Income Statement Applicad Thailand S.E.

Stocks

APP-R

TH9527010R11

Software

End-of-day quote Thailand S.E. 2026-10-02			5-day change	1st Jan Change
3.560 ^THB	0.00%		-2.20%	+48.33%

08-10	Applicad Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-12	Applicad Public Company Limited Announces Executive and Committee Changes, Effective May 13, 2026	CI

82fab38600ca8a6c810ada16690.mrsi1FVGDovKwXQRpgeQ2jIcG2gOFf_Xk45rOxw4TwY.4tRXnzE3V-a9illg1mD8vnEufiN0Sru_-ttfCSl-fnX1yWOcPShrx52YOQ

Published financial data: APPLICAD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	785M	875M	883M	993M	1.1B
Other Revenues, Total	14.29M	13.17M	22.98M	28.68M	23.01M
Total Revenues	799M	888M	906M	1.02B	1.13B
Cost of Goods Sold, Total	443M	520M	514M	600M	654M
Gross Profit	356M	368M	392M	422M	472M
Selling General & Admin Expenses, Total	274M	309M	322M	335M	334M
Provision for Bad Debts	-	-	-	836K	2.29M
Other Operating Expenses, Total	274M	309M	322M	336M	336M
Operating Income	81.86M	58.82M	70.32M	86.49M	136M
Interest Expense, Total	-330K	-670K	-758K	-1.14M	-1.15M
Net Interest Expenses	-330K	-670K	-758K	-1.14M	-1.15M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-181K	-	-
EBT, Excl. Unusual Items	81.53M	58.15M	69.38M	85.35M	135M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
EBT, Incl. Unusual Items	81.53M	58.15M	69.38M	85.35M	135M
Income Tax Expense	22.81M	11.65M	18.48M	18.23M	30.34M
Earnings From Continuing Operations	58.73M	46.5M	50.9M	67.12M	104M
Net Income to Company	58.73M	46.5M	50.9M	67.12M	104M
Minority Interest	-266K	-25.12K	-174K	-244K	-105K
Net Income - (IS)	58.46M	46.47M	50.72M	66.87M	104M
Net Income to Common Incl Extra Items	58.46M	46.47M	50.72M	66.87M	104M
Net Income to Common Excl. Extra Items	58.46M	46.47M	50.72M	66.87M	104M
Per Share Items
Net EPS - Basic	0.21	0.17	0.18	0.24	0.37
Basic EPS - Continuing Operations	0.21	0.17	0.18	0.24	0.37
Basic Weighted Average Shares Outstanding	280M	280M	280M	280M	280M
Net EPS - Diluted	0.21	0.17	0.18	0.24	0.37
Diluted EPS - Continuing Operations	0.21	0.17	0.18	0.24	0.37
Diluted Weighted Average Shares Outstanding	280M	280M	280M	280M	280M
Normalized Basic EPS	0.18	0.13	0.15	0.19	0.3
Normalized Diluted EPS	0.18	0.13	0.15	0.19	0.3
Dividend Per Share	0.2	0.14	0.15	0.13	0.23
Payout Ratio	71.84	120.5	77.28	62.81	34.96
Supplemental Items
EBITDA	98.15M	79.23M	93.96M	108M	154M
EBITA	82.68M	59.77M	73.29M	90.14M	139M
EBIT	81.86M	58.82M	70.32M	86.49M	136M
Total Revenues (As Reported)	799M	888M	906M	1.02B	1.13B
Effective Tax Rate - (Ratio)	27.98	20.04	26.64	21.36	22.55
Total Current Taxes	17.99M	14.25M	16.02M	16.88M	32.16M
Total Deferred Taxes	4.82M	-2.59M	2.47M	1.35M	-1.82M
Normalized Net Income	50.69M	36.32M	43.19M	53.1M	84M
Interest on Long-Term Debt	330K	670K	758K	1.07M	1.15M
Non-Cash Pension Expense	991K	846K	1.79M	1.07M	10.08M
Supplemental Operating Expense Items
Selling and Marketing Expenses	174M	199M	198M	197M	192M
General and Administrative Expenses	100M	110M	124M	137M	142M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	361M	159M	183M	264M	381M
Short Term Investments	-	142M	127M	61.66M	-
Total Cash And Short Term Investments	361M	301M	309M	326M	381M
Accounts Receivable, Total	162M	199M	99.37M	156M	109M
Other Receivables	10.92M	17.23M	18.96M	28.79M	12.03M
Notes Receivable	-	-	-	-	-
Total Receivables	173M	216M	118M	184M	121M
Inventory	46.84M	65M	47.77M	44.77M	48.68M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	1.7M	1.72M	129M	164M	258M
Total Current Assets	582M	583M	605M	719M	808M
Gross Property Plant And Equipment	189M	223M	233M	232M	249M
Accumulated Depreciation	-85.01M	-104M	-120M	-136M	-150M
Net Property Plant And Equipment	104M	119M	113M	95.44M	99.31M
Other Intangibles, Total	16.84M	24.42M	25.19M	23.78M	19.77M
Accounts Receivable Long-Term	17.07M	29.55M	-	-	-
Deferred Tax Assets Long-Term	11.5M	14.62M	12.14M	10.66M	12.89M
Other Long-Term Assets, Total	1.03M	1.46M	37.58M	50.19M	41.9M
Total Assets	733M	772M	792M	899M	982M
Liabilities
Accounts Payable, Total	82.65M	90.59M	78.75M	84.53M	65.5M
Accrued Expenses, Total	39.93M	38.23M	46.35M	46.55M	47.94M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	2.29M	3.85M	5.87M	6.03M	8.93M
Current Income Taxes Payable	3.48M	-	-	407K	7.84M
Unearned Revenue Current, Total	171M	190M	184M	238M	270M
Other Current Liabilities	-	190K	-	33.38K	272K
Total Current Liabilities	299M	322M	314M	376M	400M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	1.48M	8.64M	12.2M	9.02M	8.43M
Unearned Revenue Non Current	29.73M	44.32M	57.02M	80.72M	65.11M
Pension & Other Post Retirement Benefits	45.25M	50.22M	50.51M	50.53M	60.99M
Other Non Current Liabilities	210K	1.09M	1.1M	1.36M	1.19M
Total Liabilities	376M	427M	435M	517M	536M
Common Stock, Total	140M	140M	140M	140M	140M
Additional Paid In Capital	147M	147M	147M	147M	147M
Retained Earnings	67.77M	57.04M	68.56M	93.43M	159M
Comprehensive Income and Other	2.97M	2.17M	1.6M	1.39M	-1.21M
Total Common Equity	357M	346M	357M	382M	445M
Minority Interest	-251K	-226K	-52.21K	191K	1.06M
Total Equity	357M	346M	357M	382M	446M
Total Liabilities And Equity	733M	772M	792M	899M	982M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	280M	280M	280M	280M	280M
ECS Total Common Shares Outstanding	280M	280M	280M	280M	280M
Book Value / Share	1.28	1.24	1.27	1.36	1.59
Tangible Book Value	341M	322M	332M	358M	425M
Tangible Book Value Per Share	1.22	1.15	1.18	1.28	1.52
Total Debt	3.77M	12.49M	18.07M	15.05M	17.37M
Net Debt	-357M	-288M	-291M	-311M	-363M
Debt Equivalent of Unfunded Proj. Benefit Obligation	46.69M	53.35M	58.63M	55.53M	65.02M
Minority Interest, Total (Incl. Fin. Div)	-251K	-226K	-52.21K	191K	1.06M
Account Code - Inventory Valuation	5	-	5	5	5
Inventories - Raw Materials, Total	1.42M	17.5M	15.01M	14.52M	15.92M
Inventories - Work In Process, Total	1.16M	18.13K	64.23K	10.01K	12K
Inventories - Finished Goods, Total	49M	53.81M	40.55M	37.5M	41.2M
Land - (BS)	19.92M	19.92M	19.92M	19.92M	19.92M
Buildings, Total	-	27.84M	27.79M	28.42M	24.75M
Machinery, Total	104M	119M	119M	116M	125M
Accumulated Allowance for Doubtful Accounts (Supple)	1.31M	2.92M	2.73M	2.78M	3.8M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	58.46M	46.47M	50.72M	66.87M	104M
Depreciation & Amortization - CF	18.71M	24.41M	25.74M	24.81M	23.77M
Amortization of Goodwill and Intangible Assets - (CF)	812K	946K	2.97M	3.65M	3.77M
Depreciation & Amortization, Total	19.52M	25.35M	28.7M	28.47M	27.54M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-660K	-2.37M	-3.44M	-999K	-307K
Asset Writedown & Restructuring Costs	-	-	-	-	-
Provision and Write-off of Bad Debts	-435K	1.58M	-242K	765K	1.48M
Other Operating Activities, Total	11.74M	1.49M	6.12M	-6.76M	18.19M
Change In Accounts Receivable	-41.44M	-40.35M	-36.49M	-90.29M	51.02M
Change In Inventories	-14.1M	-19.73M	15.7M	3.13M	-5.57M
Change In Accounts Payable	48.63M	23.76M	-9.02M	63.57M	15.34M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	-1.59M	-2.89M	2.77M	2.03M	3.28M
Cash from Operations	80.13M	33.3M	54.82M	66.79M	215M
Capital Expenditure	-23.81M	-27.79M	-11.54M	-4.67M	-16.99M
Sale of Property, Plant, and Equipment	692K	4.53M	6.75M	1.59M	344K
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-12.32M	-8.53M	-3.15M	-2.24M	-475K
Investment in Marketable and Equity Securities, Total	-1M	-141M	15.31M	-	-100M
Other Investing Activities, Total	-	-	-	67.84M	66.95M
Cash from Investing	-36.44M	-173M	7.37M	62.51M	-50.17M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-3.52M	-4.99M	-5.39M	-6.58M	-8.79M
Total Debt Repaid	-3.52M	-4.99M	-5.39M	-6.58M	-8.79M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-42M	-56M	-39.2M	-42M	-36.4M
Common & Preferred Stock Dividends Paid	-42M	-56M	-39.2M	-42M	-36.4M
Other Financing Activities, Total	-	-670K	-758K	-1.07M	-1.15M
Cash from Financing	-45.52M	-61.66M	-45.35M	-49.66M	-46.34M
Foreign Exchange Rate Adjustments	325K	-804K	-564K	-207K	-1.84M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	-1.51M	-202M	16.28M	79.44M	117M
Supplemental Items
Cash Interest Paid	-	670K	758K	1.14M	1.15M
Cash Income Tax Paid (Refund)	17.61M	18.63M	18.45M	18.42M	15.9M
Levered Free Cash Flow	27.01M	-14.98M	27.23M	38.09M	82.13M
Unlevered Free Cash Flow	27.22M	-14.56M	27.7M	38.81M	82.85M
Change In Net Working Capital	7.33M	40.35M	30.25M	36.8M	12.05M
Net Debt Issued / Repaid	-3.52M	-4.99M	-5.39M	-6.58M	-8.79M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	7.34	4.88	5.62	6.39	9.02
Return on Total Capital	14.52	10.22	11.99	14.01	19.73
Return On Equity %	16.84	13.23	14.49	18.17	25.19
Return on Common Equity	16.75	13.21	14.43	18.11	25.2
Margin Analysis
Gross Profit Margin %	44.57	41.43	43.26	41.32	41.91
SG&A Margin	34.32	34.81	35.5	32.77	29.66
EBITDA Margin %	12.28	8.92	10.37	10.58	13.67
EBITA Margin %	10.35	6.73	8.09	8.82	12.38
EBIT Margin %	10.25	6.62	7.76	8.47	12.05
Income From Continuing Operations Margin %	7.35	5.23	5.62	6.57	9.25
Net Income Margin %	7.32	5.23	5.6	6.55	9.24
Net Avail. For Common Margin %	7.32	5.23	5.6	6.55	9.24
Normalized Net Income Margin	6.35	4.09	4.77	5.2	7.46
Levered Free Cash Flow Margin	3.38	-1.69	3	3.73	7.29
Unlevered Free Cash Flow Margin	3.41	-1.64	3.06	3.8	7.36
Asset Turnover
Asset Turnover	1.15	1.18	1.16	1.21	1.2
Fixed Assets Turnover	7.96	7.95	7.82	9.82	11.57
Receivables Turnover (Average Receivables)	5.56	4.86	9.61	7.79	8.35
Inventory Turnover (Average Inventory)	10.99	9.3	9.12	12.96	14
Short Term Liquidity
Current Ratio	1.95	1.81	1.92	1.91	2.02
Quick Ratio	1.78	1.6	1.36	1.36	1.25
Operating Cash Flow to Current Liabilities	0.27	0.1	0.17	0.18	0.54
Days Sales Outstanding (Average Receivables)	65.67	75.13	37.98	46.98	43.73
Days Outstanding Inventory (Average Inventory)	33.22	39.23	40.03	28.25	26.07
Average Days Payable Outstanding	57.09	58.71	62.2	50.09	41.6
Cash Conversion Cycle (Average Days)	41.8	55.65	15.81	25.13	28.19
Long Term Solvency
Total Debt/Equity	1.06	3.61	5.06	3.94	3.9
Total Debt / Total Capital	1.04	3.49	4.82	3.79	3.75
LT Debt/Equity	0.41	2.5	3.42	2.36	1.89
Long-Term Debt / Total Capital	0.41	2.41	3.25	2.27	1.82
Total Liabilities / Total Assets	51.26	55.25	54.95	57.54	54.61
EBIT / Interest Expense	248.02	87.85	92.75	75.71	117.66
EBITDA / Interest Expense	307.16	125.71	130.6	100.63	141.54
(EBITDA - Capex) / Interest Expense	235.02	84.2	115.38	96.55	126.81
Total Debt / EBITDA	0.04	0.15	0.18	0.13	0.11
Net Debt / EBITDA	-3.52	-3.43	-2.94	-2.7	-2.23
Total Debt / (EBITDA - Capex)	0.05	0.22	0.21	0.14	0.12
Net Debt / (EBITDA - Capex)	-4.6	-5.11	-3.33	-2.82	-2.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.39	11.19	1.84	12.75	10.25
Gross Profit, 1 Yr. Growth %	11.24	3.37	6.12	7.68	11.85
EBITDA, 1 Yr. Growth %	36.51	-19.28	18.93	15.24	42.44
EBITA, 1 Yr. Growth %	41.98	-27.71	23.07	23.3	54.74
EBIT, 1 Yr. Growth %	42.59	-28.15	20	23.31	56.92
Earnings From Cont. Operations, 1 Yr. Growth %	30.55	-20.82	9.46	31.87	55.28
Net Income, 1 Yr. Growth %	29.92	-20.5	9.14	31.84	55.69
Normalized Net Income, 1 Yr. Growth %	42.05	-28.35	18.91	22.94	58.19
Diluted EPS Before Extra, 1 Yr. Growth %	29.92	-20.5	9.14	31.84	55.69
Accounts Receivable, 1 Yr. Growth %	34.21	22.7	17.72	56.51	-30.02
Inventory, 1 Yr. Growth %	38.66	38.79	-26.5	-6.29	8.74
Net Property, Plant and Equip., 1 Yr. Growth %	8.47	14.01	-5.34	-15.31	4.06
Total Assets, 1 Yr. Growth %	10.97	5.39	2.55	13.48	9.22
Tangible Book Value, 1 Yr. Growth %	1.57	-5.61	3.17	7.86	18.75
Common Equity, 1 Yr. Growth %	4.93	-3.23	3.17	6.91	16.53
Cash From Operations, 1 Yr. Growth %	33.34	-58.61	35.4	21.84	222.04
Capital Expenditures, 1 Yr. Growth %	39.33	16.73	-58.48	-59.55	263.96
Levered Free Cash Flow, 1 Yr. Growth %	85.06	-153.47	-443.21	40.49	115.6
Unlevered Free Cash Flow, 1 Yr. Growth %	83.79	-151.59	-468.63	40.66	113.49
Dividend Per Share, 1 Yr. Growth %	33.33	-30	7.14	-13.33	76.92
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.26	16.18	6.5	7.16	11.49
Gross Profit, 2 Yr. CAGR %	0.19	7.23	4.93	6.9	9.74
EBITDA, 2 Yr. CAGR %	7.38	4.97	-2.15	16.96	28.12
EBITA, 2 Yr. CAGR %	7	1.31	-5.85	23.04	38.13
EBIT, 2 Yr. CAGR %	6.48	1.22	-7.32	21.49	39.1
Earnings From Cont. Operations, 2 Yr. CAGR %	0.95	1.67	-6.9	20.14	43.1
Net Income, 2 Yr. CAGR %	0.85	1.63	-6.85	19.96	43.27
Normalized Net Income, 2 Yr. CAGR %	6.16	0.88	-7.7	20.91	39.46
Diluted EPS Before Extra, 2 Yr. CAGR %	-14.22	1.63	-6.85	19.96	43.27
Accounts Receivable, 2 Yr. CAGR %	59.12	28.33	-21.63	35.74	4.66
Inventory, 2 Yr. CAGR %	41.04	38.72	1	-17.01	0.95
Net Property, Plant and Equip., 2 Yr. CAGR %	7.92	11.21	3.89	-10.46	-6.12
Total Assets, 2 Yr. CAGR %	9.13	8.15	3.96	7.88	11.33
Tangible Book Value, 2 Yr. CAGR %	2.95	-2.09	-1.32	5.49	13.17
Common Equity, 2 Yr. CAGR %	5.05	0.77	-0.08	5.02	11.62
Cash From Operations, 2 Yr. CAGR %	-3.68	-25.56	-17.46	28.44	98.08
Capital Expenditures, 2 Yr. CAGR %	-10.45	27.53	-30.38	-59.02	21.33
Levered Free Cash Flow, 2 Yr. CAGR %	-15.8	1.3	-1.41	119.12	74.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	-15.49	-0.85	-0.92	127.24	73.29
Dividend Per Share, 2 Yr. CAGR %	41.42	-3.39	-13.4	-3.64	23.83
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.63	6.52	11.25	8.54	8.18
Gross Profit, 3 Yr. CAGR %	-0.52	1.24	6.99	5.84	8.52
EBITDA, 3 Yr. CAGR %	-2.42	-2.36	9.33	3.26	24.9
EBITA, 3 Yr. CAGR %	-4.61	-6.11	7.97	2.92	32.81
EBIT, 3 Yr. CAGR %	-4.93	-6.61	6.99	1.85	32.3
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.93	-6.9	4.2	4.55	30.87
Net Income, 3 Yr. CAGR %	-8.18	-6.84	4.07	4.58	30.85
Normalized Net Income, 3 Yr. CAGR %	-5.27	-6.88	6.57	1.56	32.24
Diluted EPS Before Extra, 3 Yr. CAGR %	-39.93	-16.36	4.07	4.58	30.85
Accounts Receivable, 3 Yr. CAGR %	31.67	45.92	-6.24	-1.31	8.84
Inventory, 3 Yr. CAGR %	18.09	40.29	12.25	-1.49	-9.19
Net Property, Plant and Equip., 3 Yr. CAGR %	11.41	9.92	5.39	-2.95	-5.86
Total Assets, 3 Yr. CAGR %	24.54	7.87	6.25	7.04	8.32
Tangible Book Value, 3 Yr. CAGR %	55.28	0.01	-0.36	1.65	9.74
Common Equity, 3 Yr. CAGR %	56.73	2.21	1.56	2.2	8.73
Cash From Operations, 3 Yr. CAGR %	-16.08	-27.22	-3.02	-6.02	74.49
Capital Expenditures, 3 Yr. CAGR %	0.27	-2.18	-12.27	-41.91	-15.14
Levered Free Cash Flow, 3 Yr. CAGR %	-35.17	-26.75	23.1	10.79	117.94
Unlevered Free Cash Flow, 3 Yr. CAGR %	-35.04	-27.44	23.21	11.2	122.56
Dividend Per Share, 3 Yr. CAGR %	-38.8	11.87	0	-13.38	18
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.88	9.53	4.16	6.81	11.35
Gross Profit, 5 Yr. CAGR %	6.79	6.57	1.62	3.54	8.08
EBITDA, 5 Yr. CAGR %	-10.98	10.44	-2.31	4.89	16.45
EBITA, 5 Yr. CAGR %	-12.96	9.63	-5.11	4.54	19.09
EBIT, 5 Yr. CAGR %	-13.13	9.28	-5.89	3.68	18.77
Earnings From Cont. Operations, 5 Yr. CAGR %	20.43	10.89	-7.52	3.1	18.3
Net Income, 5 Yr. CAGR %	19.85	10.99	-7.65	3.07	18.27
Normalized Net Income, 5 Yr. CAGR %	-13.42	9.74	-6.25	3.37	18.67
Diluted EPS Before Extra, 5 Yr. CAGR %	-30.78	-21.05	-28.41	-3.39	18.27
Accounts Receivable, 5 Yr. CAGR %	14.79	23.5	6.99	19.47	-2.02
Inventory, 5 Yr. CAGR %	19.92	10.91	10.93	13.72	7.58
Net Property, Plant and Equip., 5 Yr. CAGR %	13.78	17.94	8.34	1.26	0.63
Total Assets, 5 Yr. CAGR %	22.55	19.99	15.86	7.87	8.25
Tangible Book Value, 5 Yr. CAGR %	52	54.45	29.53	2.17	4.85
Common Equity, 5 Yr. CAGR %	52.72	55.98	30.9	3.33	5.47
Cash From Operations, 5 Yr. CAGR %	13.63	-5.92	-16.57	-5.01	29.05
Capital Expenditures, 5 Yr. CAGR %	-5.22	28.37	-13.35	-30.93	-0.12
Levered Free Cash Flow, 5 Yr. CAGR %	-22.12	-19.08	-22.77	-0.01	41.27
Unlevered Free Cash Flow, 5 Yr. CAGR %	-22.11	-19.77	-22.54	0.36	41.11
Dividend Per Share, 5 Yr. CAGR %	-37.15	-20.33	-29.68	5.39	8.92