Konka Group Co Ltd

000016.SHE · Technology · Consumer Electronics · CNY · Fundamentals
Mixed

Physical assets are 30.0% of total assets, a mixed footprint. Capex is 0.53x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -1.80x, which is below 1.

Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.95x.

Physical asset ratio
30.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetInventoryCNY 1.66BinventoryTotal assetsCNY 22.35BtotalAssetsResult 30.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 9.84BtotalRevenueNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetResult 1.95x
Revenue per dollar of the physical asset base.
Capex / D&A
0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 291.91McapitalExpendituresD&ACNY 547.48MreconciledDepreciationResult 0.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-CNY 2.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 22.35BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 772.23MintangibleAssetsLiabilitiesCNY 28.21BtotalLiabTangible book-CNY 6.63BShares2,407,945,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -CNY 2.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-CNY 2.752025-12-31A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
-1.80xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 9.53BebitdaCapexCNY 291.91McapitalExpendituresInterestCNY 871.62MinterestExpenseShort-term debtCNY 4.58BshortLongTermDebtEBITDA − capex-CNY 9.82BPrincipal due is the current portion of debt.Result -1.80x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-32.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-CNY 1.90BfreeCashFlowMarket capCNY 5.92BMarketCapitalizationResult -32.1%
Latest free cash flow divided by current market cap (CNY 5.92B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 1.85BoperatingIncomeTax expenseCNY 1.29BtaxProvisionPretax income-CNY 10.94BincomeBeforeTaxTax rate—Equity-CNY 6.08BtotalStockholderEquityDebtCNY 12.71BlongTermDebt + shortLongTermDebtCashCNY 6.31BcashInvested capitalCNY 313.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is -0.37x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 30.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 4.59BpropertyPlantEquipmentInventoryCNY 5.49BinventoryTotal assetsCNY 32.99BtotalAssetsResult 30.5% 10.06xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 46.13BtotalRevenueNet PP&ECNY 4.59BpropertyPlantEquipmentResult 10.06x 2.39xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 486.06McapitalExpendituresD&ACNY 202.96MdepreciationAndAmortizationResult 2.39x CNY 3.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 32.99BtotalAssetsGoodwillCNY 855.69MgoodWillIntangiblesCNY 737.78MintangibleAssetsLiabilitiesCNY 23.53BtotalLiabTangible bookCNY 7.86BShares2,408,019,584commonStockSharesOutstandingResult CNY 3.26 0.05xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.28BebitdaCapexCNY 486.06McapitalExpendituresInterestCNY 617.50MinterestExpenseShort-term debtCNY 13.88BshortLongTermDebtEBITDA − capexCNY 789.29MPrincipal due is the current portion of debt.Result 0.05x -CNY 3.72BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-CNY 3.23BtotalCashFromOperatingActivitiesCapexCNY 486.06McapitalExpendituresFree cash flow-CNY 3.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 3.72B 0.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 134.24MoperatingIncomeTax expense-CNY 213.72MincomeTaxExpensePretax incomeCNY 454.90MincomeBeforeTaxTax rate0.0%EquityCNY 8.10BtotalStockholderEquityDebtCNY 14.48BshortLongTermDebtTotalCashCNY 4.35BcashAndShortTermInvestmentsInvested capitalCNY 18.23BResult 0.7% 0.03xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 134.24MoperatingIncomeNet PP&ECNY 4.59BpropertyPlantEquipmentResult 0.03x
2019 28.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.85BpropertyPlantEquipmentInventoryCNY 5.32BinventoryTotal assetsCNY 42.59BtotalAssetsResult 28.6% 8.04xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 55.12BtotalRevenueNet PP&ECNY 6.85BpropertyPlantEquipmentResult 8.04x 12.26xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 3.93BcapitalExpendituresD&ACNY 320.43MdepreciationAndAmortizationResult 12.26x CNY 3.30Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 42.59BtotalAssetsGoodwillCNY 779.26MgoodWillIntangiblesCNY 1.21BintangibleAssetsLiabilitiesCNY 32.66BtotalLiabTangible bookCNY 7.93BShares2,406,744,767commonStockSharesOutstandingResult CNY 3.30 -0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.86BebitdaCapexCNY 3.93BcapitalExpendituresInterestCNY 1.09BinterestExpenseShort-term debtCNY 10.33BshortTermDebtEBITDA − capex-CNY 2.07BPrincipal due is short-term debt.Result -0.18x -CNY 5.47BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-CNY 1.54BtotalCashFromOperatingActivitiesCapexCNY 3.93BcapitalExpendituresFree cash flow-CNY 5.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 5.47B 1.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 303.27MoperatingIncomeTax expenseCNY 115.64MincomeTaxExpensePretax incomeCNY 450.58MincomeBeforeTaxTax rate25.7%EquityCNY 8.07BtotalStockholderEquityDebtCNY 20.42BshortLongTermDebtTotalCashCNY 6.66BcashAndShortTermInvestmentsInvested capitalCNY 21.83BResult 1.0% 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 303.27MoperatingIncomeNet PP&ECNY 6.85BpropertyPlantEquipmentResult 0.04x
2020 34.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 12.42BpropertyPlantEquipmentInventoryCNY 4.52BinventoryTotal assetsCNY 49.88BtotalAssetsResult 34.0% 4.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 50.35BtotalRevenueNet PP&ECNY 12.42BpropertyPlantEquipmentResult 4.06x 14.19xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 5.64BcapitalExpendituresD&ACNY 397.58MdepreciationAndAmortizationResult 14.19x CNY 3.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 49.88BtotalAssetsGoodwillCNY 675.80MgoodWillIntangiblesCNY 1.19BintangibleAssetsLiabilitiesCNY 39.16BtotalLiabTangible bookCNY 8.86BShares2,407,425,695commonStockSharesOutstandingResult CNY 3.68 -0.31xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.96BebitdaCapexCNY 5.64BcapitalExpendituresInterestCNY 1.06BinterestExpenseShort-term debtCNY 10.99BshortTermDebtEBITDA − capex-CNY 3.68BPrincipal due is short-term debt.Result -0.31x -CNY 5.46BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 178.62MtotalCashFromOperatingActivitiesCapexCNY 5.64BcapitalExpendituresFree cash flow-CNY 5.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 5.46B 1.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 440.33MoperatingIncomeTax expense-CNY 38.21MincomeTaxExpensePretax incomeCNY 501.87MincomeBeforeTaxTax rate0.0%EquityCNY 8.43BtotalStockholderEquityDebtCNY 22.33BshortLongTermDebtTotalCashCNY 6.05BcashAndShortTermInvestmentsInvested capitalCNY 24.70BResult 1.8% 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 440.33MoperatingIncomeNet PP&ECNY 12.42BpropertyPlantEquipmentResult 0.04x
2021 24.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.57BpropertyPlantEquipmentInventoryCNY 4.07BinventoryTotal assetsCNY 39.87BtotalAssetsResult 24.2% 8.81xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 49.11BtotalRevenueNet PP&ECNY 5.57BpropertyPlantEquipmentResult 8.81x 14.13xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 6.64BcapitalExpendituresD&ACNY 469.94MdepreciationAndAmortizationResult 14.13x CNY 3.82Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 39.87BtotalAssetsGoodwillCNY 22.20MgoodWillIntangiblesCNY 992.17MintangibleAssetsLiabilitiesCNY 29.67BtotalLiabTangible bookCNY 9.19BShares2,407,853,728commonStockSharesOutstandingResult CNY 3.82 -0.32xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 3.13BebitdaCapexCNY 6.64BcapitalExpendituresInterestCNY 1.09BinterestExpenseShort-term debtCNY 9.92BshortTermDebtEBITDA − capex-CNY 3.51BPrincipal due is short-term debt.Result -0.32x -CNY 5.83BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 808.76MtotalCashFromOperatingActivitiesCapexCNY 6.64BcapitalExpendituresFree cash flow-CNY 5.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 5.83B 3.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.51BoperatingIncomeTax expenseCNY 764.54MincomeTaxExpensePretax incomeCNY 1.57BincomeBeforeTaxTax rate40.0%EquityCNY 9.10BtotalStockholderEquityDebtCNY 20.88BshortLongTermDebtTotalCashCNY 6.49BcashInvested capitalCNY 23.48BThe effective tax rate was above 40% and was capped at 40%.Result 3.9% 0.27xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 1.51BoperatingIncomeNet PP&ECNY 5.57BpropertyPlantEquipmentResult 0.27x
2022 27.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.15BpropertyPlantEquipmentInventoryCNY 4.41BinventoryTotal assetsCNY 38.02BtotalAssetsResult 27.8% 4.81xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 29.61BtotalRevenueNet PP&ECNY 6.15BpropertyPlantEquipmentResult 4.81x 8.10xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 3.61BcapitalExpendituresD&ACNY 445.82MdepreciationAndAmortizationResult 8.10x CNY 3.04Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 38.02BtotalAssetsGoodwillCNY 22.20MgoodWillIntangiblesCNY 1.12BintangibleAssetsLiabilitiesCNY 29.55BtotalLiabTangible bookCNY 7.32BShares2,407,838,218commonStockSharesOutstandingResult CNY 3.04 -0.50xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 669.25MebitdaCapexCNY 3.61BcapitalExpendituresInterestCNY 952.45MinterestExpenseShort-term debtCNY 7.58BshortTermDebtEBITDA − capex-CNY 4.28BPrincipal due is short-term debt.Result -0.50x -CNY 4.14BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-CNY 528.30MtotalCashFromOperatingActivitiesCapexCNY 3.61BcapitalExpendituresFree cash flow-CNY 4.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 4.14B —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 1.97BoperatingIncomeTax expense-CNY 298.30MincomeTaxExpensePretax income-CNY 2.07BincomeBeforeTaxTax rate—EquityCNY 7.64BtotalStockholderEquityDebtCNY 21.72BshortLongTermDebtTotalCashCNY 5.99BcashInvested capitalCNY 23.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.32xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-CNY 1.97BoperatingIncomeNet PP&ECNY 6.15BpropertyPlantEquipmentResult -0.32x
2023 26.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.28BpropertyPlantAndEquipmentNetInventoryCNY 3.25BinventoryTotal assetsCNY 35.82BtotalAssetsResult 26.6% 2.84xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 17.85BtotalRevenueNet PP&ECNY 6.28BpropertyPlantAndEquipmentNetResult 2.84x 2.96xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.48BcapitalExpendituresD&ACNY 498.52MdepreciationAndAmortizationResult 2.96x CNY 1.99Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 35.82BtotalAssetsGoodwillCNY 22.20MgoodWillIntangiblesCNY 1.09BintangibleAssetsLiabilitiesCNY 29.92BtotalLiabTangible bookCNY 4.80BShares2,407,956,876commonStockSharesOutstandingResult CNY 1.99 -0.39xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 1.33BebitdaCapexCNY 1.48BcapitalExpendituresInterestCNY 884.54MinterestExpenseShort-term debtCNY 6.39BshortLongTermDebtEBITDA − capex-CNY 2.81BPrincipal due is the current portion of debt.Result -0.39x -CNY 923.46MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 694.07MtotalCashFromOperatingActivitiesCapexCNY 1.48BcapitalExpendituresFree cash flow-CNY 923.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 923.46M —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 2.59BoperatingIncomeTax expense-CNY 81.45MincomeTaxExpensePretax income-CNY 2.72BincomeBeforeTaxTax rate—EquityCNY 5.64BtotalStockholderEquityDebtCNY 22.31BshortLongTermDebtTotalCashCNY 6.98BcashAndShortTermInvestmentsInvested capitalCNY 20.98BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.41xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-CNY 2.59BoperatingIncomeNet PP&ECNY 6.28BpropertyPlantAndEquipmentNetResult -0.41x
2024 28.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.06BpropertyPlantAndEquipmentNetInventoryCNY 2.69BinventoryTotal assetsCNY 30.41BtotalAssetsResult 28.8% 1.84xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 11.11BtotalRevenueNet PP&ECNY 6.06BpropertyPlantAndEquipmentNetResult 1.84x 1.26xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 620.48McapitalExpendituresD&ACNY 494.34MdepreciationAndAmortizationResult 1.26x CNY 0.51Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 30.41BtotalAssetsGoodwillCNY 22.20MgoodWillIntangiblesCNY 988.05MintangibleAssetsLiabilitiesCNY 28.18BtotalLiabTangible bookCNY 1.22BShares2,407,999,901commonStockSharesOutstandingResult CNY 0.51 -0.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 2.47BebitdaCapexCNY 620.48McapitalExpendituresInterestCNY 847.97MinterestExpenseShort-term debtCNY 5.74BshortTermDebtEBITDA − capex-CNY 3.09BPrincipal due is short-term debt.Result -0.47x -CNY 446.59MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 173.89MtotalCashFromOperatingActivitiesCapexCNY 620.48McapitalExpendituresFree cash flow-CNY 446.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 446.59M —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 3.69BoperatingIncomeTax expenseCNY 69.55MincomeTaxExpensePretax income-CNY 3.81BincomeBeforeTaxTax rate—EquityCNY 2.37BtotalStockholderEquityDebtCNY 13.71BshortLongTermDebtTotalCashCNY 4.40BcashAndShortTermInvestmentsInvested capitalCNY 11.68BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.61xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-CNY 3.69BoperatingIncomeNet PP&ECNY 6.06BpropertyPlantAndEquipmentNetResult -0.61x
2025 30.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetInventoryCNY 1.66BinventoryTotal assetsCNY 22.35BtotalAssetsResult 30.0% 1.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 9.84BtotalRevenueNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetResult 1.95x 0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 291.91McapitalExpendituresD&ACNY 547.48MreconciledDepreciationResult 0.53x -CNY 2.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 22.35BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 772.23MintangibleAssetsLiabilitiesCNY 28.21BtotalLiabTangible book-CNY 6.63BShares2,407,945,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -CNY 2.75 -1.80xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 9.53BebitdaCapexCNY 291.91McapitalExpendituresInterestCNY 871.62MinterestExpenseShort-term debtCNY 4.58BshortLongTermDebtEBITDA − capex-CNY 9.82BPrincipal due is the current portion of debt.Result -1.80x -CNY 1.90BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-CNY 1.61BtotalCashFromOperatingActivitiesCapexCNY 291.91McapitalExpendituresFree cash flow-CNY 1.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.90B —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 1.85BoperatingIncomeTax expenseCNY 1.29BtaxProvisionPretax income-CNY 10.94BincomeBeforeTaxTax rate—Equity-CNY 6.08BtotalStockholderEquityDebtCNY 12.71BlongTermDebt + shortLongTermDebtCashCNY 6.31BcashInvested capitalCNY 313.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.37xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-CNY 1.85BoperatingIncomeNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetResult -0.37x
  • Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 5.05B
Inventory: CNY 1.66B
Total assets: CNY 22.35B
Goodwill: CNY 0.00
Intangibles: CNY 772.23M
Liabilities: CNY 28.21B
Tangible book: -CNY 6.63B
Shares: 2,407,945,408
Revenue: CNY 9.84B
Capex: CNY 291.91M
D&A: CNY 547.48M
EBITDA: -CNY 9.53B
Interest: CNY 871.62M
Short-term debt: CNY 4.58B
Free cash flow: -CNY 1.90B
Operating income: -CNY 1.85B
Invested capital: CNY 313.50M
Tax rate: —