Cash flow Netbay

Stocks

NETBAY

TH7163010005

IT Services & Consulting

End-of-day quote Thailand S.E. Other stock markets 17/07/2026			5-day change	1st Jan Change
15.70 ^THB	+6.80%		+11.35%	-26.29%

14/05	Netbay Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
22/04	Netbay PCL says court ordered co to remit NSW service fee totaling 323.2 million baht, others	RE

1b942a6c5a614769.TxL389uQDOrzflLEzvt0h0E6-cjH6u8_8wjDkumYxNw.CCqtyuOgIbWsLRGBqr4uxnBSs_urupV6knyQwozflKsQYKDA7NhPj6MWag

Published financial data: NETBAY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	40Cr	46Cr	49Cr	58Cr	73Cr
Total Revenues	40Cr	46Cr	49Cr	58Cr	73Cr
Cost of Goods Sold, Total	7.81Cr	9.7Cr	10Cr	12Cr	20Cr
Gross Profit	32Cr	36Cr	39Cr	46Cr	53Cr
Selling General & Admin Expenses, Total	14Cr	15Cr	17Cr	20Cr	20Cr
Other Operating Expenses	-25.45L	-13.1L	-28.77L	-55.74L	-56.65L
Other Operating Expenses, Total	14Cr	15Cr	16Cr	19Cr	20Cr
Operating Income	19Cr	21Cr	22Cr	27Cr	33Cr
Interest Expense, Total	-1L	-4L	-5L	-15.14L	-17.51L
Interest And Investment Income	29.64L	31.47L	47.26L	22.21L	4L
Net Interest Expenses	28.31L	27.97L	41.87L	7L	-13.79L
Income (Loss) On Equity Invest.	-30.94T	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	19Cr	21Cr	23Cr	27Cr	33Cr
Gain (Loss) On Sale Of Investments	6L	-2L	-1L	-7L	-
EBT, Incl. Unusual Items	19Cr	21Cr	22Cr	27Cr	33Cr
Income Tax Expense	2.44Cr	4.48Cr	4.47Cr	5.58Cr	6.67Cr
Earnings From Continuing Operations	17Cr	17Cr	18Cr	22Cr	27Cr
Net Income to Company	17Cr	17Cr	18Cr	22Cr	27Cr
Net Income - (IS)	17Cr	17Cr	18Cr	22Cr	27Cr
Net Income to Common Incl Extra Items	17Cr	17Cr	18Cr	22Cr	27Cr
Net Income to Common Excl. Extra Items	17Cr	17Cr	18Cr	22Cr	27Cr
Per Share Items
Net EPS - Basic	0.83	0.85	0.9	1.08	1.33
Basic EPS - Continuing Operations	0.83	0.85	0.9	1.08	1.33
Basic Weighted Average Shares Outstanding	20Cr	20Cr	20Cr	20Cr	20Cr
Net EPS - Diluted	0.83	0.85	0.9	1.08	1.33
Diluted EPS - Continuing Operations	0.83	0.85	0.9	1.08	1.33
Diluted Weighted Average Shares Outstanding	20Cr	20Cr	20Cr	20Cr	20Cr
Normalized Basic EPS	0.59	0.67	0.7	0.85	1.04
Normalized Diluted EPS	0.59	0.67	0.7	0.85	1.04
Dividend Per Share	0.79	0.82	0.9	1.18	1.2
Payout Ratio	94.45	93.61	90.54	83.21	118.94
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	20Cr	22Cr	23Cr	29Cr	35Cr
EBITA	19Cr	21Cr	22Cr	28Cr	33Cr
EBIT	19Cr	21Cr	22Cr	27Cr	33Cr
EBITDAR	20Cr	23Cr	24Cr	30Cr	36Cr
Effective Tax Rate - (Ratio)	12.83	20.87	19.86	20.55	20.07
Current Domestic Taxes	2.57Cr	4.51Cr	4.52Cr	5.68Cr	6.75Cr
Total Current Taxes	2.57Cr	4.51Cr	4.52Cr	5.68Cr	6.75Cr
Deferred Domestic Taxes	-13.42L	-3L	-5L	-9L	-8L
Total Deferred Taxes	-13.42L	-3L	-5L	-9L	-8L
Normalized Net Income	12Cr	13Cr	14Cr	17Cr	21Cr
Interest on Long-Term Debt	1L	4L	5L	15.14L	17.51L
Non-Cash Pension Expense	5L	6L	5L	5L	4L
Supplemental Operating Expense Items
General and Administrative Expenses	8.47Cr	8.94Cr	10Cr	14Cr	14Cr
Net Rental Expense, Total	85.19L	86L	1Cr	98.3L	57.12L
Imputed Operating Lease Interest Expense	40.09L	67.05L	26.31L	51.11L	37.88L
Imputed Operating Lease Depreciation	45.1L	18.95L	73.85L	47.19L	19.24L

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	6.65Cr	6.18Cr	8.22Cr	11Cr	19Cr
Short Term Investments	10Cr	9.9Cr	8.57Cr	-	-
Trading Asset Securities, Total	24Cr	20Cr	21Cr	35Cr	22Cr
Total Cash And Short Term Investments	41Cr	36Cr	37Cr	46Cr	41Cr
Accounts Receivable, Total	5.73Cr	12Cr	11Cr	13Cr	11Cr
Other Receivables	45.01L	39.17L	32.36L	1.65Cr	2.14Cr
Total Receivables	6.18Cr	12Cr	12Cr	14Cr	13Cr
Inventory	-	-	-	-	-
Prepaid Expenses	26.39L	28.23L	18.67L	52.66L	72.49L
Other Current Assets, Total	20.7L	49.79L	90.69L	86.43L	1.09Cr
Total Current Assets	48Cr	49Cr	50Cr	61Cr	56Cr
Gross Property Plant And Equipment	11Cr	13Cr	15Cr	21Cr	22Cr
Accumulated Depreciation	-9.77Cr	-11Cr	-12Cr	-13Cr	-15Cr
Net Property Plant And Equipment	1.68Cr	2.69Cr	3.47Cr	8.46Cr	7.02Cr
Long-term Investments	12Cr	15Cr	17Cr	2.31Cr	2.31Cr
Other Intangibles, Total	32.36L	39.35L	47.1L	3.17Cr	4.68Cr
Deferred Tax Assets Long-Term	69.63L	55.03L	53.09L	65.95L	75.66L
Other Long-Term Assets, Total	1.09Cr	1.14Cr	1.11Cr	1.11Cr	1.73Cr
Total Assets	64Cr	68Cr	73Cr	77Cr	72Cr
Liabilities
Accounts Payable, Total	25.99L	22.45L	51.22L	54.95L	1.34Cr
Accrued Expenses, Total	6.14Cr	8.46Cr	10Cr	12Cr	8.95Cr
Current Portion of Leases	6L	30.94L	76.62L	50.71L	81.8L
Current Income Taxes Payable	1.51Cr	1.99Cr	1.55Cr	1.94Cr	2.04Cr
Unearned Revenue Current, Total	4.44Cr	4.35Cr	3.47Cr	2.23Cr	3.84Cr
Other Current Liabilities	23.86L	34.75L	10.11L	11.84L	13.1L
Total Current Liabilities	13Cr	16Cr	17Cr	17Cr	17Cr
Long-Term Leases	-	35.24L	1.86Cr	1.53Cr	1.37Cr
Pension & Other Post Retirement Benefits	3.07Cr	2.24Cr	2.23Cr	2.8Cr	3.19Cr
Other Non Current Liabilities	5L	3L	5L	2L	2L
Total Liabilities	16Cr	18Cr	21Cr	22Cr	22Cr
Common Stock, Total	20Cr	20Cr	20Cr	20Cr	20Cr
Additional Paid In Capital	12Cr	12Cr	12Cr	12Cr	12Cr
Retained Earnings	24Cr	26Cr	28Cr	32Cr	27Cr
Comprehensive Income and Other	-7.45Cr	-7.66Cr	-7.62Cr	-7.69Cr	-7.69Cr
Total Common Equity	48Cr	50Cr	52Cr	55Cr	50Cr
Total Equity	48Cr	50Cr	52Cr	55Cr	50Cr
Total Liabilities And Equity	64Cr	68Cr	73Cr	77Cr	72Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	20Cr	20Cr	20Cr	20Cr	20Cr
ECS Total Common Shares Outstanding	20Cr	20Cr	20Cr	20Cr	20Cr
Book Value / Share	2.41	2.5	2.59	2.77	2.52
Tangible Book Value	48Cr	50Cr	51Cr	52Cr	46Cr
Tangible Book Value Per Share	2.39	2.49	2.57	2.61	2.29
Total Debt	6L	66.18L	2.62Cr	2.03Cr	2.19Cr
Net Debt	-41Cr	-35Cr	-35Cr	-44Cr	-39Cr
Debt Equivalent Oper. Leases	6.82Cr	6.88Cr	8.01Cr	7.86Cr	4.57Cr
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	11Cr	13Cr	13Cr	19Cr	20Cr
Accumulated Allowance for Doubtful Accounts (Supple)	49.8L	49.8L	49.8L	49.8L	49.8L

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	17Cr	17Cr	18Cr	22Cr	27Cr
Depreciation & Amortization - CF	1.37Cr	1.25Cr	1.41Cr	2.13Cr	2.5Cr
Amortization of Goodwill and Intangible Assets - (CF)	-	13.74L	16.97L	43.87L	-
Depreciation & Amortization, Total	1.37Cr	1.38Cr	1.58Cr	2.57Cr	2.5Cr
Amortization of Deferred Charges, Total - (CF)	10.27L	-	-	-	56.14L
(Gain) Loss From Sale Of Asset	-	-	-1.87T	-3.74T	-
(Gain) Loss on Sale of Investments - (CF)	-4L	-2L	-13.26L	-44.05L	-51.79L
Asset Writedown & Restructuring Costs	-	-	736	-	1.23T
(Income) Loss On Equity Investments - (CF)	30.94T	-	-	-	-
Other Operating Activities, Total	1.63Cr	49.59L	-73.94L	57.74L	44.88L
Change In Accounts Receivable	37.31L	-5.86Cr	24.43L	-2.54Cr	1.23Cr
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	29.6L	-1L	55.28L	-9L	-2.38Cr
Change in Unearned Revenues	-26.23L	-9L	-88.15L	-1.24Cr	1.61Cr
Change in Other Net Operating Assets	41.91L	2.13Cr	1.04Cr	1.7Cr	-24.57L
Cash from Operations	20Cr	15Cr	20Cr	22Cr	30Cr
Capital Expenditure	-2L	-1.37Cr	-5L	-6.9Cr	-11.47L
Sale of Property, Plant, and Equipment	-	-	1.87T	5.61T	-
Cash Acquisitions	54.09L	-	-	-	-
Sale (Purchase) of Intangible assets	-15T	-20.73L	-24.72L	-3.14Cr	-1.91Cr
Investment in Marketable and Equity Securities, Total	-3.99Cr	2.09Cr	-1.12Cr	9.07Cr	14Cr
Other Investing Activities, Total	41.26L	23.73L	48.38L	31.76L	-60.47L
Cash from Investing	-3.06Cr	74.75L	-93.69L	-65.36L	11Cr
Long-Term Debt Repaid, Total	-35.06L	-32.08L	-39.84L	-96.68L	-95.42L
Total Debt Repaid	-35.06L	-32.08L	-39.84L	-96.68L	-95.42L
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-16Cr	-16Cr	-16Cr	-18Cr	-32Cr
Common & Preferred Stock Dividends Paid	-16Cr	-16Cr	-16Cr	-18Cr	-32Cr
Cash from Financing	-16Cr	-16Cr	-17Cr	-19Cr	-33Cr
Net Change in Cash	1.41Cr	-46.49L	2.03Cr	2.54Cr	8.39Cr
Supplemental Items
Cash Income Tax Paid (Refund)	1.06Cr	4.03Cr	4.96Cr	5.46Cr	6.87Cr
Levered Free Cash Flow	16Cr	9.64Cr	15Cr	7.64Cr	22Cr
Unlevered Free Cash Flow	16Cr	9.67Cr	15Cr	7.74Cr	22Cr
Change In Net Working Capital	-2.41Cr	3.39Cr	-30.18L	1.77Cr	-29.67L
Net Debt Issued / Repaid	-35.06L	-32.08L	-39.84L	-96.68L	-95.42L

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	18.67	20.02	19.59	22.71	27.96
Return on Total Capital	24.51	26.76	26.23	30.35	37.9
Return On Equity %	34.97	34.54	35.36	40.25	50.2
Return on Common Equity	34.97	34.54	35.36	40.25	50.2
Margin Analysis
Gross Profit Margin %	80.5	78.78	79.06	79.66	73.03
SG&A Margin	34.55	32.71	34.32	33.88	27.99
EBITDA Margin %	48.7	48.63	47.76	49.79	48.09
EBITA Margin %	46.59	46.66	45.68	47.49	45.82
EBIT Margin %	46.59	46.36	45.33	46.73	45.82
Income From Continuing Operations Margin %	41.34	37.13	36.99	37.13	36.47
Net Income Margin %	41.34	37.13	36.99	37.13	36.47
Net Avail. For Common Margin %	41.34	37.13	36.99	37.13	36.47
Normalized Net Income Margin	29.55	29.36	28.87	29.29	28.52
Levered Free Cash Flow Margin	38.74	21.09	31.51	13.15	30.31
Unlevered Free Cash Flow Margin	38.76	21.14	31.58	13.31	30.46
Asset Turnover
Asset Turnover	0.64	0.69	0.69	0.78	0.98
Fixed Assets Turnover	17	20.88	15.82	9.75	9.41
Receivables Turnover (Average Receivables)	6.76	5.26	4.21	4.81	6.15
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	3.79	3.1	3.04	3.54	3.25
Quick Ratio	3.75	3.05	2.98	3.46	3.14
Operating Cash Flow to Current Liabilities	1.62	0.96	1.19	1.28	1.74
Days Sales Outstanding (Average Receivables)	54.02	69.42	86.63	76.1	59.35
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	12.78	9.11	13.17	16.43	17.57
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	0.12	1.32	5.06	3.67	4.34
Total Debt / Total Capital	0.12	1.3	4.81	3.54	4.16
LT Debt/Equity	-	0.7	3.58	2.76	2.72
Long-Term Debt / Total Capital	-	0.69	3.41	2.66	2.61
Total Liabilities / Total Assets	24.64	26.76	28.46	28.11	30.09
EBIT / Interest Expense	1.4T	604.11	409.51	179.49	190.56
EBITDA / Interest Expense	1.5T	643.52	438.83	196.46	204.81
(EBITDA - Capex) / Interest Expense	1.5T	604.45	437.89	150.89	204.16
Total Debt / EBITDA	0	0.03	0.11	0.07	0.06
Net Debt / EBITDA	-2.06	-1.55	-1.47	-1.46	-1.07
Total Debt / (EBITDA - Capex)	0	0.03	0.11	0.09	0.06
Net Debt / (EBITDA - Capex)	-2.06	-1.65	-1.47	-1.91	-1.08
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.09	14.17	6.6	19.3	25.23
Gross Profit, 1 Yr. Growth %	5.26	11.73	6.98	20.2	14.81
EBITDA, 1 Yr. Growth %	14.53	13.4	4.71	24.37	22.8
EBITA, 1 Yr. Growth %	19.83	13.72	4.35	24.04	22.77
EBIT, 1 Yr. Growth %	19.83	13.61	4.23	23.01	22.77
Earnings From Cont. Operations, 1 Yr. Growth %	5.83	2.52	6.22	19.76	22.99
Net Income, 1 Yr. Growth %	5.83	2.52	6.22	19.76	22.99
Normalized Net Income, 1 Yr. Growth %	21.23	13.4	4.82	21.03	21.95
Diluted EPS Before Extra, 1 Yr. Growth %	5.83	2.52	6.22	19.76	22.99
Accounts Receivable, 1 Yr. Growth %	-6.29	103.28	-1.51	10.64	-13.56
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	-44.33	59.95	28.69	144.04	-17.09
Total Assets, 1 Yr. Growth %	4.95	6.95	6.05	6.21	-6.38
Tangible Book Value, 1 Yr. Growth %	3.75	3.82	3.46	1.53	-12.38
Common Equity, 1 Yr. Growth %	3.67	3.94	3.59	6.72	-8.95
Cash From Operations, 1 Yr. Growth %	23.21	-26.67	31.3	12.37	34.48
Capital Expenditures, 1 Yr. Growth %	-90.74	6.25T	-96.3	13.52T	-98.34
Levered Free Cash Flow, 1 Yr. Growth %	41.66	-37.84	59.26	-50.23	188.72
Unlevered Free Cash Flow, 1 Yr. Growth %	41.48	-37.73	59.25	-49.72	186.6
Dividend Per Share, 1 Yr. Growth %	1.61	2.73	10.06	31.28	1.76
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.37	8.49	10.32	12.77	22.23
Gross Profit, 2 Yr. CAGR %	-1.29	8.45	9.33	13.4	17.48
EBITDA, 2 Yr. CAGR %	3.24	14.26	8.97	14.12	22.64
EBITA, 2 Yr. CAGR %	3.63	17.06	8.94	13.77	22.42
EBIT, 2 Yr. CAGR %	3.63	16.68	8.82	13.23	22.89
Earnings From Cont. Operations, 2 Yr. CAGR %	-3.85	4.16	4.35	12.78	21.36
Net Income, 2 Yr. CAGR %	-3.85	4.16	4.35	12.78	21.36
Normalized Net Income, 2 Yr. CAGR %	2.86	17.25	9.03	12.64	21.49
Diluted EPS Before Extra, 2 Yr. CAGR %	-3.85	4.16	4.35	12.78	21.36
Accounts Receivable, 2 Yr. CAGR %	1.44	38.02	41.5	4.39	-2.21
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	-26.49	-5.63	43.47	77.22	42.25
Total Assets, 2 Yr. CAGR %	-0.59	5.95	6.5	6.13	-0.29
Tangible Book Value, 2 Yr. CAGR %	-1.68	3.79	3.64	2.49	-5.68
Common Equity, 2 Yr. CAGR %	-1.79	3.81	3.76	5.14	-1.43
Cash From Operations, 2 Yr. CAGR %	7.27	-4.95	-1.88	21.47	22.93
Capital Expenditures, 2 Yr. CAGR %	-73.04	142.55	53.25	124.38	50.48
Levered Free Cash Flow, 2 Yr. CAGR %	24.31	-6.16	-0.5	-10.97	19.88
Unlevered Free Cash Flow, 2 Yr. CAGR %	24.34	-6.14	-0.42	-10.52	20.04
Dividend Per Share, 2 Yr. CAGR %	-9.7	2.17	6.33	20.2	15.58
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.46	3.56	7.86	13.24	16.78
Gross Profit, 3 Yr. CAGR %	3.47	2.87	7.96	12.84	13.87
EBITDA, 3 Yr. CAGR %	8.87	6.71	10.99	13.88	16.35
EBITA, 3 Yr. CAGR %	7.8	7.09	12.66	13.75	16.07
EBIT, 3 Yr. CAGR %	7.8	6.86	12.37	13.36	16.32
Earnings From Cont. Operations, 3 Yr. CAGR %	3.62	-1.77	4.84	9.25	16.09
Net Income, 3 Yr. CAGR %	3.62	-1.77	4.84	9.25	16.09
Normalized Net Income, 3 Yr. CAGR %	6.73	6.26	12.95	12.89	15.66
Diluted EPS Before Extra, 3 Yr. CAGR %	3.62	-1.77	4.84	9.25	16.09
Accounts Receivable, 3 Yr. CAGR %	0.96	27.89	23.33	30.36	-1.98
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-23.38	-4.75	4.65	71.26	37.58
Total Assets, 3 Yr. CAGR %	1.55	1.86	5.98	6.4	1.78
Tangible Book Value, 3 Yr. CAGR %	0.58	0.12	3.68	2.93	-2.73
Common Equity, 3 Yr. CAGR %	0.71	0.08	3.73	4.74	0.22
Cash From Operations, 3 Yr. CAGR %	9.95	-5.5	5.86	2.66	25.66
Capital Expenditures, 3 Yr. CAGR %	-81.17	66.55	-39.87	583.93	-56.26
Levered Free Cash Flow, 3 Yr. CAGR %	30.22	-1.33	11.93	-21.02	31.78
Unlevered Free Cash Flow, 3 Yr. CAGR %	30.24	-1.26	11.95	-20.71	31.9
Dividend Per Share, 3 Yr. CAGR %	1.69	-5.73	4.73	14.07	13.71
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.97	7.75	6.15	7.15	13.39
Gross Profit, 5 Yr. CAGR %	8.51	8.11	5.77	6.96	11.67
EBITDA, 5 Yr. CAGR %	15.99	13.48	9.02	9.61	15.51
EBITA, 5 Yr. CAGR %	15.47	12.94	8.37	9.71	16.47
EBIT, 5 Yr. CAGR %	15.47	12.79	8.21	9.36	16.47
Earnings From Cont. Operations, 5 Yr. CAGR %	13.14	7.95	3.91	3.81	11.16
Net Income, 5 Yr. CAGR %	13.14	7.95	3.91	3.81	11.16
Normalized Net Income, 5 Yr. CAGR %	14.78	11.84	7.65	8.77	16.29
Diluted EPS Before Extra, 5 Yr. CAGR %	11.03	7.95	3.91	3.81	11.16
Accounts Receivable, 5 Yr. CAGR %	4.94	19	15.55	17.91	12.4
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	20.67	37.55	-1.53	22.1	18.32
Total Assets, 5 Yr. CAGR %	6.41	5.11	3.5	3.55	3.43
Tangible Book Value, 5 Yr. CAGR %	7.01	3.57	1.79	1.06	-0.17
Common Equity, 5 Yr. CAGR %	7.01	3.67	1.92	2.08	1.64
Cash From Operations, 5 Yr. CAGR %	14.34	7.46	5.06	4.48	12.38
Capital Expenditures, 5 Yr. CAGR %	-40.13	72.29	-56.44	87.64	-13.21
Levered Free Cash Flow, 5 Yr. CAGR %	18.51	8.78	16.93	-5.31	15.04
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.52	8.83	16.98	-5.07	15.12
Dividend Per Share, 5 Yr. CAGR %	28.93	11.39	3.52	3.89	8.94