Income Statement Star Money Thailand S.E.

Stocks

STARM-R

THB123010R10

Consumer Lending

End-of-day quote Thailand S.E. 14/09/2026			5-day change	1st Jan Change
0.9800 ^THB	+1.03%		+1.03%	+15.29%

08-13	Star Money Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-14	Star Money Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

7544b10e826cd0.LS7kN9BDOOQP0wF2g4tfjxlrq3csCjwAvn-mqaRxeJQ.ZE2AAY8pQJRJnk4c5eYyy3tG6S5LYngt5A7F8NUuKOd1GYYE4Q1Uqn_lUA

Published financial data: STAR MONEY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	737M	860M	791M	864M	859M
Finance Div. Revenues	-	-	455M	538M	486M
Interest And Invest. Income (Rev)	469M	495M	84.56M	127M	152M
Other Revenues, Total	34.27M	45.16M	49.3M	14.91M	11.05M
Total Revenues	1.24B	1.4B	1.38B	1.55B	1.51B
Cost of Goods Sold, Total	619M	723M	657M	712M	710M
Finance Div. Operating Exp.	-	-	-	207M	148M
Interest Expense - Finance Division	-	-	-	60.45M	44.42M
Gross Profit	620M	677M	723M	565M	606M
Selling General & Admin Expenses, Total	348M	414M	421M	436M	436M
Provision for Bad Debts	74.52M	72.38M	108M	25.59M	19.56M
Other Operating Expenses	12.18M	15.58M	38.05M	-	-
Other Operating Expenses, Total	435M	502M	568M	461M	455M
Operating Income	186M	175M	155M	104M	150M
Interest Expense, Total	-57.31M	-69.01M	-77.93M	-38.72M	-40.84M
Net Interest Expenses	-57.31M	-69.01M	-77.93M	-38.72M	-40.84M
EBT, Excl. Unusual Items	129M	106M	77.43M	64.97M	109M
Asset Writedown	-	-	-	-1.14M	-2.83M
EBT, Incl. Unusual Items	129M	106M	77.43M	63.83M	106M
Income Tax Expense	25.59M	24.59M	15.68M	13.25M	21.64M
Earnings From Continuing Operations	103M	81.14M	61.75M	50.58M	84.82M
Net Income to Company	103M	81.14M	61.75M	50.58M	84.82M
Net Income - (IS)	103M	81.14M	61.75M	50.58M	84.82M
Net Income to Common Incl Extra Items	103M	81.14M	61.75M	50.58M	84.82M
Net Income to Common Excl. Extra Items	103M	81.14M	61.75M	50.58M	84.82M
Per Share Items
Net EPS - Basic	0.13	0.1	0.06	0.05	0.08
Basic EPS - Continuing Operations	0.13	0.1	0.06	0.05	0.08
Basic Weighted Average Shares Outstanding	800M	815M	1.1B	1.1B	1.1B
Net EPS - Diluted	0.13	0.1	0.06	0.05	0.08
Diluted EPS - Continuing Operations	0.13	0.1	0.06	0.05	0.08
Diluted Weighted Average Shares Outstanding	800M	815M	1.1B	1.1B	1.1B
Normalized Basic EPS	0.1	0.08	0.04	0.04	0.06
Normalized Diluted EPS	0.1	0.08	0.04	0.04	0.06
Dividend Per Share	0.2	0.04	0.03	0.03	0.06
Payout Ratio	55.37	125.7	71.26	65.24	38.9
Supplemental Items
EBITDA	202M	192M	174M	119M	162M
EBITA	186M	175M	155M	104M	150M
EBIT	186M	175M	155M	104M	150M
EBITDAR	224M	215M	200M	146M	190M
Total Revenues (As Reported)	1.24B	1.4B	1.38B	1.55B	1.51B
Effective Tax Rate - (Ratio)	19.91	23.26	20.25	20.76	20.33
Current Domestic Taxes	18.5M	22.67M	21.5M	23.5M	19.73M
Total Current Taxes	18.5M	22.67M	21.5M	23.5M	19.73M
Deferred Domestic Taxes	7.09M	1.92M	-5.82M	-10.25M	1.92M
Total Deferred Taxes	7.09M	1.92M	-5.82M	-10.25M	1.92M
Normalized Net Income	80.33M	66.09M	48.39M	40.61M	68.31M
Interest on Long-Term Debt	2.78M	3.92M	5.03M	3.56M	4.35M
Non-Cash Pension Expense	522K	795K	1.1M	1.35M	1.16M
Supplemental Operating Expense Items
Advertising Expense	10.17M	13.9M	12.41M	15.29M	16.09M
Selling and Marketing Expenses	10.17M	13.9M	12.41M	15.29M	16.09M
General and Administrative Expenses	338M	400M	409M	421M	420M
Net Rental Expense, Total	21.44M	23.18M	25.95M	26.63M	27.55M
Imputed Operating Lease Interest Expense	5.95M	7.14M	8.9M	4.88M	5.74M
Imputed Operating Lease Depreciation	15.49M	16.03M	17.05M	21.75M	21.82M
Stock-Based Comp., Other (Total)	-	19.58M	-	-	-
Total Stock-Based Compensation	-	19.58M	-	-	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	21.17M	519M	39.51M	39.8M	17.93M
Total Cash And Short Term Investments	21.17M	519M	39.51M	39.8M	17.93M
Accounts Receivable, Total	163M	238M	196M	254M	284M
Other Receivables	32.89M	40.66M	26.05M	26.1M	23.23M
Notes Receivable	757M	829M	870M	898M	958M
Total Receivables	953M	1.11B	1.09B	1.18B	1.27B
Inventory	96.73M	107M	105M	109M	109M
Prepaid Expenses	3.88M	3.53M	2.04M	1.75M	1.92M
Other Current Assets, Total	14M	9.06M	8.14M	5.04M	5.34M
Total Current Assets	1.09B	1.75B	1.25B	1.33B	1.4B
Gross Property Plant And Equipment	199M	255M	243M	208M	230M
Accumulated Depreciation	-92.12M	-109M	-113M	-120M	-131M
Net Property Plant And Equipment	107M	145M	130M	88.25M	99.96M
Other Intangibles, Total	6.34M	7.07M	6.97M	8.23M	12.59M
Accounts Receivable Long-Term	5.45M	8.18M	8.53M	27.29M	46.2M
Loans Receivable Long-Term	1.02B	1.23B	1.49B	1.45B	1.16B
Deferred Tax Assets Long-Term	39.73M	37.3M	43.5M	53.49M	50.8M
Other Long-Term Assets, Total	33.35M	33.12M	33.06M	30.9M	22.61M
Total Assets	2.3B	3.21B	2.96B	2.99B	2.79B
Liabilities
Accounts Payable, Total	48.7M	58.9M	57.08M	57.21M	57.41M
Accrued Expenses, Total	33.87M	26.91M	20.84M	23.49M	27.09M
Short-term Borrowings	1.18B	1.43B	1.28B	1.35B	1.22B
Current Portion of Long-Term Debt	75.37M	110M	90.2M	138M	127M
Current Portion of Leases	34.41M	41.3M	45.3M	41.89M	38.28M
Current Income Taxes Payable	3.03M	2.82M	5.58M	6.46M	5.89M
Other Current Liabilities	22.94M	18.71M	14.72M	12.29M	10.49M
Total Current Liabilities	1.39B	1.69B	1.51B	1.63B	1.48B
Long-Term Debt	332M	320M	230M	148M	21.82M
Long-Term Leases	13.56M	50.63M	43.25M	15.22M	37.14M
Pension & Other Post Retirement Benefits	42.35M	39.66M	48.17M	48.4M	51.73M
Other Non Current Liabilities	988K	1.16M	1.06M	1.06M	1.05M
Total Liabilities	1.78B	2.1B	1.83B	1.85B	1.59B
Common Stock, Total	400M	550M	550M	550M	550M
Additional Paid In Capital	-	466M	466M	466M	466M
Retained Earnings	122M	101M	111M	130M	185M
Comprehensive Income and Other	-7.86M	-5.85M	-1.08K	-	-
Total Common Equity	514M	1.11B	1.13B	1.15B	1.2B
Total Equity	514M	1.11B	1.13B	1.15B	1.2B
Total Liabilities And Equity	2.3B	3.21B	2.96B	2.99B	2.79B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	800M	1.1B	1.1B	1.1B	1.1B
ECS Total Common Shares Outstanding	800M	1.1B	1.1B	1.1B	1.1B
Book Value / Share	0.64	1.01	1.03	1.04	1.09
Tangible Book Value	508M	1.1B	1.12B	1.14B	1.19B
Tangible Book Value Per Share	0.63	1	1.02	1.03	1.08
Total Debt	1.63B	1.95B	1.68B	1.7B	1.44B
Net Debt	1.61B	1.43B	1.65B	1.66B	1.42B
Debt Equivalent Oper. Leases	172M	185M	208M	213M	220M
Account Code - Inventory Valuation	8	8	8	8	8
Inventories - Finished Goods, Total	96.49M	106M	104M	109M	109M
Inventories - Others	366K	921K	892K	717K	625K
Machinery, Total	113M	122M	112M	108M	113M
Accumulated Allowance for Doubtful Accounts (Supple)	-	19.45M	18.41M	10.77M	10.27M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	103M	81.14M	61.75M	50.58M	84.82M
Depreciation & Amortization - CF	51.18M	56.71M	63.83M	61.48M	56.9M
Amortization of Goodwill and Intangible Assets - (CF)	15K	17K	17K	16K	17K
Depreciation & Amortization, Total	51.2M	56.72M	63.85M	61.5M	56.92M
Amortization of Deferred Charges, Total - (CF)	511K	750K	846K	876K	1.09M
(Gain) Loss From Sale Of Asset	3.62M	3.22M	4.54M	294K	-9.82M
Asset Writedown & Restructuring Costs	22.02K	-9.25K	27.13K	-	-
Stock-Based Compensation (CF)	-	19.58M	-	-	-
Provision and Write-off of Bad Debts	74.52M	72.38M	108M	183M	133M
Other Operating Activities, Total	62.52M	67.02M	59.25M	53.01M	76.1M
Change In Accounts Receivable	-3.2M	-3.35M	619K	1.14M	648K
Change In Inventories	-14.73M	-10.3M	1.97M	-4.59M	-880K
Change In Accounts Payable	11.46M	6.08M	-4.97M	-2.53M	-1.03M
Change in Other Net Operating Assets	-117M	-441M	-339M	-203M	87.56M
Cash from Operations	172M	-148M	-42.87M	140M	428M
Capital Expenditure	-9.15M	-9.73M	-7.17M	-5.2M	-4.82M
Sale of Property, Plant, and Equipment	377K	9.35K	577K	265K	324K
Sale (Purchase) of Intangible assets	-303K	-1.49M	-798K	-2.14M	-5.47M
Cash from Investing	-9.08M	-11.22M	-7.39M	-7.08M	-9.97M
Short Term Debt Issued, Total	72.37M	252M	-	78.75M	-
Long-Term Debt Issued, Total	-	100M	-	70M	-
Total Debt Issued	72.37M	352M	-	149M	-
Short Term Debt Repaid, Total	-	-	-152M	-	-139M
Long-Term Debt Repaid, Total	-118M	-121M	-160M	-153M	-187M
Total Debt Repaid	-118M	-121M	-312M	-153M	-326M
Issuance of Common Stock	-	612M	-	-	-
Common Dividends Paid	-57M	-102M	-44M	-33M	-33M
Common & Preferred Stock Dividends Paid	-57M	-102M	-44M	-33M	-33M
Other Financing Activities, Total	-54.54M	-84.18M	-72.79M	-95.7M	-80.99M
Cash from Financing	-157M	656M	-429M	-133M	-440M
Net Change in Cash	5.78M	497M	-479M	284K	-21.87M
Supplemental Items
Cash Interest Paid	54.54M	65.01M	72.79M	95.7M	80.99M
Cash Income Tax Paid (Refund)	22.56M	19.05M	18.75M	22.62M	20.3M
Levered Free Cash Flow	140M	-28.18M	109M	9.74M	29.94M
Unlevered Free Cash Flow	176M	14.95M	158M	33.94M	55.46M
Change In Net Working Capital	-17.67M	160M	-3.98M	85.89M	86.09M
Net Debt Issued / Repaid	-45.47M	231M	-312M	-3.8M	-326M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	5.07	3.97	3.15	2.18	3.24
Return on Total Capital	5.43	4.19	3.31	2.29	3.42
Return On Equity %	21.05	9.99	5.52	4.45	7.23
Return on Common Equity	21.05	9.99	5.52	4.45	7.23
Margin Analysis
Gross Profit Margin %	50.04	48.37	52.4	36.58	40.16
SG&A Margin	28.06	29.6	30.53	28.21	28.91
EBITDA Margin %	16.32	13.73	12.63	7.72	10.77
EBITA Margin %	14.99	12.49	11.26	6.71	9.96
EBIT Margin %	14.99	12.49	11.26	6.71	9.96
Income From Continuing Operations Margin %	8.3	5.8	4.48	3.27	5.63
Net Income Margin %	8.3	5.8	4.48	3.27	5.63
Net Avail. For Common Margin %	8.3	5.8	4.48	3.27	5.63
Normalized Net Income Margin	6.48	4.72	3.51	2.63	4.53
Levered Free Cash Flow Margin	11.31	-2.01	7.91	0.63	1.99
Unlevered Free Cash Flow Margin	14.2	1.07	11.44	2.2	3.68
Asset Turnover
Asset Turnover	0.54	0.51	0.45	0.52	0.52
Fixed Assets Turnover	9.91	11.09	10.04	14.19	16.02
Receivables Turnover (Average Receivables)	5.64	4.29	3.64	3.84	3.19
Inventory Turnover (Average Inventory)	6.92	7.1	6.21	6.66	6.51
Short Term Liquidity
Current Ratio	0.78	1.03	0.83	0.82	0.94
Quick Ratio	0.16	0.47	0.17	0.2	0.22
Operating Cash Flow to Current Liabilities	0.12	-0.09	-0.03	0.09	0.29
Days Sales Outstanding (Average Receivables)	64.73	85.11	100.24	95.24	114.27
Days Outstanding Inventory (Average Inventory)	52.71	51.4	58.76	54.94	56.1
Average Days Payable Outstanding	27.93	26.81	32.33	29.19	29.48
Cash Conversion Cycle (Average Days)	89.51	109.7	126.67	120.98	140.9
Long Term Solvency
Total Debt/Equity	317.58	175.5	149.39	148.18	119.81
Total Debt / Total Capital	76.05	63.7	59.9	59.71	54.51
LT Debt/Equity	67.28	33.37	24.23	14.27	4.91
Long-Term Debt / Total Capital	16.11	12.11	9.72	5.75	2.23
Total Liabilities / Total Assets	77.64	65.38	61.9	61.71	57.01
EBIT / Interest Expense	3.24	2.53	1.99	2.68	3.68
EBITDA / Interest Expense	4.14	3.35	2.81	4.27	5.07
(EBITDA - Capex) / Interest Expense	3.98	3.21	2.72	4.13	4.95
Total Debt / EBITDA	6.89	8.43	7.68	10.28	6.95
Net Debt / EBITDA	6.8	6.19	7.5	10.04	6.86
Total Debt / (EBITDA - Capex)	7.16	8.8	7.94	10.62	7.12
Net Debt / (EBITDA - Capex)	7.07	6.46	7.76	10.37	7.03
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	20.27	13.09	-1.4	11.97	-2.4
Gross Profit, 1 Yr. Growth %	12.44	9.53	6.81	-1.53	7.17
EBITDA, 1 Yr. Growth %	51.31	-5.1	-9.25	-3.7	36.17
EBITA, 1 Yr. Growth %	55.08	-5.97	-11.1	-1.17	44.79
EBIT, 1 Yr. Growth %	55.08	-5.97	-11.1	-1.17	44.79
Earnings From Cont. Operations, 1 Yr. Growth %	116.18	-21.17	-23.9	-18.08	67.69
Net Income, 1 Yr. Growth %	116.18	-21.17	-23.9	-18.08	67.69
Normalized Net Income, 1 Yr. Growth %	114.73	-17.73	-26.77	-17.14	68.23
Diluted EPS Before Extra, 1 Yr. Growth %	116.18	-22.6	-43.63	-18.08	67.69
Accounts Receivable, 1 Yr. Growth %	65.16	46.29	-17.66	29.42	11.98
Inventory, 1 Yr. Growth %	17.72	10.37	-1.91	4.14	0.01
Net Property, Plant and Equip., 1 Yr. Growth %	-25.42	35.96	-10.9	-31.87	13.27
Total Assets, 1 Yr. Growth %	0.6	39.68	-7.8	1.15	-6.67
Tangible Book Value, 1 Yr. Growth %	10.91	117.55	1.48	1.55	4.44
Common Equity, 1 Yr. Growth %	10.72	116.24	1.46	1.65	4.79
Cash From Operations, 1 Yr. Growth %	29.84	-185.96	-70.98	-426.26	206.02
Capital Expenditures, 1 Yr. Growth %	-59.23	6.36	-26.32	-27.46	-7.27
Levered Free Cash Flow, 1 Yr. Growth %	-	-120.23	-617.09	-91.12	207.38
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-91.46	616.27	-73.12	63.41
Dividend Per Share, 1 Yr. Growth %	-	-79.88	-25	0	93.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	16.51	5.6	5.07	4.54
Gross Profit, 2 Yr. CAGR %	-	10.76	8.16	-8.63	2.72
EBITDA, 2 Yr. CAGR %	-	19.83	-7.19	-21.19	14.51
EBITA, 2 Yr. CAGR %	-	20.76	-8.57	-22.97	19.62
EBIT, 2 Yr. CAGR %	-	20.76	-8.57	-22.97	19.62
Earnings From Cont. Operations, 2 Yr. CAGR %	-	30.54	-22.55	-21.05	17.2
Net Income, 2 Yr. CAGR %	-	30.54	-22.55	-21.05	17.2
Normalized Net Income, 2 Yr. CAGR %	-	32.91	-22.38	-21.61	18.06
Diluted EPS Before Extra, 2 Yr. CAGR %	-	29.35	-33.95	-32.05	17.2
Accounts Receivable, 2 Yr. CAGR %	-	55.44	9.75	3.23	20.39
Inventory, 2 Yr. CAGR %	-	13.98	4.05	1.07	2.06
Net Property, Plant and Equip., 2 Yr. CAGR %	-	0.7	10.06	-22.09	-12.15
Total Assets, 2 Yr. CAGR %	-	18.54	13.49	-3.43	-2.84
Tangible Book Value, 2 Yr. CAGR %	-	55.33	48.58	1.52	2.98
Common Equity, 2 Yr. CAGR %	-	54.73	48.12	1.56	3.21
Cash From Operations, 2 Yr. CAGR %	-	5.65	-50.06	-2.7	215.98
Capital Expenditures, 2 Yr. CAGR %	-	-34.15	-11.48	-26.89	-17.98
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-11.49	-32.05	-47.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-5.06	24.12	-33.73
Dividend Per Share, 2 Yr. CAGR %	-	-	-61.15	-13.4	39.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	10.21	7.68	2.52
Gross Profit, 3 Yr. CAGR %	-	-	9.43	-2.94	-3.64
EBITDA, 3 Yr. CAGR %	-	-	9.23	-16.16	-5.43
EBITA, 3 Yr. CAGR %	-	-	9.04	-17.67	-4.93
EBIT, 3 Yr. CAGR %	-	-	9.04	-17.67	-4.93
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	9.05	-21.09	1.49
Net Income, 3 Yr. CAGR %	-	-	9.05	-21.09	1.49
Normalized Net Income, 3 Yr. CAGR %	-	-	8.96	-20.34	1.11
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-1.93	-29.04	-8.17
Accounts Receivable, 3 Yr. CAGR %	-	-	25.77	15.95	6.07
Inventory, 3 Yr. CAGR %	-	-	8.42	4.08	0.72
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-3.33	-6.2	-11.74
Total Assets, 3 Yr. CAGR %	-	-	9.02	9.22	-4.52
Tangible Book Value, 3 Yr. CAGR %	-	-	34.78	30.88	2.48
Common Equity, 3 Yr. CAGR %	-	-	34.43	30.65	2.62
Cash From Operations, 3 Yr. CAGR %	-	-	-31.33	-6.64	42.55
Capital Expenditures, 3 Yr. CAGR %	-	-	-31.64	-17.16	-20.86
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-58.8	12.37
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-42.12	36.04
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-46.76	13.19
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	7.9
Gross Profit, 5 Yr. CAGR %	-	-	-	-	1.88
EBITDA, 5 Yr. CAGR %	-	-	-	-	3.96
EBITA, 5 Yr. CAGR %	-	-	-	-	4.61
EBIT, 5 Yr. CAGR %	-	-	-	-	4.61
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	12.24
Net Income, 5 Yr. CAGR %	-	-	-	-	12.24
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	12.8
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	5.32
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	23.59
Inventory, 5 Yr. CAGR %	-	-	-	-	5.83
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	-6.96
Total Assets, 5 Yr. CAGR %	-	-	-	-	4.11
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	21.03
Common Equity, 5 Yr. CAGR %	-	-	-	-	20.94
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	26.45
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-26.47