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Definitive Analysis

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Page: Company Financials

TQM Alpha Public Company Limited

Ticker: TQM-R.BK | Industry: Insurance - Brokers | Sector: Financial Services
$11.90 +0.40 (3.48%)
As of: 2026-01-23

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017
Stock Price 14.85 26.69 30.75 41.88 55.69 57.97 22.75 11.48 11.50
Market Capitalization 8,908.36M 16,012.50M 18,450.00M 25,125.00M 33,412.50M 34,781.08M 13,651.50M 5,591.25M 6,037.51M
(-) Cash & Equivalents 1,088.91M 1,009.91M 831.05M 1,063.64M 975.41M 949.94M 686.62M 271.02M 54.07M
(+) Total Debt 1,216.38M 1,636.57M 1,014.78M 663.83M 531.82M 656.54M 1.94M 0.00M 0.00M
Enterprise Value 9,035.83M 16,639.17M 18,633.73M 24,725.19M 32,968.90M 34,487.68M 12,966.82M 5,320.23M 5,983.44M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Revenue 3,957M 3,879M 3,958M 3,732M 3,623M 3,535M 3,125M 2,760M 2,501M 2,258M 2,191M 2,159M 0M
Cost of Revenue 1,976M 1,813M 1,928M 1,735M 1,691M 1,606M 1,517M 1,458M 1,287M 1,172M 1,190M 1,229M 0M
Gross Profit 1,981M 2,066M 2,030M 1,996M 1,932M 1,930M 1,608M 1,302M 1,214M 1,086M 1,001M 930M 0M
Gross Profit Margin 50.1% 53.3% 51.3% 53.5% 53.3% 54.6% 51.4% 47.2% 48.5% 48.1% 45.7% 43.1% 0.0%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 943M 925M 937M 917M 924M 855M 747M 702M 736M 775M 806M 822M 0M
Operating Expenses 901M 3,047M 903M 892M 3,020M 3,126M 772M 722M 736M 775M 806M 822M 0M
Operating Income (EBIT) 1,081M -981M 1,127M 1,104M -1,089M -1,196M 836M 580M 477M 310M 195M 108M 0M
Operating Income Margin 27.3% -25.3% 28.5% 29.6% -30.0% -33.8% 26.7% 21.0% 19.1% 13.7% 8.9% 5.0% 0.0%
Interest Income 0M 33M 0M 36M 24M 27M 36M 44M 19M 18M 21M 0M 0M
Interest Expense 57M 47M 61M 25M 2M 2M 2M 0M 0M 0M 0M 0M 0M
Net Interest Income -57M -14M -61M 11M 22M 24M 33M 44M 19M 18M 21M 0M 0M
Unusual Items 13M 2,126M 11M -31M 2,178M 2,391M 0M -1M 5M 6M 14M 78M 0M
EBT Excluding Unusual Items 1,024M -996M 1,066M 1,115M -1,067M -1,172M 869M 624M 496M 328M 215M 108M 0M
Pre-Tax Income 1,036M 1,130M 1,077M 1,084M 1,111M 1,219M 869M 624M 501M 334M 230M 186M 0M
Pre-Tax Margin 26.2% 29.1% 27.2% 29.0% 30.7% 34.5% 27.8% 22.6% 20.0% 14.8% 10.5% 8.6% 0.0%
Income Tax Expense 208M 224M 215M 224M 226M 230M 167M 116M 96M 66M 52M 46M 0M
Net Income 782M 846M 811M 816M 809M 890M 702M 507M 404M 268M 38M 0M 0M
Net Income Margin 19.8% 21.8% 20.5% 21.9% 22.3% 25.2% 22.5% 18.4% 16.2% 11.9% 1.7% 0.0% 0.0%
Depreciation & Amortization 222M 227M 224M 231M 230M 177M 147M 42M 50M 50M 56M 56M 0M
EBITDA 1,302M -754M 1,350M 1,335M -859M -1,019M 983M 623M 527M 360M 251M 164M 0M
EBITDA Margin 32.9% -19.4% 34.1% 35.8% -23.7% -28.8% 31.5% 22.6% 21.1% 15.9% 11.5% 7.6% 0.0%
NOPAT 864M -786M 902M 876M -867M -971M 675M 472M 385M 249M 151M 81M 0M
NOPAT Margin 21.8% -20.3% 22.8% 23.5% -23.9% -27.5% 21.6% 17.1% 15.4% 11.0% 6.9% 3.8% 0.0%
Owner's Earnings 959M 1,029M 998M 956M 979M 1,040M 780M 521M 429M 264M 33M 33M 0M
Owner's Earnings Margin 24.2% 26.5% 25.2% 25.6% 27.0% 29.4% 25.0% 18.9% 17.2% 11.7% 1.5% 1.5% 0.0%
EPS (Basic) 1.30 1.41 1.35 1.36 1.35 1.48 1.17 0.85 0.89 0.60 0.06 0.00 0.00
EPS (Diluted) 1.30 1.41 1.35 1.36 1.35 1.48 1.17 0.85 0.89 0.60 0.06 0.00 0.00
Shares (Basic) 600M 600M 600M 600M 600M 600M 600M 600M 456M 450M 600M 600M 600M
Shares (Diluted) 600M 600M 600M 600M 600M 600M 600M 600M 456M 450M 600M 600M 600M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Cash & Cash Equivalents 957.73M 1,220.09M 1,014.55M 887.10M 729.09M 804.04M 1,107.05M 959.39M 848.33M 539.47M 295.07M 408.41M 0.48M
Short-Term Investments 314.40M 351.07M 426.41M 450.69M 394.75M 499.47M 538.55M 874.22M 1,120.09M 5.20M 25.53M 25.44M 0.00M
Cash & Short-Term Investments 1,272.13M 1,571.16M 1,440.96M 1,337.79M 1,123.83M 1,303.50M 1,645.60M 1,833.62M 1,968.42M 544.67M 320.59M 433.85M 0.48M
Net Receivables 2,213.22M 981.22M 1,012.02M 950.29M 1,271.17M 723.92M 431.37M 685.35M 604.52M 513.08M 936.80M 880.32M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M 5.05M -239.08M 2.51M 5.16M 5.04M 5.22M 5.70M 472.47M 0.00M
Other Current Assets 88.71M 1,322.15M 1,217.59M 993.96M 559.66M 202.11M 68.40M 947.71M 697.27M 528.61M 413.74M 45.12M 0.00M
Total Current Assets 3,574.06M 3,874.53M 3,670.57M 3,282.04M 2,959.72M 1,990.45M 2,147.88M 3,471.83M 3,275.25M 1,591.57M 1,676.83M 1,831.77M 0.48M
Property, Plant & Equipment 458.81M 485.52M 489.79M 581.98M 491.00M 562.86M 675.63M 79.60M 92.34M 125.05M 116.12M 106.94M 0.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 536.80M 543.95M 565.08M 635.79M 705.93M 755.68M 22.41M 14.84M 9.22M 10.61M 14.29M 14.75M 0.00M
Long-Term Investments 910.17M 851.88M 902.11M 895.51M 1,179.59M 1,070.07M 713.60M 607.53M 290.20M 86.29M 25.53M 10.00M 0.00M
Tax Assets 71.55M 62.00M 34.46M 31.97M 29.65M 27.21M 32.65M 22.17M 14.07M 12.38M 8.39M 7.25M 0.00M
Other Non-Current Assets 88.49M 32.11M 33.11M 32.11M 35.87M 31.98M 32.80M 43.95M 132.45M 57.34M 15.02M 37.01M 0.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 2,065.81M 1,975.46M 2,024.54M 2,177.36M 2,442.04M 2,447.80M 1,477.09M 768.09M 538.28M 291.66M 179.34M 175.94M 0.00M
Total Assets 5,639.87M 5,849.99M 5,695.11M 5,459.40M 5,401.76M 4,438.24M 3,624.97M 4,239.92M 3,813.52M 1,883.23M 1,856.18M 2,007.71M 0.48M
Accounts Payable 52.26M 34.62M 16.10M 23.31M 28.74M 15.18M 49.69M 1,045.16M 899.00M 823.87M 828.68M 1,188.27M 0.00M
Short-Term Debt 693.95M 741.70M 964.70M 645.80M 400.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.21M 0.00M
Tax Payables 63.57M 103.61M 64.96M 69.40M 70.98M 83.24M 78.07M 30.48M 20.95M 0.00M 3.49M 0.21M 0.00M
Deferred Revenue 117.50M 117.88M 108.99M 117.60M 116.20M 81.24M 481.24M 443.06M 385.11M 363.02M 339.12M 362.39M 0.00M
Other Current Liabilities 86.91M 98.70M 51.69M 56.85M 57.81M -4.46M 78.42M 39.03M 44.74M 25.91M 37.64M 13.74M 0.00M
Total Current Liabilities 1,014.19M 1,096.51M 1,206.44M 912.97M 673.73M 175.20M 687.43M 1,557.72M 1,349.79M 1,212.80M 1,208.94M 1,564.81M 0.00M
Long-Term Debt 91.80M 91.80M 0.00M 174.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 396.69M 416.81M 419.31M 482.74M 415.07M 499.79M 592.72M 0.00M 0.00M 0.00M 0.00M 0.21M 0.00M
Deferred Tax Liabilities 92.88M 96.63M 104.73M 129.48M 190.44M 181.02M -86.53M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 173.79M 150.59M 144.96M 258.16M 12.64M 23.75M 102.49M 91.11M 58.07M 51.69M 41.96M 36.24M 0.00M
Total Non-Current Liabilities 755.16M 755.83M 669.00M 1,044.38M 618.15M 704.57M 608.69M 91.11M 58.07M 51.69M 41.96M 36.45M 0.00M
Total Liabilities 1,769.35M 1,852.34M 1,875.43M 1,957.35M 1,291.87M 879.77M 1,296.12M 1,648.83M 1,407.86M 1,264.49M 1,250.90M 1,601.25M 0.00M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 300.00M 300.00M 300.00M 300.00M 300.00M 300.00M 300.00M 300.00M 300.00M 225.00M 225.00M 0.50M 0.50M
Retained Earnings 1,245.70M 1,456.96M 1,241.43M 954.26M 636.02M 529.18M 423.22M 351.77M 140.56M 61.05M 20.28M 4.54M -0.02M
Accumulated OCI 123.50M 62.26M 30.00M -146.52M 30.00M 30.00M 30.00M 30.00M 30.00M 22.50M 22.50M 0.00M 0.00M
Minority Interest 547.57M 586.56M 572.97M 559.58M 587.47M 334.22M 0.00M 0.00M 0.00M 0.00M 0.00M 401.62M 0.00M
Total Shareholders’ Equity 1,669.20M 1,819.22M 1,571.43M 1,107.74M 966.02M 859.18M 753.22M 681.77M 470.56M 308.55M 267.78M 5.04M 0.48M
Total Equity 2,216.77M 2,405.78M 2,144.40M 1,667.32M 1,553.48M 1,193.40M 753.22M 681.77M 470.56M 308.55M 267.78M 406.66M 0.48M
Total Liabilities & Equity 3,986.12M 4,258.12M 4,019.84M 3,624.67M 2,845.36M 2,073.16M 2,049.34M 2,330.61M 1,878.43M 1,573.04M 1,518.68M 2,007.92M 0.48M
Tangible Assets 5,103.07M 5,306.04M 5,130.03M 4,823.61M 4,695.83M 3,682.57M 3,602.56M 4,225.07M 3,804.31M 1,872.62M 1,841.89M 1,992.96M 0.48M
Tangible Equity 1,679.97M 1,861.83M 1,579.32M 1,031.53M 847.55M 437.72M 730.81M 666.93M 461.35M 297.94M 253.49M 391.91M 0.48M
Tangible Book Value 1,679.97M 1,861.83M 1,579.32M 1,031.53M 847.55M 437.72M 730.81M 666.93M 461.35M 297.94M 253.49M 391.91M 0.48M
Total Investments 1,224.57M 1,202.94M 1,328.52M 1,346.21M 1,574.34M 1,569.53M 1,252.15M 1,481.75M 1,410.29M 91.49M 51.05M 35.44M 0.00M
Net Debt -171.98M -386.59M -49.85M -67.30M -329.09M -804.04M -1,107.05M -959.39M -848.33M -539.47M -295.07M -408.21M -0.48M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Working Capital 2,001.1M 2,344.1M 2,018.5M 1,941.1M 1,350.5M 1,259.6M 1,519.4M 1,673.3M 1,665.0M 136.5M 198.3M 267.0M 0.5M
Total Capital 4,032.2M 4,314.5M 4,266.2M 4,017.0M 3,385.4M 3,176.2M 2,992.4M 2,350.3M 2,145.2M 376.5M 335.7M 5.2M 0.5M
Capital Employed 4,066.9M 4,319.6M 4,043.0M 4,118.5M 3,792.6M 3,707.4M 2,996.5M 2,441.4M 2,203.3M 428.2M 377.7M 442.9M 0.5M
Invested Capital 3,074.5M 3,094.4M 3,251.6M 3,129.9M 2,656.3M 2,372.1M 1,885.3M 1,390.9M 1,296.9M -163.0M 40.6M -403.2M 0.0M

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 2018-12-31 2017-12-31 2016-12-31 2015-12-31
Net Income 828.64M 851.28M 861.91M 816.27M 885.53M 891.77M 869.17M 623.57M 500.70M 334.25M 229.76M 185.91M
Depreciation & Amortization 221.50M 227.27M 223.69M 230.64M 229.68M 170.54M 147.31M 42.28M 49.82M 54.23M 56.48M 56.45M
Deferred Income Tax 207.67M 224.48M 215.03M 224.41M 225.76M 206.39M 167.18M 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 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 315.39M -1,123.31M -605.02M -289.91M -641.72M -98.24M -167.80M -30.43M -214.29M -121.58M 75.93M 66.86M
Accounts Receivable 266.56M -833.83M -597.81M -130.34M -249.50M -133.61M -69.51M -68.81M -87.82M 34.37M 100.07M -22.36M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 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 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 48.83M -122.18M -7.20M -159.57M -392.21M 35.37M -98.29M 38.38M -214.29M -121.58M 75.93M 66.86M
Other Non-Cash Items -183.20M 243.88M -233.02M -183.60M -281.05M -88.81M -154.78M -141.78M -89.75M -44.10M -87.67M -78.42M
Net Cash from Operating Activities 1,390.00M -9.49M 462.59M 797.81M 418.20M 877.92M 693.89M 493.65M 246.48M 222.80M 274.50M 230.81M
Capital Expenditures (PPE) -30.27M -49.37M -36.07M -75.42M -60.31M -28.10M -69.18M -28.14M -24.92M -54.07M -62.08M -23.43M
Acquisitions (Net) -300.00M 0.51M -300.00M 0.96M -764.26M -220.31M 0.13M -0.37M 0.61M -1.20M -64.45M 8.63M
Purchases of Investments -140.75M -304.72M -542.35M -460.41M -302.04M -242.25M -493.98M -380.93M -1,321.63M -85.21M -0.09M 0.00M
Sales / Maturities of Investments 391.04M 448.53M 505.73M 600.68M 957.44M 138.36M 694.31M 304.46M 2.00M 20.33M 18.90M 0.00M
Other Investing Activities 259.93M -271.10M 655.43M -345.04M 42.68M 50.61M 51.42M 29.29M 22.53M 366.74M -95.33M -25.34M
Net Cash from Investing Activities 179.95M -176.14M 282.75M -279.22M -126.49M -301.69M 182.69M -75.69M -1,324.02M 246.60M -203.05M -48.78M
Net Debt Issuance -853.91M 949.61M 34.87M 310.99M 294.57M -106.75M -96.84M 0.00M 0.00M 0.00M -0.21M 0.00M
Long-Term Debt Issuance -247.86M 113.49M -360.83M 165.99M -105.43M -106.75M -96.84M 0.00M 0.00M 0.00M -0.21M 0.00M
Short-Term Debt Issuance -606.05M 920.00M 395.70M 145.00M 400.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -58.20M 0.00M 35.30M 0.00M 0.00M 298.59M 0.00M 0.00M 1,725.00M 0.00M 0.00M 0.00M
Common Stock Issuance -25.94M 18.00M 35.30M 18.00M 0.00M 306.00M 0.00M -21.90M 1,725.00M 0.00M 224.50M 0.00M
Common Stock Repurchased -32.26M -30.44M 0.00M -126.81M 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 -7.41M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -646.81M -696.24M -646.89M -689.56M -804.11M -821.16M -630.00M -285.00M -317.25M -225.00M -409.10M -52.00M
Common Dividends Paid -646.81M -696.24M -646.89M -689.56M -804.11M -821.16M -630.00M -285.00M -317.25M -225.00M -409.10M -52.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -45.10M 99.48M -41.17M 0.89M -5.68M -1.09M -2.09M -21.90M -21.35M 0.00M 224.50M 0.00M
Net Cash from Financing Activities -1,604.02M 357.38M -617.88M -377.68M -515.22M -882.60M -728.93M -306.90M 1,386.40M -225.00M -184.80M -52.00M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash -34.08M 171.75M 127.45M 158.02M -223.51M -306.37M 147.66M 111.06M 308.86M 244.40M -113.35M 130.03M
Cash at Beginning of Period 4,100.91M 3,581.38M 887.10M 729.09M 952.59M 1,110.41M 959.39M 848.33M 539.47M 295.07M 408.41M 280.97M
Cash at End of Period 4,066.84M 3,753.13M 1,014.55M 887.10M 729.09M 804.04M 1,107.05M 959.39M 848.33M 539.47M 295.07M 411.00M
Operating Cash Flow 1,390.00M -9.49M 462.59M 775.64M 418.20M 877.92M 693.89M 493.65M 246.48M 222.80M 274.50M 230.81M
Capital Expenditure -44.69M -45.07M -36.07M -90.90M -60.31M -28.10M -69.18M -28.14M -24.92M -54.07M -62.08M -23.43M
Free Cash Flow 1,345.32M -58.86M 426.52M 686.50M 357.89M 849.82M 624.71M 465.51M 221.55M 168.74M 212.43M 207.37M

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 2018-12-31 2017-12-31 2016-12-31 2015-12-31
EBITDA 1,259.89M 1,368.23M 1,316.97M 1,310.06M 1,237.67M 1,252.46M 1,007.55M 642.59M 527.16M 360.03M 251.13M 164.09M
(-) Tax Adjustment 252.48M 271.72M 262.95M 271.21M 251.43M 236.12M 193.79M 119.89M 101.53M 71.03M 56.38M 40.27M
(-) Change In Working Capital 315.39M -1,123.31M -605.02M -289.91M -641.72M -98.24M -167.80M -30.43M -214.29M -121.58M 75.93M 66.86M
(-) Capital Expenditure -44.69M -45.07M -36.07M -90.90M -60.31M -28.10M -69.18M -28.14M -24.92M -54.07M -62.08M -23.43M
Unlevered Free Cash Flow 647.34M 2,174.76M 1,622.97M 1,237.86M 1,567.65M 1,086.48M 912.37M 524.99M 615.00M 356.51M 56.74M 33.52M
(-) Net Interest Income After Taxes -45.66M -11.57M -48.78M 8.66M 17.36M 19.83M 27.02M 35.69M 14.97M 14.26M 16.16M 0.00M
Net Debt Issuance -853.91M 949.61M 34.87M 310.99M 294.57M -106.75M -96.84M 0.00M 0.00M 0.00M -0.21M 0.00M
Levered Free Cash Flow -160.91M 3,135.94M 1,706.62M 1,540.18M 1,844.86M 959.90M 788.52M 489.30M 600.03M 342.25M 40.37M 33.52M