HK:1929's free cash flow for Q4 2025 was HK$0.28. For the 2025 fiscal year, HK:1929's free cash flow was decreased by HK$ and operating cash flow was HK$0.10. See a summary of the company’s cash flow.

Ratios	TTM	Dec 25	Dec 24	Dec 22	Dec 21
Liquidity Ratios
Current Ratio	1.40	1.38	1.51	1.57	1.57
Quick Ratio	0.25	0.25	0.35	0.42	0.42
Cash Ratio	0.16	0.13	0.23	0.30	0.30
Solvency Ratio	0.15	0.14	0.14	0.16	0.16
Operating Cash Flow Ratio	0.21	0.24	0.19	0.28	0.28
Short-Term Operating Cash Flow Coverage	0.51	0.55	0.50	0.60	0.60
Net Current Asset Value	HK$ 18.14B	HK$ 17.11B	HK$ 23.29B	HK$ 24.94B	HK$ 24.94B
Leverage Ratios
Debt-to-Assets Ratio	0.27	0.34	0.25	0.30	0.30
Debt-to-Equity Ratio	0.79	1.16	0.68	0.77	0.77
Debt-to-Capital Ratio	0.44	0.54	0.41	0.44	0.44
Long-Term Debt-to-Capital Ratio	0.00	0.12	0.04	0.05	0.05
Financial Leverage Ratio	2.90	3.45	2.70	2.61	2.61
Debt Service Coverage Ratio	0.54	0.37	0.41	0.40	0.40
Interest Coverage Ratio	23.56	12.90	15.34	27.71	27.71
Debt to Market Cap	0.14	0.24	0.13	0.17	0.17
Interest Debt Per Share	2.14	3.06	2.27	2.63	2.63
Net Debt to EBITDA	1.03	1.90	1.02	0.97	0.97
Profitability Margins
Gross Profit Margin	29.51%	20.50%	24.01%	23.55%	23.55%
EBIT Margin	12.50%	8.68%	8.48%	9.41%	9.41%
EBITDA Margin	14.34%	10.77%	10.81%	11.45%	11.45%
Operating Profit Margin	15.57%	8.36%	9.49%	9.46%	9.46%
Pretax Profit Margin	8.84%	8.03%	7.86%	9.07%	9.07%
Net Profit Margin	6.60%	5.98%	5.69%	6.78%	6.78%
Continuous Operations Profit Margin	6.69%	6.08%	5.80%	6.95%	6.95%
Net Income Per EBT	74.64%	74.46%	72.31%	74.77%	74.77%
EBT Per EBIT	56.76%	96.00%	82.90%	95.94%	95.94%
Return on Assets (ROA)	7.73%	7.32%	6.16%	7.65%	7.65%
Return on Equity (ROE)	22.85%	25.27%	16.62%	19.97%	19.97%
Return on Capital Employed (ROCE)	49.17%	29.05%	24.73%	24.55%	24.55%
Return on Invested Capital (ROIC)	21.69%	12.03%	11.75%	11.60%	11.60%
Return on Tangible Assets	7.73%	7.32%	6.17%	7.66%	7.66%
Earnings Yield	4.09%	5.49%	3.46%	4.71%	4.71%
Efficiency Ratios
Receivables Turnover	38.71	35.69	29.47	32.31	32.31
Payables Turnover	55.99	83.01	72.49	65.48	65.48
Inventory Turnover	1.14	1.34	1.21	1.32	1.32
Fixed Asset Turnover	17.28	17.23	13.84	14.73	14.73
Asset Turnover	1.17	1.22	1.08	1.13	1.13
Working Capital Turnover Ratio	4.67	4.54	3.46	3.62	3.62
Cash Conversion Cycle	322.96	278.84	308.12	283.16	283.16
Days of Sales Outstanding	9.43	10.23	12.39	11.30	11.30
Days of Inventory Outstanding	320.05	273.02	300.77	277.43	277.43
Days of Payables Outstanding	6.52	4.40	5.04	5.57	5.57
Operating Cycle	329.48	283.24	313.16	288.73	288.73
Cash Flow Ratios
Operating Cash Flow Per Share	1.00	1.38	0.97	1.37	1.37
Free Cash Flow Per Share	0.94	1.29	0.77	1.22	1.22
CapEx Per Share	0.06	0.10	0.20	0.15	0.15
Free Cash Flow to Operating Cash Flow	0.94	0.93	0.80	0.89	0.89
Dividend Paid and CapEx Coverage Ratio	1.77	1.03	1.37	2.21	2.21
Capital Expenditure Coverage Ratio	17.30	14.36	4.89	8.96	8.96
Operating Cash Flow Coverage Ratio	0.48	0.46	0.44	0.53	0.53
Operating Cash Flow to Sales Ratio	0.11	0.13	0.10	0.14	0.14
Free Cash Flow Yield	6.60%	10.88%	4.95%	8.55%	8.55%
Valuation Ratios
Price-to-Earnings (P/E) Ratio	24.28	18.21	28.94	21.24	21.24
Price-to-Sales (P/S) Ratio	1.58	1.09	1.65	1.44	1.44
Price-to-Book (P/B) Ratio	5.43	4.60	4.81	4.24	4.24
Price-to-Free Cash Flow (P/FCF) Ratio	15.06	9.19	20.19	11.70	11.70
Price-to-Operating Cash Flow Ratio	14.36	8.55	16.06	10.39	10.39
Price-to-Earnings Growth (PEG) Ratio	0.71	0.89	-1.49	1.82	1.82
Price-to-Fair Value	5.43	4.60	4.81	4.24	4.24
Enterprise Value Multiple	12.06	12.00	16.24	13.56	13.56
Enterprise Value	155.95B	140.55B	166.21B	153.64B	153.64B
EV to EBITDA	12.13	12.00	16.24	13.56	13.56
EV to Sales	1.74	1.29	1.76	1.55	1.55
EV to Free Cash Flow	16.55	10.92	21.54	12.60	12.60
EV to Operating Cash Flow	15.60	10.16	17.14	11.20	11.20
Tangible Book Value Per Share	2.74	2.67	3.33	3.44	3.44
Shareholders’ Equity Per Share	2.65	2.57	3.24	3.36	3.36
Tax and Other Ratios
Effective Tax Rate	0.24	0.24	0.26	0.23	0.23
Revenue Per Share	8.98	10.88	9.47	9.89	9.89
Net Income Per Share	0.59	0.65	0.54	0.67	0.67
Tax Burden	0.75	0.74	0.72	0.75	0.75
Interest Burden	0.71	0.93	0.93	0.96	0.96
Research & Development to Revenue	0.00	0.00	0.00	0.00	0.00
SG&A to Revenue	0.02	0.03	0.04	0.03	0.03
Stock-Based Compensation to Revenue	<0.01	<0.01	<0.01	<0.01	<0.01
Income Quality	1.69	2.13	1.80	2.04	2.04

Currency in HKD

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