Saudi Pharmaceutical Industries and Medical Appliances Corp SPIMACO ADDWAEIH SJSC

### Capital Structure and Liquidity Saudi Pharmaceutical Industries and Medical Appliances Corp SPIMACO ADDWAEIH SJSC has a debt-to-equity ratio of 1.01, indicating a balanced capital structure with debt and equity in near parity. The company's liquidity is assessed as medium, with a current ratio of 1.26, suggesting it has sufficient short-term assets to cover its short-term liabilities, but with limited excess. The company's operating cash flow is negative at -212.58 million SAR, and free cash flow is only 4.93 million SAR, indicating limited cash generation capacity.

### Profitability and Returns The company's return on equity (ROE) is 1.15%, and return on assets (ROA) is 0.39%, both of which are below the typical thresholds for strong performance in the pharmaceutical industry. The operating margin is 8.36% (calculated from operating income of 31.22 million SAR on revenue of 373.49 million SAR), and the net profit margin is 4.58% (calculated from net income of 17.10 million SAR on revenue of 373.49 million SAR), both of which are modest.

### Segments and Geographic Exposure The company operates as a single entity without disclosed segments, and its geographic exposure is primarily within Saudi Arabia. There is no information on revenue concentration by region or product line.

### Growth Trajectory The company's revenue for the latest period is 373.49 million SAR. Analysts have provided a mean price target of 31.65 SAR and a median price target of 32.80 SAR, with a mean recommendation of 3.00 (Hold). There is no specific guidance on future revenue growth or earnings per share (EPS) provided in the input data.

### Risk Factors The company faces medium liquidity risk due to its negative net cash position after subtracting total debt. The dilution risk is assessed as low, with no significant dilution expected in the near term. The company's capital expenditures are -57.71 million SAR, indicating a net outflow, and its operating cash flow is negative, which may limit its ability to fund future growth without external financing.

### Recent Events There are no specific recent events, filings, or transcripts provided in the input data to indicate material changes in the company's operations or strategy.

Net income surged 651.4% year-over-year to SAR 184.4 million, signaling a robust profitability recovery.

Free cash flow improved 381.9% to SAR 204.8 million, demonstrating significant enhancement in cash generation capabilities.

Analysts project 9.2% upside to a mean price target of SAR 31.65, suggesting undervaluation relative to current price.

Revenue grew 4.0% CAGR over four years, providing a stable top-line foundation for future earnings expansion.

Debt-to-equity ratio of 1.01 sits in the bottom quartile, reflecting significantly higher leverage than peers.

Return on equity of 1.15% falls well below the cohort median of 2.92%, indicating poor capital efficiency.

High credit risk flags suggest potential difficulties in meeting financial obligations or servicing existing debt levels.

Cash conversion metric of -12.43 ranks in the bottom quartile, highlighting weak ability to convert earnings to cash.

Medium liquidity risk indicates potential challenges in meeting short-term financial obligations without significant asset sales.

Revenue SAR 423.8M, −12,6% YoY; Operating income +3,5% YoY.

• ▍Revenue SAR 423.8M, −12,6% YoY
• ▍Operating income +3,5% YoY
• ▍Net income −8,1% YoY
• ▍Free cash flow −2,4% YoY
• ▍Net margin 15.4%

Revenue SAR 405.8M, +5,1% YoY; Operating income +375,9% YoY.

• ▍Revenue SAR 405.8M, +5,1% YoY
• ▍Operating income +375,9% YoY
• ▍Net income +207,2% YoY
• ▍Free cash flow +172,9% YoY
• ▍Net margin 9.6%

Revenue SAR 415.3M, −7,2% YoY; Operating income +203,2% YoY.

• ▍Revenue SAR 415.3M, −7,2% YoY
• ▍Operating income +203,2% YoY
• ▍Net income +481,4% YoY
• ▍Free cash flow +447,5% YoY
• ▍Net margin 10.1%

Revenue SAR 400.8M, +7,3% YoY; Operating income +96,8% YoY.

• ▍Revenue SAR 400.8M, +7,3% YoY
• ▍Operating income +96,8% YoY
• ▍Net income +90,8% YoY
• ▍Free cash flow +858,4% YoY
• ▍Net margin 8.1%

Revenue SAR 484.8M; Operating income SAR 84.5M.

• ▍Revenue SAR 484.8M
• ▍Operating income SAR 84.5M
• ▍Net margin 14.6%

Revenue SAR 386.2M; Operating income SAR 11.7M.

• ▍Revenue SAR 386.2M
• ▍Operating income SAR 11.7M
• ▍Net margin -9.4%

Revenue SAR 447.3M; Operating income SAR 21.3M.

• ▍Revenue SAR 447.3M
• ▍Operating income SAR 21.3M
• ▍Net margin -2.5%

Revenue SAR 373.5M; Operating income SAR 31.2M.

• ▍Revenue SAR 373.5M
• ▍Operating income SAR 31.2M
• ▍Net margin 4.6%

Revenue SAR 1.71B, +1,5% YoY; Operating income +93,7% YoY.

• ▍Revenue SAR 1.71B, +1,5% YoY
• ▍Operating income +93,7% YoY
• ▍Net income +651,4% YoY
• ▍Free cash flow +381,9% YoY
• ▍Net margin 10.8%

Revenue SAR 1.68B, +1,6% YoY; Operating income +163,6% YoY.

• ▍Revenue SAR 1.68B, +1,6% YoY
• ▍Operating income +163,6% YoY
• ▍Net income +148,4% YoY
• ▍Free cash flow +165,1% YoY
• ▍Net margin 1.5%

Revenue SAR 1.66B, +16,4% YoY; Operating income +145,6% YoY.

• ▍Revenue SAR 1.66B, +16,4% YoY
• ▍Operating income +145,6% YoY
• ▍Net income +69,3% YoY
• ▍Free cash flow +70,1% YoY
• ▍Net margin -3.1%

Revenue SAR 1.42B, −2,6% YoY; Operating income −306,1% YoY.

• ▍Revenue SAR 1.42B, −2,6% YoY
• ▍Operating income −306,1% YoY
• ▍Net income −724,2% YoY
• ▍Free cash flow −138,9% YoY
• ▍Net margin -11.6%