DSE : APEXFOOT
Apex Footwear Limited — Financial statements
Footwear, Except Rubber · Bangladesh
Last price 161.3 BDT (At close: Oct 29, 2026) · Market cap 3.65B
Latest research: Apex Footwear financial analysis: finance cost takes 79% of operating profit, FY2025 audit qualified (Oct 2026) · Apex Footwear: finance cost takes 79% of operating profit, so a 30% gross margin leaves a 1% net margin
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Financial statements
Apex Footwear Limited (APEXFOOT) reported revenue of 19.64B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 19.64B | 17.73B | 14.98B | 16.54B | 12.97B | 11.76B |
| Cost of Revenue | 14.29B | 12.62B | 10.46B | 12.11B | 9.28B | 8.35B |
| Gross Profit | 5.35B | 5.11B | 4.52B | 4.42B | 3.70B | 3.41B |
| Selling, General & Admin | 3.49B | 3.43B | 3.26B | 3.18B | 2.73B | 2.34B |
| Operating Expenses | 3.49B | 3.43B | 3.26B | 3.18B | 2.73B | 2.34B |
| Operating Income | 1.86B | 1.68B | 1.26B | 1.24B | 969.27M | 1.08B |
| Interest Expense | -1.46B | -1.31B | -1.01B | -911.78M | -756.29M | -828.62M |
| Interest & Investment Income | 1.84M | 1.84M | 1.52M | 1.70M | 1.90M | 1.35M |
| Currency Exchange Gain (Loss) | 1.03M | 1.03M | 1.96M | |||
| Other Non Operating Income (Expenses) | -755.65K | 1.86M | 14.29M | 11.92M | 14.40M | 3.16M |
| EBT Excluding Unusual Items | 402.75M | 374.54M | 271.13M | 343.88M | 229.28M | 253.19M |
| Gain (Loss) on Sale of Assets | 4.11M | 4.11M | 1.28M | 6.16M | ||
| Pretax Income | 406.86M | 378.65M | 272.41M | 350.04M | 229.28M | 253.19M |
| Income Tax Expense | 252.07M | 243.08M | 95.98M | 182.91M | 91.05M | 147.87M |
| Net Income | 154.79M | 135.57M | 176.43M | 167.14M | 138.23M | 105.31M |
| Net Income to Common | 154.79M | 135.57M | 176.43M | 167.14M | 138.23M | 105.31M |
| Shares Outstanding (Basic) | 22.59M | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M |
| Shares Outstanding (Diluted) | 22.59M | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M |
| EPS (Basic) | 6.85 | 6.00 | 7.81 | 7.40 | 6.12 | 4.66 |
| EPS (Diluted) | 6.85 | 6.00 | 7.81 | 7.40 | 6.12 | 4.66 |
| Free Cash Flow | 4.91M | 101.72M | 1.75B | -687.14M | -538.29M | 869.96M |
| Free Cash Flow Per Share | 0.22 | 4.50 | 77.58 | -30.40 | -23.82 | 38.49 |
| Dividend Per Share | 1.74 | 1.74 | 2.21 | 2.01 | 1.83 | 1.74 |
| Gross Margin | 27.23% | 28.83% | 30.20% | 26.74% | 28.51% | 29.01% |
| Operating Margin | 9.46% | 9.50% | 8.44% | 7.51% | 7.47% | 9.16% |
| Profit Margin | 0.79% | 0.76% | 1.18% | 1.01% | 1.06% | 0.90% |
| Free Cash Flow Margin | 0.03% | 0.57% | 11.71% | -4.15% | -4.15% | 7.40% |
| EBITDA | 2.33B | 2.23B | 1.91B | 1.84B | 1.59B | 1.62B |
| EBITDA Margin | 11.85% | 12.57% | 12.75% | 11.14% | 12.23% | 13.79% |
| D&A For EBITDA | 469.01M | 544.84M | 645.94M | 599.34M | 617.32M | 544.72M |
| EBIT | 1.86B | 1.68B | 1.26B | 1.24B | 969.27M | 1.08B |
| EBIT Margin | 9.46% | 9.50% | 8.44% | 7.51% | 7.47% | 9.16% |
| Effective Tax Rate | 61.96% | 64.20% | 35.23% | 52.25% | 39.71% | 58.40% |
| Advertising Expenses | 234.12M | 250.44M | 183.51M | 64.20M | 50.43M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 99.53M | 81.75M | 73.65M | 82.75M | 71.40M | 63.75M |
| Cash & Short-Term Investments | 99.53M | 81.75M | 73.65M | 82.75M | 71.40M | 63.75M |
| Receivables | 1.26B | 1.69B | 1.69B | 1.48B | 1.47B | 893.95M |
| Inventory | 15.08B | 15.57B | 13.27B | 13.20B | 9.89B | 8.30B |
| Prepaid Expenses | 15.56M | 15.49M | 17.60M | 14.28M | 14.18M | |
| Other Current Assets | 997.64M | 491.88M | 1.01B | 1.33B | 725.83M | 1.03B |
| Total Current Assets | 17.43B | 17.85B | 16.07B | 16.10B | 12.17B | 10.31B |
| Property, Plant & Equipment | 12.80B | 13.07B | 12.40B | 8.23B | 8.04B | 7.13B |
| Long-Term Investments | 1.57M | 1.57M | 1.57M | 1.57M | 1.57M | 1.57M |
| Other Intangible Assets | 2.58M | 15.09M | 24.20M | 39.13M | 27.11M | |
| Long-Term Deferred Tax Assets | 47.33M | 43.45M | 40.14M | 175.55M | 157.08M | 143.46M |
| Total Assets | 30.28B | 30.97B | 28.53B | 24.53B | 20.40B | 17.61B |
| Accounts Payable | 597.08M | 582.86M | 620.15M | 625.38M | 635.77M | 571.45M |
| Accrued Expenses | 936.16M | 996.99M | 613.79M | 395.27M | 484.23M | 351.10M |
| Short-Term Debt | 14.79B | 14.85B | 12.87B | 11.67B | 7.58B | 7.33B |
| Current Portion of Long-Term Debt | 450.30M | 436.58M | 473.38M | 682.69M | 733.12M | 597.64M |
| Current Portion of Leases | 232.06M | 257.55M | 248.22M | 251.09M | 241.67M | 215.31M |
| Other Current Liabilities | 1.63M | 1.74M | 1.77M | 1.65M | 2.16M | 17.50M |
| Total Current Liabilities | 17.01B | 17.12B | 14.82B | 13.63B | 9.68B | 9.09B |
| Long-Term Debt | 3.31B | 3.95B | 4.00B | 4.95B | 5.21B | 3.42B |
| Long-Term Leases | 2.62B | 2.64B | 2.57B | 2.49B | 2.20B | 1.89B |
| Pension & Post-Retirement Benefits | 425.34M | 390.69M | 355.10M | 348.60M | 325.00M | 312.93M |
| Total Liabilities | 23.37B | 24.10B | 21.75B | 21.41B | 17.41B | 14.72B |
| Common Stock | 196.53M | 157.22M | 142.93M | 129.94M | 118.12M | 112.50M |
| Additional Paid-In Capital | 68.80M | 68.80M | 68.80M | 68.80M | 68.80M | 68.80M |
| Retained Earnings | 2.06B | 2.05B | 1.97B | 1.86B | 1.74B | 1.65B |
| Comprehensive Income & Other | 4.59B | 4.59B | 4.59B | 1.06B | 1.06B | 1.06B |
| Shareholders' Equity | 6.92B | 6.87B | 6.78B | 3.11B | 2.99B | 2.89B |
| Total Liabilities & Equity | 30.28B | 30.97B | 28.53B | 24.53B | 20.40B | 17.61B |
| Total Debt | 21.41B | 22.13B | 20.16B | 20.04B | 15.97B | 13.46B |
| Net Cash (Debt) | -21.31B | -22.05B | -20.09B | -19.96B | -15.90B | -13.40B |
| Net Cash Per Share | -943.12 | -975.55 | -888.82 | -883.20 | -703.32 | -592.89 |
| Filing Date Shares Outstanding | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M |
| Total Common Shares Outstanding | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M | 22.60M |
| Working Capital | 421.56M | 726.90M | 1.25B | 2.47B | 2.49B | 1.22B |
| Book Value Per Share | 305.99 | 303.78 | 300.00 | 137.77 | 132.21 | 127.83 |
| Tangible Book Value | 6.92B | 6.86B | 6.77B | 3.09B | 2.95B | 2.86B |
| Tangible Book Value Per Share | 305.99 | 303.67 | 299.33 | 136.70 | 130.47 | 126.63 |
| Land | 5.13B | 5.13B | 1.44B | 1.44B | 1.44B | |
| Buildings | 4.46B | 3.57B | 2.99B | 3.21B | 2.32B | |
| Machinery | 4.40B | 4.16B | 3.77B | 3.57B | 3.28B | |
| Construction In Progress | 32.76M | 24.73M | 37.36M | 11.76M | 53.47M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 154.79M | 135.57M | 176.43M | 167.14M | 138.23M | 105.31M |
| Depreciation & Amortization | 1.18B | 1.18B | 1.28B | 1.26B | 1.23B | |
| Other Amortization | 12.50M | 12.50M | 13.51M | 15.59M | 26.58M | |
| Other Operating Activities | 1.06B | 1.43B | 1.15B | -1.09B | -1.01B | 1.61B |
| Change in Accounts Receivable | 6.70M | 6.70M | -215.17M | |||
| Change in Inventory | -2.19B | -2.19B | -69.01M | |||
| Change in Accounts Payable | -37.09M | -37.09M | -5.39M | |||
| Change in Other Net Operating Assets | 349.83M | 349.83M | 274.04M | |||
| Operating Cash Flow | 533.81M | 888.08M | 2.61B | 353.77M | 389.02M | 1.72B |
| Capital Expenditures | -528.90M | -786.35M | -854.59M | -1.04B | -927.30M | -845.73M |
| Sale of Property, Plant & Equipment | 4.11M | 4.11M | 1.28M | |||
| Investing Cash Flow | -524.79M | -782.25M | -853.32M | -1.04B | -927.30M | -845.73M |
| Long-Term Debt Issued | 2.88B | 1.73B | 4.76B | 4.91B | 5.17B | |
| Total Debt Issued | 4.30B | 2.88B | 1.73B | 4.76B | 4.91B | 5.17B |
| Long-Term Debt Repaid | -1.84B | -2.58B | -3.11B | -3.54B | -5.05B | |
| Lease Payments | -909.81M | -850.13M | -885.15M | -894.27M | -801.17M | -364.62M |
| Net Debt Issued (Repaid) | 1.24B | 1.04B | -841.97M | 1.66B | 1.37B | 115.39M |
| Common Dividends Paid | -32.02M | -50.05M | -45.36M | -41.85M | -54.71M | -22.36M |
| Other Financing Activities | -1.20B | -1.09B | -878.42M | -912.21M | -767.71M | -939.51M |
| Financing Cash Flow | 6.69M | -98.49M | -1.77B | 703.33M | 548.11M | -846.48M |
| Foreign Exchange Rate Adjustments | 806.35K | 750.23K | 1.96M | -4.84M | -2.17M | -1.13M |
| Net Cash Flow | 16.51M | 8.10M | -9.10M | 11.35M | 7.66M | 22.35M |
| Free Cash Flow | 4.91M | 101.72M | 1.75B | -687.14M | -538.29M | 869.96M |
| Free Cash Flow Margin | 0.03% | 0.57% | 11.71% | -4.15% | -4.15% | 7.40% |
| Free Cash Flow Per Share | 0.22 | 4.50 | 77.58 | -30.40 | -23.82 | 38.49 |
| Levered Free Cash Flow | -657.66M | -783.07M | 833.79M | -3.57B | -1.21B | -549.24M |
| Unlevered Free Cash Flow | 253.64M | 38.21M | 1.47B | -3.00B | -736.32M | -31.36M |
| Free Cash Flow After Leases | -904.90M | -748.40M | 868.26M | -1.58B | -1.34B | 505.34M |
| Cash Interest Paid | 1.20B | 1.09B | 878.42M | 912.21M | 767.71M | 939.51M |
| Cash Income Tax Paid | 230.04M | 200.44M | 149.70M | 224.55M | 134.53M | 137.48M |
| Change in Working Capital | -1.87B | -1.87B | -15.54M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.65B | 3.20B | 3.41B | 4.09B | 3.21B | 2.65B |
| Enterprise Value | 24.95B | 22.39B | 22.73B | 20.55B | 16.77B | 15.82B |
| Last Close Price | 161.30 | 139.04 | 146.25 | 173.01 | 134.14 | 109.38 |
| PE Ratio | 23.54 | 23.59 | 19.35 | 24.44 | 23.20 | 25.14 |
| PS Ratio | 0.19 | 0.18 | 0.23 | 0.25 | 0.25 | 0.23 |
| PB Ratio | 0.53 | 0.47 | 0.50 | 1.31 | 1.07 | 0.92 |
| P/TBV Ratio | 0.53 | 0.47 | 0.51 | 1.32 | 1.09 | 0.93 |
| P/FCF Ratio | 742.20 | 31.44 | 1.95 | 3.04 | ||
| P/OCF Ratio | 6.83 | 3.60 | 1.31 | 11.55 | 8.24 | 1.54 |
| EV/Sales Ratio | 1.27 | 1.26 | 1.52 | 1.24 | 1.29 | 1.34 |
| EV/EBITDA Ratio | 8.41 | 10.04 | 11.90 | 11.16 | 10.57 | 9.75 |
| EV/EBIT Ratio | 13.43 | 13.29 | 17.98 | 16.55 | 17.31 | 14.69 |
| EV/FCF Ratio | 5,080.41 | 220.08 | 12.96 | 18.19 | ||
| Debt / Equity Ratio | 3.10 | 3.22 | 2.97 | 6.44 | 5.34 | 4.66 |
| Debt / EBITDA Ratio | 7.22 | 7.72 | 7.91 | 8.00 | 7.26 | 8.30 |
| Debt / FCF Ratio | 4,358.47 | 217.55 | 11.50 | 15.48 | ||
| Net Debt / Equity Ratio | 3.08 | 3.21 | 2.96 | 6.41 | 5.32 | 4.64 |
| Net Debt / EBITDA Ratio | 9.15 | 9.89 | 10.52 | 10.84 | 10.02 | 8.26 |
| Net Debt / FCF Ratio | 4,338.21 | 216.75 | 11.46 | -29.05 | -29.53 | 15.40 |
| Asset Turnover | 0.68 | 0.60 | 0.56 | 0.74 | 0.68 | 0.67 |
| Inventory Turnover | 1.02 | 0.88 | 0.79 | 1.05 | 1.02 | 0.98 |
| Quick Ratio | 0.08 | 0.10 | 0.12 | 0.12 | 0.16 | 0.10 |
| Current Ratio | 1.02 | 1.04 | 1.08 | 1.18 | 1.26 | 1.13 |
| Return on Equity (ROE) | 2.26% | 1.99% | 3.57% | 5.48% | 4.70% | 3.69% |
| Return on Assets (ROA) | 4.01% | 3.54% | 2.98% | 3.45% | 3.19% | 3.82% |
| Return on Invested Capital (ROIC) | 2.50% | 2.16% | 3.28% | 2.83% | 3.32% | 2.76% |
| Return on Capital Employed (ROCE) | 14.00% | 12.20% | 9.20% | 11.40% | 9.00% | 12.60% |
| Earnings Yield | 4.25% | 4.24% | 5.17% | 4.09% | 4.31% | 3.98% |
| FCF Yield | 0.13% | 3.18% | 51.35% | -16.82% | -16.78% | 32.86% |
| Dividend Yield | 1.08% | 1.23% | 1.47% | 1.11% | 1.29% | 1.49% |
| Payout Ratio | 20.68% | 36.92% | 25.71% | 25.04% | 39.58% | 21.23% |
| Buyback Yield / Dilution | 0.03% | 0.00% | ||||
| Total Shareholder Return | 1.11% | 1.23% | 1.47% | 1.11% | 1.29% | 1.49% |