DSE : APEXSPINN
Apex Spinning & Knitting Mills Limited — Financial statements
Apparel and Other Finished Products Made From Fabrics and Similar Materials · Bangladesh
Last price 407.4 BDT (At close: Oct 28, 2026) · Market cap 3.42B
Latest research: Apex Spinning & Knitting Mills financial analysis: flat USD 1.39 a piece, wages at 38% of sales and EPS of BDT 3.38 (Oct 2026) · Apex Spinning & Knitting Mills: 32m knit pieces a year at USD 1.39 each, a 7% gross margin, and a share price up 365% since June 2025
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Financial statements
Apex Spinning & Knitting Mills Limited (APEXSPINN) reported revenue of 4.97B 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 | 4.97B | 5.36B | 5.25B | 4.44B | 4.56B | 4.01B |
| Cost of Revenue | 4.61B | 4.98B | 4.88B | 4.14B | 4.30B | 3.76B |
| Gross Profit | 359.20M | 378.95M | 368.00M | 302.03M | 265.32M | 251.93M |
| Selling, General & Admin | 208.22M | 226.26M | 193.78M | 173.28M | 154.40M | 164.15M |
| Other Operating Expenses | -1.00 | -1.00 | 1.00 | 370.31K | 740.63K | |
| Operating Expenses | 210.95M | 231.39M | 197.58M | 176.50M | 159.27M | 164.89M |
| Operating Income | 148.25M | 147.56M | 170.42M | 125.53M | 106.05M | 87.04M |
| Interest Expense | -2.73M | -1.46M | -3.10M | -3.06M | -3.58M | |
| Interest & Investment Income | 11.11M | 10.02M | 7.76M | 6.01M | 4.39M | 4.73M |
| Currency Exchange Gain (Loss) | 13.98M | 10.33M | 37.85M | 21.06M | -31.56M | 3.94M |
| Other Non Operating Income (Expenses) | -74.34M | -77.11M | -81.49M | -48.60M | -20.58M | -38.22M |
| EBT Excluding Unusual Items | 98.99M | 88.07M | 133.08M | 100.90M | 55.25M | 53.91M |
| Gain (Loss) on Sale of Assets | 155.00K | 655.53K | 959.65K | 904.19K | ||
| Pretax Income | 99.15M | 88.07M | 133.73M | 101.86M | 55.25M | 54.82M |
| Income Tax Expense | 72.76M | 57.83M | 71.68M | 72.37M | 26.27M | 30.18M |
| Net Income | 26.39M | 30.24M | 62.05M | 29.48M | 28.97M | 24.64M |
| Net Income to Common | 26.39M | 30.24M | 62.05M | 29.48M | 28.97M | 24.64M |
| Shares Outstanding (Basic) | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M |
| Shares Outstanding (Diluted) | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M |
| EPS (Basic) | 3.14 | 3.60 | 7.39 | 3.51 | 3.45 | 2.93 |
| EPS (Diluted) | 3.14 | 3.60 | 7.39 | 3.51 | 3.45 | 2.93 |
| Free Cash Flow | -38.54M | 109.12M | 31.93M | 192.64M | -52.50M | 207.58M |
| Free Cash Flow Per Share | -4.59 | 12.99 | 3.80 | 22.93 | -6.25 | 24.71 |
| Dividend Per Share | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Gross Margin | 7.23% | 7.07% | 7.01% | 6.80% | 5.82% | 6.29% |
| Operating Margin | 2.98% | 2.75% | 3.25% | 2.83% | 2.33% | 2.17% |
| Profit Margin | 0.53% | 0.56% | 1.18% | 0.66% | 0.64% | 0.61% |
| Free Cash Flow Margin | -0.78% | 2.04% | 0.61% | 4.34% | -1.15% | 5.18% |
| EBITDA | 203.28M | 198.57M | 218.80M | 157.72M | 137.51M | 120.46M |
| EBITDA Margin | 4.09% | 3.70% | 4.17% | 3.55% | 3.02% | 3.01% |
| D&A For EBITDA | 55.03M | 51.01M | 48.38M | 32.19M | 31.46M | 33.42M |
| EBIT | 148.25M | 147.56M | 170.42M | 125.53M | 106.05M | 87.04M |
| EBIT Margin | 2.98% | 2.75% | 3.25% | 2.83% | 2.33% | 2.17% |
| Effective Tax Rate | 73.39% | 65.66% | 53.60% | 71.05% | 47.55% | 55.06% |
| Advertising Expenses | 12.86M | 9.95M | 6.57M | 7.86M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 31.27M | 32.98M | 66.12M | 90.76M | 12.09M | 158.25M |
| Short-Term Investments | 2.00K | 1.99K | 2.44K | 2.00K | 447.00 | |
| Cash & Short-Term Investments | 31.27M | 32.98M | 66.12M | 90.76M | 12.09M | 158.25M |
| Accounts Receivable | 323.86M | 368.03M | 428.98M | 633.84M | 502.57M | 486.62M |
| Other Receivables | 364.90M | 279.05M | 216.15M | 32.38M | 30.16M | 11.93M |
| Receivables | 688.77M | 647.09M | 645.13M | 666.22M | 532.74M | 498.55M |
| Inventory | 381.21M | 226.48M | 224.89M | 217.07M | 359.15M | 338.47M |
| Other Current Assets | 341.72M | 533.23M | 575.88M | 881.23M | 308.74M | 264.55M |
| Total Current Assets | 1.44B | 1.44B | 1.51B | 1.86B | 1.21B | 1.26B |
| Property, Plant & Equipment | 388.93M | 316.41M | 290.57M | 202.99M | 215.46M | 199.41M |
| Long-Term Investments | 129.24M | 124.69M | 129.29M | 152.55M | 107.21M | 95.45M |
| Long-Term Deferred Tax Assets | 877.80K | |||||
| Other Long-Term Assets | 36.52M | 36.52M | 35.87M | 16.37M | 10.06M | 10.06M |
| Total Assets | 2.00B | 1.92B | 1.97B | 2.23B | 1.55B | 1.56B |
| Accounts Payable | 969.26M | 884.45M | 896.62M | 1.36B | 795.79M | 793.08M |
| Accrued Expenses | 81.50M | 125.87M | 79.93M | 85.67M | ||
| Short-Term Debt | 113.39M | 19.92M | 79.24M | 56.94M | 62.66M | 49.58M |
| Current Portion of Long-Term Debt | 52.34M | 73.96M | ||||
| Current Portion of Leases | 2.91M | |||||
| Current Income Taxes Payable | 112.86M | 124.45M | 62.36M | 30.07M | ||
| Other Current Liabilities | 6.67M | 306.08M | 277.62M | 2.95M | 2.85M | 11.62M |
| Total Current Liabilities | 1.28B | 1.21B | 1.25B | 1.67B | 1.06B | 1.05B |
| Long-Term Debt | 44.16M | |||||
| Long-Term Deferred Tax Liabilities | 7.08M | 8.84M | 19.12M | 13.59M | 4.17M | |
| Other Long-Term Liabilities | 2.00 | |||||
| Total Liabilities | 1.29B | 1.22B | 1.27B | 1.69B | 1.06B | 1.10B |
| Common Stock | 84.00M | 84.00M | 84.00M | 84.00M | 84.00M | 84.00M |
| Additional Paid-In Capital | 15.00M | 15.00M | 15.00M | 15.00M | 15.00M | 15.00M |
| Retained Earnings | 579.55M | 574.85M | 561.41M | 381.70M | 369.02M | 356.84M |
| Comprehensive Income & Other | 28.37M | 24.27M | 34.74M | 59.99M | 22.38M | 13.67M |
| Shareholders' Equity | 706.92M | 698.13M | 695.15M | 540.70M | 490.40M | 469.52M |
| Total Liabilities & Equity | 2.00B | 1.92B | 1.97B | 2.23B | 1.55B | 1.56B |
| Total Debt | 113.39M | 19.92M | 79.24M | 56.94M | 115.00M | 170.61M |
| Net Cash (Debt) | -82.11M | 13.06M | -13.12M | 33.82M | -102.91M | -12.36M |
| Net Cash Per Share | -9.78 | 1.55 | -1.56 | 4.03 | -12.25 | -1.47 |
| Filing Date Shares Outstanding | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M |
| Total Common Shares Outstanding | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M | 8.40M |
| Working Capital | 159.31M | 229.34M | 258.55M | 182.37M | 156.80M | 212.93M |
| Book Value Per Share | 84.16 | 83.11 | 82.76 | 64.37 | 58.38 | 55.89 |
| Tangible Book Value | 706.92M | 698.13M | 695.15M | 540.70M | 490.40M | 469.52M |
| Tangible Book Value Per Share | 84.16 | 83.11 | 82.76 | 64.37 | 58.38 | 55.89 |
| Land | 21.42M | 21.42M | 21.42M | 21.42M | 21.42M | |
| Buildings | 325.33M | 325.33M | 325.33M | 325.33M | 325.16M | |
| Machinery | 1.32B | 1.24B | 1.11B | 1.09B | 1.04B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 26.39M | 30.24M | 62.05M | 28.97M | 28.97M | 24.64M |
| Depreciation & Amortization | 55.03M | 51.01M | 48.38M | 32.19M | 33.84M | 38.17M |
| Other Operating Activities | 127.69M | 117.19M | 128.84M | 108.73M | 36.72M | 66.49M |
| Change in Accounts Receivable | -9.89M | -2.20M | 155.83M | -131.27M | -15.96M | -63.99M |
| Change in Inventory | -165.90M | -1.59M | -7.82M | 142.08M | -20.68M | -6.36M |
| Change in Accounts Payable | 149.21M | 41.36M | -202.24M | 155.68M | -1.77M | 228.62M |
| Change in Income Taxes | -72.89M | -72.89M | -66.57M | -69.56M | -40.29M | -32.63M |
| Change in Other Net Operating Assets | -9.76M | 22.97M | 69.88M | -46.44M | -19.24M | -32.96M |
| Operating Cash Flow | 99.87M | 186.08M | 188.35M | 220.39M | 1.59M | 221.98M |
| Capital Expenditures | -138.41M | -76.96M | -156.42M | -27.74M | -54.09M | -14.39M |
| Sale of Property, Plant & Equipment | 500.00K | 700.00K | 1.60M | 1.00M | ||
| Investment in Securities | -7.03M | -7.03M | -4.80M | -3.56M | -2.07M | -3.92M |
| Other Investing Activities | 10.38M | 10.26M | 7.48M | 5.72M | 4.07M | 5.47M |
| Investing Cash Flow | -134.56M | -73.72M | -153.04M | -23.98M | -52.09M | -11.85M |
| Short-Term Debt Issued | 22.30M | 9.83M | 47.11M | |||
| Long-Term Debt Issued | 36.65M | |||||
| Total Debt Issued | 93.25M | 22.30M | 9.83M | 47.11M | 36.65M | |
| Short-Term Debt Repaid | -59.32M | -15.55M | -34.50M | -44.91M | ||
| Long-Term Debt Repaid | -52.34M | -68.76M | -4.67M | |||
| Lease Payments | -2.97M | -4.67M | ||||
| Total Debt Repaid | 8.83M | -59.32M | -67.89M | -103.26M | -49.58M | |
| Net Debt Issued (Repaid) | 102.08M | -59.32M | 22.30M | -58.06M | -56.15M | -12.93M |
| Common Dividends Paid | -16.84M | -16.80M | -16.68M | -16.87M | -25.20M | -12.42M |
| Other Financing Activities | -67.24M | -71.09M | -71.28M | -46.21M | -15.45M | -41.07M |
| Financing Cash Flow | 18.00M | -147.20M | -65.67M | -121.13M | -96.80M | -66.43M |
| Foreign Exchange Rate Adjustments | 601.98K | 1.71M | 5.72M | 3.39M | 1.15M | -51.22K |
| Miscellaneous Cash Flow Adjustments | 1.00 | |||||
| Net Cash Flow | -16.09M | -33.14M | -24.64M | 78.66M | -146.16M | 143.65M |
| Free Cash Flow | -38.54M | 109.12M | 31.93M | 192.64M | -52.50M | 207.58M |
| Free Cash Flow Margin | -0.78% | 2.04% | 0.61% | 4.34% | -1.15% | 5.18% |
| Free Cash Flow Per Share | -4.59 | 12.99 | 3.80 | 22.93 | -6.25 | 24.71 |
| Levered Free Cash Flow | -189.96M | 119.96M | -125.55M | 192.12M | -34.47M | 198.77M |
| Unlevered Free Cash Flow | -189.96M | 121.66M | -124.63M | 194.06M | -32.56M | 201.00M |
| Free Cash Flow After Leases | -38.54M | 109.12M | 31.93M | 192.64M | -55.47M | 202.91M |
| Cash Interest Paid | 2.90M | 2.73M | 1.46M | 3.10M | 15.45M | 41.07M |
| Cash Income Tax Paid | 74.67M | 72.89M | 66.57M | 69.56M | 40.29M | 32.63M |
| Change in Working Capital | -109.24M | -12.36M | -50.92M | 50.49M | -97.94M | 92.68M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.49B | 750.12M | 895.44M | 1.18B | 1.11B | 1.04B |
| Enterprise Value | 3.57B | 713.84M | 976.61M | 1.15B | 1.19B | 1.11B |
| Last Close Price | 414.90 | 87.52 | 102.44 | 132.67 | 122.54 | 113.67 |
| PE Ratio | 132.08 | 24.80 | 14.43 | 39.97 | 38.15 | 42.35 |
| PS Ratio | 0.70 | 0.14 | 0.17 | 0.27 | 0.24 | 0.26 |
| PB Ratio | 4.93 | 1.07 | 1.29 | 2.18 | 2.25 | 2.22 |
| P/TBV Ratio | 4.93 | 1.07 | 1.29 | 2.18 | 2.25 | 2.22 |
| P/FCF Ratio | 6.87 | 28.05 | 6.12 | 5.03 | ||
| P/OCF Ratio | 34.90 | 4.03 | 4.75 | 5.35 | 693.38 | 4.70 |
| EV/Sales Ratio | 0.72 | 0.13 | 0.19 | 0.26 | 0.26 | 0.28 |
| EV/EBITDA Ratio | 17.55 | 3.60 | 4.46 | 7.28 | 8.68 | 9.18 |
| EV/EBIT Ratio | 24.06 | 4.84 | 5.73 | 9.14 | 11.25 | 12.71 |
| EV/FCF Ratio | 6.54 | 30.59 | 5.96 | 5.33 | ||
| Debt / Equity Ratio | 0.16 | 0.03 | 0.11 | 0.10 | 0.23 | 0.36 |
| Debt / EBITDA Ratio | 0.56 | 0.10 | 0.36 | 0.36 | 0.82 | 1.36 |
| Debt / FCF Ratio | 0.18 | 2.48 | 0.30 | 0.82 | ||
| Net Debt / Equity Ratio | 0.12 | -0.02 | 0.02 | -0.06 | 0.21 | 0.03 |
| Net Debt / EBITDA Ratio | 0.40 | -0.07 | 0.06 | -0.21 | 0.75 | 0.10 |
| Net Debt / FCF Ratio | -2.13 | -0.12 | 0.41 | -0.18 | -1.96 | 0.06 |
| Asset Turnover | 2.65 | 2.76 | 2.50 | 2.35 | 2.93 | 2.82 |
| Inventory Turnover | 15.46 | 22.07 | 22.09 | 14.36 | 12.31 | 11.20 |
| Quick Ratio | 0.56 | 0.56 | 0.57 | 0.45 | 0.52 | 0.63 |
| Current Ratio | 1.12 | 1.19 | 1.21 | 1.11 | 1.15 | 1.20 |
| Return on Equity (ROE) | 4.27% | 4.34% | 10.04% | 5.72% | 6.04% | 5.32% |
| Return on Assets (ROA) | 4.93% | 4.75% | 5.08% | 4.16% | 4.26% | 3.82% |
| Return on Invested Capital (ROIC) | 5.17% | 7.27% | 13.01% | 6.60% | 10.35% | 7.12% |
| Return on Capital Employed (ROCE) | 20.80% | 20.90% | 23.90% | 22.60% | 21.60% | 16.80% |
| Earnings Yield | 0.76% | 4.03% | 6.93% | 2.50% | 2.62% | 2.36% |
| FCF Yield | -1.11% | 14.55% | 3.57% | 16.35% | -4.75% | 19.90% |
| Dividend Yield | 0.48% | 2.24% | 1.88% | 1.43% | 1.52% | 1.61% |
| Payout Ratio | 63.83% | 55.55% | 26.88% | 57.21% | 86.99% | 50.41% |
| Total Shareholder Return | 0.48% | 2.24% | 1.88% | 1.43% | 1.52% | 1.61% |