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Definitive Analysis

Financial Statements

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Page: Company Financials

Grand Hall Enterprise Co., Ltd.

Ticker: 8941.TWO | Industry: Household & Personal Products | Sector: Consumer Defensive
$46.40 +1.00 (2.20%)
As of: 2026-01-28

Master Data Export


Enterprise Value

Metric 2025 2024 2023
Stock Price 57.90 68.33 51.02
Market Capitalization 2,020.06M 2,318.02M 1,554.61M
(-) Cash & Equivalents 543.20M 448.14M 674.73M
(+) Total Debt 336.69M 290.84M 873.29M
Enterprise Value 1,813.54M 2,160.71M 1,753.16M

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 3,139M 3,060M 3,151M 2,899M 3,311M 3,211M 2,799M 2,444M
Cost of Revenue 2,245M 2,151M 2,240M 2,019M 2,358M 2,339M 2,002M 1,714M
Gross Profit 894M 909M 911M 880M 953M 872M 797M 730M
Gross Profit Margin 28.5% 29.7% 28.9% 30.4% 28.8% 27.2% 28.5% 29.9%
R&D Expenses 24M 24M 27M 22M 22M 22M 21M 25M
SG&A Expenses 774M 780M 798M 785M 838M 795M 708M 682M
Operating Expenses 768M 811M 806M 817M 860M 816M 729M 707M
Operating Income (EBIT) 126M 98M 105M 63M 93M 56M 67M 23M
Operating Income Margin 4.0% 3.2% 3.3% 2.2% 2.8% 1.7% 2.4% 0.9%
Interest Income 8M 16M 8M 35M 10M 1M 1M 2M
Interest Expense 7M 12M 8M 19M 13M 9M 9M 13M
Net Interest Income 1M 4M -1M 17M -3M -8M -8M -11M
Unusual Items -30M 80M 78M 128M 125M 71M 34M 34M
EBT Excluding Unusual Items 127M 102M 104M 80M 90M 48M 59M 12M
Pre-Tax Income 97M 182M 182M 208M 215M 119M 94M 46M
Pre-Tax Margin 3.1% 5.9% 5.8% 7.2% 6.5% 3.7% 3.4% 1.9%
Income Tax Expense 13M 16M 13M 18M 4M 4M 1M 0M
Net Income 91M 172M 177M 193M 211M 110M 86M 53M
Net Income Margin 2.9% 5.6% 5.6% 6.7% 6.4% 3.4% 3.1% 2.2%
Depreciation & Amortization 156M 166M 161M 167M 170M 159M 160M 21M
EBITDA 282M 264M 266M 230M 263M 215M 227M 45M
EBITDA Margin 9.0% 8.6% 8.4% 7.9% 7.9% 6.7% 8.1% 1.8%
NOPAT 108M 89M 97M 58M 91M 54M 66M 23M
NOPAT Margin 3.5% 2.9% 3.1% 2.0% 2.8% 1.7% 2.4% 0.9%
Owner's Earnings 241M 330M 330M 354M 376M 258M 234M 74M
Owner's Earnings Margin 7.7% 10.8% 10.5% 12.2% 11.4% 8.0% 8.4% 3.0%
EPS (Basic) 2.60 5.26 5.05 5.52 6.94 3.60 2.84 1.50
EPS (Diluted) 2.60 5.62 5.04 5.49 6.91 3.59 2.83 1.49
Shares (Basic) 35M 32M 35M 35M 30M 30M 30M 35M
Shares (Diluted) 35M 31M 35M 35M 31M 31M 31M 35M

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 503.35M 583.06M 436.58M 619.37M 704.29M 454.59M 459.42M 245.20M
Short-Term Investments 90.67M 50.28M 59.01M 39.92M 497.88M 4.33M 60.18M 0.00M
Cash & Short-Term Investments 594.02M 633.34M 495.60M 659.29M 1,202.17M 458.91M 519.60M 245.20M
Net Receivables 155.27M 178.00M 130.39M 172.40M 167.89M 227.41M 155.56M 101.26M
Inventory 343.38M 326.19M 342.00M 329.59M 383.50M 445.08M 356.62M 311.66M
Other Current Assets 59.60M 70.69M 52.85M 48.91M 520.21M 74.54M 105.03M 62.21M
Total Current Assets 1,152.27M 1,208.22M 1,020.84M 1,210.17M 2,273.76M 1,205.94M 1,136.81M 720.32M
Property, Plant & Equipment 302.24M 334.87M 369.19M 414.37M 489.81M 434.24M 411.96M 578.57M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 0.00M 0.00M 0.00M 0.13M 0.28M 0.89M 1.02M 1.69M
Long-Term Investments 392.40M 475.37M 484.01M 461.75M -145.18M 465.02M 450.58M 377.66M
Tax Assets 0.00M 0.00M 0.00M 0.00M 497.88M 4.33M 60.18M 0.00M
Other Non-Current Assets 26.80M 28.56M 28.38M 27.53M 29.12M 28.17M 22.46M 27.43M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 721.44M 838.80M 881.58M 903.77M 871.91M 932.64M 946.19M 985.35M
Total Assets 1,873.70M 2,047.02M 1,902.42M 2,113.95M 3,145.67M 2,138.58M 2,083.01M 1,705.67M
Accounts Payable 308.49M 304.86M 271.79M 218.71M 195.40M 283.77M 284.09M 214.55M
Short-Term Debt 100.00M 100.00M 0.00M 312.15M 746.00M 220.00M 111.34M 0.00M
Tax Payables 1.57M 18.13M 12.16M 13.29M 1.60M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 86.93M 344.49M 379.21M 382.57M 0.00M
Other Current Liabilities 213.81M 202.61M 193.38M 197.52M 215.02M 222.42M 276.47M 280.77M
Total Current Liabilities 623.87M 625.59M 477.33M 828.60M 1,502.51M 1,105.40M 1,054.47M 495.32M
Long-Term Debt 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 224.79M 248.59M 283.30M 328.89M 395.18M 315.12M 280.73M 436.63M
Deferred Tax Liabilities 23.49M 30.63M 31.18M 29.67M 25.14M 34.49M 37.39M 0.00M
Other Non-Current Liabilities 3.20M 3.20M 3.21M 4.58M 3.90M 5.28M 4.96M 32.22M
Total Non-Current Liabilities 251.48M 282.42M 317.69M 363.14M 424.21M 354.89M 323.08M 468.85M
Total Liabilities 875.35M 908.01M 795.02M 1,191.73M 1,926.72M 1,460.29M 1,377.55M 964.16M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 349.72M 349.72M 349.72M 304.11M 304.11M 304.11M 304.11M 276.46M
Retained Earnings 99.01M 147.15M 144.07M 180.65M 265.15M 154.73M 130.17M 165.82M
Accumulated OCI 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 152.17M
Minority Interest 69.97M 76.01M 78.98M 83.53M 86.05M 82.31M 74.81M 70.00M
Total Shareholders’ Equity 448.73M 496.87M 493.79M 484.75M 569.25M 458.84M 434.28M 594.45M
Total Equity 518.70M 572.88M 572.77M 568.28M 655.30M 541.15M 509.09M 664.45M
Total Liabilities & Equity 1,394.05M 1,480.89M 1,367.78M 1,760.02M 2,582.02M 2,001.44M 1,886.63M 1,628.61M
Tangible Assets 1,873.70M 2,047.02M 1,902.42M 2,113.82M 3,145.39M 2,137.69M 2,081.98M 1,703.98M
Tangible Equity 518.70M 572.88M 572.77M 568.16M 655.02M 540.26M 508.06M 662.76M
Tangible Book Value 518.70M 572.88M 572.77M 568.16M 655.02M 540.26M 508.06M 662.76M
Total Investments 480.71M 525.65M 543.03M 501.67M 352.70M 469.35M 510.76M 377.66M
Net Debt -403.35M -483.06M -436.58M -307.22M 41.71M -234.59M -348.08M -245.20M

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 315.3M 363.5M 351.2M 310.7M 355.2M 195.6M 172.2M 73.0M
Total Capital 1,137.7M 1,308.5M 1,245.0M 1,538.1M 1,985.8M 1,342.9M 1,221.1M 1,092.8M
Capital Employed 1,036.7M 1,202.3M 1,232.7M 1,214.5M 1,227.1M 1,128.2M 1,118.4M 1,058.3M
Invested Capital 634.3M 725.5M 808.4M 918.7M 1,281.5M 888.3M 761.7M 847.6M

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 96.99M 181.85M 181.97M 208.08M 214.68M 118.69M 93.88M 0.00M
Depreciation & Amortization 155.80M 165.78M 160.92M 167.07M 169.81M 158.95M 159.94M 0.00M
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 57.62M -36.37M 94.89M -8.75M 39.66M -201.20M 95.23M 0.00M
Accounts Receivable 94.34M -82.42M 55.44M -9.08M 0.00M 0.00M 0.00M 0.00M
Inventory 30.69M 14.17M -12.42M 53.91M 61.59M -88.46M -44.96M 0.00M
Accounts Payable -51.28M 96.21M 53.08M 23.31M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -16.13M 13.88M -1.22M -76.89M 0.00M 0.00M 0.00M 0.00M
Other Non-Cash Items -88.76M -83.05M -95.66M -48.72M 3.90M -22.86M 5.67M 0.00M
Net Cash from Operating Activities 221.65M 230.30M 342.12M 317.69M 395.33M 0.24M 291.27M 0.00M
Capital Expenditures (PPE) -5.87M -7.80M -7.93M -5.77M -4.74M -11.03M -12.50M 0.00M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments 15.62M -32.60M -19.10M -39.92M 0.00M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 5.86M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.94M
Other Investing Activities 11.79M 302.87M 100.13M 474.92M -493.08M 51.25M -58.16M 0.00M
Net Cash from Investing Activities 27.39M 262.58M 73.10M 429.23M -455.51M 83.03M -15.11M 0.00M
Net Debt Issuance -5.53M -382.50M -312.15M -433.85M 526.00M 139.27M 111.34M 0.00M
Long-Term Debt Issuance -105.53M -48.73M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Short-Term Debt Issuance 100.00M -372.15M -312.15M -433.85M 526.00M 139.27M 111.34M 0.00M
Net Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -44.52M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -44.52M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -152.05M -60.82M -152.05M -243.28M -91.23M -76.03M -27.65M 0.00M
Common Dividends Paid -152.05M -243.28M -152.05M -243.28M -91.23M -76.03M -27.65M -75.40M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -37.90M -151.52M -153.93M -152.32M -154.48M -136.50M -129.50M -137.28M
Net Cash from Financing Activities -195.47M -777.30M -618.13M -829.46M 280.29M -73.26M -45.81M 0.00M
Effect of FX on Cash -25.67M 6.35M 20.12M -2.39M 29.59M -14.85M -16.13M 0.00M
Net Change in Cash 27.91M -278.07M -182.79M -84.92M 249.70M -4.84M 214.22M 0.00M
Cash at Beginning of Period 1,920.85M 2,504.01M 619.37M 704.29M 454.59M 459.42M 245.20M 0.00M
Cash at End of Period 1,948.75M 2,225.94M 436.58M 619.37M 704.29M 454.59M 459.42M 0.00M
Operating Cash Flow 221.65M 230.30M 342.12M 317.69M 395.33M 0.24M 291.27M 0.00M
Capital Expenditure -5.87M -7.80M -7.93M -5.77M -4.74M -11.03M -12.50M 0.00M
Free Cash Flow 215.78M 222.50M 334.19M 311.92M 390.59M -10.80M 278.77M 0.00M

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 252.04M 270.75M 247.78M 239.34M 262.70M 215.03M 227.24M 44.53M
(-) Tax Adjustment 34.89M 24.51M 17.95M 20.27M 5.17M 6.63M 2.72M 0.31M
(-) Change In Working Capital 57.62M -36.37M 94.89M -8.75M 39.66M -201.20M 95.23M 0.00M
(-) Capital Expenditure -5.87M -7.80M -7.93M -5.77M -4.74M -11.03M -12.50M 0.00M
Unlevered Free Cash Flow 153.67M 274.81M 127.02M 222.05M 213.13M 398.57M 116.79M 44.22M
(-) Net Interest Income After Taxes 0.63M 3.21M -0.65M 15.28M -3.31M -7.74M -7.75M -10.59M
Net Debt Issuance -5.53M -382.50M -312.15M -433.85M 526.00M 139.27M 111.34M 0.00M
Levered Free Cash Flow 147.51M -110.91M -184.48M -227.07M 742.45M 545.58M 235.88M 54.81M