Cash flow Netbay Thailand S.E.

Stocks

NETBAY-R

TH7163010R17

IT Services & Consulting

End-of-day quote Thailand S.E. 2026-09-23			5-day change	1st Jan Change
12.10 ^THB	+2.54%		+3.42%	-43.19%

09-18	NETbay Public Company Limited Announces Board and Committee Changes, Effective October 1, 2026	CI
08-10	Netbay Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

018c5de37ecf8.bBmri_VhixmCtvVqJYOZLQmwGzPGLSzGialVG9fXFjI.PEiG7ZIM2VHR168EUunueU2HWR6-GGqMz5s4WueAQ1UaepO7uxLsbMbdxQ

Published financial data: NETBAY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	400M	457M	487M	581M	728M
Total Revenues	400M	457M	487M	581M	728M
Cost of Goods Sold, Total	78.1M	97.01M	102M	118M	196M
Gross Profit	322M	360M	385M	463M	532M
Selling General & Admin Expenses, Total	138M	150M	167M	197M	204M
Other Operating Expenses	-2.55M	-1.31M	-2.88M	-5.57M	-5.66M
Other Operating Expenses, Total	136M	148M	164M	191M	198M
Operating Income	187M	212M	221M	272M	334M
Interest Expense, Total	-133K	-351K	-539K	-1.51M	-1.75M
Interest And Investment Income	2.96M	3.15M	4.73M	2.22M	372K
Net Interest Expenses	2.83M	2.8M	4.19M	707K	-1.38M
Income (Loss) On Equity Invest.	-30.94K	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	189M	215M	225M	272M	332M
Gain (Loss) On Sale Of Investments	572K	-247K	-122K	-707K	-
EBT, Incl. Unusual Items	190M	215M	225M	272M	332M
Income Tax Expense	24.37M	44.76M	44.69M	55.83M	66.69M
Earnings From Continuing Operations	166M	170M	180M	216M	266M
Net Income to Company	166M	170M	180M	216M	266M
Net Income - (IS)	166M	170M	180M	216M	266M
Net Income to Common Incl Extra Items	166M	170M	180M	216M	266M
Net Income to Common Excl. Extra Items	166M	170M	180M	216M	266M
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	200M	200M	200M	200M	200M
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	200M	200M	200M	200M	200M
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	195M	222M	233M	290M	350M
EBITA	187M	213M	223M	276M	334M
EBIT	187M	212M	221M	272M	334M
EBITDAR	204M	231M	243M	299M	356M
Effective Tax Rate - (Ratio)	12.83	20.87	19.86	20.55	20.07
Current Domestic Taxes	25.71M	45.09M	45.21M	56.76M	67.48M
Total Current Taxes	25.71M	45.09M	45.21M	56.76M	67.48M
Deferred Domestic Taxes	-1.34M	-329K	-527K	-926K	-791K
Total Deferred Taxes	-1.34M	-329K	-527K	-926K	-791K
Normalized Net Income	118M	134M	141M	170M	208M
Interest on Long-Term Debt	133K	351K	539K	1.51M	1.75M
Non-Cash Pension Expense	471K	565K	520K	534K	442K
Supplemental Operating Expense Items
General and Administrative Expenses	84.72M	89.43M	104M	136M	139M
Net Rental Expense, Total	8.52M	8.6M	10.02M	9.83M	5.71M
Imputed Operating Lease Interest Expense	4.01M	6.7M	2.63M	5.11M	3.79M
Imputed Operating Lease Depreciation	4.51M	1.9M	7.39M	4.72M	1.92M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	66.46M	61.81M	82.15M	108M	192M
Short Term Investments	104M	99M	85.66M	-	-
Trading Asset Securities, Total	242M	196M	206M	348M	216M
Total Cash And Short Term Investments	412M	357M	373M	456M	407M
Accounts Receivable, Total	57.34M	117M	115M	127M	110M
Other Receivables	4.5M	3.92M	3.24M	16.45M	21.41M
Total Receivables	61.84M	120M	118M	143M	131M
Inventory	-	-	-	-	-
Prepaid Expenses	2.64M	2.82M	1.87M	5.27M	7.25M
Other Current Assets, Total	2.07M	4.98M	9.07M	8.64M	10.87M
Total Current Assets	479M	486M	502M	613M	556M
Gross Property Plant And Equipment	115M	134M	151M	215M	216M
Accumulated Depreciation	-97.72M	-107M	-117M	-130M	-146M
Net Property Plant And Equipment	16.85M	26.95M	34.68M	84.63M	70.17M
Long-term Investments	123M	151M	167M	23.08M	23.08M
Other Intangibles, Total	3.24M	3.94M	4.71M	31.74M	46.83M
Deferred Tax Assets Long-Term	6.96M	5.5M	5.31M	6.59M	7.57M
Other Long-Term Assets, Total	10.92M	11.45M	11.12M	11.06M	17.27M
Total Assets	640M	684M	725M	770M	721M
Liabilities
Accounts Payable, Total	2.6M	2.24M	5.12M	5.5M	13.41M
Accrued Expenses, Total	61.39M	84.62M	101M	120M	89.48M
Current Portion of Leases	582K	3.09M	7.66M	5.07M	8.18M
Current Income Taxes Payable	15.07M	19.88M	15.52M	19.39M	20.42M
Unearned Revenue Current, Total	44.41M	43.51M	34.69M	22.29M	38.41M
Other Current Liabilities	2.39M	3.48M	1.01M	1.18M	1.31M
Total Current Liabilities	126M	157M	165M	173M	171M
Long-Term Leases	-	3.52M	18.58M	15.27M	13.72M
Pension & Other Post Retirement Benefits	30.72M	22.44M	22.31M	27.97M	31.91M
Other Non Current Liabilities	457K	275K	471K	158K	158K
Total Liabilities	158M	183M	206M	217M	217M
Common Stock, Total	200M	200M	200M	200M	200M
Additional Paid In Capital	115M	115M	115M	115M	115M
Retained Earnings	241M	262M	280M	315M	266M
Comprehensive Income and Other	-74.53M	-76.63M	-76.19M	-76.89M	-76.89M
Total Common Equity	482M	501M	519M	554M	504M
Total Equity	482M	501M	519M	554M	504M
Total Liabilities And Equity	640M	684M	725M	770M	721M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	200M	200M	200M	200M	200M
ECS Total Common Shares Outstanding	200M	200M	200M	200M	200M
Book Value / Share	2.41	2.5	2.59	2.77	2.52
Tangible Book Value	479M	497M	514M	522M	457M
Tangible Book Value Per Share	2.39	2.49	2.57	2.61	2.29
Total Debt	582K	6.62M	26.24M	20.34M	21.9M
Net Debt	-412M	-351M	-347M	-436M	-385M
Debt Equivalent Oper. Leases	68.15M	68.8M	80.13M	78.64M	45.7M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	114M	127M	127M	194M	195M
Accumulated Allowance for Doubtful Accounts (Supple)	4.98M	4.98M	4.98M	4.98M	4.98M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	166M	170M	180M	216M	266M
Depreciation & Amortization - CF	13.71M	12.45M	14.12M	21.3M	24.96M
Amortization of Goodwill and Intangible Assets - (CF)	-	1.37M	1.7M	4.39M	-
Depreciation & Amortization, Total	13.71M	13.83M	15.82M	25.69M	24.96M
Amortization of Deferred Charges, Total - (CF)	1.03M	-	-	-	5.61M
(Gain) Loss From Sale Of Asset	-	-	-1.87K	-3.74K	-
(Gain) Loss on Sale of Investments - (CF)	-373K	-159K	-1.33M	-4.41M	-5.18M
Asset Writedown & Restructuring Costs	-	-	736	-	1.23K
(Income) Loss On Equity Investments - (CF)	30.94K	-	-	-	-
Other Operating Activities, Total	16.31M	4.96M	-7.39M	5.77M	4.49M
Change In Accounts Receivable	3.73M	-58.64M	2.44M	-25.43M	12.27M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	2.96M	-122K	5.53M	-865K	-23.77M
Change in Unearned Revenues	-2.62M	-904K	-8.82M	-12.41M	16.12M
Change in Other Net Operating Assets	4.19M	21.28M	10.38M	17.03M	-2.46M
Cash from Operations	205M	150M	197M	221M	298M
Capital Expenditure	-216K	-13.71M	-507K	-69M	-1.15M
Sale of Property, Plant, and Equipment	-	-	1.87K	5.61K	-
Cash Acquisitions	5.41M	-	-	-	-
Sale (Purchase) of Intangible assets	-15K	-2.07M	-2.47M	-31.42M	-19.1M
Investment in Marketable and Equity Securities, Total	-39.89M	20.88M	-11.23M	90.7M	138M
Other Investing Activities, Total	4.13M	2.37M	4.84M	3.18M	-6.05M
Cash from Investing	-30.58M	7.48M	-9.37M	-6.54M	112M
Long-Term Debt Repaid, Total	-3.51M	-3.21M	-3.98M	-9.67M	-9.54M
Total Debt Repaid	-3.51M	-3.21M	-3.98M	-9.67M	-9.54M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-156M	-159M	-163M	-180M	-316M
Common & Preferred Stock Dividends Paid	-156M	-159M	-163M	-180M	-316M
Cash from Financing	-160M	-162M	-167M	-189M	-325M
Net Change in Cash	14.06M	-4.65M	20.34M	25.44M	83.92M
Supplemental Items
Cash Income Tax Paid (Refund)	10.57M	40.28M	49.57M	54.62M	68.75M
Levered Free Cash Flow	155M	96.44M	154M	76.45M	221M
Unlevered Free Cash Flow	155M	96.66M	154M	77.39M	222M
Change In Net Working Capital	-24.12M	33.86M	-3.02M	17.72M	-2.97M
Net Debt Issued / Repaid	-3.51M	-3.21M	-3.98M	-9.67M	-9.54M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
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	1.4K	604.11	409.51	179.49	190.56
EBITDA / Interest Expense	1.5K	643.52	438.83	196.46	204.81
(EBITDA - Capex) / Interest Expense	1.5K	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	6.25K	-96.3	13.52K	-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