75.06M	73.95M
Other Receivables	4.54M	3.07M	1.7M	2.04M	2.92M
Total Receivables	72.35M	69.29M	76.45M	77.09M	76.88M
Inventory	790K	756K	756K	756K	530K
Total Current Assets	90.39M	106M	111M	91.34M	86.59M
Gross Property Plant And Equipment	1.09B	1.15B	1.18B	1.23B	1.24B
Accumulated Depreciation	-809M	-832M	-854M	-890M	-899M
Net Property Plant And Equipment	276M	314M	330M	340M	341M
Long-term Investments	59K	-	-	-	-
Goodwill	5.81M	5.81M	5.81M	5.81M	5.81M
Other Intangibles, Total	11.43M	13.71M	18.91M	21.18M	27.9M
Deferred Tax Assets Long-Term	3.04M	1.76M	2.95M	3.12M	3M
Other Long-Term Assets, Total	1.31M	948K	888K	924K	887K
Total Assets	388M	443M	470M	462M	465M
Liabilities
Accounts Payable, Total	51.69M	60.47M	65M	53.46M	49.94M
Accrued Expenses, Total	34.14M	36.01M	46.46M	43.85M	48.09M
Short-term Borrowings	97.59K	544K	1.08M	-	-
Current Portion of Long-Term Debt	87K	101M	-	6.88M	119M
Current Portion of Leases	15.06M	17.55M	20.24M	16.15M	9.7M
Current Income Taxes Payable	79.59K	375K	1.37M	302K	-
Other Current Liabilities	1.07M	2.44M	2.46M	2.18M	3.92M
Total Current Liabilities	102M	218M	137M	123M	230M
Long-Term Debt	69M	-	100M	101M	-
Long-Term Leases	21.41M	22.58M	17.53M	17.43M	17.38M
Pension & Other Post Retirement Benefits	12.26M	10M	8.91M	8.45M	7.99M
Other Non Current Liabilities	17.24M	15.46M	18.14M	20.22M	17.11M
Total Liabilities	222M	266M	282M	270M	273M
Common Stock, Total	70.18M	70.18M	70.18M	70.18M	70.18M
Retained Earnings	89.74M	99.05M	112M	116M	115M
Treasury Stock	-19.97M	-19.97M	-19.97M	-19.26M	-19.26M
Comprehensive Income and Other	25.97M	26.91M	26.44M	25.95M	26.48M
Total Common Equity	166M	176M	189M	192M	192M
Total Equity	166M	176M	189M	192M	192M
Total Liabilities And Equity	388M	443M	470M	462M	465M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	268M	268M	268M	269M	269M
ECS Total Common Shares Outstanding	268M	268M	268M	269M	269M
Book Value / Share	0.62	0.66	0.7	0.72	0.72
Tangible Book Value	149M	157M	164M	165M	158M
Tangible Book Value Per Share	0.55	0.58	0.61	0.62	0.59
Total Debt	106M	142M	139M	141M	146M
Net Debt	88.41M	106M	105M	128M	137M
Debt Equivalent Oper. Leases	66.62M	67.48M	74.72M	66.7M	65.5M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	564K	530K	530K	530K	530K
Inventories - Work In Process, Total	226K	226K	226K	226K	-
Land - (BS)	12.14M	12.1M	12.1M	12.34M	12.46M
Buildings, Total	-	103M	115M	121M	124M
Machinery, Total	850M	924M	942M	957M	959M
Full Time Employees	580	560	557	590	594
Part Time Employees	-	-	-	10	8
Accumulated Allowance for Doubtful Accounts (Supple)	2.8M	3M	3.1M	3.77M	3.25M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	65.38M	73.69M	86.72M	89.91M	88.63M
Depreciation & Amortization - CF	46.4M	42.46M	41.96M	44.52M	46.23M
Amortization of Goodwill and Intangible Assets - (CF)	211K	211K	211K	211K	211K
Depreciation & Amortization, Total	46.61M	42.67M	42.17M	44.73M	46.44M
Amortization of Deferred Charges, Total - (CF)	3.69M	4.24M	4.61M	5.62M	9.28M
Asset Writedown & Restructuring Costs	202K	319K	525K	767K	705K
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	981K	4.04M	15.15M	5.63M	3.4M
Change In Accounts Receivable	-5.46M	1.27M	-9.05M	-1.07M	398K
Change In Inventories	78.86K	33.88K	555	-	-
Change In Accounts Payable	6.14M	9.1M	4.47M	-11.58M	-2.96M
Change in Other Net Operating Assets	-268K	1.62M	2.37M	-1.74M	-223K
Cash from Operations	117M	137M	147M	132M	146M
Capital Expenditure	-79.38M	-68.87M	-47.37M	-41.93M	-35.24M
Sale of Property, Plant, and Equipment	20.23K	5.3K	-	-	1.5M
Cash Acquisitions	-1M	-	-	-	-
Sale (Purchase) of Intangible assets	-4.58M	-6.72M	-10.03M	-8.13M	-16.21M
Investment in Marketable and Equity Securities, Total	610K	-	-	-	-
Other Investing Activities, Total	59.17K	201K	43.99K	-51.72K	-13.22K
Cash from Investing	-84.26M	-75.38M	-57.36M	-50.1M	-49.96M
Short Term Debt Issued, Total	-	31.91M	-	5M	6.13M
Long-Term Debt Issued, Total	54M	-	100M	-	4M
Total Debt Issued	54M	31.91M	100M	5M	10.13M
Short Term Debt Repaid, Total	-748K	-	-101M	-	-
Long-Term Debt Repaid, Total	-8.47M	-8.99M	-13.37M	-16.61M	-16.24M
Total Debt Repaid	-9.21M	-8.99M	-115M	-16.61M	-16.24M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-64.04M	-65.23M	-73.83M	-86.51M	-89.68M
Common & Preferred Stock Dividends Paid	-64.04M	-65.23M	-73.83M	-86.51M	-89.68M
Other Financing Activities, Total	-645K	-1.35M	-2.44M	-4.69M	-4.23M
Cash from Financing	-19.9M	-43.67M	-90.66M	-103M	-100M
Miscellaneous Cash Flow Adjustments	1	-	-	-	-
Net Change in Cash	13.19M	17.94M	-1.07M	-20.63M	-4.31M
Supplemental Items
Cash Interest Paid	773K	1.08M	2.58M	4.66M	3.93M
Cash Income Tax Paid (Refund)	24.24M	23.93M	25.46M	38.28M	32.95M
Levered Free Cash Flow	23.49M	50.53M	73.4M	61.26M	82.79M
Unlevered Free Cash Flow	24.16M	51.52M	76.59M	65.46M	86.26M
Change In Net Working Capital	-669K	-15.43M	-8.83M	16.16M	-809K
Net Debt Issued / Repaid	44.79M	22.92M	-14.39M	-11.6M	-6.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	15.99	15.6	17.17	17.44	17.52
Return on Total Capital	23.46	21.98	24.28	24.59	24.18
Return On Equity %	39.54	43.08	47.54	47.18	46.11
Return on Common Equity	39.54	43.08	47.54	47.18	46.11
Margin Analysis
Gross Profit Margin %	66.82	65.04	67.85	70.42	69.63
SG&A Margin	3.61	3.44	3.43	3.02	2.88
EBITDA Margin %	55.42	55.22	57.45	59.15	58.57
EBITA Margin %	39.77	42.3	46.19	47.19	45.76
EBIT Margin %	39.68	42.22	46.12	47.11	45.69
Income From Continuing Operations Margin %	28.38	30.02	31.89	32.56	31.18
Net Income Margin %	28.38	30.02	31.89	32.56	31.18
Net Avail. For Common Margin %	28.38	30.02	31.89	32.56	31.18
Normalized Net Income Margin	24.49	25.91	27.92	28.37	27.34
Levered Free Cash Flow Margin	10.2	20.58	26.99	22.18	29.12
Unlevered Free Cash Flow Margin	10.48	20.99	28.16	23.7	30.34
Asset Turnover
Asset Turnover	0.64	0.59	0.6	0.59	0.61
Fixed Assets Turnover	0.9	0.83	0.84	0.82	0.84
Receivables Turnover (Average Receivables)	3.53	3.66	3.86	3.69	3.8
Inventory Turnover (Average Inventory)	92.15	110.99	115.66	108.11	134.33
Short Term Liquidity
Current Ratio	0.88	0.49	0.81	0.74	0.38
Quick Ratio	0.88	0.48	0.81	0.74	0.37
Operating Cash Flow to Current Liabilities	1.15	0.63	1.08	1.08	0.63
Days Sales Outstanding (Average Receivables)	103.47	99.66	94.61	99.3	96.17
Days Outstanding Inventory (Average Inventory)	3.96	3.29	3.16	3.39	2.72
Average Days Payable Outstanding	232.37	238.63	261.91	265.36	219.16
Cash Conversion Cycle (Average Days)	-124.94	-135.68	-164.15	-162.68	-120.27
Long Term Solvency
Total Debt/Equity	63.68	80.42	73.79	73.31	75.9
Total Debt / Total Capital	38.9	44.57	42.46	42.3	43.15
LT Debt/Equity	54.49	12.82	62.49	61.35	9.05
Long-Term Debt / Total Capital	33.29	7.1	35.96	35.4	5.15
Total Liabilities / Total Assets	57.24	60.2	59.88	58.34	58.69
EBIT / Interest Expense	86.25	65.22	24.57	19.39	23.43
EBITDA / Interest Expense	130.22	92.08	32.83	26.06	31.81
(EBITDA - Capex) / Interest Expense	55.34	48.74	23.55	19.81	25.45
Total Debt / EBITDA	0.77	0.97	0.83	0.81	0.83
Net Debt / EBITDA	0.64	0.72	0.63	0.73	0.77
Total Debt / (EBITDA - Capex)	1.8	1.83	1.16	1.06	1.03
Net Debt / (EBITDA - Capex)	1.51	1.36	0.87	0.96	0.97
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.63	6.55	10.78	1.54	2.95
Gross Profit, 1 Yr. Growth %	5.06	3.72	15.56	5.38	1.8
EBITDA, 1 Yr. Growth %	4.44	6.18	15.26	4.55	1.93
EBITA, 1 Yr. Growth %	1.79	13.37	20.99	3.73	-0.17
EBIT, 1 Yr. Growth %	1.79	13.4	21.03	3.74	-0.17
Earnings From Cont. Operations, 1 Yr. Growth %	2.15	12.7	17.68	3.68	-1.43
Net Income, 1 Yr. Growth %	2.15	12.7	17.68	3.68	-1.43
Normalized Net Income, 1 Yr. Growth %	1.11	12.79	19.37	3.2	-0.78
Diluted EPS Before Extra, 1 Yr. Growth %	2.15	12.7	17.68	3.63	0
Accounts Receivable, 1 Yr. Growth %	8.41	-2.35	12.88	0.41	-1.47
Inventory, 1 Yr. Growth %	-9.08	-4.29	-0.07	0	-29.92
Net Property, Plant and Equip., 1 Yr. Growth %	18.25	13.84	5.15	2.79	0.29
Total Assets, 1 Yr. Growth %	18.8	14.06	6.25	-1.76	0.61
Tangible Book Value, 1 Yr. Growth %	-0.17	5.36	4.67	0.91	-4.33
Common Equity, 1 Yr. Growth %	0.67	6.18	7.11	1.99	-0.23
Cash From Operations, 1 Yr. Growth %	1.18	16.73	7.27	-9.98	10.12
Capital Expenditures, 1 Yr. Growth %	42.41	-13.24	-31.21	-11.5	-15.95
Levered Free Cash Flow, 1 Yr. Growth %	-49.23	115.26	45.3	-16.54	31.26
Unlevered Free Cash Flow, 1 Yr. Growth %	-48.37	113.47	48.69	-14.54	28.23
Dividend Per Share, 1 Yr. Growth %	2.14	12.68	17.38	3.66	-1.2
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.99	4.57	8.64	6.06	2.24
Gross Profit, 2 Yr. CAGR %	4.24	4.39	9.48	10.36	3.58
EBITDA, 2 Yr. CAGR %	3.57	5.3	10.62	9.78	3.23
EBITA, 2 Yr. CAGR %	2.06	7.41	17.11	12.03	1.76
EBIT, 2 Yr. CAGR %	2.06	7.42	17.14	12.05	1.76
Earnings From Cont. Operations, 2 Yr. CAGR %	1.58	7.3	15.17	10.46	1.1
Net Income, 2 Yr. CAGR %	1.58	7.3	15.17	10.46	1.1
Normalized Net Income, 2 Yr. CAGR %	2.05	6.77	16.02	10.99	1.19
Diluted EPS Before Extra, 2 Yr. CAGR %	2.27	7.3	15.17	10.43	1.06
Accounts Receivable, 2 Yr. CAGR %	-4.78	2.89	4.99	6.46	-0.54
Inventory, 2 Yr. CAGR %	-5.53	-6.71	-2.2	-0.04	-16.28
Net Property, Plant and Equip., 2 Yr. CAGR %	13.6	16.03	9.41	3.96	1.54
Total Assets, 2 Yr. CAGR %	6.31	16.4	10.09	2.17	-0.58
Tangible Book Value, 2 Yr. CAGR %	-6.46	2.56	5.02	2.77	-1.75
Common Equity, 2 Yr. CAGR %	-5.09	3.39	6.64	4.52	0.87
Cash From Operations, 2 Yr. CAGR %	2.94	8.67	11.9	-1.73	-0.44
Capital Expenditures, 2 Yr. CAGR %	56.87	11.15	-22.75	-21.97	-13.75
Levered Free Cash Flow, 2 Yr. CAGR %	-40.98	4.49	76.83	10.12	6.2
Unlevered Free Cash Flow, 2 Yr. CAGR %	-40.39	4.94	78.14	12.73	6.12
Dividend Per Share, 2 Yr. CAGR %	2.27	7.28	15.01	10.31	1.2
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.9	3.49	6.6	6.22	5.01
Gross Profit, 3 Yr. CAGR %	4.29	4.07	7.99	8.1	7.43
EBITDA, 3 Yr. CAGR %	3.04	4.43	8.51	8.56	7.1
EBITA, 3 Yr. CAGR %	2.61	5.68	11.75	12.47	7.8
EBIT, 3 Yr. CAGR %	2.62	5.7	11.77	12.49	7.82
Earnings From Cont. Operations, 3 Yr. CAGR %	3.05	5.16	10.65	11.2	6.35
Net Income, 3 Yr. CAGR %	3.05	5.16	10.65	11.2	6.35
Normalized Net Income, 3 Yr. CAGR %	2.61	5.5	10.81	11.58	6.92
Diluted EPS Before Extra, 3 Yr. CAGR %	3.51	5.63	10.65	11.19	6.32
Accounts Receivable, 3 Yr. CAGR %	-1.73	-3.98	6.12	3.44	3.75
Inventory, 3 Yr. CAGR %	-3.74	-5.12	-4.55	-1.47	-11.2
Net Property, Plant and Equip., 3 Yr. CAGR %	15.11	13.68	12.28	7.16	2.73
Total Assets, 3 Yr. CAGR %	9.7	8.83	12.92	5.99	1.65
Tangible Book Value, 3 Yr. CAGR %	-3.98	-2.67	3.26	3.63	0.35
Common Equity, 3 Yr. CAGR %	-2.83	-1.48	4.61	5.07	2.91
Cash From Operations, 3 Yr. CAGR %	3.77	7.35	8.2	4.07	2.07
Capital Expenditures, 3 Yr. CAGR %	49.01	28.76	-5.28	-19.17	-20.02
Levered Free Cash Flow, 3 Yr. CAGR %	-31.1	-9.18	16.62	37.68	17.9
Unlevered Free Cash Flow, 3 Yr. CAGR %	-30.61	-8.82	17.85	39.45	18.75
Dividend Per Share, 3 Yr. CAGR %	3.52	5.63	10.55	11.09	6.33
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.37	2.57	4.54	4.51	4.84
Gross Profit, 5 Yr. CAGR %	3.49	3.79	6.33	6.54	6.2
EBITDA, 5 Yr. CAGR %	3.07	3	6	6.53	6.37
EBITA, 5 Yr. CAGR %	5.09	4.73	8.18	8.17	7.64
EBIT, 5 Yr. CAGR %	5.04	4.69	8.19	8.19	7.66
Earnings From Cont. Operations, 5 Yr. CAGR %	9.35	5.54	7.74	7.25	6.73
Net Income, 5 Yr. CAGR %	9.35	5.54	7.74	7.25	6.73
Normalized Net Income, 5 Yr. CAGR %	5.21	4.49	7.77	7.66	6.86
Diluted EPS Before Extra, 5 Yr. CAGR %	9.65	5.83	8.03	7.53	6.71
Accounts Receivable, 5 Yr. CAGR %	0.24	-1.65	0.9	0.07	3.41
Inventory, 5 Yr. CAGR %	-3	-3.25	-3.13	-3.12	-9.43
Net Property, Plant and Equip., 5 Yr. CAGR %	6.11	10.74	12.8	9.69	7.85
Total Assets, 5 Yr. CAGR %	1.12	5.62	9.85	6.12	7.31
Tangible Book Value, 5 Yr. CAGR %	-1.37	-1.06	-0.48	-0.53	1.23
Common Equity, 5 Yr. CAGR %	0.54	-0.03	0.86	0.88	3.1
Cash From Operations, 5 Yr. CAGR %	4.94	14.16	6.95	3.62	4.66
Capital Expenditures, 5 Yr. CAGR %	33.56	35.9	14.58	5.38	-8.76
Levered Free Cash Flow, 5 Yr. CAGR %	-20.76	-1.14	0.44	-1.9	12.34
Unlevered Free Cash Flow, 5 Yr. CAGR %	-20.52	-1.03	1.16	-0.75	13.01
Dividend Per Share, 5 Yr. CAGR %	9.65	6.26	7.97	7.48	6.71