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Definitive Analysis

Financial Statements

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Ticker

Industry

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Page: Company Financials

GRANDES, Inc.

Ticker: 3261.T | Industry: Real Estate - Services | Sector: Real Estate
$535.00 -7.00 (-1.29%)
As of: 2026-01-28

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Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 1,070.00 859.00 354.25 384.50
Market Capitalization 4,387.04M 3,131.05M 1,239.89M 1,345.76M
(-) Cash & Equivalents 904.51M 1,008.69M 1,260.44M 1,011.09M
(+) Total Debt 2,378.18M 1,179.56M 1,228.70M 1,608.12M
Enterprise Value 5,860.71M 3,301.91M 1,208.15M 1,942.80M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Revenue 3,941M 3,668M 4,226M 4,600M 2,661M 2,808M 1,770M 2,590M
Cost of Revenue 2,739M 2,871M 2,966M 3,660M 2,052M 2,185M 1,295M 1,868M
Gross Profit 1,202M 797M 1,260M 940M 609M 622M 474M 721M
Gross Profit Margin 30.5% 21.7% 29.8% 20.4% 22.9% 22.2% 26.8% 27.9%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 725M 702M 739M 812M 379M 348M 327M 327M
Operating Expenses 762M 703M 778M 814M 382M 357M 336M 335M
Operating Income (EBIT) 440M 94M 482M 126M 227M 266M 138M 386M
Operating Income Margin 11.2% 2.6% 11.4% 2.7% 8.5% 9.5% 7.8% 14.9%
Interest Income 1M 0M 0M 0M 0M 0M 0M 0M
Interest Expense 20M 8M 8M 8M 11M 13M 16M 14M
Net Interest Income -18M -8M -8M -8M -11M -13M -16M -14M
Unusual Items 3M -8M -12M 178M -85M 22M 4M 9M
EBT Excluding Unusual Items 422M 86M 474M 118M 216M 253M 122M 372M
Pre-Tax Income 424M 78M 462M 296M 131M 275M 126M 382M
Pre-Tax Margin 10.8% 2.1% 10.9% 6.4% 4.9% 9.8% 7.1% 14.7%
Income Tax Expense 230M 10M 211M 118M 65M 92M 42M 129M
Net Income 194M 69M 251M 178M 66M 183M 84M 252M
Net Income Margin 4.9% 1.9% 5.9% 3.9% 2.5% 6.5% 4.8% 9.7%
Depreciation & Amortization 82M 17M 37M 33M 50M 64M 87M 50M
EBITDA 522M 111M 519M 159M 277M 330M 225M 436M
EBITDA Margin 13.2% 3.0% 12.3% 3.4% 10.4% 11.8% 12.7% 16.8%
NOPAT 202M 83M 262M 76M 114M 177M 92M 255M
NOPAT Margin 5.1% 2.3% 6.2% 1.6% 4.3% 6.3% 5.2% 9.9%
Owner's Earnings 276M 86M 277M 203M 116M 242M 165M 299M
Owner's Earnings Margin 7.0% 2.3% 6.6% 4.4% 4.3% 8.6% 9.3% 11.5%
EPS (Basic) 49.59 19.62 69.43 50.86 18.77 50.72 23.16 66.46
EPS (Diluted) 47.80 19.63 69.45 50.86 18.77 50.72 23.16 66.46
Shares (Basic) 4M 4M 4M 4M 4M 4M 4M 4M
Shares (Diluted) 4M 4M 4M 4M 4M 4M 4M 4M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Cash & Cash Equivalents 848.16M 1,037.01M 1,608.67M 1,170.00M 1,644.03M 703.11M 830.69M 731.75M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 848.16M 1,037.01M 1,608.67M 1,170.00M 1,644.03M 703.11M 830.69M 731.75M
Net Receivables 85.83M 26.50M 45.04M 76.00M 107.12M 6.49M 8.46M 5.00M
Inventory 4,416.58M 4,163.88M 2,729.08M 2,710.00M 2,440.88M 2,964.61M 3,522.16M 3,452.63M
Other Current Assets 102.39M 44.52M 21.76M 23.00M 65.54M 15.16M 27.75M 53.43M
Total Current Assets 5,452.96M 5,271.91M 4,404.55M 3,979.00M 4,257.57M 3,689.37M 4,389.06M 4,242.80M
Property, Plant & Equipment 88.86M 89.80M 17.00M 6.00M 7.69M 11.48M 16.93M 19.38M
Goodwill 88.02M 97.13M 0.00M 0.00M 0.00M 3.54M 10.63M 17.72M
Intangible Assets 1.94M 2.39M 2.18M 3.00M 5.58M 7.50M 7.50M 4.13M
Long-Term Investments 0.00M 100.00M 0.08M 38.00M 32.90M 64.00M 67.00M 45.00M
Tax Assets 0.00M 0.00M 0.00M 0.00M 50.37M 44.94M -67.00M -45.00M
Other Non-Current Assets 103.06M 0.87M 101.98M 61.00M 41.74M -44.93M 67.22M 45.54M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 281.88M 290.19M 121.24M 108.00M 138.28M 86.54M 102.29M 86.77M
Total Assets 5,734.83M 5,562.10M 4,525.79M 4,087.00M 4,395.84M 3,775.91M 4,491.34M 4,329.57M
Accounts Payable 271.25M 136.39M 230.00M 270.00M 279.11M 106.65M 68.70M 119.69M
Short-Term Debt 1,046.85M 865.25M 231.38M 265.00M 138.42M 129.00M 233.04M 463.94M
Tax Payables 0.00M 0.00M 179.47M 73.75M 52.63M 56.50M 46.71M 75.96M
Deferred Revenue 92.95M 80.15M 76.00M 220.05M 312.07M 61.96M 50.61M 79.47M
Other Current Liabilities 135.86M 142.04M 122.09M 172.88M 193.36M 36.54M 10.06M -8.56M
Total Current Liabilities 1,546.90M 1,223.84M 838.94M 1,001.68M 975.59M 390.65M 409.12M 730.50M
Long-Term Debt 1,439.33M 1,590.34M 807.75M 949.00M 1,401.13M 1,465.13M 2,189.56M 1,729.83M
Capital Lease Obligations 0.00M 0.00M 0.00M 1.99M 0.00M 4.12M 7.23M 10.48M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 107.92M 115.59M 104.30M 74.00M 86.44M 0.00M 39.95M 46.56M
Total Non-Current Liabilities 1,547.25M 1,705.93M 912.05M 1,024.99M 1,487.57M 1,469.25M 2,236.73M 1,786.88M
Total Liabilities 3,094.15M 2,929.77M 1,750.99M 2,026.67M 2,463.16M 1,859.90M 2,645.85M 2,517.37M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 337.49M 462.49M 462.49M 268.92M 268.92M 268.92M 268.92M 268.92M
Retained Earnings 1,825.68M 1,636.70M 1,794.38M 1,595.00M 1,466.10M 1,449.42M 1,317.69M 1,383.66M
Accumulated OCI 0.00M 1.00M 1.00M 0.52M 1.00M 2.00M 2.00M 2.00M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 2,163.17M 2,100.19M 2,257.87M 1,864.44M 1,736.02M 1,720.35M 1,588.61M 1,654.58M
Total Equity 2,163.17M 2,100.19M 2,257.87M 1,864.44M 1,736.02M 1,720.35M 1,588.61M 1,654.58M
Total Liabilities & Equity 5,257.32M 5,029.95M 4,008.86M 3,891.11M 4,199.18M 3,580.24M 4,234.47M 4,171.95M
Tangible Assets 5,644.88M 5,462.58M 4,523.61M 4,084.00M 4,390.27M 3,764.86M 4,473.21M 4,307.72M
Tangible Equity 2,073.21M 2,000.67M 2,255.69M 1,861.44M 1,730.45M 1,709.30M 1,570.48M 1,632.73M
Tangible Book Value 2,073.21M 2,000.67M 2,255.69M 1,861.44M 1,730.45M 1,709.30M 1,570.48M 1,632.73M
Total Investments 0.00M 100.00M 0.08M 38.00M 32.90M 64.00M 67.00M 45.00M
Net Debt 1,638.02M 1,418.59M -569.54M 44.00M -104.47M 891.01M 1,591.91M 1,462.02M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Working Capital 3,893.2M 4,029.5M 3,564.7M 2,977.0M 3,282.0M 3,298.7M 3,979.9M 3,512.3M
Total Capital 5,114.0M 5,069.4M 3,810.6M 3,276.0M 3,472.2M 3,511.0M 4,268.1M 4,002.7M
Capital Employed 4,175.0M 4,319.7M 3,685.9M 3,085.0M 3,420.3M 3,385.3M 4,082.2M 3,599.1M
Invested Capital 4,265.8M 4,032.4M 2,201.9M 2,106.0M 1,828.2M 2,807.9M 3,437.4M 3,270.9M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Net Income 145.00M 234.00M 251.05M 178.00M 130.88M 182.00M 84.00M 252.18M
Depreciation & Amortization 0.00M 0.00M 36.94M 32.64M 50.15M 64.24M 87.34M 49.98M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 0.00M 0.00M -204.78M -252.00M 541.23M 599.55M -187.73M -543.75M
Accounts Receivable 0.00M 0.00M 27.17M 26.00M -1.55M 12.24M 18.60M -3.00M
Inventory 0.00M 0.00M -52.00M -294.00M 510.67M 508.43M -143.09M -535.60M
Accounts Payable 0.00M 0.00M -39.36M -5.88M -35.00M 37.95M -50.98M 5.08M
Other Working Capital 0.00M 0.00M -140.45M 21.88M 67.11M 40.93M -12.25M -2.00M
Other Non-Cash Items -145.00M -234.00M 93.45M -180.52M -36.45M -0.09M -39.20M -9.02M
Net Cash from Operating Activities 0.00M 0.00M 176.66M -221.88M 685.81M 845.69M -55.58M -250.62M
Capital Expenditures (PPE) 0.00M 0.00M -11.00M -8.04M -0.27M -5.04M -6.31M -3.37M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 362.84M 0.00M 0.00M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -10.00M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.10M 0.00M 0.00M
Other Investing Activities 0.00M 0.00M -6.39M 133.04M -0.14M -24.97M -6.98M 0.67M
Net Cash from Investing Activities 0.00M 0.00M -17.39M 125.00M 362.44M -29.92M -23.28M -2.70M
Net Debt Issuance 0.00M 0.00M -176.30M -484.00M -55.00M -827.63M 232.13M 405.21M
Long-Term Debt Issuance 0.00M 0.00M -166.30M -486.52M -55.00M -827.63M 552.13M 765.21M
Short-Term Debt Issuance 0.00M 0.00M -10.00M 2.52M 0.00M 0.00M -320.00M -360.00M
Net Stock Issuance 0.00M 0.00M 508.54M -1.83M 0.00M -61.59M -0.02M -99.92M
Common Stock Issuance 0.00M 0.00M 508.54M 0.52M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M 0.00M 0.00M -2.34M 0.00M -61.59M -0.02M -99.92M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M -52.52M -48.00M -48.82M -50.88M -50.99M -53.53M
Common Dividends Paid 0.00M 0.00M -52.52M -48.98M -48.82M -50.88M -50.99M -53.53M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.98M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 0.00M -0.63M 156.50M -3.51M -3.24M -3.32M 0.00M
Net Cash from Financing Activities 0.00M 0.00M 279.08M -377.33M -107.34M -943.35M 177.80M 251.76M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 0.00M 0.00M 438.35M -473.71M 940.91M -127.58M 98.94M -1.56M
Cash at Beginning of Period 0.00M 0.00M 1,170.31M 1,644.03M 703.11M 830.69M 731.75M 733.31M
Cash at End of Period 0.00M 0.00M 1,608.67M 1,170.31M 1,644.03M 703.11M 830.69M 731.75M
Operating Cash Flow 0.00M 0.00M 176.66M -221.00M 685.81M 845.69M -55.58M -250.62M
Capital Expenditure 0.00M 0.00M -11.00M -8.00M -0.27M -5.04M -6.31M -3.37M
Free Cash Flow 0.00M 0.00M 165.66M -229.00M 685.54M 840.65M -61.89M -253.99M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
EBITDA 467.91M 190.38M 557.94M 160.64M 280.29M 338.71M 234.67M 444.38M
(-) Tax Adjustment 163.77M 59.12M 195.28M 56.22M 98.10M 113.80M 77.78M 150.74M
(-) Change In Working Capital 0.00M 0.00M -204.78M -252.00M 541.23M 599.55M -187.73M -543.75M
(-) Capital Expenditure 0.00M 0.00M -11.00M -8.00M -0.27M -5.04M -6.31M -3.37M
Unlevered Free Cash Flow 304.14M 131.27M 556.44M 348.41M -359.31M -379.67M 338.30M 834.02M
(-) Net Interest Income After Taxes -9.22M -5.48M -5.20M -5.42M -7.01M -8.75M -10.65M -8.99M
Net Debt Issuance 0.00M 0.00M -176.30M -484.00M -55.00M -827.63M 232.13M 405.21M
Levered Free Cash Flow 313.36M 136.75M 385.34M -130.16M -407.30M -1,198.56M 581.08M 1,248.22M