DSE : ROBI
Robi Axiata PLC. — Financial statements
Telephone Communications, Except Radiotelephone · Bangladesh
Last price 29.7 BDT (At close: Oct 29, 2026) · Market cap 155.57B
Latest research: Robi Axiata valuation report: fair value BDT 6.1–19.4 (Oct 2026) · Fair value range BDT 6.1–19.4 against a price of 29.7: revenue grows 6–7% again, but a 14% sustainable ROE sits below a 17% cost of equity
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Financial statements
Robi Axiata PLC. (ROBI) reported revenue of 103.39B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 103.39B | 99.92B | 99.50B | 99.42B | 85.86B | 81.42B |
| Cost of Revenue | 63.49B | 61.27B | 58.13B | 60.96B | 53.62B | 53.99B |
| Gross Profit | 39.90B | 38.65B | 41.38B | 38.46B | 32.24B | 27.43B |
| Selling, General & Admin | 20.29B | 20.37B | 20.15B | 21.68B | 18.96B | 18.45B |
| Operating Expenses | 20.29B | 20.37B | 20.15B | 21.68B | 18.96B | 18.45B |
| Operating Income | 19.61B | 18.28B | 21.22B | 16.79B | 13.28B | 8.98B |
| Interest Expense | -6.43B | -6.16B | -6.43B | -5.31B | -4.54B | -4.09B |
| Interest & Investment Income | 115.03M | 133.32M | 114.86M | 171.68M | 80.15M | 93.09M |
| Currency Exchange Gain (Loss) | 19.17M | -54.33M | -732.92M | -1.65B | -2.98B | -224.88M |
| Other Non Operating Income (Expenses) | -1.03B | -939.16M | -879.89M | -1.10B | -1.29B | 173.27M |
| EBT Excluding Unusual Items | 12.29B | 11.26B | 13.30B | 8.89B | 4.54B | 4.93B |
| Gain (Loss) on Sale of Assets | 13.25M | 9.84M | 10.51M | 81.58M | 20.62M | -1.80M |
| Other Unusual Items | 204.27M | 42.78M | 196.24M | 64.45M | 64.39M | 31.57M |
| Pretax Income | 12.50B | 11.31B | 13.51B | 9.04B | 4.63B | 4.96B |
| Income Tax Expense | 2.01B | 1.94B | 6.48B | 5.83B | 2.80B | 3.16B |
| Net Income | 10.49B | 9.37B | 7.03B | 3.21B | 1.83B | 1.80B |
| Net Income to Common | 10.49B | 9.37B | 7.03B | 3.21B | 1.83B | 1.80B |
| Shares Outstanding (Basic) | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B |
| Shares Outstanding (Diluted) | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B |
| EPS (Basic) | 2.00 | 1.79 | 1.34 | 0.61 | 0.35 | 0.34 |
| EPS (Diluted) | 2.00 | 1.79 | 1.34 | 0.61 | 0.35 | 0.34 |
| Free Cash Flow | 12.92B | 30.63B | 17.85B | 16.80B | 8.84B | 8.62B |
| Free Cash Flow Per Share | 2.47 | 5.85 | 3.41 | 3.21 | 1.69 | 1.65 |
| Dividend Per Share | 1.75 | 1.75 | 1.50 | 1.00 | 0.70 | 0.50 |
| Gross Margin | 38.59% | 38.68% | 41.58% | 38.69% | 37.55% | 33.69% |
| Operating Margin | 18.97% | 18.30% | 21.33% | 16.88% | 15.46% | 11.03% |
| Profit Margin | 10.15% | 9.38% | 7.06% | 3.23% | 2.13% | 2.21% |
| Free Cash Flow Margin | 12.50% | 30.65% | 17.94% | 16.90% | 10.29% | 10.59% |
| EBITDA | 47.51B | 43.80B | 43.46B | 40.23B | 33.89B | 28.58B |
| EBITDA Margin | 45.95% | 43.84% | 43.67% | 40.46% | 39.47% | 35.10% |
| D&A For EBITDA | 27.90B | 25.52B | 22.23B | 23.44B | 20.61B | 19.60B |
| EBIT | 19.61B | 18.28B | 21.22B | 16.79B | 13.28B | 8.98B |
| EBIT Margin | 18.97% | 18.30% | 21.33% | 16.88% | 15.46% | 11.03% |
| Effective Tax Rate | 16.07% | 17.15% | 47.97% | 64.49% | 60.52% | 63.66% |
| Advertising Expenses | 1.65B | 1.79B | 1.92B | 2.22B | 1.88B |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.46B | 2.42B | 2.62B | 3.54B | 3.56B | 4.92B |
| Short-Term Investments | 186.47M | 186.93M | 191.65M | 206.78M | 116.51M | 117.72M |
| Cash & Short-Term Investments | 1.65B | 2.61B | 2.81B | 3.74B | 3.68B | 5.04B |
| Accounts Receivable | 1.61B | 1.63B | 1.54B | 1.31B | 1.26B | 1.43B |
| Other Receivables | 8.39B | 6.76B | 6.58B | 6.40B | 6.12B | 6.72B |
| Receivables | 10.00B | 8.40B | 8.11B | 7.71B | 7.38B | 8.15B |
| Inventory | 471.61M | 352.83M | 337.03M | 495.28M | 503.91M | 350.81M |
| Other Current Assets | 5.93B | 4.75B | 5.85B | 4.02B | 5.17B | 2.10B |
| Total Current Assets | 18.05B | 16.11B | 17.11B | 15.96B | 16.74B | 15.64B |
| Property, Plant & Equipment | 151.34B | 149.34B | 145.69B | 148.81B | 137.93B | 139.16B |
| Long-Term Investments | 123.91M | 123.91M | 203.71M | |||
| Goodwill | 402.00M | 402.00M | 402.00M | 402.00M | 402.00M | 402.00M |
| Other Intangible Assets | 32.56B | 37.35B | 41.72B | 50.41B | 38.04B | 45.03B |
| Long-Term Deferred Tax Assets | 3.21B | 3.94B | ||||
| Other Long-Term Assets | 2.66B | 2.66B | 2.05B | 3.42B | 3.42B | 3.42B |
| Total Assets | 205.14B | 205.99B | 207.17B | 219.00B | 199.75B | 207.59B |
| Accounts Payable | 8.54B | 13.84B | 9.30B | 15.23B | 14.38B | 17.01B |
| Accrued Expenses | 16.27B | 17.03B | 18.75B | 18.72B | 14.84B | 15.76B |
| Short-Term Debt | 15.91B | 20.03M | 7.70B | 3.85B | 3.74B | 8.09B |
| Current Portion of Long-Term Debt | 2.00B | 2.99B | 3.57B | 1.70B | ||
| Current Portion of Leases | 3.36B | 3.29B | 6.68B | 4.32B | 2.85B | 2.48B |
| Current Income Taxes Payable | 9.16B | 11.71B | 9.19B | 9.97B | 9.56B | 9.34B |
| Current Unearned Revenue | 5.04B | 3.66B | 6.32B | 3.88B | 5.15B | 4.52B |
| Other Current Liabilities | 13.17B | 15.52B | 15.76B | 16.62B | 17.87B | 17.38B |
| Total Current Liabilities | 71.45B | 65.08B | 75.70B | 75.58B | 71.97B | 76.30B |
| Long-Term Debt | 7.64B | 10.09B | 8.08B | |||
| Long-Term Leases | 46.72B | 46.05B | 36.17B | 41.60B | 36.97B | 37.27B |
| Pension & Post-Retirement Benefits | 20.16M | |||||
| Long-Term Deferred Tax Liabilities | 1.58B | 3.24B | 5.13B | 437.87M | ||
| Other Long-Term Liabilities | 19.75B | 21.77B | 21.67B | 26.93B | 13.60B | 19.71B |
| Total Liabilities | 139.49B | 136.13B | 138.67B | 152.19B | 132.62B | 141.39B |
| Common Stock | 52.38B | 52.38B | 52.38B | 52.38B | 52.38B | 52.38B |
| Retained Earnings | 6.60B | 10.81B | 9.46B | 7.77B | 8.08B | 7.17B |
| Comprehensive Income & Other | 6.66B | 6.66B | 6.66B | 6.66B | 6.66B | 6.66B |
| Shareholders' Equity | 65.64B | 69.86B | 68.51B | 66.82B | 67.13B | 66.21B |
| Total Liabilities & Equity | 205.14B | 205.99B | 207.17B | 219.00B | 199.75B | 207.59B |
| Total Debt | 65.99B | 49.36B | 52.55B | 60.39B | 57.21B | 57.63B |
| Net Cash (Debt) | -64.34B | -46.75B | -49.74B | -56.65B | -53.53B | -52.59B |
| Net Cash Per Share | -12.28 | -8.93 | -9.50 | -10.81 | -10.22 | -10.04 |
| Filing Date Shares Outstanding | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B |
| Total Common Shares Outstanding | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B | 5.24B |
| Working Capital | -53.40B | -48.97B | -58.59B | -59.62B | -55.23B | -60.67B |
| Book Value Per Share | 12.53 | 13.34 | 13.08 | 12.76 | 12.82 | 12.64 |
| Tangible Book Value | 32.68B | 32.10B | 26.38B | 16.01B | 28.68B | 20.77B |
| Tangible Book Value Per Share | 6.24 | 6.13 | 5.04 | 3.06 | 5.48 | 3.97 |
| Land | 293.88M | 293.88M | 293.88M | 293.88M | 293.88M | 293.88M |
| Buildings | 522.08M | 522.08M | 522.08M | |||
| Machinery | 205.85B | 199.51B | 193.89B | 179.74B | 185.21B | 173.91B |
| Construction In Progress | 7.09B | 7.53B | 6.45B | 8.20B | 13.12B | 13.29B |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.49B | 9.37B | 7.03B | 3.21B | 1.83B | 1.80B |
| Depreciation & Amortization | 33.09B | 30.70B | 27.59B | 27.65B | 24.02B | 22.83B |
| Other Amortization | 802.97M | 802.97M | 1.33B | 1.07B | 1.01B | 1.09B |
| Other Operating Activities | 1.19B | 7.67B | 11.20B | 11.08B | 8.58B | 5.49B |
| Change in Accounts Receivable | -2.01B | -318.27M | -482.88M | -433.40M | 698.45M | -767.28M |
| Change in Inventory | -200.97M | -15.80M | 158.25M | 8.63M | -153.10M | -194.93M |
| Change in Accounts Payable | -6.92B | -1.44B | -1.15B | -1.68B | -1.94B | 1.58B |
| Change in Other Net Operating Assets | -248.85M | 565.84M | 564.34M | -109.39M | 3.22B | 736.43M |
| Operating Cash Flow | 36.19B | 47.34B | 46.23B | 40.80B | 37.27B | 32.56B |
| Capital Expenditures | -23.27B | -16.71B | -28.38B | -24.00B | -28.44B | -23.94B |
| Sale of Property, Plant & Equipment | 50.59M | 17.98M | 87.75M | 57.42M | 82.18M | 12.65M |
| Other Investing Activities | -15.74M | 145.11M | 93.95M | 218.16M | 91.56M | 120.27M |
| Investing Cash Flow | -23.24B | -16.55B | -28.20B | -23.72B | -28.26B | -23.81B |
| Long-Term Debt Issued | 22.59B | 25.86B | 9.00B | 18.23B | 31.37B | |
| Long-Term Debt Repaid | -45.74B | -40.39B | -21.85B | -27.56B | -44.20B | |
| Lease Payments | -9.94B | -12.43B | -7.81B | -7.76B | -6.29B | -5.81B |
| Net Debt Issued (Repaid) | -6.95B | -23.15B | -14.53B | -12.85B | -9.33B | -12.83B |
| Common Dividends Paid | -7.82B | -7.84B | -4.46B | -4.31B | -1.04B | -364.60M |
| Other Financing Activities | -105.90M | |||||
| Financing Cash Flow | -14.76B | -30.99B | -18.99B | -17.16B | -10.37B | -13.30B |
| Foreign Exchange Rate Adjustments | 980.00K | -349.00K | 36.39M | 53.23M | 2.25M | -91.00K |
| Miscellaneous Cash Flow Adjustments | 1.00K | |||||
| Net Cash Flow | -1.81B | -197.22M | -917.07M | -27.68M | -1.36B | -4.55B |
| Free Cash Flow | 12.92B | 30.63B | 17.85B | 16.80B | 8.84B | 8.62B |
| Free Cash Flow Margin | 12.50% | 30.65% | 17.94% | 16.90% | 10.29% | 10.59% |
| Free Cash Flow Per Share | 2.47 | 5.85 | 3.41 | 3.21 | 1.69 | 1.65 |
| Levered Free Cash Flow | 10.15B | 25.61B | 2.61B | 15.35B | -2.62B | 8.51B |
| Unlevered Free Cash Flow | 14.17B | 29.47B | 6.63B | 18.67B | 223.15M | 11.07B |
| Free Cash Flow After Leases | 2.98B | 18.20B | 10.04B | 9.04B | 2.55B | 2.81B |
| Cash Income Tax Paid | 8.03B | 1.24B | 2.43B | 1.86B | 1.54B | 1.50B |
| Change in Working Capital | -9.38B | -1.21B | -914.84M | -2.21B | 1.83B | 1.35B |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 156.09B | 147.71B | 148.23B | 157.14B | 157.14B | 181.23B |
| Enterprise Value | 220.43B | 191.29B | 204.01B | 206.74B | 212.62B | 232.63B |
| Last Close Price | 29.80 | 26.64 | 25.31 | 25.94 | 25.33 | 29.04 |
| PE Ratio | 14.87 | 15.76 | 21.09 | 48.96 | 86.00 | 100.50 |
| Forward PE | 16.20 | 17.91 | 20.85 | |||
| PS Ratio | 1.51 | 1.48 | 1.49 | 1.58 | 1.83 | 2.23 |
| PB Ratio | 2.38 | 2.11 | 2.16 | 2.35 | 2.34 | 2.74 |
| P/TBV Ratio | 4.78 | 4.60 | 5.62 | 9.82 | 5.48 | 8.72 |
| P/FCF Ratio | 12.08 | 4.82 | 8.30 | 9.35 | 17.78 | 21.02 |
| P/OCF Ratio | 4.31 | 3.12 | 3.21 | 3.85 | 4.22 | 5.57 |
| EV/Sales Ratio | 2.13 | 1.91 | 2.05 | 2.08 | 2.48 | 2.86 |
| EV/EBITDA Ratio | 4.18 | 4.37 | 4.70 | 5.14 | 6.27 | 8.14 |
| EV/EBIT Ratio | 11.24 | 10.46 | 9.61 | 12.32 | 16.01 | 25.90 |
| EV/FCF Ratio | 17.06 | 6.25 | 11.43 | 12.30 | 24.06 | 26.99 |
| Debt / Equity Ratio | 1.00 | 0.71 | 0.77 | 0.90 | 0.85 | 0.87 |
| Debt / EBITDA Ratio | 1.25 | 1.01 | 1.08 | 1.36 | 1.53 | 1.81 |
| Debt / FCF Ratio | 5.11 | 1.61 | 2.94 | 3.59 | 6.47 | 6.68 |
| Net Debt / Equity Ratio | 0.98 | 0.67 | 0.73 | 0.85 | 0.80 | 0.79 |
| Net Debt / EBITDA Ratio | 1.35 | 1.07 | 1.15 | 1.41 | 1.58 | 1.84 |
| Net Debt / FCF Ratio | 4.98 | 1.53 | 2.79 | 3.37 | 6.06 | 6.10 |
| Asset Turnover | 0.51 | 0.48 | 0.47 | 0.47 | 0.42 | 0.40 |
| Inventory Turnover | 171.07 | 177.63 | 139.68 | 122.02 | 125.47 | 213.11 |
| Quick Ratio | 0.16 | 0.17 | 0.14 | 0.15 | 0.15 | 0.17 |
| Current Ratio | 0.25 | 0.25 | 0.23 | 0.21 | 0.23 | 0.20 |
| Return on Equity (ROE) | 16.13% | 13.55% | 10.39% | 4.79% | 2.74% | 2.73% |
| Return on Assets (ROA) | 6.07% | 5.53% | 6.22% | 5.01% | 4.07% | 2.76% |
| Return on Invested Capital (ROIC) | 12.96% | 12.90% | 9.14% | 4.88% | 4.38% | 2.79% |
| Return on Capital Employed (ROCE) | 14.70% | 13.00% | 16.10% | 11.70% | 10.40% | 6.80% |
| Earnings Yield | 6.72% | 6.34% | 4.74% | 2.04% | 1.16% | 1.00% |
| FCF Yield | 8.28% | 20.73% | 12.04% | 10.69% | 5.62% | 4.76% |
| Dividend Yield | 5.87% | 6.21% | 5.30% | 3.33% | 2.33% | 1.44% |
| Payout Ratio | 74.48% | 83.69% | 63.48% | 134.31% | 56.87% | 20.22% |
| Buyback Yield / Dilution | -10.37% | |||||
| Total Shareholder Return | 5.87% | 6.21% | 5.30% | 3.33% | 2.33% | -8.93% |