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Definitive Analysis

Financial Statements

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Page: Company Financials

EMS Limited

Ticker: EMSLIMITED.BO | Industry: Engineering & Construction | Sector: Industrials
$340.20 +7.40 (2.22%)
As of: 2026-01-28

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Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 626.88 677.48 317.94 279.90
Market Capitalization 34,810.94M 37,234.28M 15,545.66M 13,951.22M
(-) Cash & Equivalents 808.30M 741.26M -182.72M 259.16M
(+) Total Debt 429.95M 373.06M 236.26M 10.45M
Enterprise Value 34,432.58M 36,866.08M 15,964.64M 13,702.51M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Revenue 9,835M 8,616M 9,658M 7,933M 5,382M 3,599M 3,307M 3,256M
Cost of Revenue 6,825M 6,018M 7,031M 5,747M 3,535M 2,293M 2,192M 2,210M
Gross Profit 3,010M 2,599M 2,627M 2,186M 1,847M 1,306M 1,115M 1,046M
Gross Profit Margin 30.6% 30.2% 27.2% 27.6% 34.3% 36.3% 33.7% 32.1%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 58M 9M 212M 9M 46M 24M 10M 18M
Operating Expenses 466M 175M 212M 9M 89M 206M 143M 102M
Operating Income (EBIT) 2,544M 2,424M 2,415M 2,178M 1,758M 1,100M 972M 944M
Operating Income Margin 25.9% 28.1% 25.0% 27.5% 32.7% 30.6% 29.4% 29.0%
Interest Income 0M 0M 0M 90M 47M 32M 51M 51M
Interest Expense 71M 56M 84M 63M 38M 57M 45M 29M
Net Interest Income -71M -56M -84M 28M 9M -26M 7M 22M
Unusual Items 34M -112M 159M -137M -288M 1M 3M 17M
EBT Excluding Unusual Items 2,473M 2,368M 2,331M 2,205M 1,767M 1,074M 979M 966M
Pre-Tax Income 2,507M 2,256M 2,490M 2,068M 1,479M 1,075M 982M 983M
Pre-Tax Margin 25.5% 26.2% 25.8% 26.1% 27.5% 29.9% 29.7% 30.2%
Income Tax Expense 655M 586M 652M 541M 390M 286M 263M 259M
Net Income 1,846M 1,671M 1,835M 1,524M 1,089M 789M 719M 724M
Net Income Margin 18.8% 19.4% 19.0% 19.2% 20.2% 21.9% 21.7% 22.2%
Depreciation & Amortization 100M 75M 96M 65M 34M 22M 17M 16M
EBITDA 2,644M 2,499M 2,512M 2,243M 1,792M 1,121M 989M 960M
EBITDA Margin 26.9% 29.0% 26.0% 28.3% 33.3% 31.2% 29.9% 29.5%
NOPAT 1,879M 1,794M 1,783M 1,608M 1,294M 808M 712M 696M
NOPAT Margin 19.1% 20.8% 18.5% 20.3% 24.0% 22.4% 21.5% 21.4%
Owner's Earnings 1,946M 1,684M 1,868M 1,261M 1,036M 668M 653M 479M
Owner's Earnings Margin 19.8% 19.6% 19.3% 15.9% 19.2% 18.6% 19.7% 14.7%
EPS (Basic) 33.24 32.51 33.05 29.38 22.91 16.61 15.29 15.41
EPS (Diluted) 33.25 32.40 33.05 29.38 19.60 14.21 12.95 15.41
Shares (Basic) 56M 52M 56M 52M 56M 56M 56M 47M
Shares (Diluted) 56M 52M 56M 52M 56M 56M 56M 47M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Cash & Cash Equivalents 0.00M 1,616.60M 942.98M 723.33M 816.75M 610.53M 504.31M 340.36M
Short-Term Investments 1,616.60M 0.00M 134.39M 125.62M 395.47M 288.71M 170.84M 190.02M
Cash & Short-Term Investments 1,616.60M 1,616.60M 1,077.37M 848.95M 1,212.22M 899.24M 675.15M 530.37M
Net Receivables 0.00M 3,767.90M 3,767.90M 2,426.19M 2,198.20M 2,393.93M 1,741.34M 873.07M
Inventory 0.00M 481.16M 481.16M 888.60M 1,047.59M 541.29M 354.29M 429.05M
Other Current Assets -1,616.60M 1,629.75M 2,168.98M 1,293.79M 277.61M 310.43M 224.67M 404.21M
Total Current Assets 0.00M 7,495.41M 7,495.41M 5,457.53M 4,735.62M 4,144.87M 2,995.46M 2,236.69M
Property, Plant & Equipment 0.00M 624.64M 624.64M 660.25M 425.69M 372.69M 313.60M 248.06M
Goodwill 0.00M 58.30M 58.30M 58.30M 58.30M 58.97M 0.72M 0.05M
Intangible Assets 0.00M 4.50M 4.50M 3.64M 0.01M 0.01M 0.01M 0.01M
Long-Term Investments 0.00M 3,352.76M 188.72M -21.70M -383.26M -283.61M -166.45M 521.94M
Tax Assets 0.00M 5.74M 5.74M 22.96M 3.28M 4.52M 4.65M 0.00M
Other Non-Current Assets 0.00M 111.82M 3,275.85M 3,060.80M 1,394.90M 725.38M 632.66M 72.83M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 0.00M 4,157.75M 4,157.75M 3,784.25M 1,498.91M 877.95M 785.19M 842.89M
Total Assets 0.00M 11,653.16M 11,653.16M 9,241.78M 6,234.53M 5,022.82M 3,780.65M 3,079.58M
Accounts Payable 0.00M 146.41M 146.41M 80.77M 154.05M 430.13M 403.03M 392.20M
Short-Term Debt 0.00M 29.38M 29.38M 2.35M 0.00M 0.63M 3.58M 20.46M
Tax Payables 0.00M 0.00M 0.00M 120.29M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 146.62M 235.10M 0.00M
Other Current Liabilities 0.00M 589.37M 589.37M 673.59M 425.96M 305.58M -149.10M 144.10M
Total Current Liabilities 0.00M 765.16M 765.16M 877.00M 580.01M 882.96M 492.61M 556.76M
Long-Term Debt 0.00M 829.79M 829.79M 704.20M 453.96M 37.13M 31.63M 127.52M
Capital Lease Obligations 0.00M 0.73M 0.73M 0.00M 0.00M 0.63M 4.21M 9.15M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 6.71M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities -9,783.09M 120.15M 120.15M 102.31M 238.95M 91.64M 69.25M 0.00M
Total Non-Current Liabilities -9,783.09M 950.67M 950.67M 813.22M 692.90M 129.40M 105.09M 136.67M
Total Liabilities -9,783.09M 1,715.83M 1,715.83M 1,690.22M 1,272.91M 1,012.37M 597.70M 693.42M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 2,035.03M
Common Stock 0.00M 555.31M 555.31M 555.31M 470.00M 117.50M 117.50M 117.50M
Retained Earnings 0.00M 7,634.45M 7,634.45M 5,873.85M 4,380.00M 3,655.98M 2,873.33M 2,154.07M
Accumulated OCI 9,756.79M 0.00M 22.03M 2.20M 4.25M 2.79M 0.00M 1.54M
Minority Interest 0.00M 26.29M 26.29M 23.87M 21.07M 9.43M 1.62M 0.00M
Total Shareholders’ Equity 9,756.79M 8,189.76M 8,211.79M 6,431.36M 4,854.26M 3,776.27M 2,990.83M 4,308.14M
Total Equity 9,756.79M 8,216.05M 8,238.08M 6,455.22M 4,875.32M 3,785.69M 2,992.45M 4,308.14M
Total Liabilities & Equity -26.29M 9,931.88M 9,953.91M 8,145.44M 6,148.23M 4,798.06M 3,590.15M 5,001.56M
Tangible Assets 0.00M 11,590.36M 11,590.36M 9,179.84M 6,176.22M 4,963.85M 3,779.92M 3,079.52M
Tangible Equity 9,756.79M 8,153.25M 8,175.27M 6,393.28M 4,817.01M 3,726.72M 2,991.72M 4,308.08M
Tangible Book Value 9,756.79M 8,153.25M 8,175.27M 6,393.28M 4,817.01M 3,726.72M 2,991.72M 4,308.08M
Total Investments 0.00M 3,352.76M 323.18M 511.22M -351.50M 5.10M 4.39M 711.95M
Net Debt 0.00M -757.44M -83.81M -16.78M -362.79M -572.77M -469.10M -192.39M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Working Capital 0.0M 6,576.0M 6,576.0M 4,578.5M 4,093.4M 3,062.1M 2,337.1M 1,642.2M
Total Capital 9,783.1M 10,616.7M 10,616.7M 8,687.9M 5,332.3M 3,839.6M 3,055.0M 2,306.3M
Capital Employed 0.0M 10,733.8M 10,733.8M 8,811.7M 5,592.3M 3,940.0M 3,122.3M 2,485.1M
Invested Capital 9,783.1M 9,000.1M 9,673.7M 7,964.5M 4,515.5M 3,229.0M 2,550.7M 1,965.9M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Net Income 1,843.06M 1,667.48M 1,835.41M 1,523.83M 1,076.87M 1,074.93M 981.92M 724.34M
Depreciation & Amortization 0.00M 12.57M 96.19M 65.31M 25.75M 21.51M 17.35M 15.68M
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 -733.08M -1,624.17M -2,684.24M -1,032.15M -870.06M -644.26M -534.12M
Accounts Receivable 0.00M -428.25M -1,302.20M -1,190.77M -119.22M -645.37M -539.26M -15.83M
Inventory 0.00M -160.68M 405.03M 158.99M -506.31M -186.99M 74.75M -165.89M
Accounts Payable 0.00M 0.00M 65.65M -73.08M 0.00M 0.00M 10.82M 0.00M
Other Working Capital 0.00M -144.14M -792.65M -1,579.38M -406.62M -37.76M -190.58M -352.40M
Other Non-Cash Items -1,843.06M -1,270.53M 32.26M -65.07M -28.50M -0.01M 2.67M 265.76M
Net Cash from Operating Activities 0.00M -323.56M 339.68M -1,160.16M 41.98M 226.37M 357.68M 471.66M
Capital Expenditures (PPE) 0.00M -60.88M -63.44M -328.53M -86.99M -142.79M -83.58M -261.21M
Acquisitions (Net) 0.00M 0.00M 2.20M 0.00M 8.91M 3.94M 0.00M 0.00M
Purchases of Investments 0.00M 0.00M -133.37M -306.80M -159.25M -8.96M -1.20M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Investing Activities 0.00M 5.67M 297.87M -59.91M 23.16M 0.02M 0.03M -4.25M
Net Cash from Investing Activities 0.00M -55.20M 103.26M -695.24M -214.18M -147.79M -84.75M -265.46M
Net Debt Issuance 0.00M 0.00M 153.35M 252.59M 416.83M 5.50M -116.34M -49.35M
Long-Term Debt Issuance 0.00M 0.00M 152.62M 252.59M 416.83M 5.50M -95.89M -46.24M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -20.46M -3.11M
Net Stock Issuance 0.00M 0.00M -4.94M 1,627.76M 0.00M 0.00M 0.00M 0.00M
Common Stock Issuance 0.00M 0.00M -4.94M 1,627.76M 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 0.00M
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 -55.53M -55.53M 0.00M 0.00M 0.00M 0.00M
Common Dividends Paid 0.00M 0.00M -55.53M -55.53M 0.00M 0.00M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 859.37M 0.00M -62.84M -38.41M 22.14M 7.36M -11.76M
Net Cash from Financing Activities 0.00M 859.37M 92.88M 1,761.98M 378.41M 27.64M -108.98M -61.10M
Effect of FX on Cash 0.00M 0.00M 357.45M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 0.00M 480.60M 893.27M -93.42M 206.22M 106.22M 163.95M 145.09M
Cash at Beginning of Period 0.00M 0.00M 723.33M 816.75M 610.53M 504.31M 340.36M 195.27M
Cash at End of Period 0.00M 480.60M 1,616.60M 723.33M 816.75M 610.53M 504.31M 340.36M
Operating Cash Flow 0.00M -323.56M 339.68M -1,160.16M 41.98M 226.37M 357.68M 471.66M
Capital Expenditure 0.00M -60.88M -63.44M -328.53M -86.99M -142.79M -83.58M -261.21M
Free Cash Flow 0.00M -384.44M 276.24M -1,488.69M -45.01M 83.58M 274.10M 210.44M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
EBITDA 3,051.48M 2,664.70M 2,511.67M 2,243.16M 1,834.71M 1,302.96M 1,122.16M 1,043.99M
(-) Tax Adjustment 797.15M 692.44M 657.70M 587.14M 484.24M 346.24M 300.34M 274.72M
(-) Change In Working Capital 0.00M -733.08M -1,624.17M -2,684.24M -1,032.15M -870.06M -644.26M -534.12M
(-) Capital Expenditure 0.00M -60.88M -63.44M -328.53M -86.99M -142.79M -83.58M -261.21M
Unlevered Free Cash Flow 2,254.33M 2,644.46M 3,414.70M 4,011.73M 2,295.62M 1,683.99M 1,382.49M 1,042.17M
(-) Net Interest Income After Taxes -52.11M -41.30M -62.26M 20.33M 6.57M -18.74M 5.10M 16.25M
Net Debt Issuance 0.00M 0.00M 153.35M 252.59M 416.83M 5.50M -116.34M -49.35M
Levered Free Cash Flow 2,306.43M 2,685.76M 3,630.32M 4,244.00M 2,705.88M 1,708.23M 1,261.04M 976.57M