Income Statement Thai Mitsuwa

Stocks

TMW

TH0740010002

Commodity Chemicals

End-of-day quote Thailand S.E. 2026-09-04			5-day change	1st Jan Change
56.25 ^THB	0.00%		-0.88%	+0.45%

08-16	Thai Mitsuwa Public Company Limited Reports Earnings Results for the First Quarter Ended June 30, 2026	CI
07-24	Thai Mitsuwa Public Company Limited Approves Dividend for the Fiscal Year 2025, Payable on August 21, 2026	CI

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Published financial data: THAI MITSUWA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)	2026 (THB)
Revenues	3.06B	3.69B	4.02B	3.89B	4.19B
Other Revenues, Total	15.47M	17.28M	40.41M	28.71M	28.18M
Total Revenues	3.08B	3.71B	4.06B	3.92B	4.22B
Cost of Goods Sold, Total	2.62B	3.11B	3.1B	2.96B	3.22B
Gross Profit	461M	595M	959M	954M	997M
Selling General & Admin Expenses, Total	314M	345M	351M	359M	346M
Other Operating Expenses, Total	314M	345M	351M	359M	346M
Operating Income	147M	250M	608M	595M	651M
Interest Expense, Total	-3.21M	-714K	-346K	-54.57K	-1.51M
Net Interest Expenses	-3.21M	-714K	-346K	-54.57K	-1.51M
EBT, Excl. Unusual Items	144M	250M	607M	595M	650M
Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
EBT, Incl. Unusual Items	144M	250M	607M	595M	650M
Income Tax Expense	24.9M	24.92M	55.59M	116M	109M
Earnings From Continuing Operations	119M	225M	552M	479M	540M
Net Income to Company	119M	225M	552M	479M	540M
Net Income - (IS)	119M	225M	552M	479M	540M
Net Income to Common Incl Extra Items	119M	225M	552M	479M	540M
Net Income to Common Excl. Extra Items	119M	225M	552M	479M	540M
Per Share Items
Net EPS - Basic	2.98	5.64	13.82	12	13.54
Basic EPS - Continuing Operations	2.98	5.64	13.82	12	13.54
Basic Weighted Average Shares Outstanding	39.9M	39.9M	39.9M	39.9M	39.9M
Net EPS - Diluted	2.98	5.64	13.82	12	13.54
Diluted EPS - Continuing Operations	2.98	5.64	13.82	12	13.54
Diluted Weighted Average Shares Outstanding	39.9M	39.9M	39.9M	39.9M	39.9M
Normalized Basic EPS	2.25	3.91	9.51	9.32	10.18
Normalized Diluted EPS	2.25	3.91	9.51	9.32	10.18
Dividend Per Share	0.9	1.7	4.15	3.61	4.07
Payout Ratio	15.42	15.97	12.3	34.57	26.65
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	347M	459M	828M	833M	936M
EBITA	147M	250M	608M	595M	651M
EBIT	147M	250M	608M	595M	651M
EBITDAR	348M	460M	829M	834M	937M
Total Revenues (As Reported)	3.08B	3.71B	4.06B	3.92B	4.22B
Effective Tax Rate - (Ratio)	17.31	9.98	9.15	19.5	16.82
Current Domestic Taxes	22.33M	30.91M	72.1M	127M	119M
Total Current Taxes	22.33M	30.91M	72.1M	127M	119M
Deferred Domestic Taxes	2.57M	-5.99M	-16.51M	-10.99M	-10.01M
Total Deferred Taxes	2.57M	-5.99M	-16.51M	-10.99M	-10.01M
Normalized Net Income	89.93M	156M	379M	372M	406M
Interest on Long-Term Debt	2.97M	463K	78K	8K	1.51M
Non-Cash Pension Expense	1.49M	1.63M	1.69M	5.83M	10.34M
Supplemental Operating Expense Items
Selling and Marketing Expenses	84.45M	102M	84.89M	86M	92.39M
General and Administrative Expenses	230M	243M	267M	273M	254M
Net Rental Expense, Total	556K	579K	665K	849K	720K
Imputed Operating Lease Interest Expense	146K	155K	1.83M	28.57K	180K
Imputed Operating Lease Depreciation	410K	424K	-1.16M	820K	540K

Fiscal Period: March	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)	2026 (THB)
Assets
Cash And Equivalents	395M	531M	871M	647M	1.08B
Short Term Investments	-	134M	100M	470M	130M
Total Cash And Short Term Investments	395M	665M	971M	1.12B	1.21B
Accounts Receivable, Total	524M	608M	723M	579M	690M
Other Receivables	1.31M	2.94M	3.78M	3.25M	4.16M
Total Receivables	526M	611M	727M	582M	695M
Inventory	268M	335M	356M	368M	533M
Other Current Assets, Total	72.41M	39.6M	31.65M	40.27M	51.7M
Total Current Assets	1.26B	1.65B	2.09B	2.11B	2.49B
Gross Property Plant And Equipment	4.56B	4.75B	4.98B	5.43B	5.86B
Accumulated Depreciation	-2.63B	-2.88B	-3.07B	-3.28B	-3.49B
Net Property Plant And Equipment	1.93B	1.87B	1.91B	2.15B	2.38B
Other Intangibles, Total	21.99M	14.23M	6.57M	4.28M	4.69M
Deferred Charges Long-Term	23.73M	27.29M	31.45M	31.32M	23.57M
Other Long-Term Assets, Total	2.3M	14.31M	13.68M	4.82M	4.59M
Total Assets	3.24B	3.58B	4.04B	4.3B	4.9B
Liabilities
Accounts Payable, Total	334M	403M	368M	312M	331M
Accrued Expenses, Total	23.2M	26.92M	29.55M	22.3M	25.35M
Current Portion of Leases	39.96M	838K	588K	8.88M	29.72M
Current Income Taxes Payable	-	6.25M	37.16M	55.11M	51.92M
Unearned Revenue Current, Total	245K	15.98M	18.9M	3.84M	14.2M
Other Current Liabilities	179M	274M	269M	258M	398M
Total Current Liabilities	576M	727M	724M	661M	850M
Long-Term Leases	1.43M	588K	-	16.47M	41.66M
Pension & Other Post Retirement Benefits	62.48M	67.75M	73.25M	76.81M	77.02M
Deferred Tax Liability Non Current	46.83M	40.5M	23.29M	11.82M	1.66M
Other Non Current Liabilities	3.66M	3.86M	4.13M	-	-
Total Liabilities	691M	839M	825M	766M	970M
Common Stock, Total	200M	200M	200M	200M	200M
Additional Paid In Capital	55.4M	55.4M	55.4M	55.4M	55.4M
Retained Earnings	2.29B	2.48B	2.96B	3.27B	3.67B
Total Common Equity	2.55B	2.74B	3.22B	3.53B	3.93B
Total Equity	2.55B	2.74B	3.22B	3.53B	3.93B
Total Liabilities And Equity	3.24B	3.58B	4.04B	4.3B	4.9B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	39.9M	39.9M	39.9M	39.9M	39.9M
ECS Total Common Shares Outstanding	39.9M	39.9M	39.9M	39.9M	39.9M
Book Value / Share	63.9	68.61	80.66	88.47	98.39
Tangible Book Value	2.53B	2.72B	3.21B	3.53B	3.92B
Tangible Book Value Per Share	63.35	68.25	80.5	88.36	98.27
Total Debt	41.39M	1.43M	588K	25.35M	71.38M
Net Debt	-354M	-664M	-970M	-1.09B	-1.14B
Debt Equivalent of Unfunded Proj. Benefit Obligation	62.48M	67.75M	73.25M	76.81M	77.02M
Debt Equivalent Oper. Leases	4.45M	4.63M	5.32M	6.79M	5.76M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	107M	109M	118M	112M	248M
Inventories - Work In Process, Total	80.96M	80.93M	125M	147M	156M
Inventories - Finished Goods, Total	80.47M	146M	114M	109M	129M
Land - (BS)	165M	165M	165M	198M	198M
Buildings, Total	1.37B	1.37B	1.39B	1.46B	1.54B
Machinery, Total	2.77B	3.13B	3.27B	3.69B	4.04B

Fiscal Period: March	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)	2026 (THB)
Net Income	119M	225M	552M	479M	540M
Depreciation & Amortization - CF	234M	226M	223M	238M	286M
Depreciation & Amortization, Total	234M	226M	223M	238M	286M
Amortization of Deferred Charges, Total - (CF)	41.77M	25.72M	26.45M	22.35M	19.36M
(Gain) Loss From Sale Of Asset	-1.7M	-850K	3.9M	582K	70.64K
Asset Writedown & Restructuring Costs	-	-	-	632K	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	4.38M	6.61M	20.44M	20.08M	1.26M
Change In Accounts Receivable	-4.04M	-84.81M	-114M	149M	-107M
Change In Inventories	-43.02M	-67.51M	-21.08M	-11.15M	-165M
Change In Accounts Payable	25.98M	124M	-18.85M	-71.94M	47.01M
Change in Other Net Operating Assets	-12.44M	32.39M	9.8M	-38.08M	-17.56M
Cash from Operations	364M	486M	681M	789M	604M
Capital Expenditure	-251M	-119M	-285M	-483M	-387M
Sale of Property, Plant, and Equipment	1.39M	464K	1.63M	1.13M	2.4M
Sale (Purchase) of Intangible assets	-2.65M	-1.19M	-331K	-2.72M	-1.85M
Investment in Marketable and Equity Securities, Total	-	-134M	33.93M	-370M	340M
Other Investing Activities, Total	-	-20.36M	-22.61M	-17.22M	-10.18M
Cash from Investing	-252M	-274M	-272M	-872M	-56.69M
Long-Term Debt Issued, Total	-	-	-	27.8M	42.87M
Total Debt Issued	-	-	-	27.8M	42.87M
Long-Term Debt Repaid, Total	-112M	-39.96M	-838K	-2.64M	-13.44M
Total Debt Repaid	-112M	-39.96M	-838K	-2.64M	-13.44M
Common Dividends Paid	-18.35M	-35.91M	-67.83M	-166M	-144M
Common & Preferred Stock Dividends Paid	-18.35M	-35.91M	-67.83M	-166M	-144M
Other Financing Activities, Total	-2.97M	-463K	-77.66K	-8K	-1.51M
Cash from Financing	-134M	-76.33M	-68.75M	-140M	-116M
Net Change in Cash	-21.46M	136M	340M	-224M	431M
Supplemental Items
Cash Interest Paid	2.97M	463K	77.66K	8K	1.51M
Cash Income Tax Paid (Refund)	29.1M	24.66M	41.19M	98.26M	122M
Levered Free Cash Flow	16.6M	346M	212M	200M	201M
Unlevered Free Cash Flow	18.6M	346M	212M	200M	202M
Change In Net Working Capital	96.04M	-58.51M	132M	-53.57M	121M
Net Debt Issued / Repaid	-112M	-39.96M	-838K	25.17M	29.43M

Fiscal Period: March	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)	2026 (THB)
Profitability
Return on Assets	2.81	4.59	9.97	8.92	8.86
Return on Total Capital	3.54	5.87	12.75	10.98	10.78
Return On Equity %	4.76	8.51	18.52	14.2	14.5
Return on Common Equity	4.76	8.51	18.52	14.2	14.5
Margin Analysis
Gross Profit Margin %	14.98	16.05	23.62	24.35	23.64
SG&A Margin	10.21	9.3	8.66	9.17	8.2
EBITDA Margin %	11.28	12.38	20.4	21.25	22.18
EBITA Margin %	4.78	6.75	14.97	15.18	15.44
EBIT Margin %	4.78	6.75	14.97	15.18	15.44
Income From Continuing Operations Margin %	3.86	6.06	13.59	12.22	12.81
Net Income Margin %	3.86	6.06	13.59	12.22	12.81
Net Avail. For Common Margin %	3.86	6.06	13.59	12.22	12.81
Normalized Net Income Margin	2.92	4.21	9.35	9.49	9.62
Levered Free Cash Flow Margin	0.54	9.33	5.22	5.1	4.77
Unlevered Free Cash Flow Margin	0.6	9.34	5.22	5.1	4.79
Asset Turnover
Asset Turnover	0.94	1.09	1.07	0.94	0.92
Fixed Assets Turnover	1.58	1.95	2.15	1.93	1.87
Receivables Turnover (Average Receivables)	5.91	6.52	6.04	5.98	6.6
Inventory Turnover (Average Inventory)	10.63	10.32	8.96	8.19	7.15
Short Term Liquidity
Current Ratio	2.19	2.27	2.88	3.19	2.93
Quick Ratio	1.6	1.76	2.35	2.57	2.24
Operating Cash Flow to Current Liabilities	0.63	0.67	0.94	1.19	0.71
Days Sales Outstanding (Average Receivables)	61.77	55.96	60.61	61.08	55.27
Days Outstanding Inventory (Average Inventory)	34.32	35.37	40.83	44.58	51.02
Average Days Payable Outstanding	43.65	42.28	45.24	41.75	34.65
Cash Conversion Cycle (Average Days)	52.44	49.04	56.2	63.91	71.63
Long Term Solvency
Total Debt/Equity	1.62	0.05	0.02	0.72	1.82
Total Debt / Total Capital	1.6	0.05	0.02	0.71	1.79
LT Debt/Equity	0.06	0.02	-	0.47	1.06
Long-Term Debt / Total Capital	0.06	0.02	-	0.46	1.04
Total Liabilities / Total Assets	21.31	23.47	20.4	17.83	19.82
EBIT / Interest Expense	45.89	350.6	1.75K	10.9K	431.32
EBITDA / Interest Expense	118.94	666.25	2.4K	15.27K	620.48
(EBITDA - Capex) / Interest Expense	40.77	500.17	1.57K	6.41K	364.03
Total Debt / EBITDA	0.11	0	0	0.03	0.08
Net Debt / EBITDA	-0.93	-1.39	-1.17	-1.31	-1.21
Total Debt / (EBITDA - Capex)	0.32	0	0	0.07	0.13
Net Debt / (EBITDA - Capex)	-2.71	-1.86	-1.78	-3.12	-2.07
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24	20.47	9.44	-3.46	7.66
Gross Profit, 1 Yr. Growth %	-0.24	29.04	61.08	-0.47	4.48
EBITDA, 1 Yr. Growth %	17.66	32.3	80.26	0.6	12.36
EBITA, 1 Yr. Growth %	78.23	70.29	142.53	-2.06	9.44
EBIT, 1 Yr. Growth %	78.23	70.29	142.53	-2.06	9.44
Earnings From Cont. Operations, 1 Yr. Growth %	95.59	88.98	145.3	-13.17	12.84
Net Income, 1 Yr. Growth %	95.59	88.98	145.3	-13.17	12.84
Normalized Net Income, 1 Yr. Growth %	88.57	73.59	143.08	-2.01	9.2
Diluted EPS Before Extra, 1 Yr. Growth %	95.59	88.98	145.3	-13.17	12.84
Accounts Receivable, 1 Yr. Growth %	2.28	15.93	19.03	-19.99	19.3
Inventory, 1 Yr. Growth %	19.45	25.2	6.23	3.24	44.82
Net Property, Plant and Equip., 1 Yr. Growth %	-2.16	-3.15	1.88	12.73	10.61
Total Assets, 1 Yr. Growth %	-1.6	10.38	13.04	6.25	13.97
Tangible Book Value, 1 Yr. Growth %	4.43	7.73	17.94	9.77	11.22
Common Equity, 1 Yr. Growth %	4.11	7.36	17.57	9.68	11.21
Cash From Operations, 1 Yr. Growth %	20.23	32.27	40.12	15.94	-23.45
Capital Expenditures, 1 Yr. Growth %	249.59	-52.64	139.86	69.84	-19.9
Levered Free Cash Flow, 1 Yr. Growth %	-94.4	1.14K	-38.8	-5.61	0.74
Unlevered Free Cash Flow, 1 Yr. Growth %	-93.81	1.06K	-38.82	-5.69	1.2
Dividend Per Share, 1 Yr. Growth %	80	88.89	144.12	-13.01	12.74
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.55	22.22	14.82	2.79	1.95
Gross Profit, 2 Yr. CAGR %	-11	13.46	44.17	26.62	1.97
EBITDA, 2 Yr. CAGR %	-16.76	24.77	54.43	34.66	6.31
EBITA, 2 Yr. CAGR %	-27.77	74.21	103.23	54.12	3.53
EBIT, 2 Yr. CAGR %	-27.77	74.21	103.23	54.12	3.53
Earnings From Cont. Operations, 2 Yr. CAGR %	-28.94	92.26	115.3	45.94	-1.02
Net Income, 2 Yr. CAGR %	-28.94	92.26	115.3	45.94	-1.02
Normalized Net Income, 2 Yr. CAGR %	-27.66	80.92	105.42	54.34	3.44
Diluted EPS Before Extra, 2 Yr. CAGR %	-28.94	92.26	115.3	45.94	-1.02
Accounts Receivable, 2 Yr. CAGR %	10.36	8.89	17.47	-2.42	-2.3
Inventory, 2 Yr. CAGR %	-1.39	22.29	15.32	4.72	22.27
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.27	-2.66	-0.67	7.17	11.66
Total Assets, 2 Yr. CAGR %	-1.38	4.22	11.7	9.59	10.04
Tangible Book Value, 2 Yr. CAGR %	2.2	6.07	12.72	13.78	10.49
Common Equity, 2 Yr. CAGR %	1.87	5.72	12.35	13.56	10.44
Cash From Operations, 2 Yr. CAGR %	-13.5	26.65	36.14	27.46	-5.79
Capital Expenditures, 2 Yr. CAGR %	-33.9	28.67	6.58	101.84	16.64
Levered Free Cash Flow, 2 Yr. CAGR %	-69.72	8.04	175.76	-24	-2.49
Unlevered Free Cash Flow, 2 Yr. CAGR %	-67.55	7.4	166.48	-24.04	-2.31
Dividend Per Share, 2 Yr. CAGR %	-29.29	84.39	114.74	45.72	-0.97
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.24	8.2	17.8	8.38	4.39
Gross Profit, 3 Yr. CAGR %	-13.35	0.73	27.52	27.42	18.76
EBITDA, 3 Yr. CAGR %	-16.75	-2.85	41.05	33.87	26.77
EBITA, 3 Yr. CAGR %	-30.21	-3.86	94.53	59.34	37.5
EBIT, 3 Yr. CAGR %	-30.21	-3.86	94.53	59.34	37.5
Earnings From Cont. Operations, 3 Yr. CAGR %	-31.52	-1.55	108.52	59.07	33.95
Net Income, 3 Yr. CAGR %	-31.52	-1.55	108.52	59.07	33.95
Normalized Net Income, 3 Yr. CAGR %	-30.28	-3.15	99.64	60.5	37.52
Diluted EPS Before Extra, 3 Yr. CAGR %	-31.52	-1.55	108.52	59.07	33.95
Accounts Receivable, 3 Yr. CAGR %	-2.99	12.19	12.17	3.35	4.34
Inventory, 3 Yr. CAGR %	9.23	6.78	16.68	11.15	16.67
Net Property, Plant and Equip., 3 Yr. CAGR %	3.43	-3.9	-1.17	3.61	8.3
Total Assets, 3 Yr. CAGR %	1.54	2.39	7.08	9.85	11.03
Tangible Book Value, 3 Yr. CAGR %	2.72	4.01	9.89	11.73	12.92
Common Equity, 3 Yr. CAGR %	2.89	3.67	9.53	11.45	12.77
Cash From Operations, 3 Yr. CAGR %	-8.23	-0.05	30.99	29.04	7.54
Capital Expenditures, 3 Yr. CAGR %	-28.66	-40.85	58.36	24.49	48.33
Levered Free Cash Flow, 3 Yr. CAGR %	-66.11	24.1	-10.61	92.9	-16.51
Unlevered Free Cash Flow, 3 Yr. CAGR %	-64.65	25.17	-10.97	88.49	-16.42
Dividend Per Share, 3 Yr. CAGR %	-31.5	-1.89	102.47	58.89	33.78
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.52	4.56	4.26	6	11.19
Gross Profit, 5 Yr. CAGR %	0.36	-2.29	6.23	10.38	16.61
EBITDA, 5 Yr. CAGR %	-0.72	-4.33	6.59	10.7	25.97
EBITA, 5 Yr. CAGR %	-7.68	-9.54	7.02	16.11	51.15
EBIT, 5 Yr. CAGR %	-7.68	-9.54	7.02	16.11	51.15
Earnings From Cont. Operations, 5 Yr. CAGR %	-7.41	-7.61	8.28	15.24	54.78
Net Income, 5 Yr. CAGR %	-7.41	-7.61	8.28	15.24	54.78
Normalized Net Income, 5 Yr. CAGR %	-7.65	-8.96	7.42	16.7	53.47
Diluted EPS Before Extra, 5 Yr. CAGR %	-7.41	-7.61	8.28	15.24	54.78
Accounts Receivable, 5 Yr. CAGR %	5.93	4.37	4.72	6.1	6.14
Inventory, 5 Yr. CAGR %	9.69	13.71	11.63	5.95	18.89
Net Property, Plant and Equip., 5 Yr. CAGR %	11.19	6.42	1.77	0.38	3.78
Total Assets, 5 Yr. CAGR %	5.07	3.47	5.49	5.21	8.25
Tangible Book Value, 5 Yr. CAGR %	7.23	5.63	6.61	7.81	10.13
Common Equity, 5 Yr. CAGR %	7.36	5.71	6.57	7.52	9.9
Cash From Operations, 5 Yr. CAGR %	0.22	0.49	7.64	10.16	14.81
Capital Expenditures, 5 Yr. CAGR %	-3.52	-12	-16.23	-3.36	40.13
Levered Free Cash Flow, 5 Yr. CAGR %	-3.67	-0.19	-13.06	2	-7.45
Unlevered Free Cash Flow, 5 Yr. CAGR %	2.05	-0.67	-12.83	2.5	-7.6
Dividend Per Share, 5 Yr. CAGR %	-7.09	-7.79	8.19	14.93	52.1