Overall Score

Balance Sheet Liquidity

Current ratio is 2.38x, indicating adequate short-term liquidity.

Debt remains elevated at 11.10x net debt to EBITDA, which constrains financial flexibility.

Cash ratio is 0.19x and quick ratio is 0.37x, so liquidity depends heavily on inventory conversion.

Profitability Cash Flow

Operating margin is 7.5% and net margin is 3.6%, showing modest profitability.

Free cash flow remains negative, with EV/FCF at -3.05x and operating cash flow ratio at -0.52x.

Income quality is weak at -4.83, suggesting earnings are not translating cleanly into cash.

Valuation

Valuation appears inexpensive on earnings and book value, with P/E at 8.47x and P/B at 0.98x.

EV/Sales is 0.98x, which is low relative to many industrial peers.

However, negative free cash flow limits how much support the low multiples provide.

Operating Efficiency

Asset turnover is 0.64x and fixed asset turnover is 2.00x, indicating moderate asset productivity.

Inventory turnover is only 1.04x and days inventory outstanding is 351 days, pointing to slow inventory movement.

The cash conversion cycle is 340.8 days, which ties up working capital for an extended period.