Holding Varna AD (BUL:HVAR)

Holding Varna AD Ratios and Metrics

Market cap in millions EUR. Fiscal year is January - December.

Total Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Capitalization	167	161	154	145	144	139
Market Cap Growth	6.01%	4.52%	6.21%	0.94%	3.79%	5.60%
Enterprise Value	191	246	244	243	237	213
Last Close Price	25.80	24.86	23.78	22.39	22.18	21.38

Price Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	32.75	33.45	178.39	258.96	115.32	151.46
PS Ratio	3.08	3.05	3.53	3.35	3.88	4.33
PB Ratio	1.53	1.32	1.33	1.28	1.27	1.22
P/TBV Ratio	1.53	2.27	2.31	2.16	2.15	2.11
P/FCF Ratio	-	-	7.89	104.94	-	-
P/OCF Ratio	-	-	6.69	35.00	127.60	49.30

EV Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
EV/Sales Ratio	3.51	4.64	5.58	5.59	6.38	6.66
EV/EBITDA Ratio	16.82	26.07	37.96	43.28	62.39	44.80
EV/EBIT Ratio	26.14	36.90	66.39	81.90	199.96	99.86
EV/FCF Ratio	-	-	12.46	175.29	-	-

Financial Efficiency

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt / Equity Ratio	0.29	0.77	0.84	0.92	0.96	1.03
Debt / EBITDA Ratio	2.83	9.29	14.07	16.70	24.59	21.11
Debt / FCF Ratio	-	-	4.97	75.90	-	-
Net Debt / Equity Ratio	0.22	0.48	0.38	0.60	0.66	0.65
Net Debt / EBITDA Ratio	2.37	6.17	6.95	12.23	19.77	15.52
Net Debt / FCF Ratio	-2.50	-5.60	2.28	49.55	-62.40	-37.21
Asset Turnover	0.29	0.22	0.18	0.19	0.16	0.13
Inventory Turnover	-	3.10	2.66	3.90	7.34	16.98
Quick Ratio	0.56	0.76	0.93	1.07	0.97	1.16
Current Ratio	1.29	0.93	1.11	1.27	1.23	1.36
Return on Equity (ROE)	5.55%	5.01%	0.98%	0.12%	0.57%	1.09%
Return on Assets (ROA)	2.37%	1.72%	0.95%	0.80%	0.31%	0.56%
Return on Invested Capital (ROIC)	3.84%	3.33%	1.92%	0.37%	0.51%	0.95%
Return on Capital Employed (ROCE)	5.70%	3.60%	2.00%	1.60%	0.60%	1.10%

Yields

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Earnings Yield	3.05%	2.99%	0.56%	0.39%	0.87%	0.66%
FCF Yield	-5.67%	-6.44%	12.68%	0.95%	-0.83%	-1.43%
Buyback Yield / Dilution	-	-	-	-	-	-0.20%

Data Source: S&P Global Market Intelligence Last updated: Jul 11, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 23, 2026

Data Sources Report a data error