Income Statement Pico (Thailand)

Stocks

PICO

TH0773010002

Advertising & Marketing

End-of-day quote Thailand S.E. 31/03/2026			5-day change	1st Jan Change
4.200 ^THB	-.--%		-.--%	-3.67%

09-10	Pico Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended July 31, 2026	CI
06-05	Pico Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended April 30, 2026	CI

dff393c22f36ee65abe3e122ffa.eo1N_mwBlAFScUVGWXz1Lrt_nEBoDm2a0gKjlTarefk.HuIfmiZq03slQwcHGz-hGuQY0BIlNx3e60WR3GXgFssZuiOrLUjkbgVEfQ

Published financial data: PICO (THAILAND)

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: October	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	635M	1.1B	1.04B	1.31B	1.28B
Total Revenues	635M	1.1B	1.04B	1.31B	1.28B
Cost of Goods Sold, Total	463M	862M	769M	1.03B	1B
Gross Profit	173M	242M	266M	275M	282M
Selling General & Admin Expenses, Total	209M	219M	245M	245M	239M
Provision for Bad Debts	-	-	-	-	29.85M
Other Operating Expenses, Total	209M	219M	245M	245M	269M
Operating Income	-36.06M	23.11M	21.51M	29.87M	13.54M
Interest Expense, Total	-2.3M	-2.22M	-1.31M	-280K	-215K
Interest And Investment Income	-	-	493K	691K	592K
Net Interest Expenses	-2.3M	-2.22M	-812K	411K	377K
Income (Loss) On Equity Invest.	-4.03M	1.6M	2.49M	2.08M	2.03M
Other Non Operating Income (Expenses)	7.83M	3.45M	5.93M	6.17M	7.63M
EBT, Excl. Unusual Items	-34.56M	25.94M	29.12M	38.53M	23.57M
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	-34.56M	25.94M	29.12M	38.53M	23.57M
Income Tax Expense	-5.83M	5.54M	6.21M	7.94M	1.64M
Earnings From Continuing Operations	-28.74M	20.4M	22.91M	30.59M	21.93M
Net Income to Company	-28.74M	20.4M	22.91M	30.59M	21.93M
Minority Interest	468K	-499K	-1.33M	-1.16M	-2.23M
Net Income - (IS)	-28.27M	19.9M	21.58M	29.43M	19.7M
Net Income to Common Incl Extra Items	-28.27M	19.9M	21.58M	29.43M	19.7M
Net Income to Common Excl. Extra Items	-28.27M	19.9M	21.58M	29.43M	19.7M
Per Share Items
Net EPS - Basic	-0.13	0.09	0.1	0.14	0.09
Basic EPS - Continuing Operations	-0.13	0.09	0.1	0.14	0.09
Basic Weighted Average Shares Outstanding	215M	215M	215M	215M	215M
Net EPS - Diluted	-0.13	0.09	0.1	0.14	0.09
Diluted EPS - Continuing Operations	-0.13	0.09	0.1	0.14	0.09
Diluted Weighted Average Shares Outstanding	215M	215M	215M	215M	215M
Normalized Basic EPS	-0.1	0.07	0.08	0.11	0.06
Normalized Diluted EPS	-0.1	0.07	0.08	0.11	0.06
Dividend Per Share	-	-	-	0.1	0.05
Payout Ratio	-	-	-	-	109.46
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-26.77M	39.67M	35.13M	39.44M	22.65M
EBITA	-34.19M	25.11M	23.51M	31.88M	15.55M
EBIT	-36.06M	23.11M	21.51M	29.87M	13.54M
Effective Tax Rate - (Ratio)	16.85	21.37	21.32	20.61	6.96
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	1.3M	666K	2.38M	5.9M	4.75M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-7.12M	4.88M	3.83M	2.04M	-3.11M
Normalized Net Income	-21.13M	15.72M	16.87M	22.92M	12.5M
Interest on Long-Term Debt	-	-	-	-	215K
Non-Cash Pension Expense	717K	1.31M	1.25M	1.34M	1.39M
Supplemental Operating Expense Items
Selling and Marketing Expenses	10.96M	8.11M	16.22M	10.68M	12.12M
General and Administrative Expenses	198M	211M	229M	234M	227M

Fiscal Period: October	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	178M	122M	166M	264M	315M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	178M	122M	166M	264M	315M
Accounts Receivable, Total	184M	386M	309M	277M	291M
Other Receivables	13.1M	12.94M	7.37M	7.39M	5.36M
Total Receivables	197M	399M	316M	284M	296M
Prepaid Expenses	2.87M	4.51M	4.97M	5.75M	5.29M
Other Current Assets, Total	68M	55.57M	77.53M	70.08M	68.6M
Total Current Assets	446M	581M	565M	624M	685M
Gross Property Plant And Equipment	367M	367M	315M	329M	327M
Accumulated Depreciation	-232M	-242M	-202M	-204M	-206M
Net Property Plant And Equipment	136M	125M	113M	125M	122M
Long-term Investments	14.66M	12.23M	12.03M	12.98M	13.89M
Other Intangibles, Total	21.56M	18.77M	15.43M	12.48M	5.85M
Deferred Tax Assets Long-Term	34.85M	29.64M	23.21M	21.75M	23.66M
Other Long-Term Assets, Total	734K	1.75M	2.27M	1.98M	1.81M
Total Assets	653M	768M	730M	799M	852M
Liabilities
Accounts Payable, Total	35.87M	108M	83.61M	89.26M	136M
Accrued Expenses, Total	94.59M	115M	131M	163M	148M
Short-term Borrowings	58M	40M	-	-	-
Current Portion of Long-Term Debt	1.96M	3.36M	-	-	-
Current Portion of Leases	4.76M	4.67M	3.91M	4.18M	3.81M
Current Income Taxes Payable	7.38K	-	11.97K	397K	1.82M
Unearned Revenue Current, Total	12.89M	16.15M	3.63M	3.44M	8.11M
Other Current Liabilities	29.43M	40.51M	48.84M	32.58M	47.99M
Total Current Liabilities	238M	328M	271M	293M	346M
Long-Term Debt	8.04M	4.68M	-	-	-
Long-Term Leases	7.58M	5.93M	3.53M	3.68M	3.65M
Pension & Other Post Retirement Benefits	52.89M	41.7M	45.56M	46.82M	43.08M
Deferred Tax Liability Non Current	8.13M	12.05M	9.45M	13.03M	12.83M
Other Non Current Liabilities	3.14M	6.38M	7.95M	7.54M	9.11M
Total Liabilities	317M	399M	338M	364M	415M
Preferred Stock Non Redeemable	330K	330K	330K	330K	330K
Total Preferred Equity	330K	330K	330K	330K	330K
Common Stock, Total	215M	215M	215M	215M	215M
Additional Paid In Capital	101M	101M	101M	101M	101M
Retained Earnings	-12.49M	20.32M	41.9M	71.33M	73.49M
Comprehensive Income and Other	31.58M	31.55M	31.51M	43.47M	43.37M
Total Common Equity	336M	368M	390M	431M	433M
Minority Interest	24.75K	721K	2.05M	3.21M	3.62M
Total Equity	336M	369M	392M	435M	437M
Total Liabilities And Equity	653M	768M	730M	799M	852M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	215M	215M	215M	215M	215M
ECS Total Common Shares Outstanding	215M	215M	215M	215M	215M
Book Value / Share	1.56	1.71	1.81	2	2.01
Tangible Book Value	314M	350M	375M	419M	428M
Tangible Book Value Per Share	1.46	1.62	1.74	1.95	1.99
Total Debt	80.34M	58.64M	7.44M	7.86M	7.46M
Net Debt	-97.67M	-63.59M	-158M	-257M	-308M
Debt Equivalent of Unfunded Proj. Benefit Obligation	52.89M	41.7M	45.56M	46.82M	43.08M
Minority Interest, Total (Incl. Fin. Div)	24.75K	721K	2.05M	3.21M	3.62M
Equity Method Investments, Total	13.38M	10.95M	10.75M	11.7M	12.61M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	55M	55M	55M	70M	70M
Buildings, Total	136M	136M	136M	136M	136M
Machinery, Total	145M	164M	115M	114M	113M
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	6.37M	6.37M	6.37M	5.84M	35.7M

Fiscal Period: October	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	-28.27M	19.9M	21.58M	29.43M	19.7M
Depreciation & Amortization - CF	13.01M	20.14M	16.8M	12.48M	11.68M
Amortization of Goodwill and Intangible Assets - (CF)	1.87M	2M	2M	2.01M	2.01M
Depreciation & Amortization, Total	14.88M	22.14M	18.79M	14.48M	13.69M
Amortization of Deferred Charges, Total - (CF)	1.24M	1.19M	879K	426K	150K
(Gain) Loss From Sale Of Asset	-3.55M	-48.15K	-1.21M	990K	-2.59M
(Gain) Loss on Sale of Investments - (CF)	-	-	47.74K	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	4.61M
(Income) Loss On Equity Investments - (CF)	4.03M	-1.6M	-2.49M	-2.08M	-2.03M
Provision and Write-off of Bad Debts	-	-	505K	290K	29.85M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	5.31M	13.92M	-1.86M	3.88M	6.95M
Change In Accounts Receivable	-47.48M	-210M	76.3M	29.89M	-38.79M
Change In Accounts Payable	397K	107M	-11.89M	21.16M	47.44M
Change in Unearned Revenues	-	-	-	-	4.67M
Change in Other Net Operating Assets	8.58M	18.27M	-4.42M	8.36M	-3.33M
Cash from Operations	-44.87M	-29.38M	96.24M	107M	80.33M
Capital Expenditure	-5.77M	-4.57M	-4.74M	-5.12M	-3.92M
Sale of Property, Plant, and Equipment	3.55M	55.98K	2.83M	74.57K	919K
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-1.94M	-535K	-	-4.5K	-138K
Investment in Marketable and Equity Securities, Total	-	-	251K	-	-
Other Investing Activities, Total	1.12M	4.03M	2.35M	1.82M	1.72M
Cash from Investing	-3.02M	-1.02M	685K	-3.23M	-1.42M
Short Term Debt Issued, Total	14M	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	14M	-	-	-	-
Short Term Debt Repaid, Total	-	-18M	-40M	-	-
Long-Term Debt Repaid, Total	-5.2M	-7.37M	-13.26M	-5.01M	-4.72M
Total Debt Repaid	-5.2M	-25.37M	-53.26M	-5.01M	-4.72M
Common Dividends Paid	-	-	-	-	-21.56M
Common & Preferred Stock Dividends Paid	-	-	-	-	-21.56M
Other Financing Activities, Total	-	-	-	-	-1.8M
Cash from Financing	8.8M	-25.37M	-53.26M	-5.01M	-28.08M
Foreign Exchange Rate Adjustments	25.34K	-21.66K	-48.36K	-31.6K	-101K
Miscellaneous Cash Flow Adjustments	-1	-	-	-	-
Net Change in Cash	-39.07M	-55.79M	43.61M	98.56M	50.73M
Supplemental Items
Cash Interest Paid	2.3M	1.83M	1.31M	280K	215K
Cash Income Tax Paid (Refund)	-6.59M	-1.87M	13.55M	8.53M	3.12M
Levered Free Cash Flow	-47.8M	-53.03M	75.32M	88.09M	61.71M
Unlevered Free Cash Flow	-46.36M	-51.64M	76.14M	88.26M	61.84M
Change In Net Working Capital	32.23M	84.3M	-47.76M	-59.81M	-43.6M
Net Debt Issued / Repaid	8.8M	-25.37M	-53.26M	-5.01M	-4.72M

Fiscal Period: October	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	-3.45	2.03	1.8	2.44	1.03
Return on Total Capital	-5.37	3.42	3.25	4.43	1.91
Return On Equity %	-8.2	5.78	6.01	7.4	5.03
Return on Common Equity	-8.08	5.65	5.69	7.17	4.56
Margin Analysis
Gross Profit Margin %	27.21	21.93	25.72	21.01	21.99
SG&A Margin	32.88	19.84	23.64	18.73	18.61
EBITDA Margin %	-4.21	3.59	3.39	3.02	1.77
EBITA Margin %	-5.38	2.27	2.27	2.44	1.21
EBIT Margin %	-5.67	2.09	2.08	2.28	1.06
Income From Continuing Operations Margin %	-4.52	1.85	2.21	2.34	1.71
Net Income Margin %	-4.45	1.8	2.08	2.25	1.54
Net Avail. For Common Margin %	-4.45	1.8	2.08	2.25	1.54
Normalized Net Income Margin	-3.33	1.42	1.63	1.75	0.97
Levered Free Cash Flow Margin	-7.52	-4.8	7.27	6.74	4.81
Unlevered Free Cash Flow Margin	-7.29	-4.68	7.35	6.75	4.82
Asset Turnover
Asset Turnover	0.97	1.55	1.39	1.71	1.55
Fixed Assets Turnover	4.8	8.48	8.73	11.01	10.41
Receivables Turnover (Average Receivables)	4.09	3.88	2.98	4.47	4.52
Short Term Liquidity
Current Ratio	1.88	1.77	2.08	2.13	1.98
Quick Ratio	1.58	1.59	1.78	1.87	1.77
Operating Cash Flow to Current Liabilities	-0.19	-0.09	0.35	0.37	0.23
Days Sales Outstanding (Average Receivables)	89.26	94.14	122.47	81.94	80.73
Average Days Payable Outstanding	28.51	30.46	45.46	30.62	41.08
Long Term Solvency
Total Debt/Equity	23.91	15.87	1.9	1.81	1.71
Total Debt / Total Capital	19.3	13.7	1.86	1.77	1.68
LT Debt/Equity	4.65	2.87	0.9	0.85	0.84
Long-Term Debt / Total Capital	3.75	2.48	0.88	0.83	0.82
Total Liabilities / Total Assets	48.57	51.91	46.26	45.55	48.66
EBIT / Interest Expense	-15.65	10.39	16.48	106.67	63
EBITDA / Interest Expense	-9.19	20.34	30.87	158.39	126.71
(EBITDA - Capex) / Interest Expense	-11.7	18.28	27.24	140.1	108.47
Total Debt / EBITDA	-3.79	1.3	0.18	0.18	0.27
Net Debt / EBITDA	4.61	-1.41	-3.93	-5.78	-11.3
Total Debt / (EBITDA - Capex)	-2.98	1.44	0.21	0.2	0.32
Net Debt / (EBITDA - Capex)	3.62	-1.56	-4.45	-6.54	-13.2
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-12.99	73.78	-6.23	26.3	-1.9
Gross Profit, 1 Yr. Growth %	-9.74	40.08	9.95	3.2	2.65
EBITDA, 1 Yr. Growth %	-57.78	-248.16	-11.44	12.27	-42.55
EBITA, 1 Yr. Growth %	-55.73	-173.44	-6.37	35.6	-51.23
EBIT, 1 Yr. Growth %	-53.31	-164.09	-6.92	38.86	-54.68
Earnings From Cont. Operations, 1 Yr. Growth %	-54.71	-170.99	12.3	33.53	-28.31
Net Income, 1 Yr. Growth %	-52.77	-170.4	8.43	36.38	-33.07
Normalized Net Income, 1 Yr. Growth %	-50.74	-174.36	7.33	35.89	-45.46
Diluted EPS Before Extra, 1 Yr. Growth %	-52.77	-170.4	8.43	36.38	-33.07
Accounts Receivable, 1 Yr. Growth %	44.3	110.3	-20.02	-10.37	5.04
Net Property, Plant and Equip., 1 Yr. Growth %	5.3	-8.35	-9.57	11	-2.74
Total Assets, 1 Yr. Growth %	0.11	17.61	-4.59	9.39	6.67
Tangible Book Value, 1 Yr. Growth %	-7.98	11.33	7.11	11.84	2.08
Common Equity, 1 Yr. Growth %	-7.76	9.77	5.84	10.62	0.48
Cash From Operations, 1 Yr. Growth %	-249.35	-34.52	-427.58	11.01	-24.81
Capital Expenditures, 1 Yr. Growth %	-74.15	-20.68	3.69	7.95	-23.44
Levered Free Cash Flow, 1 Yr. Growth %	-203.97	10.94	-242.05	16.95	-29.95
Unlevered Free Cash Flow, 1 Yr. Growth %	-198.69	11.38	-247.45	15.93	-29.93
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-50
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-35.68	22.97	27.65	8.82	11.31
Gross Profit, 2 Yr. CAGR %	-31.2	12.45	24.11	6.52	2.93
EBITDA, 2 Yr. CAGR %	-36.57	-20.91	14.55	-0.29	-19.69
EBITA, 2 Yr. CAGR %	-15.49	-42.99	-17.08	12.68	-18.68
EBIT, 2 Yr. CAGR %	-13.21	-45.3	-22.76	13.69	-20.67
Earnings From Cont. Operations, 2 Yr. CAGR %	-25.77	-43.3	-10.72	22.45	-2.16
Net Income, 2 Yr. CAGR %	-25.01	-42.34	-12.63	21.61	-4.46
Normalized Net Income, 2 Yr. CAGR %	-26.01	-39.48	-10.66	20.77	-13.91
Diluted EPS Before Extra, 2 Yr. CAGR %	-25.01	-42.34	-12.63	21.61	-4.46
Accounts Receivable, 2 Yr. CAGR %	-31.86	74.2	29.69	-15.33	-2.97
Net Property, Plant and Equip., 2 Yr. CAGR %	3.37	-1.76	-8.96	0.19	3.91
Total Assets, 2 Yr. CAGR %	-16.7	8.51	5.72	2.16	8.02
Tangible Book Value, 2 Yr. CAGR %	-17.43	1.22	9.2	9.45	6.85
Common Equity, 2 Yr. CAGR %	-16.58	0.62	7.79	8.2	5.42
Cash From Operations, 2 Yr. CAGR %	-45.57	-1.11	46.45	90.7	-8.64
Capital Expenditures, 2 Yr. CAGR %	-31.72	-54.72	-9.31	5.8	-9.09
Levered Free Cash Flow, 2 Yr. CAGR %	-49.89	7.39	25.53	28.89	-9.49
Unlevered Free Cash Flow, 2 Yr. CAGR %	-50.59	4.84	28.15	30.74	-9.87
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-31.99	-10.42	12.34	27.2	5.13
Gross Profit, 3 Yr. CAGR %	-24.78	-12.8	11.61	16.7	5.22
EBITDA, 3 Yr. CAGR %	-37.34	-15.84	-17.87	13.78	-17.03
EBITA, 3 Yr. CAGR %	-26.46	-19.36	-32.73	-2.31	-14.76
EBIT, 3 Yr. CAGR %	-25.14	-21.55	-34.69	-6.08	-16.33
Earnings From Cont. Operations, 3 Yr. CAGR %	-27.12	-26.87	-28.79	2.1	2.44
Net Income, 3 Yr. CAGR %	-26.94	-26.58	-28.83	1.35	-0.34
Normalized Net Income, 3 Yr. CAGR %	-28.94	-25.89	-26.74	2.75	-7.34
Diluted EPS Before Extra, 3 Yr. CAGR %	-26.94	-26.58	-28.83	1.35	-0.34
Accounts Receivable, 3 Yr. CAGR %	-19.02	-0.79	34.39	14.67	-9.02
Net Property, Plant and Equip., 3 Yr. CAGR %	1.66	-0.7	-4.43	-2.74	-0.79
Total Assets, 3 Yr. CAGR %	-16.8	-6.55	3.81	6.93	3.64
Tangible Book Value, 3 Yr. CAGR %	-13.94	-8.78	3.15	10.07	6.94
Common Equity, 3 Yr. CAGR %	-12.5	-8.59	2.33	8.72	5.56
Cash From Operations, 3 Yr. CAGR %	-37.77	-42.11	47.41	33.53	39.84
Capital Expenditures, 3 Yr. CAGR %	-13.81	-28.22	-40.32	-3.89	-5.01
Levered Free Cash Flow, 3 Yr. CAGR %	-31.03	-34.69	17.89	22.6	5.19
Unlevered Free Cash Flow, 3 Yr. CAGR %	-31.8	-35.22	17.47	23.94	6.2
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-14.66	-4.27	-12.51	-3.17	11.93
Gross Profit, 5 Yr. CAGR %	-11.9	-5.86	-8.1	-5.53	8.05
EBITDA, 5 Yr. CAGR %	-18.75	-11.21	-20.24	-9.93	-18.61
EBITA, 5 Yr. CAGR %	-5.11	-11.14	-22.84	-7.81	-27.43
EBIT, 5 Yr. CAGR %	-4.09	-12.6	-24.2	-9	-29.41
Earnings From Cont. Operations, 5 Yr. CAGR %	-4.23	-15.06	-20.95	-10.12	-19.14
Net Income, 5 Yr. CAGR %	-3.98	-14.78	-21.52	-10.16	-19.93
Normalized Net Income, 5 Yr. CAGR %	-6.08	-13.98	-22.13	-9.9	-21.86
Diluted EPS Before Extra, 5 Yr. CAGR %	-3.98	-14.78	-21.52	-10.16	-19.93
Accounts Receivable, 5 Yr. CAGR %	-11.18	9.08	-2.24	-6.89	17.97
Net Property, Plant and Equip., 5 Yr. CAGR %	-2	-2.17	-2.73	-0.34	-1.18
Total Assets, 5 Yr. CAGR %	-6.22	-3.67	-8.43	-3.24	5.48
Tangible Book Value, 5 Yr. CAGR %	-6.16	-4.73	-5.34	-1.88	4.61
Common Equity, 5 Yr. CAGR %	-5.4	-4.15	-4.89	-2.21	3.56
Cash From Operations, 5 Yr. CAGR %	-10.24	-28.99	-12.36	-6.74	21.74
Capital Expenditures, 5 Yr. CAGR %	-18.15	-10.7	-12.04	-16.17	-29.38
Levered Free Cash Flow, 5 Yr. CAGR %	0.72	-20.64	-12.36	-14.28	6.06
Unlevered Free Cash Flow, 5 Yr. CAGR %	-0.51	-21.1	-12.23	-14.21	5.65
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-16.74	-