DSE : WMSHIPYARD
Western Marine Shipyard Limited — Financial statements
Ship And Boat Building And Repairing · Bangladesh
Last price 8 BDT (At close: Oct 28, 2026) · Market cap 1.88B
Latest research: Western Marine Shipyard financial analysis: Tk 23.7bn term loans, Tk 916.5m revenue and a qualified audit (Oct 2026) · Western Marine Shipyard: Tk 916.5m of FY2025 revenue, Tk 23.7bn of term loans and a qualified audit opinion
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Financial statements
Western Marine Shipyard Limited (WMSHIPYARD) reported revenue of 916.52M 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 | 916.52M | 916.52M | 920.03M | 810.86M | 808.02M | 839.10M |
| Cost of Revenue | 573.80M | 573.80M | 567.11M | 525.57M | 576.06M | 598.66M |
| Gross Profit | 342.72M | 342.72M | 352.91M | 285.29M | 231.96M | 240.44M |
| Selling, General & Admin | 10.00M | 10.00M | 9.88M | 9.46M | 9.68M | 10.56M |
| Operating Expenses | 10.00M | 10.00M | 9.88M | 9.46M | 9.68M | 10.56M |
| Operating Income | 332.71M | 332.71M | 343.03M | 275.83M | 222.28M | 229.88M |
| Interest Expense | -398.36M | -398.36M | -364.76M | -361.50M | -313.18M | -312.53M |
| Interest & Investment Income | 60.19M | 60.19M | 31.60M | 67.61M | 70.99M | 78.42M |
| Currency Exchange Gain (Loss) | -398.12K | -398.12K | -396.92K | -397.07K | -360.97K | -328.16K |
| Other Non Operating Income (Expenses) | 1.09M | 1.09M | 1.05M | 3.29M | 7.25M | -1.98M |
| Pretax Income | -4.76M | -4.76M | 10.53M | -15.18M | -13.03M | -6.54M |
| Income Tax Expense | 259.20K | 259.20K | 1.01M | -587.60K | -534.14K | 1.75M |
| Net Income | -5.02M | -5.02M | 9.51M | -14.59M | -12.50M | -8.28M |
| Net Income to Common | -5.02M | -5.02M | 9.51M | -14.59M | -12.50M | -8.28M |
| Shares Outstanding (Basic) | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M |
| Shares Outstanding (Diluted) | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M |
| EPS (Basic) | -0.02 | -0.02 | 0.04 | -0.06 | -0.05 | -0.04 |
| EPS (Diluted) | -0.02 | -0.02 | 0.04 | -0.06 | -0.05 | -0.04 |
| Free Cash Flow | -752.51M | -752.51M | -670.31M | -1.61B | -189.66M | -993.77M |
| Free Cash Flow Per Share | -3.20 | -3.20 | -2.85 | -6.86 | -0.81 | -4.22 |
| Gross Margin | 37.39% | 37.39% | 38.36% | 35.18% | 28.71% | 28.65% |
| Operating Margin | 36.30% | 36.30% | 37.29% | 34.02% | 27.51% | 27.40% |
| Profit Margin | -0.55% | -0.55% | 1.03% | -1.80% | -1.55% | -0.99% |
| Free Cash Flow Margin | -82.10% | -82.10% | -72.86% | -198.99% | -23.47% | -118.43% |
| EBITDA | 731.62M | 731.62M | 737.86M | 667.70M | 608.30M | 612.07M |
| EBITDA Margin | 79.83% | 79.83% | 80.20% | 82.34% | 75.28% | 72.94% |
| D&A For EBITDA | 398.91M | 398.91M | 394.83M | 391.87M | 386.01M | 382.19M |
| EBIT | 332.71M | 332.71M | 343.03M | 275.83M | 222.28M | 229.88M |
| EBIT Margin | 36.30% | 36.30% | 37.29% | 34.02% | 27.51% | 27.40% |
| Effective Tax Rate | 9.64% | |||||
| Advertising Expenses | 127.60K | 127.60K | 125.72K | 120.14K | 133.48K | 148.31K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 116.93M | 116.93M | 113.75M | 100.08M | 166.94M | 165.17M |
| Cash & Short-Term Investments | 116.93M | 116.93M | 113.75M | 100.08M | 166.94M | 165.17M |
| Receivables | 2.74B | 2.74B | 2.55B | 2.40B | 2.25B | 2.13B |
| Inventory | 5.09B | 5.09B | 5.25B | 4.89B | 4.67B | 4.57B |
| Prepaid Expenses | 5.88M | 5.88M | 5.51M | 4.84M | 4.75M | 3.99M |
| Other Current Assets | 3.60B | 3.60B | 3.60B | 3.70B | 3.60B | 3.32B |
| Total Current Assets | 11.55B | 11.55B | 11.53B | 11.10B | 10.69B | 10.19B |
| Property, Plant & Equipment | 15.58B | 15.58B | 14.52B | 13.92B | 12.51B | 12.60B |
| Long-Term Investments | 8.88M | 8.88M | 8.88M | 8.88M | 8.88M | 8.88M |
| Other Long-Term Assets | -1.00 | -1.00 | 2.00 | -1.00 | ||
| Total Assets | 27.83B | 27.83B | 26.71B | 25.69B | 23.90B | 23.51B |
| Accounts Payable | 99.12M | 99.12M | 96.37M | 86.65M | 86.65M | 85.56M |
| Accrued Expenses | 34.83M | 34.83M | 38.03M | 46.88M | 57.15M | 58.83M |
| Current Portion of Long-Term Debt | 1.17B | 1.17B | 966.20M | 757.20M | 623.28M | 567.28M |
| Current Income Taxes Payable | 184.44M | 184.44M | 172.74M | 161.69M | 154.55M | 149.13M |
| Other Current Liabilities | 39.28M | 39.28M | 41.65M | 41.88M | 41.99M | 41.55M |
| Total Current Liabilities | 1.52B | 1.52B | 1.31B | 1.09B | 963.61M | 902.36M |
| Long-Term Debt | 22.49B | 22.49B | 21.49B | 20.11B | 17.93B | 17.05B |
| Long-Term Deferred Tax Liabilities | 20.61M | 20.61M | 32.04M | 42.09M | 49.81M | 55.76M |
| Other Long-Term Liabilities | -1.00 | -1.00 | 1.00 | 1.00 | 1.00 | |
| Total Liabilities | 24.03B | 24.03B | 22.84B | 21.25B | 18.94B | 18.01B |
| Common Stock | 2.35B | 2.35B | 2.35B | 2.35B | 2.35B | 2.35B |
| Additional Paid-In Capital | 497.61M | 497.61M | 497.61M | 497.61M | 497.61M | 497.61M |
| Retained Earnings | 280.66M | 280.66M | 357.44M | 919.17M | 1.44B | 1.98B |
| Comprehensive Income & Other | 671.47M | 671.47M | 671.49M | 671.51M | 671.54M | 671.56M |
| Shareholders' Equity | 3.80B | 3.80B | 3.88B | 4.44B | 4.96B | 5.50B |
| Total Liabilities & Equity | 27.83B | 27.83B | 26.71B | 25.69B | 23.90B | 23.51B |
| Total Debt | 23.65B | 23.65B | 22.46B | 20.87B | 18.55B | 17.62B |
| Net Cash (Debt) | -23.54B | -23.54B | -22.34B | -20.77B | -18.38B | -17.45B |
| Net Cash Per Share | -100.06 | -100.06 | -94.99 | -88.30 | -78.15 | -74.20 |
| Filing Date Shares Outstanding | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M |
| Total Common Shares Outstanding | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M | 235.20M |
| Working Capital | 10.03B | 10.03B | 10.21B | 10.01B | 9.73B | 9.28B |
| Book Value Per Share | 16.16 | 16.16 | 16.49 | 18.88 | 21.08 | 23.40 |
| Tangible Book Value | 3.80B | 3.80B | 3.88B | 4.44B | 4.96B | 5.50B |
| Tangible Book Value Per Share | 16.16 | 16.16 | 16.49 | 18.88 | 21.08 | 23.40 |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -5.02M | -5.02M | 9.51M | -14.59M | -12.50M | -8.28M |
| Depreciation & Amortization | 398.91M | 398.91M | 394.83M | 391.87M | 386.01M | 382.19M |
| Other Operating Activities | 337.73M | 337.73M | 333.52M | 290.42M | 234.78M | 238.16M |
| Change in Accounts Receivable | -186.38M | -186.38M | -150.00M | -151.00M | -120.00M | -215.72M |
| Change in Inventory | 164.54M | 164.54M | -362.77M | -220.49M | -102.11M | 380.20M |
| Change in Accounts Payable | 2.62M | 2.62M | 4.28M | -6.44M | 4.11M | 2.56M |
| Change in Other Net Operating Assets | -5.33M | -5.33M | 95.50M | -106.64M | -286.07M | -699.91M |
| Operating Cash Flow | 707.07M | 707.07M | 324.86M | 183.12M | 104.23M | 79.20M |
| Capital Expenditures | -1.46B | -1.46B | -995.17M | -1.80B | -293.88M | -1.07B |
| Investment in Securities | -71.78M | -71.78M | -571.26M | -503.15M | -517.54M | |
| Investing Cash Flow | -1.53B | -1.53B | -1.57B | -2.30B | -811.42M | -1.07B |
| Long-Term Debt Issued | 1.20B | 1.20B | 1.59B | 2.32B | 931.35M | 2.92B |
| Total Debt Issued | 1.20B | 1.20B | 1.59B | 2.32B | 931.35M | 2.92B |
| Short-Term Debt Repaid | -1.79B | |||||
| Total Debt Repaid | -1.79B | |||||
| Net Debt Issued (Repaid) | 1.20B | 1.20B | 1.59B | 2.32B | 931.35M | 1.13B |
| Common Dividends Paid | -16.46M | -7.99M | ||||
| Other Financing Activities | -369.34M | -369.34M | -330.62M | -269.70M | -205.57M | -156.70M |
| Financing Cash Flow | 827.87M | 827.87M | 1.26B | 2.05B | 709.32M | 965.73M |
| Foreign Exchange Rate Adjustments | -398.12K | -398.12K | -396.92K | -397.07K | -360.97K | -328.16K |
| Miscellaneous Cash Flow Adjustments | -1.00 | -1.00 | -1.00 | -1.00 | ||
| Net Cash Flow | 3.18M | 3.18M | 13.67M | -66.86M | 1.76M | -28.37M |
| Free Cash Flow | -752.51M | -752.51M | -670.31M | -1.61B | -189.66M | -993.77M |
| Free Cash Flow Margin | -82.10% | -82.10% | -72.86% | -198.99% | -23.47% | -118.43% |
| Free Cash Flow Per Share | -3.20 | -3.20 | -2.85 | -6.86 | -0.81 | -4.22 |
| Levered Free Cash Flow | -1.11B | -1.11B | -1.02B | -1.94B | -463.34M | -1.27B |
| Unlevered Free Cash Flow | -865.58M | -865.58M | -787.88M | -1.71B | -267.60M | -1.07B |
| Cash Interest Paid | 398.36M | 398.36M | 364.76M | 361.50M | 313.18M | 312.53M |
| Change in Working Capital | -24.55M | -24.55M | -413.00M | -484.58M | -504.07M | -532.87M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.91B | 1.93B | 2.19B | 2.63B | 2.78B | 2.92B |
| Enterprise Value | 25.44B | 24.27B | 22.96B | 21.02B | 19.07B | 19.21B |
| Last Close Price | 8.10 | 8.20 | 9.30 | 11.20 | 11.80 | 12.27 |
| PE Ratio | 230.00 | |||||
| PS Ratio | 2.08 | 2.10 | 2.38 | 3.25 | 3.44 | 3.48 |
| PB Ratio | 0.50 | 0.51 | 0.56 | 0.59 | 0.56 | 0.53 |
| P/TBV Ratio | 0.50 | 0.51 | 0.56 | 0.59 | 0.56 | 0.53 |
| P/OCF Ratio | 2.69 | 2.73 | 6.73 | 14.38 | 26.63 | 36.82 |
| EV/Sales Ratio | 27.76 | 26.48 | 24.95 | 25.92 | 23.60 | 22.89 |
| EV/EBITDA Ratio | 34.77 | 33.17 | 31.11 | 31.48 | 31.35 | 31.39 |
| EV/EBIT Ratio | 76.47 | 72.95 | 66.92 | 76.19 | 85.79 | 83.57 |
| Debt / Equity Ratio | 6.22 | 6.22 | 5.79 | 4.70 | 3.74 | 3.20 |
| Debt / EBITDA Ratio | 32.33 | 32.33 | 30.43 | 31.26 | 30.49 | 28.78 |
| Net Debt / Equity Ratio | 6.19 | 6.19 | 5.76 | 4.68 | 3.71 | 3.17 |
| Net Debt / EBITDA Ratio | 32.17 | 32.17 | 30.28 | 31.11 | 30.22 | 28.51 |
| Net Debt / FCF Ratio | -31.28 | -31.28 | -33.33 | -12.87 | -96.92 | -17.56 |
| Asset Turnover | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.04 |
| Inventory Turnover | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 |
| Quick Ratio | 1.88 | 1.88 | 2.03 | 2.29 | 2.51 | 2.55 |
| Current Ratio | 7.58 | 7.58 | 8.77 | 10.14 | 11.10 | 11.29 |
| Return on Equity (ROE) | -0.13% | -0.13% | 0.23% | -0.31% | -0.24% | -0.15% |
| Return on Assets (ROA) | 0.76% | 0.76% | 0.82% | 0.69% | 0.59% | 0.63% |
| Return on Invested Capital (ROIC) | 1.24% | 1.24% | 1.21% | 1.14% | 0.96% | 1.03% |
| Return on Capital Employed (ROCE) | 1.30% | 1.30% | 1.40% | 1.10% | 1.00% | 1.00% |
| Earnings Yield | -0.26% | -0.26% | 0.43% | -0.55% | -0.45% | -0.28% |
| FCF Yield | -39.50% | -39.02% | -30.64% | -61.25% | -6.83% | -34.07% |