DSE : ARGONDENIM
Argon Denims Limited — Financial statements
Textile Mill Products · Bangladesh
Last price 19.5 BDT (At close: Oct 29, 2026) · Market cap 2.71B
Latest research: Argon Denims financial analysis: FY2026 EPS of BDT 1.16 as margin and incentive dependence shift (Oct 2026) · Argon Denims: FY2026 EPS fell to BDT 1.16 and nine-month gross margin to 8.3%, with export incentives at 41% of operating profit
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Financial statements
Argon Denims Limited (ARGONDENIM) reported revenue of 5.25B 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 | 5.25B | 5.62B | 5.67B | 4.56B | 4.70B | 3.03B |
| Cost of Revenue | 4.83B | 5.11B | 5.28B | 4.15B | 4.37B | 2.66B |
| Gross Profit | 427.65M | 508.18M | 394.61M | 402.22M | 320.97M | 377.39M |
| Selling, General & Admin | 245.37M | 254.59M | 236.46M | 223.27M | 204.28M | 145.86M |
| Other Operating Expenses | -120.61M | -109.79M | -114.26M | -44.15M | -57.71M | -20.05M |
| Operating Expenses | 124.76M | 144.80M | 122.21M | 179.13M | 146.57M | 125.81M |
| Operating Income | 302.89M | 363.38M | 272.40M | 223.09M | 174.40M | 251.58M |
| Interest Expense | -82.03M | -91.62M | -73.26M | -57.39M | -85.28M | -137.46M |
| Interest & Investment Income | 1.26M | 1.26M | 2.11M | 325.80K | 65.23K | 713.66K |
| Currency Exchange Gain (Loss) | 37.88M | 37.88M | 20.65M | 5.75M | 3.45M | 4.04M |
| Other Non Operating Income (Expenses) | -36.74M | -15.26M | -16.42M | -26.28M | -12.82M | -20.49M |
| EBT Excluding Unusual Items | 223.27M | 295.65M | 205.48M | 145.50M | 79.81M | 98.38M |
| Gain (Loss) on Sale of Assets | -1.12M | |||||
| Pretax Income | 223.27M | 295.65M | 205.48M | 145.50M | 78.70M | 98.38M |
| Income Tax Expense | 63.09M | 62.91M | 100.78M | 50.95M | 7.08M | 4.41M |
| Net Income | 160.17M | 232.74M | 104.70M | 94.55M | 71.62M | 93.97M |
| Net Income to Common | 160.17M | 232.74M | 104.70M | 94.55M | 71.62M | 93.97M |
| Shares Outstanding (Basic) | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M |
| Shares Outstanding (Diluted) | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M |
| EPS (Basic) | 1.15 | 1.68 | 0.75 | 0.68 | 0.52 | 0.68 |
| EPS (Diluted) | 1.15 | 1.68 | 0.75 | 0.68 | 0.52 | 0.68 |
| Free Cash Flow | 584.43M | 44.87M | 460.45M | 265.03M | -155.87M | -349.18M |
| Free Cash Flow Per Share | 4.21 | 0.32 | 3.31 | 1.91 | -1.12 | -2.51 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.95 |
| Gross Margin | 8.14% | 9.04% | 6.95% | 8.83% | 6.83% | 12.45% |
| Operating Margin | 5.77% | 6.46% | 4.80% | 4.90% | 3.71% | 8.30% |
| Profit Margin | 3.05% | 4.14% | 1.85% | 2.08% | 1.52% | 3.10% |
| Free Cash Flow Margin | 11.13% | 0.80% | 8.11% | 5.82% | -3.32% | -11.52% |
| EBITDA | 417.70M | 481.94M | 399.37M | 357.33M | 309.46M | 388.95M |
| EBITDA Margin | 7.95% | 8.57% | 7.04% | 7.84% | 6.59% | 12.83% |
| D&A For EBITDA | 114.80M | 118.56M | 126.97M | 134.24M | 135.06M | 137.37M |
| EBIT | 302.89M | 363.38M | 272.40M | 223.09M | 174.40M | 251.58M |
| EBIT Margin | 5.77% | 6.46% | 4.80% | 4.90% | 3.71% | 8.30% |
| Effective Tax Rate | 28.26% | 21.28% | 49.05% | 35.02% | 8.99% | 4.48% |
| Advertising Expenses | 785.70K | 1.24M | 920.82K | 873.15K | 821.13K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.21B | 904.32M | 1.02B | 402.65M | 523.10M | 441.79M |
| Short-Term Investments | 245.83K | 251.66K | 241.80K | 228.60K | 178.40K | |
| Cash & Short-Term Investments | 1.21B | 904.57M | 1.02B | 402.89M | 523.32M | 441.97M |
| Accounts Receivable | 1.12B | 1.56B | 1.77B | 2.17B | 2.16B | 1.85B |
| Other Receivables | 164.75M | 195.07K | ||||
| Receivables | 1.28B | 1.56B | 1.77B | 2.17B | 2.16B | 1.85B |
| Inventory | 2.30B | 2.32B | 1.79B | 1.83B | 1.89B | 1.78B |
| Prepaid Expenses | 405.00K | 405.00K | 405.00K | 525.00K | 405.00K | |
| Other Current Assets | 407.41M | 428.38M | 572.38M | 239.08M | 158.24M | 236.29M |
| Total Current Assets | 5.20B | 5.21B | 5.16B | 4.64B | 4.72B | 4.31B |
| Property, Plant & Equipment | 1.44B | 1.51B | 1.59B | 1.67B | 1.72B | 1.79B |
| Other Long-Term Assets | 3.00 | 1.00 | -1.00 | |||
| Total Assets | 6.64B | 6.73B | 6.75B | 6.31B | 6.44B | 6.10B |
| Accounts Payable | 22.96M | 25.13M | 18.02M | |||
| Accrued Expenses | 155.05M | 120.39M | 117.58M | 88.83M | 87.23M | 122.70M |
| Short-Term Debt | 2.69B | 2.76B | 2.82B | 2.43B | 2.57B | 1.91B |
| Current Portion of Long-Term Debt | 44.61M | 39.44M | 57.06M | 44.15M | 63.65M | 210.96M |
| Current Portion of Leases | 13.25M | 13.25M | 15.91M | 8.27M | 12.90M | |
| Current Income Taxes Payable | 53.33M | 75.93M | 130.76M | 51.15M | 31.60M | 65.48M |
| Other Current Liabilities | 4.10M | 28.62M | 16.15M | 137.33M | 65.29M | 17.96M |
| Total Current Liabilities | 2.97B | 3.06B | 3.17B | 2.77B | 2.83B | 2.34B |
| Long-Term Debt | 147.24M | 120.07M | 104.59M | 16.19M | 25.84M | 61.36M |
| Long-Term Leases | 6.63M | 13.98M | 24.95M | 44.44M | 58.19M | 91.54M |
| Long-Term Deferred Tax Liabilities | 113.29M | 118.65M | 126.12M | 135.25M | 137.23M | 140.96M |
| Other Long-Term Liabilities | -2.00 | 1.00 | 1.00 | 2.00 | -1.00 | 1.00 |
| Total Liabilities | 3.24B | 3.32B | 3.43B | 2.96B | 3.05B | 2.64B |
| Common Stock | 1.39B | 1.39B | 1.39B | 1.39B | 1.39B | 1.32B |
| Additional Paid-In Capital | 730.82M | 730.82M | 730.82M | 730.82M | 730.82M | 730.82M |
| Retained Earnings | 1.17B | 1.19B | 1.09B | 1.12B | 1.16B | 1.29B |
| Comprehensive Income & Other | 103.92M | 105.41M | 107.49M | 109.67M | 111.97M | 114.36M |
| Shareholders' Equity | 3.40B | 3.41B | 3.32B | 3.35B | 3.39B | 3.46B |
| Total Liabilities & Equity | 6.64B | 6.73B | 6.75B | 6.31B | 6.44B | 6.10B |
| Total Debt | 2.89B | 2.95B | 3.02B | 2.55B | 2.73B | 2.29B |
| Net Cash (Debt) | -1.68B | -2.04B | -2.00B | -2.15B | -2.20B | -1.85B |
| Net Cash Per Share | -12.09 | -14.70 | -14.38 | -15.46 | -15.87 | -13.32 |
| Filing Date Shares Outstanding | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M |
| Total Common Shares Outstanding | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M | 138.89M |
| Working Capital | 2.23B | 2.15B | 1.98B | 1.87B | 1.90B | 1.96B |
| Book Value Per Share | 24.47 | 24.57 | 23.89 | 24.13 | 24.44 | 24.91 |
| Tangible Book Value | 3.40B | 3.41B | 3.32B | 3.35B | 3.39B | 3.46B |
| Tangible Book Value Per Share | 24.47 | 24.57 | 23.89 | 24.13 | 24.44 | 24.91 |
| Land | 117.32M | 117.32M | 117.32M | 117.32M | ||
| Buildings | 1.12B | 1.08B | 1.08B | 994.67M | ||
| Machinery | 2.12B | 2.08B | 2.07B | 1.99B | ||
| Construction In Progress | 43.44M | 14.23M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 160.17M | 232.74M | 104.70M | 94.55M | 71.62M | 93.97M |
| Depreciation & Amortization | 114.80M | 118.56M | 126.97M | 134.24M | 135.06M | 137.37M |
| Loss (Gain) From Sale of Assets | 1.12M | |||||
| Provision & Write-off of Bad Debts | -113.74M | -113.74M | -93.12M | -5.75M | -3.45M | -4.04M |
| Other Operating Activities | 182.90M | 100.46M | 116.97M | 64.59M | 52.14M | 127.36M |
| Change in Accounts Receivable | 378.77M | 209.18M | 395.78M | -13.20M | -309.28M | -199.08M |
| Change in Inventory | -378.27M | -529.87M | 42.78M | 57.66M | -103.20M | -371.32M |
| Change in Accounts Payable | 102.02M | 7.11M | 81.89M | 70.32M | 41.25M | -13.25M |
| Change in Other Net Operating Assets | 192.97M | 106.35M | -263.35M | -40.06M | 57.95M | -68.93M |
| Operating Cash Flow | 639.63M | 130.78M | 512.61M | 362.34M | -56.79M | -297.92M |
| Capital Expenditures | -55.19M | -85.91M | -52.17M | -97.30M | -99.09M | -51.27M |
| Sale of Property, Plant & Equipment | 12.00M | |||||
| Investment in Securities | 309.93K | |||||
| Other Investing Activities | 43.44M | 43.44M | 14.23M | |||
| Investing Cash Flow | -11.76M | -42.48M | -52.17M | -97.30M | -72.85M | -50.96M |
| Short-Term Debt Issued | 206.16M | 656.22M | 484.77M | |||
| Long-Term Debt Issued | 15.48M | 91.06M | 22.99M | 161.25M | ||
| Total Debt Issued | 25.32M | 15.48M | 297.22M | 22.99M | 656.22M | 646.02M |
| Short-Term Debt Repaid | -60.72M | -141.86M | ||||
| Long-Term Debt Repaid | -28.60M | -3.12M | -48.37M | -216.74M | -6.76M | |
| Total Debt Repaid | -155.17M | -89.31M | -3.12M | -190.24M | -216.74M | -6.76M |
| Net Debt Issued (Repaid) | -129.85M | -73.84M | 294.10M | -167.25M | 439.48M | 639.26M |
| Common Dividends Paid | -139.16M | -138.89M | -138.89M | -140.32M | -132.27M | -62.99M |
| Other Financing Activities | -98.52M | -107.67M | -88.76M | -83.66M | -99.71M | -157.28M |
| Financing Cash Flow | -367.53M | -320.40M | 66.46M | -391.23M | 207.50M | 419.00M |
| Foreign Exchange Rate Adjustments | 20.51M | 113.74M | 93.12M | |||
| Miscellaneous Cash Flow Adjustments | 5.75M | 3.45M | 4.04M | |||
| Net Cash Flow | 280.86M | -118.35M | 620.02M | -120.44M | 81.31M | 74.16M |
| Free Cash Flow | 584.43M | 44.87M | 460.45M | 265.03M | -155.87M | -349.18M |
| Free Cash Flow Margin | 11.13% | 0.80% | 8.11% | 5.82% | -3.32% | -11.52% |
| Free Cash Flow Per Share | 4.21 | 0.32 | 3.31 | 1.91 | -1.12 | -2.51 |
| Levered Free Cash Flow | 303.05M | -6.63M | 309.91M | 197.23M | -264.88M | -527.06M |
| Unlevered Free Cash Flow | 354.31M | 50.63M | 355.70M | 233.10M | -211.59M | -441.16M |
| Cash Interest Paid | 82.03M | 91.62M | 73.26M | 69.93M | 89.73M | 137.46M |
| Cash Income Tax Paid | 70.48M | 72.34M | 72.02M | 69.08M | 53.89M | 36.82M |
| Change in Working Capital | 295.49M | -207.23M | 257.09M | 74.71M | -313.28M | -652.58M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.74B | 2.18B | 2.14B | 2.62B | 2.68B | 3.58B |
| Enterprise Value | 4.42B | 4.08B | 3.86B | 4.50B | 4.82B | 5.04B |
| Last Close Price | 19.70 | 14.86 | 13.77 | 15.97 | 15.41 | 19.60 |
| PE Ratio | 17.08 | 9.37 | 20.43 | 27.76 | 37.42 | 38.15 |
| PS Ratio | 0.52 | 0.39 | 0.38 | 0.58 | 0.57 | 1.18 |
| PB Ratio | 0.81 | 0.64 | 0.65 | 0.78 | 0.79 | 1.04 |
| P/TBV Ratio | 0.81 | 0.64 | 0.65 | 0.78 | 0.79 | 1.04 |
| P/FCF Ratio | 4.68 | 48.60 | 4.64 | 9.90 | ||
| P/OCF Ratio | 4.28 | 16.67 | 4.17 | 7.25 | ||
| EV/Sales Ratio | 0.84 | 0.73 | 0.68 | 0.99 | 1.03 | 1.66 |
| EV/EBITDA Ratio | 10.57 | 8.47 | 9.65 | 12.59 | 15.58 | 12.97 |
| EV/EBIT Ratio | 14.58 | 11.24 | 14.15 | 20.16 | 27.64 | 20.05 |
| EV/FCF Ratio | 7.56 | 91.00 | 8.37 | 16.97 | ||
| Debt / Equity Ratio | 0.85 | 0.86 | 0.91 | 0.76 | 0.80 | 0.66 |
| Debt / EBITDA Ratio | 6.92 | 6.11 | 7.56 | 7.14 | 8.81 | 5.89 |
| Debt / FCF Ratio | 4.95 | 65.66 | 6.56 | 9.62 | ||
| Net Debt / Equity Ratio | 0.49 | 0.60 | 0.60 | 0.64 | 0.65 | 0.54 |
| Net Debt / EBITDA Ratio | 4.02 | 4.24 | 5.00 | 6.01 | 7.12 | 4.75 |
| Net Debt / FCF Ratio | 2.87 | 45.50 | 4.34 | 8.10 | -14.14 | -5.30 |
| Asset Turnover | 0.79 | 0.83 | 0.87 | 0.71 | 0.75 | 0.52 |
| Inventory Turnover | 2.29 | 2.49 | 2.92 | 2.24 | 2.38 | 1.66 |
| Quick Ratio | 0.84 | 0.81 | 0.88 | 0.93 | 0.95 | 0.98 |
| Current Ratio | 1.75 | 1.70 | 1.62 | 1.68 | 1.67 | 1.84 |
| Return on Equity (ROE) | 4.73% | 6.92% | 3.14% | 2.80% | 2.09% | 2.73% |
| Return on Assets (ROA) | 2.84% | 3.37% | 2.61% | 2.19% | 1.74% | 2.71% |
| Return on Invested Capital (ROIC) | 4.22% | 5.31% | 2.57% | 2.61% | 2.91% | 4.79% |
| Return on Capital Employed (ROCE) | 8.30% | 9.90% | 7.60% | 6.30% | 4.80% | 6.70% |
| Earnings Yield | 5.85% | 10.67% | 4.90% | 3.60% | 2.67% | 2.62% |
| FCF Yield | 21.36% | 2.06% | 21.53% | 10.10% | -5.82% | -9.74% |
| Dividend Yield | 5.08% | 6.37% | 6.49% | 5.29% | 5.18% | 3.69% |
| Payout Ratio | 86.88% | 59.68% | 132.66% | 148.41% | 184.68% | 67.03% |
| Total Shareholder Return | 5.08% | 6.37% | 6.49% | 5.29% | 5.18% | 3.69% |