Waves Corporation Limited (PSX:WAVES)

Pakistan · Delayed Price · Currency is PKR

10.67

-0.14 (-1.30%)

At close: Jul 31, 2026

Waves Corporation Financials Overview

Financials in millions PKR. Fiscal year is January - December.

Millions PKR. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	4,787	4,779	3,945	5,206	9,939	10,439
Revenue Growth	17.62%	21.16%	-24.23%	-47.62%	-4.79%	22.45%
Gross Profit	1,338	1,336	1,213	1,394	1,892	2,270
Operating Income	513.23	518.6	1,240	501.66	764.45	638.56
Net Income	437.78	436.6	1,046	226.69	236.4	318.62
Earnings Per Share	1.56	1.55	3.72	0.81	0.84	1.13
EPS Growth	-60.92%	-58.28%	361.60%	-4.11%	-25.80%	66.64%

Revenue by Segment

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Manufacturing	3,667	2,840	4,176
Trading	1,113	1,105	1,197
Total	4,779	3,945	5,373

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	595.03	76.3	53.33	62.87	117.34	152.85
Total Debt	8,095	7,534	7,170	6,335	6,660	7,522
Net Cash (Debt)	-7,500	-7,458	-7,116	-6,273	-6,542	-7,370
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-26.81	-26.50	-25.29	-22.29	-23.25	-26.19

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	-67.51	-146.76	-616.85	1,974	3,345	-145.41
Capital Expenditures	-83.1	-16.71	-245.48	-1,898	-2,578	-815.92
Free Cash Flow	-150.61	-163.47	-862.33	75.42	766.66	-961.33
Free Cash Flow Growth	-	-	-	-90.16%	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	27.95%	27.95%	30.76%	26.77%	19.03%	21.74%
Operating Margin	10.72%	10.85%	31.44%	9.64%	7.69%	6.12%
Pretax Margin	9.24%	9.88%	27.62%	4.77%	3.15%	4.93%
Profit Margin	9.15%	9.13%	26.53%	4.35%	2.38%	3.05%
FCF Margin	-3.15%	-3.42%	-21.86%	1.45%	7.71%	-9.21%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	6.91	8.62	2.44	9.82	10.27	13.77
Forward PE	-	3.80	3.80	3.80	3.80	3.80
P/FCF Ratio	-	-	-	29.51	3.17	-
PS Ratio	0.64	0.79	0.65	0.43	0.24	0.42