$Topbuild (BLD.US)$🎯 On July 13th, 2023, the current price ...

New data: 2022 second half year and annual reports, 2023 Q1.

In 2022, revenue increased by 43.7%, operating profit increased by 67.3%, and net income increased by 71.6%. Interestingly, in 2022, interest expenses increased from 29.14 million to 56.72 million. This may be due to the rapid growth in revenue leading to excessive financial pressure.

In 2023 Q1, revenue increased by 8.2%, operating profit increased by 21.6%, and net income increased by 18.5%. At the same time, interest expenses increased by 51%.

In 2022, the asset-liability ratio decreased from 61.6% to 58.1%, and in 2023 Q1, it further decreased to 56.1%. The proportion and growth rate of accounts receivable and inventory are relatively normal.

Goodwill and other intangible assets are 2.6 billion, which is 1.26 times the net assets of 2.065 billion. The asset quality is low. However, there is currently 0.7 billion inventory shares, which can be considered as hidden assets. Long-term borrowings are 1.406 billion, with a high leverage ratio.

For the past 5 years, operating income has been significantly lower than investment income, resulting in no shareholder surplus.

The current P/E ratio is 16.2, and the trailing P/E ratio is 15.4. Considering that the growth is still ongoing, no position adjustments will be made at the moment.