Cash flow T.R.V. Rubber Products Thailand S.E.

Stocks

TRV-F

THA580010017

Tires & Rubber Products

End-of-day quote Thailand S.E. 2025-10-10			5-day change	1st Jan Change
2.300 ^THB	-.--%		-.--%	-

Aug. 16	T.R.V. Rubber Products Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
May. 14	T.R.V. Rubber Products Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: T.R.V. RUBBER PRODUCTS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	178M	174M	167M	495M	230M
Total Revenues	178M	174M	167M	495M	230M
Cost of Goods Sold, Total	108M	118M	113M	437M	191M
Gross Profit	70M	55.95M	54.34M	58.14M	38.83M
Selling General & Admin Expenses, Total	38.69M	35.85M	40.62M	42.62M	37.79M
Provision for Bad Debts	-	-	-	763K	446K
Other Operating Expenses, Total	38.69M	35.85M	40.62M	43.38M	38.24M
Operating Income	31.31M	20.1M	13.72M	14.76M	595K
Interest Expense, Total	-1.88M	-1.47M	-1.28M	-2.05M	-228K
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-1.88M	-1.47M	-1.28M	-2.05M	-228K
Other Non Operating Income (Expenses)	245K	1.34M	1.05M	1.54M	2.18M
EBT, Excl. Unusual Items	29.67M	19.97M	13.5M	14.25M	2.55M
Gain (Loss) On Sale Of Assets	748K	44.02M	-	-	-
EBT, Incl. Unusual Items	30.42M	63.98M	13.5M	14.25M	2.55M
Income Tax Expense	6.27M	13.33M	2.73M	3.17M	708K
Earnings From Continuing Operations	24.15M	50.65M	10.77M	11.08M	1.84M
Net Income to Company	24.15M	50.65M	10.77M	11.08M	1.84M
Minority Interest	-	-	-	-110	-13
Net Income - (IS)	24.15M	50.65M	10.77M	11.08M	1.84M
Net Income to Common Incl Extra Items	24.15M	50.65M	10.77M	11.08M	1.84M
Net Income to Common Excl. Extra Items	24.15M	50.65M	10.77M	11.08M	1.84M
Per Share Items
Net EPS - Basic	0.15	0.24	0.05	0.05	0.01
Basic EPS - Continuing Operations	0.15	0.24	0.05	0.05	0.01
Basic Weighted Average Shares Outstanding	160M	210M	227M	240M	240M
Net EPS - Diluted	0.15	0.24	0.05	0.05	0.01
Diluted EPS - Continuing Operations	0.15	0.24	0.05	0.05	0.01
Diluted Weighted Average Shares Outstanding	160M	210M	227M	240M	240M
Normalized Basic EPS	0.12	0.06	0.04	0.04	0.01
Normalized Diluted EPS	0.12	0.06	0.04	0.04	0.01
Dividend Per Share	0.1	-	-	-	-
Payout Ratio	90.61	70.41	-	-	-
Supplemental Items
EBITDA	40.61M	30.55M	24.38M	26.33M	11.43M
EBITA	31.31M	20.1M	13.72M	15.18M	1.01M
EBIT	31.31M	20.1M	13.72M	14.76M	595K
EBITDAR	40.62M	30.57M	24.39M	26.35M	11.44M
Effective Tax Rate - (Ratio)	20.6	20.84	20.23	22.23	27.77
Current Domestic Taxes	6.43M	13.25M	3.71M	2.93M	1.03M
Total Current Taxes	6.43M	13.25M	3.71M	2.93M	1.03M
Deferred Domestic Taxes	-158K	77.76K	-982K	234K	-324K
Total Deferred Taxes	-158K	77.76K	-982K	234K	-324K
Normalized Net Income	18.55M	12.48M	8.44M	8.9M	1.59M
Interest on Long-Term Debt	238K	322K	363K	137K	301K
Non-Cash Pension Expense	89.44K	102K	114K	245K	255K
Supplemental Operating Expense Items
Selling and Marketing Expenses	10.73M	9.74M	10.61M	12.83M	8.69M
General and Administrative Expenses	27.96M	26.11M	30.01M	29.79M	29.1M
Net Rental Expense, Total	16.8K	16.8K	16.8K	22.4K	15.4K
Imputed Operating Lease Interest Expense	7.11K	8.62K	11.18K	55.37K	8.07K
Imputed Operating Lease Depreciation	9.69K	8.18K	5.62K	-32.97K	7.33K

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	111M	182M	115M	250M	234M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	111M	182M	115M	250M	234M
Accounts Receivable, Total	40.26M	28.01M	28.15M	17.75M	18.33M
Other Receivables	649K	519K	1.41M	1.72M	1.33M
Notes Receivable	-	-	-	-	64.2M
Total Receivables	40.91M	28.53M	29.56M	19.48M	83.86M
Inventory	14.46M	12.75M	165M	73.17M	37.74M
Prepaid Expenses	679K	426K	1.16M	729K	1.02M
Other Current Assets, Total	216K	83.05K	36.92M	7.5M	3.38M
Total Current Assets	168M	224M	347M	351M	360M
Gross Property Plant And Equipment	217M	224M	226M	227M	230M
Accumulated Depreciation	-71.93M	-80.24M	-91.98M	-103M	-113M
Net Property Plant And Equipment	145M	144M	134M	123M	117M
Long-term Investments	-	-	-	-	-
Other Intangibles, Total	2.64M	2.49M	2.15M	1.73M	1.32M
Deferred Tax Assets Long-Term	1.63M	1.55M	2.37M	2.14M	2.52M
Other Long-Term Assets, Total	50.01M	893K	943K	13.2M	11.44M
Total Assets	367M	373M	487M	492M	491M
Liabilities
Accounts Payable, Total	20.73M	14.35M	13.77M	11.7M	10.25M
Accrued Expenses, Total	3.38M	1.6M	2.2M	1.33M	1.62M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	8.05M	7.43M	7.86M	526K	-
Current Portion of Leases	466K	1.16M	712K	944K	1.13M
Current Income Taxes Payable	2.49M	8.75M	1.61M	183K	151K
Unearned Revenue Current, Total	-	-	-	1.3M	2.04M
Other Current Liabilities	5.91M	3.14M	2.33M	3.9M	1.44M
Total Current Liabilities	41.04M	36.42M	28.48M	19.89M	16.63M
Long-Term Debt	15.74M	8.33M	527K	-	-
Long-Term Leases	1.41M	3.17M	1.54M	1.19M	3.17M
Unearned Revenue Non Current	-	-	-	2.57M	528K
Pension & Other Post Retirement Benefits	9.01M	9.93M	10.07M	11.08M	12.38M
Total Liabilities	67.19M	57.84M	40.63M	34.72M	32.71M
Common Stock, Total	105M	105M	120M	120M	120M
Additional Paid In Capital	150M	150M	255M	255M	255M
Retained Earnings	44.82M	59.8M	71.21M	82.29M	83.89M
Total Common Equity	300M	315M	446M	457M	459M
Minority Interest	-	200	200	310	323
Total Equity	300M	315M	446M	457M	459M
Total Liabilities And Equity	367M	373M	487M	492M	491M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	210M	210M	240M	240M	240M
ECS Total Common Shares Outstanding	210M	210M	240M	240M	240M
Book Value / Share	1.43	1.5	1.86	1.9	1.91
Tangible Book Value	297M	312M	444M	455M	457M
Tangible Book Value Per Share	1.41	1.49	1.85	1.9	1.91
Total Debt	25.66M	20.08M	10.64M	2.66M	4.3M
Net Debt	-85.76M	-162M	-104M	-248M	-229M
Debt Equivalent of Unfunded Proj. Benefit Obligation	9.01M	9.93M	10.07M	11.08M	12.38M
Debt Equivalent Oper. Leases	134K	134K	134K	179K	123K
Minority Interest, Total (Incl. Fin. Div)	-	200	200	310	323
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	3.15M	2.62M	2.47M	2.66M	2.09M
Inventories - Work In Process, Total	2.41M	2.34M	97.18K	2.21M	3.18M
Inventories - Finished Goods, Total	9.27M	8.16M	8.51M	5.97M	4.45M
Inventories - Others	-	-	-	-	-
Land - (BS)	40.43M	40.43M	40.43M	40.43M	40.43M
Buildings, Total	43.91M	43.91M	43.91M	43.91M	43.91M
Machinery, Total	130M	133M	138M	138M	138M
Full Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	763K	1.21M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	24.15M	50.65M	10.77M	11.08M	1.84M
Depreciation & Amortization - CF	10.93M	11.93M	11.96M	12.16M	11.93M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	419K	418K
Depreciation & Amortization, Total	10.93M	11.93M	11.96M	12.58M	12.35M
Amortization of Deferred Charges, Total - (CF)	414K	394K	411K	-	-
(Gain) Loss From Sale Of Asset	-748K	-44.88M	-	-	-597K
Asset Writedown & Restructuring Costs	104K	2	387K	251K	190K
Provision and Write-off of Bad Debts	-	-	-	763K	446K
Other Operating Activities, Total	1.67M	7.28M	-6.8M	-1.76M	2.31M
Change In Accounts Receivable	3.45M	12.65M	-156M	101M	33.26M
Change In Inventories	-3.63M	1.72M	2.04M	231K	1.12M
Change In Accounts Payable	-2.76M	-10.67M	-796K	-1.39M	-3.13M
Change in Unearned Revenues	-	-	-	3.87M	-1.3M
Change in Other Net Operating Assets	-998K	140K	-17.02M	8.74M	3.86M
Cash from Operations	32.58M	29.21M	-155M	135M	50.35M
Capital Expenditure	-2.89M	-5.43M	-2.53M	-799K	-385K
Sale of Property, Plant, and Equipment	748K	866K	-	-	597K
Sale (Purchase) of Real Estate properties	-	93.13M	-	-	-
Sale (Purchase) of Intangible assets	-464K	-239K	-68.9K	-7.46K	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-64.2M
Other Investing Activities, Total	-	-	-20M	10.12M	-
Cash from Investing	-2.61M	88.33M	-22.6M	9.32M	-63.99M
Short Term Debt Issued, Total	-	-	-	100M	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	100M	-
Short Term Debt Repaid, Total	-2.04M	-	-	-100M	-
Long-Term Debt Repaid, Total	-17.97M	-11.3M	-9.51M	-9.02M	-3.18M
Total Debt Repaid	-20.01M	-11.3M	-9.51M	-109M	-3.18M
Issuance of Common Stock	125M	-	120M	-	-
Common Dividends Paid	-21.88M	-35.67M	-	-	-
Common & Preferred Stock Dividends Paid	-21.88M	-35.67M	-	-	-
Other Financing Activities, Total	-6.4M	200	-	-	-
Cash from Financing	77.2M	-46.97M	110M	-9.02M	-3.18M
Net Change in Cash	107M	70.58M	-67.26M	136M	-16.82M
Supplemental Items
Cash Interest Paid	1.88M	1.41M	1.21M	1.99M	228K
Cash Income Tax Paid (Refund)	5.46M	7M	10.85M	6.04M	-480K
Levered Free Cash Flow	15.69M	28.09M	-181M	150M	-15.84M
Unlevered Free Cash Flow	16.8M	29M	-180M	151M	-15.69M
Change In Net Working Capital	10.68M	-9.79M	199M	-130M	28.03M
Net Debt Issued / Repaid	-20.01M	-11.3M	-9.51M	-9.02M	-3.18M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.16	3.4	2	1.88	0.08
Return on Total Capital	7.19	3.81	2.17	2.01	0.08
Return On Equity %	10.21	16.49	2.83	2.45	0.4
Return on Common Equity	10.21	16.49	2.83	2.45	0.4
Margin Analysis
Gross Profit Margin %	39.42	32.23	32.54	11.74	16.87
SG&A Margin	21.79	20.65	24.32	8.6	16.42
EBITDA Margin %	22.87	17.6	14.6	5.32	4.96
EBITA Margin %	17.63	11.58	8.22	3.06	0.44
EBIT Margin %	17.63	11.58	8.22	2.98	0.26
Income From Continuing Operations Margin %	13.6	29.17	6.45	2.24	0.8
Net Income Margin %	13.6	29.17	6.45	2.24	0.8
Net Avail. For Common Margin %	13.6	29.17	6.45	2.24	0.8
Normalized Net Income Margin	10.44	7.19	5.05	1.8	0.69
Levered Free Cash Flow Margin	8.84	16.18	-108.38	30.23	-6.88
Unlevered Free Cash Flow Margin	9.46	16.71	-107.9	30.49	-6.82
Asset Turnover
Asset Turnover	0.56	0.47	0.39	1.01	0.47
Fixed Assets Turnover	1.19	1.2	1.2	3.85	1.92
Receivables Turnover (Average Receivables)	4.2	5.09	5.95	21.58	12.76
Inventory Turnover (Average Inventory)	8.47	8.65	1.27	3.67	3.45
Short Term Liquidity
Current Ratio	4.09	6.15	12.19	17.67	21.62
Quick Ratio	3.71	5.78	5.07	13.57	15.23
Operating Cash Flow to Current Liabilities	0.79	0.8	-5.45	6.81	3.03
Days Sales Outstanding (Average Receivables)	86.89	71.76	61.37	16.96	28.61
Days Outstanding Inventory (Average Inventory)	43.08	42.21	287.6	99.61	105.77
Average Days Payable Outstanding	77.86	55.22	19.86	13.49	25.7
Cash Conversion Cycle (Average Days)	52.11	58.75	329.12	103.08	108.69
Long Term Solvency
Total Debt/Equity	8.56	6.38	2.39	0.58	0.94
Total Debt / Total Capital	7.89	6	2.33	0.58	0.93
LT Debt/Equity	5.72	3.65	0.46	0.26	0.69
Long-Term Debt / Total Capital	5.27	3.43	0.45	0.26	0.68
Total Liabilities / Total Assets	18.31	15.53	8.35	7.06	6.65
EBIT / Interest Expense	16.61	13.7	10.74	7.18	2.61
EBITDA / Interest Expense	22.41	21.83	20.1	13.31	56.81
(EBITDA - Capex) / Interest Expense	20.88	18.13	18.12	12.92	55.12
Total Debt / EBITDA	0.61	0.63	0.41	0.1	0.33
Net Debt / EBITDA	-2.03	-5.06	-4.05	-9.06	-17.72
Total Debt / (EBITDA - Capex)	0.65	0.75	0.46	0.1	0.34
Net Debt / (EBITDA - Capex)	-2.18	-6.09	-4.5	-9.34	-18.26
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.39	-2.23	-3.82	196.6	-53.52
Gross Profit, 1 Yr. Growth %	16.26	-20.07	-2.88	6.99	-33.21
EBITDA, 1 Yr. Growth %	14.6	-24.77	-20.21	6.2	-56.6
EBITA, 1 Yr. Growth %	13.98	-35.81	-31.71	7.37	-93.33
EBIT, 1 Yr. Growth %	13.98	-35.81	-31.71	7.53	-95.97
Earnings From Cont. Operations, 1 Yr. Growth %	13.93	109.71	-78.74	2.91	-83.37
Net Income, 1 Yr. Growth %	13.93	109.71	-78.74	2.91	-83.37
Normalized Net Income, 1 Yr. Growth %	12.3	-34.36	-32.4	5.55	-82.09
Diluted EPS Before Extra, 1 Yr. Growth %	10.53	60	-80.34	-2.66	-83.37
Accounts Receivable, 1 Yr. Growth %	-9.11	-30.43	0.49	-36.93	3.26
Inventory, 1 Yr. Growth %	32.26	-11.8	1.19K	-55.59	-48.43
Net Property, Plant and Equip., 1 Yr. Growth %	-5.29	-0.78	-6.73	-7.94	-5.6
Total Assets, 1 Yr. Growth %	36.83	1.54	30.65	1.06	-0.08
Tangible Book Value, 1 Yr. Growth %	73.94	5.1	42.2	2.59	0.44
Common Equity, 1 Yr. Growth %	72.93	5	41.76	2.48	0.35
Cash From Operations, 1 Yr. Growth %	-19.17	-10.34	-631.15	-187.29	-62.82
Capital Expenditures, 1 Yr. Growth %	-78.27	87.76	-53.33	-68.44	-51.88
Levered Free Cash Flow, 1 Yr. Growth %	-8.27	79.8	-744.34	-182.74	-110.58
Unlevered Free Cash Flow, 1 Yr. Growth %	-6.24	72.65	-721.21	-183.82	-110.39
Dividend Per Share, 1 Yr. Growth %	-68.91	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.82	4.36	-3.03	68.9	17.41
Gross Profit, 2 Yr. CAGR %	6.15	-3.61	-11.89	1.94	-15.47
EBITDA, 2 Yr. CAGR %	-3.83	-7.15	-22.52	-7.17	-32.11
EBITA, 2 Yr. CAGR %	-5.35	-14.47	-33.8	-13.1	-73.24
EBIT, 2 Yr. CAGR %	-5.35	-14.47	-33.8	-14.31	-79.18
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.23	54.57	-33.23	-53.23	-58.63
Net Income, 2 Yr. CAGR %	-2.23	54.57	-33.23	-53.23	-58.63
Normalized Net Income, 2 Yr. CAGR %	-2.51	-13.07	-33.39	-15.53	-56.53
Diluted EPS Before Extra, 2 Yr. CAGR %	-10.55	32.99	-43.91	-56.25	-59.77
Accounts Receivable, 2 Yr. CAGR %	1.07	-20.48	-16.38	-20.39	-19.3
Inventory, 2 Yr. CAGR %	9.39	8.01	237.55	139.52	-52.14
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.09	-3.06	-3.8	-7.34	-6.78
Total Assets, 2 Yr. CAGR %	15.95	17.87	15.18	14.91	0.49
Tangible Book Value, 2 Yr. CAGR %	21.99	35.21	22.25	20.78	1.51
Common Equity, 2 Yr. CAGR %	21.78	34.75	22	20.53	1.41
Cash From Operations, 2 Yr. CAGR %	17.56	-14.87	118.23	115.32	-43.03
Capital Expenditures, 2 Yr. CAGR %	-45.57	-36.12	-6.39	-61.62	-61.03
Levered Free Cash Flow, 2 Yr. CAGR %	-2.04	28.12	240.37	130.89	-70.42
Unlevered Free Cash Flow, 2 Yr. CAGR %	-5.85	27.23	227.49	128.19	-70.49
Dividend Per Share, 2 Yr. CAGR %	39.35	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.74	1.11	1.56	40.76	9.86
Gross Profit, 3 Yr. CAGR %	8.64	-3.43	-3.36	-6	-11.46
EBITDA, 3 Yr. CAGR %	-3.75	-11.39	-11.72	-13.45	-27.95
EBITA, 3 Yr. CAGR %	-5.45	-16.85	-20.65	-21.45	-63.07
EBIT, 3 Yr. CAGR %	-5.45	-16.85	-20.65	-22.18	-69.07
Earnings From Cont. Operations, 3 Yr. CAGR %	0.89	26.09	-20.22	-22.88	-66.86
Net Income, 3 Yr. CAGR %	0.89	26.09	-20.22	-22.88	-66.87
Normalized Net Income, 3 Yr. CAGR %	0.25	-13.84	-20.06	-22.34	-49.64
Diluted EPS Before Extra, 3 Yr. CAGR %	-19.96	8.58	-29.68	-32.6	-68.31
Accounts Receivable, 3 Yr. CAGR %	3.78	-10.76	-14.03	-23.89	-13.18
Inventory, 3 Yr. CAGR %	12.91	1.82	147	71.68	43.56
Net Property, Plant and Equip., 3 Yr. CAGR %	5.94	-3	-4.3	-5.2	-6.76
Total Assets, 3 Yr. CAGR %	17.19	10.93	21.98	10.27	9.68
Tangible Book Value, 3 Yr. CAGR %	50.1	16.08	37.5	15.31	13.58
Common Equity, 3 Yr. CAGR %	48.99	15.91	37.05	15.11	13.39
Cash From Operations, 3 Yr. CAGR %	-	7.41	56.72	60.79	19.9
Capital Expenditures, 3 Yr. CAGR %	-	-17.76	-42.47	-34.85	-58.62
Levered Free Cash Flow, 3 Yr. CAGR %	-	19.75	119.51	112.42	-17.39
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	15.24	115.85	107.93	-18.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	3.87	2.72	24.14	7.62
Gross Profit, 5 Yr. CAGR %	-	3.55	-0.09	-1.32	-8.4
EBITDA, 5 Yr. CAGR %	-	-	-11.75	-9.72	-20.26
EBITA, 5 Yr. CAGR %	-	-9.89	-18.01	-15.37	-48.32
EBIT, 5 Yr. CAGR %	-	-9.89	-18.01	-15.84	-53.54
Earnings From Cont. Operations, 5 Yr. CAGR %	-	21.2	-14.47	-15.2	-38.65
Net Income, 5 Yr. CAGR %	-	21.2	-14.47	-15.2	-38.65
Normalized Net Income, 5 Yr. CAGR %	-	-3.88	-14.45	-14.52	-37.35
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-30.57	-24.52	-43.75
Accounts Receivable, 5 Yr. CAGR %	-	-0.68	-4.81	-14.74	-16.18
Inventory, 5 Yr. CAGR %	-	3.25	74.97	43.36	28.12
Net Property, Plant and Equip., 5 Yr. CAGR %	-	2.97	1.93	-4.76	-5.3
Total Assets, 5 Yr. CAGR %	-	9.85	16.38	12.5	12.88
Tangible Book Value, 5 Yr. CAGR %	-	36.68	38.27	17.94	21.78
Common Equity, 5 Yr. CAGR %	-	36.22	37.55	17.73	21.49
Cash From Operations, 5 Yr. CAGR %	-	-	-	41.86	4.55
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-39.37	-50.77
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	55.71	-1.53
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	51.45	-2.61