ComfortDelGro Corporation Limited

Name: ComfortDelGro Corporation Limited financial statements and ratios
Creator: Annalist

C52 · SGX · Industrials, land transport · Singapore · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 27 February 2026. Snapshot FY2025_8efe3b1a.

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Overview

Revenue, fiscal year

+13.0% year on year

Operating profit, fiscal year

+15.5% year on year

Net income, fiscal year

+9.4% year on year

Diluted EPS, fiscal year

+9.4% year on year

Operating margin, fiscal year

+0.2pp year on year

Return on equity, fiscal year

+0.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was S$5.1 billion, 13.0% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY202413.0% from 15.4% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was S$5.1 billion, 13.0% higher than in the previous fiscal year.Recorded from FY2025_8efe3b1a · data update
2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was S$4.5 billion, 15.4% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was S$3.9 billion.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was S$230 million, 9.4% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20249.4% from 16.6% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was S$230 million, 9.4% higher than in the previous fiscal year.Recorded from FY2025_8efe3b1a · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 was S$210 million, 16.6% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was S$180 million.Reconstructed · initial
The operating margin for fiscal 2025 was 7.4%, 0.2 percentage points higher than a year earlier.
Confirmedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe operating margin for fiscal 2025 was 7.4%, 0.2 percentage points higher than a year earlier.Recorded from FY2025_8efe3b1a · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 7.2%, 0.2 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 7.0%.Reconstructed · initial
Return on equity for fiscal 2025 was 8.9%, against 8.1% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 3 records
1. FY2025 NewReturn on equity for fiscal 2025 was 8.9%, against 8.1% a year earlier.Recorded from FY2025_8efe3b1a · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_8efe3b1a · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 8.1%.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents2 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_8efe3b1a

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Singapore dollars

Operating Profit

By fiscal year, Singapore dollars

Profit Attributable to Owners of the Parent

By fiscal year, Singapore dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 2.32x, FFO to debt 36.0% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 2.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 36.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewLease-adjusted debt was 2.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 36.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Recorded from FY2025_8efe3b1a · data update
2. FY2025 RetiredThe finding changed to the intermediate band.Recorded from FY2025_8efe3b1a · data update
3. FY2024 NewLease-adjusted debt was 1.9 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 44.9% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band.Reconstructed · data update
4. FY2024 RetiredThe finding changed to the modest band.Reconstructed · data update
5. FY2023 NewLease-adjusted debt was 0.8 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 104.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.3 years of adjusted EBITDA; a year of funds from operations equals 36.0% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.32x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	36.0%30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	modest	intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	intermediate	intermediate
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities

Reconciliation of the Credit Figures

Item	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	S$350m	S$1.1bn	S$1.6bn
Lease liabilities	S$169m	S$244m	S$223m
Borrowings and lease liabilities presented as one line	S$0	S$0	S$0
Lease-adjusted debt	S$519m	S$1.3bn	S$1.8bn
EBIT	S$272m	S$323m	S$373m
Depreciation and amortisation, with the impairment reported with them	S$364m	S$368m	S$400m
Share-based payments	S$0	S$0	S$0
Adjusted EBITDA	S$636m	S$691m	S$773m
Cash interest	−S$16.4m	−S$30.4m	−S$53.0m
Cash taxes	−S$75.6m	−S$65.9m	−S$73.8m
Funds from operations	S$544m	S$595m	S$646m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −3.7%, Operating cash flow to EBITDA 0.58x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2024−3.7% from −6.4% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.Recorded from FY2025_8efe3b1a · data update
2. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.87, Piotroski 6 of 9 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.87, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2025 · stated since FY20232.87 from 2.77 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.87, above the safe threshold of 2.60.Recorded from FY2025_8efe3b1a · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 2.77, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.40, above the safe threshold of 2.60.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_8efe3b1a · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.87Safe zone, above 2.60

The score of 2.87 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.10.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.057	6.560	0.372
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.336	3.260	1.095
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.061	6.720	0.408
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.944	1.050	0.991
Score			2.866

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	A year earlier
Return on assets above zero	Met	n/a
Operating cash flow above zero	Met	n/a
Return on assets higher than a year earlier	Not met	n/a
Operating cash flow above net income	Met	n/a
Long-term debt to assets lower than a year earlier	Not met	n/a
Current ratio higher than a year earlier	Met	n/a
No common equity issued	Met	n/a
Margin higher than a year earlier	Met	n/a
Asset turnover higher than a year earlier	Not met	n/a

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	27 Feb 2026, the date on which the board approved the statements	AR:comfortdelgro-2025-12-31	2551af5ddc0e
Annual report for the year to 31 December 2024	27 Feb 2025, the date on which the board approved the statements	AR:comfortdelgro-2024-12-31	9e5aef337466

Checks

129128 of 129 checks passed, 1 warning

Statement arithmetic86 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar5 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity3 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share3 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports29 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Goodwill, Q4 FY2023: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	104
Confirmed by other figures	35.6%, 37 values
Confirmed by a second document	27.9%, 29 values
Derived from reported figures	0.0%, 0 values
Values withheld	1
Restated figures tracked	6
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, ComfortDelGro Corporation Limited, snapshot comfortdelgro/FY2025_8efe3b1a (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_8efe3b1a · dataset SHA-256 8efe3b1adc8dda12594429ae75562800fc42aac6422c1e448266f8f57adadcb8 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json