$Steel (SPLP.US)$It is an American company that was listed i...

Gross margin has slowly risen from 29.8% to 33.7% over the past 5 years. The return on net assets was basically negative until 2019, reaching 14.4% in 2020 and 22% in 2021. The two figures are relatively average.

Over the past 5 years, revenue has fluctuated between 13.1 and 15.9. Operating profit has been growing continuously for 5 years, with an average growth rate of 27%. Net profit reached 73 million in 2020 and increased to 133 million in 2021, and is beginning to take shape.

In the first two quarters of 2022, revenue increased by 21%, operating profit decreased by 0.5%, and net profit increased by 44%, but mainly due to the proceeds from the sale of business, otherwise net profit would also decline. If we look at the second quarter alone, operating profit fell 23%, mainly due to increased sales and management expenses.

The income statement shows that interest expenses in 2021 accounted for 11% of operating profit, and the burden is acceptable.

Over the past five years, the balance ratio declined to 74.6% after rising from 73.8% to 86.3% during the New Year.

Accounts receivable increased by $144 million and inventory increased by $47 million in 2021, while net profit in 2021 was $133 million, and net profit increased by $60 million.

Currently, accounts receivable are $625 million, accounting for 41% of 2021 revenue, which is too high.

Over the past five years, the net operating amount has been lower than the net investment amount, and there is no shareholder surplus.

Currently, the price-earnings ratio is 8.66, and the price-earnings ratio is TTM 7, which is not very attractive.