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Definitive Analysis

Financial Statements

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Industry

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Page: Company Financials

International Human Resources Company

Ticker: 9545.SR | Industry: Staffing & Employment Services | Sector: Industrials
$5.44 +0.05 (0.93%)
As of: 2026-01-27

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Enterprise Value

Metric 2024 2023 2022 2021 2020
Stock Price 4.42 3.40 2.47 2.21 2.21
Market Capitalization 216.85M 169.75M 112.20M 88.40M 88.40M
(-) Cash & Equivalents 9.90M 8.64M 4.95M 0.76M 2.25M
(+) Total Debt 14.48M 8.20M 9.17M 4.73M 4.81M
Enterprise Value 221.43M 169.32M 116.42M 92.37M 90.96M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenue 400M 166M 192M 112M 77M 78M 75M
Cost of Revenue 343M 135M 161M 94M 61M 62M 67M
Gross Profit 57M 31M 31M 18M 16M 16M 8M
Gross Profit Margin 14.2% 18.6% 16.0% 16.5% 21.0% 20.1% 10.2%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 36M 22M 40M 13M 10M 12M 8M
Operating Expenses 37M 23M 20M 14M 11M -12M 8M
Operating Income (EBIT) 20M 8M 11M 5M 5M 28M 0M
Operating Income Margin 4.9% 4.6% 5.6% 4.2% 6.8% 36.1% -0.1%
Interest Income 0M 0M 0M 0M 0M 0M 0M
Interest Expense 2M 0M 1M 1M 0M 0M 0M
Net Interest Income -2M 0M -1M -1M 0M 0M 0M
Unusual Items -1M -1M 0M 0M 0M -25M 0M
EBT Excluding Unusual Items 18M 7M 10M 4M 5M 28M 0M
Pre-Tax Income 17M 6M 9M 4M 5M 3M 0M
Pre-Tax Margin 4.1% 3.6% 4.9% 3.3% 6.3% 4.3% -0.6%
Income Tax Expense 2M 1M 1M 1M 1M 1M 1M
Net Income 14M 5M 8M 3M 5M 3M -1M
Net Income Margin 3.6% 3.3% 4.3% 2.5% 6.3% 4.3% -1.3%
Depreciation & Amortization 1M 1M 1M 1M 1M 0M 1M
EBITDA 21M 9M 11M 6M 6M 28M 1M
EBITDA Margin 5.3% 5.2% 5.9% 5.3% 7.7% 36.1% 1.1%
NOPAT 17M 6M 10M 4M 5M 21M 0M
NOPAT Margin 4.2% 3.5% 5.0% 3.2% 6.0% 26.5% -0.1%
Owner's Earnings 11M 0M 7M 1M 2M 1M -2M
Owner's Earnings Margin 2.8% 0.2% 3.6% 0.9% 2.4% 1.7% -2.8%
EPS (Basic) 0.29 0.12 0.17 0.06 0.10 0.06 -0.02
EPS (Diluted) 0.29 0.12 0.17 0.06 0.11 0.08 -0.02
Shares (Basic) 50M 45M 49M 50M 44M 40M 40M
Shares (Diluted) 50M 45M 49M 50M 44M 40M 40M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash & Cash Equivalents 9.20M 13.39M 13.39M 8.37M 9.69M 1.52M 4.50M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 9.20M 13.39M 13.39M 8.37M 9.69M 1.52M 4.50M
Net Receivables 56.41M 46.51M 46.51M 26.65M 29.12M 19.34M 17.87M
Inventory 0.00M 0.00M 0.00M 0.15M 0.00M 0.00M 0.00M
Other Current Assets 5.47M 4.22M 0.00M 2.44M 0.00M 1.35M 0.00M
Total Current Assets 71.08M 64.12M 59.90M 37.61M 38.81M 22.21M 22.37M
Property, Plant & Equipment 7.39M 7.25M 7.25M 8.38M 14.99M 13.01M 12.68M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 11.06M 0.00M 0.00M 9.88M 0.00M 0.00M 0.00M
Long-Term Investments 0.00M 1.00M 1.00M 0.89M 0.82M 0.77M 0.64M
Tax Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Assets 3.95M 13.63M 13.63M 0.00M 1.89M 0.87M 0.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 22.40M 21.88M 21.88M 19.15M 17.70M 14.64M 13.31M
Total Assets 93.48M 86.00M 81.78M 56.76M 56.51M 36.86M 35.68M
Accounts Payable 0.00M 0.00M 0.00M 0.05M 0.00M 0.00M 0.00M
Short-Term Debt 16.99M 15.57M 15.57M 5.74M 7.16M 8.12M 8.12M
Tax Payables 0.00M 0.00M 0.00M 0.91M 0.52M 0.63M 0.37M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 9.91M 8.93M 8.93M 3.91M 0.00M 0.54M 0.00M
Total Current Liabilities 26.90M 24.50M 24.50M 10.62M 7.69M 9.29M 8.49M
Long-Term Debt 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 3.19M 3.39M 3.39M 1.46M 2.36M 1.34M 1.04M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 9.10M 7.63M 7.63M 6.21M 4.72M 4.84M 4.04M
Total Non-Current Liabilities 12.28M 11.02M 11.02M 7.66M 7.08M 6.19M 5.08M
Total Liabilities 39.18M 35.52M 35.52M 18.28M 14.76M 15.48M 13.57M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 25.00M 25.00M 25.00M 25.00M 25.00M 20.00M 20.00M
Retained Earnings 17.47M 12.57M 12.57M 6.36M 1.82M -1.57M -4.10M
Accumulated OCI 0.00M 0.07M 0.07M 0.00M 0.98M 0.55M 0.30M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 42.47M 37.64M 37.64M 31.36M 27.80M 18.97M 16.20M
Total Equity 42.47M 37.64M 37.64M 31.36M 27.80M 18.97M 16.20M
Total Liabilities & Equity 81.66M 73.16M 73.16M 49.64M 42.56M 34.45M 29.77M
Tangible Assets 82.41M 86.00M 81.78M 46.88M 56.51M 36.86M 35.68M
Tangible Equity 31.41M 37.64M 37.64M 21.48M 27.80M 18.97M 16.20M
Tangible Book Value 31.41M 37.64M 37.64M 21.48M 27.80M 18.97M 16.20M
Total Investments 0.00M 1.00M 1.00M 0.89M 0.82M 0.77M 0.64M
Net Debt 7.79M 2.18M 2.18M -2.63M -2.52M 6.60M 3.62M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Working Capital 43.4M 37.7M 37.7M 30.9M 28.7M 9.6M 8.0M
Total Capital 74.5M 68.4M 68.4M 50.7M 49.3M 28.4M 25.8M
Capital Employed 65.8M 59.6M 59.6M 50.0M 46.4M 24.3M 21.3M
Invested Capital 65.3M 55.0M 55.0M 42.4M 39.6M 26.9M 21.3M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Net Income 14.42M 5.41M 8.40M 2.83M 4.30M 2.46M -0.97M
Depreciation & Amortization 3.06M 1.38M 1.33M 1.21M 0.69M 0.79M 0.89M
Deferred Income Tax 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
Change in Working Capital -30.03M -13.24M -16.14M -4.77M -8.61M -8.35M 0.19M
Accounts Receivable -34.22M -7.03M -21.79M -4.07M -6.61M -5.14M -1.95M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 4.19M -6.21M 5.65M 0.38M -2.00M -3.21M 2.14M
Other Non-Cash Items 11.42M 14.30M 5.76M 3.91M 0.35M 4.30M 2.10M
Net Cash from Operating Activities -1.14M -1.90M -0.65M 3.19M -3.27M -0.80M 2.21M
Capital Expenditures (PPE) -4.56M -6.14M -2.02M -2.57M -3.70M -2.06M -1.98M
Acquisitions (Net) 0.00M 0.08M 0.00M 0.00M 0.00M 0.08M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M -0.07M 0.00M
Other Investing Activities -0.47M -0.71M 0.00M -0.02M 0.00M 0.07M 0.00M
Net Cash from Investing Activities -5.03M -6.06M -2.02M -2.60M -3.70M -1.98M -1.98M
Net Debt Issuance 1.18M -0.30M -0.89M -0.48M 0.96M -0.19M -0.43M
Long-Term Debt Issuance -0.82M -0.30M -0.89M -0.48M 0.96M -0.19M -0.43M
Short-Term Debt Issuance 1.44M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance 0.00M 0.00M 0.00M 0.00M 17.00M 0.00M 2.50M
Common Stock Issuance 0.00M 17.00M 0.00M 0.00M 17.00M 0.00M 2.50M
Common Stock Repurchased 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -1.25M -1.88M -1.25M 0.00M -1.88M 0.00M 0.00M
Common Dividends Paid -1.25M -1.88M -1.25M 0.00M -1.88M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.94M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 6.54M 16.18M 9.83M -1.42M -0.95M 0.00M 0.07M
Net Cash from Financing Activities 6.47M 14.94M 7.69M -1.90M 15.13M -0.19M 2.14M
Effect of FX on Cash 0.00M 1.52M 0.00M 0.00M 0.00M 0.00M 2.13M
Net Change in Cash 13.70M 7.76M 5.02M -1.31M 8.17M -2.98M 4.50M
Cash at Beginning of Period 23.31M 13.34M 8.37M 9.69M 1.52M 4.50M 2.13M
Cash at End of Period 28.37M 21.10M 13.39M 8.37M 9.69M 1.52M 4.50M
Operating Cash Flow -1.55M -1.90M -0.65M 3.61M -3.27M -0.80M 2.21M
Capital Expenditure -4.56M -6.14M -2.02M -3.00M -3.70M -2.06M -1.98M
Free Cash Flow -6.11M -8.04M -2.67M 0.61M -6.97M -2.86M 0.23M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
EBITDA 22.21M 10.32M -8.80M 6.53M 6.61M 4.00M 0.80M
(-) Tax Adjustment 3.01M 2.37M -0.97M 1.59M 0.73M 1.06M 0.00M
(-) Change In Working Capital -30.03M -13.24M -16.14M -4.77M -8.61M -8.35M 0.19M
(-) Capital Expenditure -4.56M -6.14M -2.02M -3.00M -3.70M -2.06M -1.98M
Unlevered Free Cash Flow 44.68M 15.06M 6.29M 6.71M 10.80M 9.23M -1.36M
(-) Net Interest Income After Taxes -1.36M -0.34M -0.97M -0.72M -0.40M 0.00M -0.30M
Net Debt Issuance 1.18M -0.30M -0.89M -0.48M 0.96M -0.19M -0.43M
Levered Free Cash Flow 47.22M 15.10M 6.37M 6.95M 12.16M 9.04M -1.50M