Companies/Consumer Discretionary/WAVE.PSX

WAVE.PSX—56

Waves Corporation Ltd

Appliances, Tools & HousewaresVerified

Score breakdown

Profitability+32Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion96AI synthesis40Observations3

Waves Corporation maintains a debt-to-equity ratio of 0.74, indicating a moderate reliance on debt financing, and a current ratio of 1.66, suggesting reasonable short-term liquidity. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints [doc:HA-latest]. The company's return on equity (ROE) of 4.19% and return on assets (ROA) of 1.69% are below the typical thresholds for capital efficiency in the Appliances, Tools & Housewares industry, which often prioritizes gross margin expansion and operating leverage. These metrics suggest that the company is not generating strong returns relative to its equity and asset base [doc:HA-latest]. Waves Corporation's revenue is concentrated in its domestic operations, with no disclosed international revenue streams. The company operates through three primary segments: manufacturing (Waves Home Appliances Limited), distribution/retail (Waves Marketplace Limited), and real estate (Waves Builders and Developers). The lack of geographic diversification increases exposure to local economic and regulatory risks [doc:HA-latest]. The company's growth trajectory is constrained by its capital structure and operational performance. With a free cash flow of PKR 512.88 million and capital expenditures of PKR -374.79 million, the company is not reinvesting heavily in growth. The outlook for the current fiscal year shows limited revenue expansion, with no disclosed numeric deltas for next-year projections [doc:HA-latest]. The risk assessment highlights liquidity as a medium concern, with a negative net cash position after debt. Dilution risk is currently low, but the company's capital structure and potential need for additional financing could introduce dilution pressure in the future. No recent filings or transcripts indicate significant changes in the company's strategic direction [doc:HA-latest]. Recent financial filings and transcripts do not reveal any material events or strategic shifts. The company's operations remain stable, but there is no indication of innovation or market expansion in the latest disclosures. The absence of recent events suggests a conservative operational approach [doc:HA-latest].

Profile

CompanyWaves Corporation Ltd

TickerWAVE.PSX

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryAppliances, Tools & Housewares

AI analysis

Business. Waves Corporation Limited is a Pakistan-based holding company engaged in the manufacturing, assembly, and retailing of domestic consumer appliances, including Deep Freezers, Refrigerators, Water Heaters, Washing Machines, Split ACs, and Microwave Ovens, through its subsidiaries Waves Home Appliances Limited and Waves Marketplace Limited [doc:HA-latest].

Classification. Waves Corporation is classified under the Consumer Cyclicals economic sector, specifically in the Cyclical Consumer Products business sector and the Appliances, Tools & Housewares industry, with a classification confidence of 0.92 [doc:verified market data].

Key takeaways

Waves Corporation has a moderate debt-to-equity ratio but faces liquidity constraints due to a negative net cash position.
The company's ROE and ROA are below industry norms, indicating suboptimal capital efficiency.
Revenue is concentrated in domestic operations, increasing exposure to local economic and regulatory risks.
Growth is limited by low reinvestment and no disclosed expansion plans.
Dilution risk is currently low, but liquidity constraints could necessitate future financing.
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Financial snapshot

PeriodHA-latest

CurrencyPKR

Revenue$4.78B

Gross profit$1.34B

Operating income$1.20B

Net income$427.6M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$325.0M

CapEx-$374.8M

Free cash flow$512.9M

Total assets$25.37B

Total liabilities$15.17B

Total equity$10.20B

Cash & equivalents—

Long-term debt$7.53B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$4.78B$1.20B$427.6M$512.9M

FY-1$3.94B$1.79B$1.05B$1.17B

FY-2$5.21B$566.4M$226.7M-$1.26B

FY-3$9.94B$749.3M$236.4M-$1.96B

FY-4$10.44B$832.0M$318.6M-$66.9M

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$25.37B$10.20B——

FY-1$24.33B$10.07B——

FY-2$22.16B$9.63B——

FY-3$21.77B$9.25B——

FY-4$20.80B$8.73B——

PeriodOCFCapExFCFSBC

FY0$325.0M-$374.8M$512.9M—

FY-1-$522.5M-$245.5M$1.17B—

FY-2$2.02B-$1.90B-$1.26B—

FY-3$3.35B-$2.58B-$1.96B—

FY-4-$49.8M-$815.9M-$66.9M—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$1.20B———

FQ-1———-$317.2M

FQ-2$856.0M$355.8M$84.6M$301.5M

FQ-3$1.50B$499.2M$171.8M$314.7M

FQ-4$1.19B$296.5M$108.6M$213.9M

FQ-5$851.8M$1.29B$792.4M$924.2M

FQ-6$733.3M$100.2M$94.8M$106.5M

FQ-7$1.30B$251.4M$134.7M$233.5M

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0————

FQ-1$25.37B$10.20B——

FQ-2$24.71B$10.57B——

FQ-3$24.82B$10.33B——

FQ-4$24.53B$10.16B——

FQ-5$24.33B$10.07B——

FQ-6$23.26B$9.97B——

FQ-7$22.67B$9.90B——

PeriodOCFCapExFCFSBC

FQ0$149.3M-$96.3M——

FQ-1$569.9M-$374.8M-$317.2M—

FQ-2-$18.4M-$53.9M$301.5M—

FQ-3$94.2M-$7.9M$314.7M—

FQ-4$57.2M-$29.9M$213.9M—

FQ-5-$522.5M-$245.5M$924.2M—

FQ-6$510.4M-$261.2M$106.5M—

FQ-7$341.4M-$185.7M$233.5M—

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$10.20B

Net cash-$7.53B

Current ratio1.7

Debt/Equity0.7

ROA1.7%

ROE4.2%

Cash conversion76.0%

CapEx/Revenue-7.8%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Appliances, Tools & Housewares · cohort 2 companies

MetricWAVE.PSXActivity

Op margin25.1%9.9% medp25 7.6% · p75 12.1%top quartile

Net margin8.9%6.5% medp25 4.3% · p75 8.7%top quartile

Gross margin28.1%32.2% medp25 23.8% · p75 40.6%below median

R&D / revenue—4.1% medp25 3.2% · p75 4.9%

CapEx / revenue-7.8%2.4% medp25 2.3% · p75 2.5%bottom quartile

Debt / equity74.0%115.4% medp25 70.7% · p75 160.1%below median

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 00:48 UTC#75487a07

Source: analysis-pipeline (hybrid)Generated: 2026-05-05 00:49 UTCJob: da052877