Holding Varna AD Statistics

Total Valuation

BUL:HVAR has a market cap or net worth of BGN 312.62 million. The enterprise value is 477.97 million.

Market Cap	312.62M
Enterprise Value	477.97M

Important Dates

The last earnings date was Friday, November 21, 2025.

Earnings Date	Nov 21, 2025
Ex-Dividend Date	n/a

Share Statistics

BUL:HVAR has 6.49 million shares outstanding.

Current Share Class	6.49M
Shares Outstanding	6.49M
Shares Change (YoY)	n/a
Shares Change (QoQ)	n/a
Owned by Insiders (%)	0.00%
Owned by Institutions (%)	6.84%
Float	3.57M

Valuation Ratios

The trailing PE ratio is 32.90.

PE Ratio	32.90
Forward PE	n/a
PS Ratio	3.13
PB Ratio	1.30
P/TBV Ratio	2.24
P/FCF Ratio	32.43
P/OCF Ratio	13.39
PEG Ratio	n/a

Financial Ratio History

Enterprise Valuation

The stock's EV/EBITDA ratio is 20.82, with an EV/FCF ratio of 49.59.

EV / Earnings	50.30
EV / Sales	4.79
EV / EBITDA	20.82
EV / EBIT	29.12
EV / FCF	49.59

Financial Position

The company has a current ratio of 1.03, with a Debt / Equity ratio of 0.72.

Current Ratio	1.03
Quick Ratio	0.71
Debt / Equity	0.72
Debt / EBITDA	7.64
Debt / FCF	18.09
Interest Coverage	2.18

Financial Efficiency

Return on equity (ROE) is 6.04% and return on invested capital (ROIC) is 2.46%.

Return on Equity (ROE)	6.04%
Return on Assets (ROA)	2.24%
Return on Invested Capital (ROIC)	2.46%
Return on Capital Employed (ROCE)	4.49%
Revenue Per Employee	102,939
Profits Per Employee	9,806
Employee Count	969
Asset Turnover	0.22
Inventory Turnover	3.25

Taxes

Income Tax	-46,000
Effective Tax Rate	n/a

Stock Price Statistics

The stock price has increased by +4.33% in the last 52 weeks. The beta is -0.00, so BUL:HVAR's price volatility has been lower than the market average.

Beta (5Y)	-0.00
52-Week Price Change	+4.33%
50-Day Moving Average	47.71
200-Day Moving Average	46.54
Relative Strength Index (RSI)	67.94
Average Volume (20 Days)	181

Short Selling Information

Short Interest	n/a
Short Previous Month	n/a
Short % of Shares Out	n/a
Short % of Float	n/a
Short Ratio (days to cover)	n/a

Income Statement

In the last 12 months, BUL:HVAR had revenue of BGN 99.75 million and earned 9.50 million in profits. Earnings per share was 1.47.

Revenue	99.75M
Gross Profit	44.23M
Operating Income	16.29M
Pretax Income	14.09M
Net Income	9.50M
EBITDA	21.90M
EBIT	16.29M
Earnings Per Share (EPS)	1.47

Full Income Statement

Balance Sheet

The company has 52.68 million in cash and 174.40 million in debt, giving a net cash position of -121.72 million or -18.77 per share.

Cash & Cash Equivalents	52.68M
Total Debt	174.40M
Net Cash	-121.72M
Net Cash Per Share	-18.77
Equity (Book Value)	240.76M
Book Value Per Share	30.39
Working Capital	2.86M

Full Balance Sheet

Cash Flow

In the last 12 months, operating cash flow was 23.34 million and capital expenditures -13.70 million, giving a free cash flow of 9.64 million.

Operating Cash Flow	23.34M
Capital Expenditures	-13.70M
Free Cash Flow	9.64M
FCF Per Share	1.49

Full Cash Flow Statement

Margins

Gross margin is 44.34%, with operating and profit margins of 16.33% and 9.53%.

Gross Margin	44.34%
Operating Margin	16.33%
Pretax Margin	14.12%
Profit Margin	9.53%
EBITDA Margin	21.96%
EBIT Margin	16.33%
FCF Margin	9.66%

Dividends & Yields

BUL:HVAR does not appear to pay any dividends at this time.

Dividend Per Share	n/a
Dividend Yield	n/a
Dividend Growth (YoY)	n/a
Years of Dividend Growth	n/a
Payout Ratio	n/a
Buyback Yield	n/a
Shareholder Yield	n/a
Earnings Yield	3.04%
FCF Yield	3.08%

Stock Splits

This stock does not have any record of stock splits.

Last Split Date	n/a
Split Type	n/a
Split Ratio	n/a

Scores

BUL:HVAR has an Altman Z-Score of 1.25 and a Piotroski F-Score of 6. A Z-score under 3 suggests an increased risk of bankruptcy.

Altman Z-Score	1.25
Piotroski F-Score	6