$Green Dot (GDOT.US)$Over the past 5 years, revenue has continued to grow at an average rate of 10%. Operating profit, affected by the continuous decline in gross margin since 2020 and effective control of operating expenses in the past two years, plummeted by 75.5% in 2020, then quickly grew for two years, but has not yet returned to the level of 5 years ago. The net income curve shows a similar trend.
The profit statement shows that the interest expenses are very low and can be ignored. However, the other non-operating losses have been continuously expanding in the past two years, reaching 0.01 billion in 2022, which has some impact on the net income.
Over the past 5 years, the asset-liability ratio has increased from 60% to 84%. Accounts receivable are relatively normal, while there is not much change in goodwill and other intangible assets, reaching 0.445 billion in 2022, accounting for 57% of net assets of 0.78 billion.
Investments and prepayments increased from 0.97 billion in 2021 to 2.1 billion, continuing to grow to 2.36 billion in 2022. This may be the source of the other non-operating losses in the profit statement. The short-term results of investments seem to be unsatisfactory.
Long-term borrowings increased from 0 in 2022 to 0.035 billion. Other current liabilities increased from 1.19 billion in 2020 to 2.75 billion, and then continued to increase to 3.49 billion, which is a very heavy burden.
For the past 5 years, operating net cash flow has been significantly lower than investment net cash flow, resulting in no shareholder surplus.
The current ratio has dropped to 0.37, indicating that the company seems to be facing a serious short-term cash shortage problem.
The current PE ratio is 16.2, which is currently not attractive.
