Companies/Consumer Discretionary/SPAZ.MKE

SPAZ.MKE—56

Skopski Pazar AD Skopje

Department StoresVerified

Score breakdown

Profitability+9Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion96AI synthesis40Observations3

Skopski Pazar AD Skopje maintains a capital structure with a debt-to-equity ratio of 0.69, indicating a moderate reliance on debt financing. The company's liquidity position is characterized by a current ratio of 3.68, suggesting it has sufficient short-term assets to cover its short-term liabilities. However, the company's operating cash flow is negative at -951.78 million MKD, and its free cash flow is also negative at -132.87 million MKD, indicating cash outflows from operations [doc:HA-latest]. In terms of profitability, the company's return on equity is 2.54%, and its return on assets is 1.43%. These figures are below the typical thresholds for strong performance in the retail sector, suggesting that the company is not generating high returns relative to its equity and asset base [doc:HA-latest]. The company's revenue is derived from a diversified set of segments, including supermarkets, discount stores, and real estate management. However, the exact revenue contribution from each segment is not disclosed, making it difficult to assess the concentration of revenue sources. The company's geographic exposure is primarily within Macedonia, with no significant international operations reported [doc:HA-latest]. The company's growth trajectory is not clearly defined in the provided data. There are no specific numeric deltas or revenue growth projections for the current or next fiscal year. The company's capital expenditure of -226.73 million MKD indicates ongoing investment in its operations, but the impact on future revenue growth is not quantified [doc:HA-latest]. The company's risk assessment indicates a medium liquidity risk and a low dilution risk. The key financial flag is the negative net cash position after subtracting total debt, which could affect the company's ability to meet its obligations. The company has not made any adjustments to its valuation metrics, and there are no indications of recent dilutive events [doc:HA-latest]. Recent events related to the company are not detailed in the provided data. There are no specific filings or transcripts mentioned that would provide insight into the company's recent performance or strategic direction [doc:HA-latest].

Profile

CompanySkopski Pazar AD Skopje

TickerSPAZ.MKE

SectorConsumer Cyclicals

BusinessRetailers

Industry groupRetailers

IndustryDepartment Stores

AI analysis

Business. Skopski Pazar AD Skopje operates as a retail company in Macedonia, managing a portfolio of supermarket chains, discount stores, and other retail outlets, while also owning and managing commercial real estate and market spaces [doc:HA-latest].

Classification. Skopski Pazar AD Skopje is classified under the Consumer Cyclicals economic sector, Retailers business sector, and Department Stores industry with a confidence level of 0.92 [doc:verified market data].

Key takeaways

Skopski Pazar AD Skopje has a moderate debt-to-equity ratio, indicating a balanced capital structure.
The company's return on equity and return on assets are below typical thresholds for strong performance in the retail sector.
The company's liquidity position is strong, as indicated by a current ratio of 3.68.
The company's operating and free cash flows are negative, suggesting cash outflows from operations.
The company's risk assessment indicates a medium liquidity risk and a low dilution risk.
# RATIONALES
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Financial snapshot

PeriodHA-latest

CurrencyMKD

Revenue$469.4M

Gross profit$203.7M

Operating income$106.0M

Net income$72.0M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow-$951.8M

CapEx-$226.7M

Free cash flow-$132.9M

Total assets$5.03B

Total liabilities$2.19B

Total equity$2.84B

Cash & equivalents$16.5M

Long-term debt$1.97B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$469.4M$106.0M$72.0M-$132.9M

FY-1$258.3M$482.3M$425.6M$287.8M

FY-2$275.2M$145.3M$120.5M-$38.3M

FY-3$303.8M$128.2M$104.5M$5.0M

FY-4$286.5M$80.1M$66.6M-$38.9M

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$5.03B$2.84B$16.5M—

FY-1$3.59B$2.65B$6.6M—

FY-2$3.05B$2.35B$2.4M—

FY-3$2.89B$2.30B$10.4M—

FY-4$3.09B$2.20B$20.4M—

PeriodOCFCapExFCFSBC

FY0-$951.8M-$226.7M-$132.9M—

FY-1$288.4M-$160.9M$287.8M—

FY-2$251.7M-$179.9M-$38.3M—

FY-3-$67.6M-$117.2M$5.0M—

FY-4$65.7M-$123.5M-$38.9M—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$267.4M$81.6M$56.2M—

FQ-1$69.9M$12.9M$9.8M—

FQ-2$64.9M$5.6M$2.9M—

FQ-3$67.2M$5.9M$3.2M—

FQ-4$63.0M$119.2M$73.6M—

FQ-5$67.3M$11.3M$8.2M—

FQ-6$63.2M$352.9M$349.4M—

FQ-7$64.8M-$1.1M-$5.6M—

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$5.03B$2.84B$16.5M—

FQ-1————

FQ-2$3.54B$2.66B$4.8M—

FQ-3————

FQ-4$3.59B$2.65B$6.6M—

FQ-5————

FQ-6$3.24B$2.69B$2.5M—

FQ-7————

PeriodOCFCapExFCFSBC

FQ0-$951.8M-$226.7M——

FQ-1————

FQ-2-$7.8M-$52.0M——

FQ-3————

FQ-4$288.4M-$160.9M——

FQ-5————

FQ-6$255.3M-$55.1M——

FQ-7————

Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$2.84B

Net cash-$1.95B

Current ratio3.7

Debt/Equity0.7

ROA1.4%

ROE2.5%

Cash conversion-13.2%

CapEx/Revenue-48.3%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Department Stores · cohort 2 companies

MetricSPAZ.MKEActivity

Op margin22.6%4.7% medp25 4.7% · p75 4.7%top quartile

Net margin15.3%5.9% medp25 4.4% · p75 7.3%top quartile

Gross margin43.4%39.5% medp25 39.5% · p75 39.5%top quartile

CapEx / revenue-48.3%1.6% medp25 1.5% · p75 1.6%bottom quartile

Debt / equity69.0%50.0% medp25 50.0% · p75 50.0%top quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-05 00:32 UTC#09444abd

Source: analysis-pipeline (hybrid)Generated: 2026-05-05 00:34 UTCJob: 98e78165