View Future GrowthGulf Development 過去の業績過去 基準チェック /26Gulf Developmentは、平均年間51.1%の収益成長を遂げていますが、 Renewable Energy業界の収益は、年間 減少しています。収益は、平均年間13.4% 18.3%収益成長率で 成長しています。 Gulf Developmentの自己資本利益率は12.3%であり、純利益率は26.5%です。主要情報51.14%収益成長率46.62%EPS成長率Renewable Energy 業界の成長6.65%収益成長率18.34%株主資本利益率12.34%ネット・マージン26.45%次回の業績アップデート26 Aug 2026最近の業績更新Reported Earnings • Aug 07Second quarter 2026 earnings released: EPS: ฿0.83 (vs ฿4.28 in 2Q 2025)Second quarter 2026 results: EPS: ฿0.83 (down from ฿4.28 in 2Q 2025). Revenue: ฿44.5b (up 16% from 2Q 2025). Net income: ฿12.4b (down 81% from 2Q 2025). Profit margin: 28% (down from 166% in 2Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Renewable Energy industry in Thailand.お知らせ • May 28Gulf Development Public Company Limited to Report Q2, 2026 Results on Aug 20, 2026Gulf Development Public Company Limited announced that they will report Q2, 2026 results on Aug 20, 2026Reported Earnings • May 08First quarter 2026 earnings released: EPS: ฿0.61 (vs ฿0.46 in 1Q 2025)First quarter 2026 results: EPS: ฿0.61 (up from ฿0.46 in 1Q 2025). Revenue: ฿37.6b (up 22% from 1Q 2025). Net income: ฿9.12b (up 69% from 1Q 2025). Profit margin: 24% (up from 18% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Renewable Energy industry in Thailand.Reported Earnings • Feb 19Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿6.35 (up from ฿1.55 in FY 2024). Revenue: ฿129.7b (up 7.3% from FY 2024). Net income: ฿89.8b (up 394% from FY 2024). Profit margin: 69% (up from 15% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand.Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.49 (vs ฿0.51 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.49. Revenue: ฿29.0b (down 4.6% from 3Q 2024). Net income: ฿7.27b (up 21% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.Reported Earnings • Aug 09Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿4.28 (up from ฿0.40 in 2Q 2024). Revenue: ฿38.5b (up 22% from 2Q 2024). Net income: ฿63.9b (up ฿59.1b from 2Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Renewable Energy industry in Thailand.すべての更新を表示Recent updatesReported Earnings • Aug 07Second quarter 2026 earnings released: EPS: ฿0.83 (vs ฿4.28 in 2Q 2025)Second quarter 2026 results: EPS: ฿0.83 (down from ฿4.28 in 2Q 2025). Revenue: ฿44.5b (up 16% from 2Q 2025). Net income: ฿12.4b (down 81% from 2Q 2025). Profit margin: 28% (down from 166% in 2Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Renewable Energy industry in Thailand.お知らせ • May 28Gulf Development Public Company Limited to Report Q2, 2026 Results on Aug 20, 2026Gulf Development Public Company Limited announced that they will report Q2, 2026 results on Aug 20, 2026Reported Earnings • May 08First quarter 2026 earnings released: EPS: ฿0.61 (vs ฿0.46 in 1Q 2025)First quarter 2026 results: EPS: ฿0.61 (up from ฿0.46 in 1Q 2025). Revenue: ฿37.6b (up 22% from 1Q 2025). Net income: ฿9.12b (up 69% from 1Q 2025). Profit margin: 24% (up from 18% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Renewable Energy industry in Thailand.Reported Earnings • Feb 19Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿6.35 (up from ฿1.55 in FY 2024). Revenue: ฿129.7b (up 7.3% from FY 2024). Net income: ฿89.8b (up 394% from FY 2024). Profit margin: 69% (up from 15% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand.お知らせ • Feb 18+ 2 more updatesGulf Development Public Company Limited Proposes Dividend for the Accounting Period from April 1, 2025 to December 31, 2025, Payable on May 7, 2026Gulf Development Public Company Limited at the Annual General Meeting held on April 10, 2026, the dividend payment in respect of the Company's operation results for the accounting period from April 1, 2025 (the Amalgamation Date) to December 31, 2025 at the rate of THB 1.05 per share out of the net profit. To set March 4, 2026 as the date to determine names of the shareholders entitled to the dividend payment (Record Date) and the dividend payment shall be paid on May 7, 2026. However, shareholders entitled to receive the dividend are subjected to the approval of the 2026 Annual General Meeting.Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿58.50, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 10x in the Renewable Energy industry in Thailand.お知らせ • Jan 08Gulf Energy Development Public Company Limited Announces Resignation of Krisada Chinavicharana as Independent Director and Chairman of the Audit Committee, Effective January 6, 2026Gulf Energy Development Public Company Limited announced that Mr. Krisada Chinavicharana resigned from his positions as Independent Director and Chairman of the Audit Committee due to other business engagements. The resignation was part of a change in director/executive roles, with the term expiring by rotation. Mr. Krisada Chinavicharana's roles as Independent Director and Chairman of the Audit Committee were affected, with his term expiring on January 6, 2026.Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.49 (vs ฿0.51 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.49. Revenue: ฿29.0b (down 4.6% from 3Q 2024). Net income: ฿7.27b (up 21% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.Major Estimate Revision • Aug 17Consensus EPS estimates increase by 225%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿130.4b to ฿133.5b. EPS estimate increased from ฿1.74 to ฿5.64 per share. Net income forecast to shrink 29% next year vs 4.9% growth forecast for Renewable Energy industry in Thailand . Consensus price target up from ฿59.88 to ฿61.12. Share price was steady at ฿47.00 over the past week.Reported Earnings • Aug 09Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿4.28 (up from ฿0.40 in 2Q 2024). Revenue: ฿38.5b (up 22% from 2Q 2024). Net income: ฿63.9b (up ฿59.1b from 2Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Renewable Energy industry in Thailand.お知らせ • Aug 05Gulf Development Public Company Limited to Report Q2, 2025 Results on Aug 08, 2025Gulf Development Public Company Limited announced that they will report Q2, 2025 results on Aug 08, 2025Reported Earnings • May 13First quarter 2025 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2025 results: EPS: ฿0.46 (up from ฿0.30 in 1Q 2024). Revenue: ฿30.8b (down 2.6% from 1Q 2024). Net income: ฿5.39b (up 54% from 1Q 2024). Profit margin: 18% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.Board Change • May 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Director Somprasong Boonyachai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.New Risk • Apr 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding).収支内訳Gulf Development の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史SET:GULF 収益、費用、利益 ( )THB Millions日付収益収益G+A経費研究開発費30 Jun 26142,48437,6895,075031 Mar 26136,52489,1154,529031 Dec 25129,66785,3924,591030 Sep 2594,80175,0473,049030 Jun 25126,99779,1974,074031 Mar 25120,07120,0673,812031 Dec 24120,88818,1703,578030 Sep 24121,30719,0324,037030 Jun 24118,27616,3633,925031 Mar 24119,24114,5063,946031 Dec 23114,05414,8583,915030 Sep 23113,27715,5013,621030 Jun 23109,48913,2273,432031 Mar 2399,93611,8733,145031 Dec 2294,15111,4182,955030 Sep 2282,5509,0552,526030 Jun 2270,8229,5572,472031 Mar 2259,0609,4332,365031 Dec 2147,4677,6702,297030 Sep 2141,5256,4712,519030 Jun 2137,4995,8532,358031 Mar 2134,0306,3282,205031 Dec 2032,8634,2822,116030 Sep 2031,5223,3431,758030 Jun 2031,9833,4581,710031 Mar 2031,3543,1811,741031 Dec 1930,0404,8871,713030 Sep 1927,3044,5351,615030 Jun 1923,4244,6541,639031 Mar 1920,3002,6131,625031 Dec 1817,1813,0281,490030 Sep 1814,3013,4571,309030 Jun 1811,3532,9271,115031 Mar 187,7424,0521,050031 Dec 174,3503,451957030 Sep 172,0482,329991030 Jun 176052,261860031 Mar 172421,389655031 Dec 16241418594031 Dec 15687-8118240質の高い収益: GULFは 高品質の収益 を持っています。利益率の向上: GULFの現在の純利益率 (26.5%)は、昨年(62.4%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: GULFの収益は過去 5 年間で年間51.1%増加しました。成長の加速: GULFは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: GULFは過去 1 年間で収益成長率がマイナス ( -52.4% ) となったため、 Renewable Energy業界平均 ( -7.9% ) と比較することが困難です。株主資本利益率高いROE: GULFの 自己資本利益率 ( 12.3% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YUtilities 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/15 17:08終値2026/08/14 00:00収益2026/06/30年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Gulf Development Public Company Limited 15 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。30 アナリスト機関Narumon EkasamutBofA Global ResearchSuppata SrisukBualuang Securities PCLPanjapon TaensricharoenBualuang Securities PCL27 その他のアナリストを表示
Reported Earnings • Aug 07Second quarter 2026 earnings released: EPS: ฿0.83 (vs ฿4.28 in 2Q 2025)Second quarter 2026 results: EPS: ฿0.83 (down from ฿4.28 in 2Q 2025). Revenue: ฿44.5b (up 16% from 2Q 2025). Net income: ฿12.4b (down 81% from 2Q 2025). Profit margin: 28% (down from 166% in 2Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Renewable Energy industry in Thailand.
お知らせ • May 28Gulf Development Public Company Limited to Report Q2, 2026 Results on Aug 20, 2026Gulf Development Public Company Limited announced that they will report Q2, 2026 results on Aug 20, 2026
Reported Earnings • May 08First quarter 2026 earnings released: EPS: ฿0.61 (vs ฿0.46 in 1Q 2025)First quarter 2026 results: EPS: ฿0.61 (up from ฿0.46 in 1Q 2025). Revenue: ฿37.6b (up 22% from 1Q 2025). Net income: ฿9.12b (up 69% from 1Q 2025). Profit margin: 24% (up from 18% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Renewable Energy industry in Thailand.
Reported Earnings • Feb 19Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿6.35 (up from ฿1.55 in FY 2024). Revenue: ฿129.7b (up 7.3% from FY 2024). Net income: ฿89.8b (up 394% from FY 2024). Profit margin: 69% (up from 15% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand.
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.49 (vs ฿0.51 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.49. Revenue: ฿29.0b (down 4.6% from 3Q 2024). Net income: ฿7.27b (up 21% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.
Reported Earnings • Aug 09Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿4.28 (up from ฿0.40 in 2Q 2024). Revenue: ฿38.5b (up 22% from 2Q 2024). Net income: ฿63.9b (up ฿59.1b from 2Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Renewable Energy industry in Thailand.
Reported Earnings • Aug 07Second quarter 2026 earnings released: EPS: ฿0.83 (vs ฿4.28 in 2Q 2025)Second quarter 2026 results: EPS: ฿0.83 (down from ฿4.28 in 2Q 2025). Revenue: ฿44.5b (up 16% from 2Q 2025). Net income: ฿12.4b (down 81% from 2Q 2025). Profit margin: 28% (down from 166% in 2Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Renewable Energy industry in Thailand.
お知らせ • May 28Gulf Development Public Company Limited to Report Q2, 2026 Results on Aug 20, 2026Gulf Development Public Company Limited announced that they will report Q2, 2026 results on Aug 20, 2026
Reported Earnings • May 08First quarter 2026 earnings released: EPS: ฿0.61 (vs ฿0.46 in 1Q 2025)First quarter 2026 results: EPS: ฿0.61 (up from ฿0.46 in 1Q 2025). Revenue: ฿37.6b (up 22% from 1Q 2025). Net income: ฿9.12b (up 69% from 1Q 2025). Profit margin: 24% (up from 18% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Renewable Energy industry in Thailand.
Reported Earnings • Feb 19Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿6.35 (up from ฿1.55 in FY 2024). Revenue: ฿129.7b (up 7.3% from FY 2024). Net income: ฿89.8b (up 394% from FY 2024). Profit margin: 69% (up from 15% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand.
お知らせ • Feb 18+ 2 more updatesGulf Development Public Company Limited Proposes Dividend for the Accounting Period from April 1, 2025 to December 31, 2025, Payable on May 7, 2026Gulf Development Public Company Limited at the Annual General Meeting held on April 10, 2026, the dividend payment in respect of the Company's operation results for the accounting period from April 1, 2025 (the Amalgamation Date) to December 31, 2025 at the rate of THB 1.05 per share out of the net profit. To set March 4, 2026 as the date to determine names of the shareholders entitled to the dividend payment (Record Date) and the dividend payment shall be paid on May 7, 2026. However, shareholders entitled to receive the dividend are subjected to the approval of the 2026 Annual General Meeting.
Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿58.50, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 10x in the Renewable Energy industry in Thailand.
お知らせ • Jan 08Gulf Energy Development Public Company Limited Announces Resignation of Krisada Chinavicharana as Independent Director and Chairman of the Audit Committee, Effective January 6, 2026Gulf Energy Development Public Company Limited announced that Mr. Krisada Chinavicharana resigned from his positions as Independent Director and Chairman of the Audit Committee due to other business engagements. The resignation was part of a change in director/executive roles, with the term expiring by rotation. Mr. Krisada Chinavicharana's roles as Independent Director and Chairman of the Audit Committee were affected, with his term expiring on January 6, 2026.
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.49 (vs ฿0.51 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.49. Revenue: ฿29.0b (down 4.6% from 3Q 2024). Net income: ฿7.27b (up 21% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.
Major Estimate Revision • Aug 17Consensus EPS estimates increase by 225%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿130.4b to ฿133.5b. EPS estimate increased from ฿1.74 to ฿5.64 per share. Net income forecast to shrink 29% next year vs 4.9% growth forecast for Renewable Energy industry in Thailand . Consensus price target up from ฿59.88 to ฿61.12. Share price was steady at ฿47.00 over the past week.
Reported Earnings • Aug 09Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿4.28 (up from ฿0.40 in 2Q 2024). Revenue: ฿38.5b (up 22% from 2Q 2024). Net income: ฿63.9b (up ฿59.1b from 2Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Renewable Energy industry in Thailand.
お知らせ • Aug 05Gulf Development Public Company Limited to Report Q2, 2025 Results on Aug 08, 2025Gulf Development Public Company Limited announced that they will report Q2, 2025 results on Aug 08, 2025
Reported Earnings • May 13First quarter 2025 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2025 results: EPS: ฿0.46 (up from ฿0.30 in 1Q 2024). Revenue: ฿30.8b (down 2.6% from 1Q 2024). Net income: ฿5.39b (up 54% from 1Q 2024). Profit margin: 18% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat.
Board Change • May 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Director Somprasong Boonyachai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
New Risk • Apr 11New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding).