Balance Sheet ADF Group Inc.

Equities

DRX

CA00089N1033

Iron & Steel

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-06-17 EDT			5-day change	1st Jan Change
8.240 ^CAD	-1.79%		+21.35%	-15.40%

06-10	Toronto Stocks Flat; ADF Group Shares Climb on Strong Order Backlog	DJ
06-10	ADF Group Inc., Q1 2026 Earnings Call, Jun 10, 2025

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Published financial data: ADF GROUP INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: January	2021	2022	2023	2024	2025
Revenues	173M	281M	251M	331M	340M
Total Revenues	173M	281M	251M	331M	340M
Cost of Goods Sold, Total	146M	258M	215M	258M	232M
Gross Profit	26.2M	23.09M	35.57M	72.92M	107M
Selling General & Admin Expenses, Total	13.58M	10.66M	13.58M	21.51M	20.8M
Depreciation & Amortization - (IS)	865K	933K	894K	906K	886K
Amortization of Goodwill and Intangible Assets - (IS)	337K	391K	302K	363K	424K
Other Operating Expenses, Total	14.78M	11.99M	14.77M	22.78M	22.11M
Operating Income	11.43M	11.1M	20.8M	50.14M	85.13M
Interest Expense, Total	-1.52M	-1.06M	-1.98M	-3.61M	-3.32M
Interest And Investment Income	-	-	-	-	2.59M
Net Interest Expenses	-1.52M	-1.06M	-1.98M	-3.61M	-727K
Currency Exchange Gains (Loss)	-744K	-472K	-1.94M	-1.16M	-5.61M
Other Non Operating Income (Expenses)	-144K	-116K	-22K	1.04M	-389K
EBT, Excl. Unusual Items	9.02M	9.46M	16.85M	46.41M	78.41M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	-	1.6M	-	-	-
EBT, Incl. Unusual Items	9.02M	11.06M	16.85M	46.41M	78.41M
Income Tax Expense	2.15M	1.5M	1.92M	8.78M	21.62M
Earnings From Continuing Operations	6.87M	9.56M	14.94M	37.62M	56.79M
Net Income to Company	6.87M	9.56M	14.94M	37.62M	56.79M
Net Income - (IS)	6.87M	9.56M	14.94M	37.62M	56.79M
Net Income to Common Incl Extra Items	6.87M	9.56M	14.94M	37.62M	56.79M
Net Income to Common Excl. Extra Items	6.87M	9.56M	14.94M	37.62M	56.79M
Per Share Items
Net EPS - Basic	0.21	0.29	0.46	1.15	1.84
Basic EPS - Continuing Operations	0.21	0.29	0.46	1.15	1.84
Basic Weighted Average Shares Outstanding	32.64M	32.64M	32.64M	32.64M	30.85M
Net EPS - Diluted	0.21	0.29	0.46	1.15	1.84
Diluted EPS - Continuing Operations	0.21	0.29	0.46	1.15	1.84
Diluted Weighted Average Shares Outstanding	32.64M	32.64M	32.64M	32.64M	30.85M
Normalized Basic EPS	0.17	0.18	0.32	0.89	1.59
Normalized Diluted EPS	0.17	0.18	0.32	0.89	1.59
Dividend Per Share	0.02	0.02	0.02	0.02	0.03
Payout Ratio	9.51	6.83	4.37	1.74	1.63
Supplemental Items
EBITDA	14.89M	15.15M	25.28M	55.19M	90.54M
EBITA	11.43M	11.6M	21.17M	50.57M	85.63M
EBIT	11.43M	11.1M	20.8M	50.14M	85.13M
EBITDAR	15.5M	20.53M	33.36M	63.06M	92.4M
Effective Tax Rate - (Ratio)	23.86	13.53	11.39	18.93	27.57
Total Current Taxes	740K	-448K	250K	2.41M	20.01M
Total Deferred Taxes	1.41M	1.94M	1.67M	6.37M	1.61M
Normalized Net Income	5.64M	5.91M	10.53M	29M	49M
Interest Capitalized	-	-	477K	-	-
Interest on Long-Term Debt	1.2M	878K	2.31M	3.51M	3.22M
Supplemental Operating Expense Items
Net Rental Expense, Total	614K	5.38M	8.07M	7.88M	1.86M
Imputed Operating Lease Interest Expense	227K	1.46M	3.59M	4.54M	1.04M
Imputed Operating Lease Depreciation	387K	3.92M	4.48M	3.34M	813K
Maintenance & Repair Expenses, Total	1.33M	1.54M	2.15M	2.69M	3.76M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	998K	361K	724K	4.58M	1.39M
Total Stock-Based Compensation	998K	361K	724K	4.58M	1.39M

Fiscal Period: January	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	17.81M	7.13M	7.19M	72.38M	59.98M
Total Cash And Short Term Investments	17.81M	7.13M	7.19M	72.38M	59.98M
Accounts Receivable, Total	69.81M	70.42M	133M	123M	110M
Other Receivables	834K	1.55M	714K	3.23M	2.42M
Total Receivables	70.64M	71.97M	134M	126M	113M
Inventory	6.96M	9.69M	10.68M	13.53M	13.49M
Prepaid Expenses	4.67M	2.31M	2.25M	3.4M	3.27M
Other Current Assets, Total	517K	4K	84K	328K	-
Total Current Assets	101M	91.1M	154M	216M	190M
Gross Property Plant And Equipment	144M	163M	173M	173M	186M
Accumulated Depreciation	-59.7M	-57.47M	-60.73M	-64.97M	-71.59M
Net Property Plant And Equipment	84.7M	105M	112M	108M	114M
Long-term Investments	-	-	-	-	-
Other Intangibles, Total	3.27M	3.36M	3.64M	3.92M	4.33M
Deferred Tax Assets Long-Term	-	-	-	266K	-
Other Long-Term Assets, Total	1.39M	1.38M	1.37M	1.05M	-
Total Assets	190M	201M	272M	329M	308M
Liabilities
Accounts Payable, Total	12.12M	14.77M	18.81M	24.44M	20.96M
Accrued Expenses, Total	22.44M	19.65M	21.18M	31M	29.27M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	1.9M	3.36M	2.26M	3.04M	4.18M
Current Portion of Leases	1.14M	841K	806K	827K	821K
Current Income Taxes Payable	1.16M	-	235K	-	6.45M
Unearned Revenue Current, Total	23.28M	13.77M	44.53M	46.17M	11.48M
Other Current Liabilities	-	-	964K	-	7.2M
Total Current Liabilities	62.05M	52.39M	88.78M	105M	80.37M
Long-Term Debt	18.37M	28.7M	44.93M	42.14M	38.21M
Long-Term Leases	4.17M	3.77M	3.53M	2.84M	2.42M
Deferred Tax Liability Non Current	5.63M	7.57M	9.24M	15.88M	17.45M
Other Non Current Liabilities	177K	166K	156K	146K	135K
Total Liabilities	90.39M	92.6M	147M	166M	139M
Common Stock, Total	68.12M	68.12M	68.13M	68.13M	61.75M
Additional Paid In Capital	6.44M	6.44M	6.44M	6.44M	6.18M
Retained Earnings	19.12M	28.03M	42.32M	79.28M	85.84M
Comprehensive Income and Other	5.89M	5.86M	8.11M	8.28M	15.54M
Total Common Equity	99.56M	108M	125M	162M	169M
Total Equity	99.56M	108M	125M	162M	169M
Total Liabilities And Equity	190M	201M	272M	329M	308M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	32.64M	32.64M	32.64M	32.64M	29.15M
ECS Total Common Shares Outstanding	32.64M	32.64M	32.64M	32.64M	29.15M
Book Value / Share	3.05	3.32	3.83	4.97	5.81
Tangible Book Value	96.3M	105M	121M	158M	165M
Tangible Book Value Per Share	2.95	3.22	3.72	4.85	5.66
Total Debt	25.58M	36.67M	51.52M	48.84M	45.63M
Net Debt	7.78M	29.54M	44.33M	-23.54M	-14.35M
Debt Equivalent Oper. Leases	4.91M	43.06M	64.57M	63.03M	14.85M
Account Code - Inventory Valuation	8	6	8	8	8
Inventories - Others	7.82M	10.28M	11.3M	15.12M	15.28M
Land - (BS)	5.7M	5.69M	6.19M	6.2M	6.35M
Buildings, Total	61.73M	63.71M	68.36M	70.77M	76.57M
Machinery, Total	49.81M	66.35M	70.96M	68.48M	73.39M
Full Time Employees	505	579	638	550	561
Assets under Capital Lease - Gross	-	-	-	-	-
Order Backlog	436M	373M	376M	511M	293M

Fiscal Period: January	2021	2022	2023	2024	2025
Net Income	6.87M	9.56M	14.94M	37.62M	56.79M
Depreciation & Amortization - CF	4.47M	4.56M	4.95M	5.36M	5.66M
Amortization of Goodwill and Intangible Assets - (CF)	-	498K	370K	435K	498K
Depreciation & Amortization, Total	4.47M	5.05M	5.32M	5.8M	6.16M
Amortization of Deferred Charges, Total - (CF)	449K	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-2.11M	-802K	-31K	-
Stock-Based Compensation (CF)	998K	361K	724K	4.58M	1.39M
Other Operating Activities, Total	-2.58M	2.31M	3.06M	10.73M	15.58M
Change In Accounts Receivable	-5.63M	-757K	-60.66M	11.37M	20.37M
Change In Inventories	830K	-2.71M	-550K	-2.85M	456K
Change In Accounts Payable	3.58M	-2.04M	5.48M	10.75M	-9.4M
Change in Unearned Revenues	20.79M	-9.37M	29.79M	1.11M	-36.39M
Change in Other Net Operating Assets	-932K	2.37M	93K	-1.22M	107K
Cash from Operations	28.84M	2.67M	-2.61M	77.86M	55.06M
Capital Expenditure	-1.46M	-21.48M	-11.46M	-5.77M	-8.28M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-361K	-589K	-698K	-720K	-810K
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	68K	77K	80K	222K	384K
Cash from Investing	-1.75M	-21.99M	-12.08M	-6.27M	-8.71M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	5.65M	30M	20M	-	-
Total Debt Issued	5.65M	30M	20M	-	-
Short Term Debt Repaid, Total	-13.1M	-	-	-	-
Long-Term Debt Repaid, Total	-2.88M	-18.84M	-3.02M	-2.98M	-3.78M
Total Debt Repaid	-15.98M	-18.84M	-3.02M	-2.98M	-3.78M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-54.57M
Common Dividends Paid	-653K	-653K	-653K	-653K	-924K
Common & Preferred Stock Dividends Paid	-653K	-653K	-653K	-653K	-924K
Other Financing Activities, Total	-1.46M	-1.3M	-2.17M	-3.05M	-2.8M
Cash from Financing	-12.44M	9.2M	14.16M	-6.69M	-62.07M
Foreign Exchange Rate Adjustments	-823K	-558K	599K	280K	3.33M
Net Change in Cash	13.82M	-10.68M	63K	65.19M	-12.4M
Supplemental Items
Cash Interest Paid	1.46M	988K	2.18M	3.05M	2.8M
Cash Income Tax Paid (Refund)	-	1.43M	-860K	93K	9.89M
Levered Free Cash Flow	27.9M	-22.36M	-20.04M	52.85M	36.96M
Unlevered Free Cash Flow	28.85M	-21.7M	-18.81M	55.11M	39.04M
Change In Net Working Capital	-17.62M	11.99M	25.69M	-19.88M	12.62M
Net Debt Issued / Repaid	-10.33M	11.16M	16.98M	-2.98M	-3.78M

Fiscal Period: January	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.93	3.55	5.5	10.44	16.72
Return on Total Capital	5.5	5.14	8.08	16.17	24.98
Return On Equity %	7.08	9.19	12.8	26.21	34.27
Return on Common Equity	7.08	9.19	12.8	26.21	34.27
Margin Analysis
Gross Profit Margin %	15.18	8.23	14.18	22.03	31.58
SG&A Margin	7.87	3.8	5.41	6.5	6.12
EBITDA Margin %	8.63	5.4	10.08	16.67	26.66
EBITA Margin %	6.62	4.13	8.44	15.28	25.21
EBIT Margin %	6.62	3.96	8.29	15.15	25.06
Income From Continuing Operations Margin %	3.98	3.41	5.95	11.37	16.72
Net Income Margin %	3.98	3.41	5.95	11.37	16.72
Net Avail. For Common Margin %	3.98	3.41	5.95	11.37	16.72
Normalized Net Income Margin	3.27	2.11	4.2	8.76	14.43
Levered Free Cash Flow Margin	16.17	-7.97	-7.99	15.97	10.88
Unlevered Free Cash Flow Margin	16.72	-7.73	-7.5	16.65	11.49
Asset Turnover
Asset Turnover	0.95	1.44	1.06	1.1	1.07
Fixed Assets Turnover	1.99	2.96	2.31	3.01	3.06
Receivables Turnover (Average Receivables)	2.55	4	2.46	2.58	2.91
Inventory Turnover (Average Inventory)	19.7	30.95	21.14	21.32	17.2
Short Term Liquidity
Current Ratio	1.62	1.74	1.74	2.04	2.36
Quick Ratio	1.43	1.51	1.59	1.88	2.15
Operating Cash Flow to Current Liabilities	0.46	0.05	-0.03	0.74	0.69
Days Sales Outstanding (Average Receivables)	143.59	91.16	148.31	141.23	125.6
Days Outstanding Inventory (Average Inventory)	18.57	11.79	17.26	17.12	21.28
Average Days Payable Outstanding	34.59	18.85	28.33	30.25	35.76
Cash Conversion Cycle (Average Days)	127.58	84.1	137.24	128.11	111.12
Long Term Solvency
Total Debt/Equity	25.69	33.81	41.22	30.13	26.95
Total Debt / Total Capital	20.44	25.27	29.19	23.15	21.23
LT Debt/Equity	22.63	29.94	38.77	27.74	24
Long-Term Debt / Total Capital	18.01	22.38	27.45	21.32	18.9
Total Liabilities / Total Assets	47.58	46.06	53.98	50.66	45.01
EBIT / Interest Expense	7.52	10.5	10.52	13.88	25.66
EBITDA / Interest Expense	10.46	15.27	13.21	15.48	27.52
(EBITDA - Capex) / Interest Expense	9.5	-5.03	7.41	13.89	25.02
Total Debt / EBITDA	1.61	2.27	1.97	0.87	0.5
Net Debt / EBITDA	0.49	1.83	1.7	-0.42	-0.16
Total Debt / (EBITDA - Capex)	1.77	-6.9	3.52	0.97	0.55
Net Debt / (EBITDA - Capex)	0.54	-5.56	3.02	-0.47	-0.17
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-3.96	62.66	-10.63	31.94	2.6
Gross Profit, 1 Yr. Growth %	58.75	-11.87	54.02	105.01	47.06
EBITDA, 1 Yr. Growth %	282.9	-1.26	93.81	118.26	64.07
EBITA, 1 Yr. Growth %	2.18K	-2.29	122.73	138.94	69.31
EBIT, 1 Yr. Growth %	2.18K	-2.81	130.94	141.1	69.79
Earnings From Cont. Operations, 1 Yr. Growth %	-422.09	39.26	56.17	151.9	50.95
Net Income, 1 Yr. Growth %	-422.09	39.26	56.17	151.9	50.95
Normalized Net Income, 1 Yr. Growth %	-554.13	4.88	129.03	175.34	68.96
Diluted EPS Before Extra, 1 Yr. Growth %	-422.09	39.26	56.15	151.9	59.7
Accounts Receivable, 1 Yr. Growth %	6.39	0.88	89.52	-8.06	-10.03
Inventory, 1 Yr. Growth %	-11.88	39.22	10.21	26.73	-0.33
Net Property, Plant and Equip., 1 Yr. Growth %	-4.6	24.22	6.66	-3.95	5.77
Total Assets, 1 Yr. Growth %	9.45	5.84	35.1	20.98	-6.3
Tangible Book Value, 1 Yr. Growth %	5.76	9.13	15.46	30.38	4.28
Common Equity, 1 Yr. Growth %	5.46	8.92	15.25	29.72	4.43
Cash From Operations, 1 Yr. Growth %	-3.33K	-90.75	-197.86	-3.08K	-29.29
Capital Expenditures, 1 Yr. Growth %	23.1	1.37K	-46.63	-49.68	43.6
Levered Free Cash Flow, 1 Yr. Growth %	-1.39K	-180.15	-15.35	-363.7	-30.06
Unlevered Free Cash Flow, 1 Yr. Growth %	-3.11K	-175.22	-18.29	-393.04	-29.16
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	50
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	13.04	24.99	20.57	8.59	16.35
Gross Profit, 2 Yr. CAGR %	65.62	18.28	16.5	77.7	73.64
EBITDA, 2 Yr. CAGR %	207.19	97.35	28.38	105.67	89.24
EBITA, 2 Yr. CAGR %	108.51	380.77	33.51	130.69	101.13
EBIT, 2 Yr. CAGR %	108.51	370.34	34.91	135.96	102.32
Earnings From Cont. Operations, 2 Yr. CAGR %	328.5	111.79	47.48	98.35	95
Net Income, 2 Yr. CAGR %	328.5	111.79	47.48	98.35	95
Normalized Net Income, 2 Yr. CAGR %	94.14	118.24	36.7	151.12	115.69
Diluted EPS Before Extra, 2 Yr. CAGR %	328.5	111.79	47.46	98.33	100.57
Accounts Receivable, 2 Yr. CAGR %	13.6	3.6	38.27	32	-9.05
Inventory, 2 Yr. CAGR %	-8.7	10.77	23.87	18.18	12.39
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.65	8.86	15.11	1.21	0.79
Total Assets, 2 Yr. CAGR %	7.88	7.63	19.58	27.85	6.47
Tangible Book Value, 2 Yr. CAGR %	1.44	7.43	12.25	22.69	16.6
Common Equity, 2 Yr. CAGR %	1.37	7.18	12.04	22.27	16.39
Cash From Operations, 2 Yr. CAGR %	57.18	72.78	-69.91	440.11	359.11
Capital Expenditures, 2 Yr. CAGR %	-33.21	325.54	180.2	-48.18	-15
Levered Free Cash Flow, 2 Yr. CAGR %	137.22	221.56	-15.25	49.4	35.81
Unlevered Free Cash Flow, 2 Yr. CAGR %	118.23	376.15	-19.27	54.74	44.08
Dividend Per Share, 2 Yr. CAGR %	0	0	0	0	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.48	27.62	11.76	24.24	6.55
Gross Profit, 3 Yr. CAGR %	17.58	34.21	29.16	40.66	66.84
EBITDA, 3 Yr. CAGR %	22.8	112.52	86.64	53.23	90.75
EBITA, 3 Yr. CAGR %	41.73	64.05	248.05	62.09	108.09
EBIT, 3 Yr. CAGR %	41.73	61.67	246.01	63.72	111.45
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.63	194.61	91.34	76.29	81.09
Net Income, 3 Yr. CAGR %	-1.63	194.61	91.34	76.29	81.09
Normalized Net Income, 3 Yr. CAGR %	60.73	58.11	103.97	72.64	120.05
Diluted EPS Before Extra, 3 Yr. CAGR %	-1.63	194.61	91.33	76.28	84.51
Accounts Receivable, 3 Yr. CAGR %	0.71	9.19	26.7	20.68	16.17
Inventory, 3 Yr. CAGR %	10.56	5.09	10.58	24.82	11.66
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.41	5.59	8.12	8.37	2.71
Total Assets, 3 Yr. CAGR %	2.72	7.2	16.1	20.04	15.27
Tangible Book Value, 3 Yr. CAGR %	1.32	3.94	10.05	18	16.22
Common Equity, 3 Yr. CAGR %	1.3	3.83	9.8	17.65	16.01
Cash From Operations, 3 Yr. CAGR %	98.96	-38.85	42.96	39.24	174.25
Capital Expenditures, 3 Yr. CAGR %	-32.89	87.22	113.01	58.08	-27.21
Levered Free Cash Flow, 3 Yr. CAGR %	78.1	65.22	110.04	23.73	16.01
Unlevered Free Cash Flow, 3 Yr. CAGR %	93.88	53.01	169.83	24.07	19.26
Dividend Per Share, 3 Yr. CAGR %	0	0	0	0	14.47
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.96	22.24	6.81	19.63	13.58
Gross Profit, 5 Yr. CAGR %	13.33	6.06	17.15	50.16	45.39
EBITDA, 5 Yr. CAGR %	16.55	13.33	25.75	103.58	87.67
EBITA, 5 Yr. CAGR %	34.16	25.18	39.45	80.66	179.5
EBIT, 5 Yr. CAGR %	34.16	24.09	38.96	80.35	179.17
Earnings From Cont. Operations, 5 Yr. CAGR %	32.23	44.86	15.67	151.49	92.8
Net Income, 5 Yr. CAGR %	32.23	44.86	15.67	151.49	92.8
Normalized Net Income, 5 Yr. CAGR %	32.98	30.36	50.65	80.94	108.58
Diluted EPS Before Extra, 5 Yr. CAGR %	33.3	44.85	15.66	151.48	94.97
Accounts Receivable, 5 Yr. CAGR %	16.62	8.42	14.32	17.8	10.97
Inventory, 5 Yr. CAGR %	2.41	6.85	15.7	10.14	11.3
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.44	3.16	4.89	3.82	5.13
Total Assets, 5 Yr. CAGR %	5.34	4.85	9.16	15.02	12.15
Tangible Book Value, 5 Yr. CAGR %	-1.65	0.46	5.56	11.07	12.62
Common Equity, 5 Yr. CAGR %	-1.53	0.52	5.47	10.84	12.39
Cash From Operations, 5 Yr. CAGR %	90.26	-24.16	-6.53	46.15	127.98
Capital Expenditures, 5 Yr. CAGR %	-27.06	25.83	18.86	12	47.51
Levered Free Cash Flow, 5 Yr. CAGR %	24.63	3.39	32.33	60.52	76.42
Unlevered Free Cash Flow, 5 Yr. CAGR %	26.33	3.42	36.57	55.51	109.94
Dividend Per Share, 5 Yr. CAGR %	0	0	0	0	8.45