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Where reported profit runs ahead of cash

Issuers whose operating cash flow covered under 85% of reported profit in a typical year, with accruals above 1% of assets. A gap is not fraud - it can be working capital, capitalised costs, revaluations or profit from associates - but it is the first thing to open the statements over. Real estate is excluded: there the gap is the business model. Recomputed daily from filings and market quotes. Not investment advice. Updated: 2026-11-12

#CompanyMarketSectorCash flow / profitAccruals, % of assetsP/EEV/EBITDAMcap, $bn
1Hanwha Ocean 042660KRShipbuilding-5.50x+7.1%7.1x9.9x11.0
2Super Micro Computer, Inc. SMCIUSUnited States — large cap (SEC filings)-1.55x+17.0%5.5x5.6x20.1
3TVS Motor Company TVSMOTORINAutomobiles-0.74x+5.7%55.9x26.0x22.8
4Ivanhoe Mines IVNCOMMODITIESCopper mining-0.49x+5.1%31.0x—8.1
5Hyundai Motor 005380KRAutomobiles-0.24x+3.2%6.6x15.2x40.1
6Cyrela CYREBRHomebuilding-0.15x+9.7%2.8x4.7x1.3
7AEHR TEST SYSTEMS AEHRUSUnited States — large cap (SEC filings)0.16x+8.5%——2.2
8Ayala Corporation ACPHConglomerate0.17x+3.3%4.9x21.6x5.5
9WESCO INTERNATIONAL INC WCCUSUnited States — large cap (SEC filings)0.20x+2.3%20.2x12.7x15.9
10Hanwha Systems 272210KRDefence electronics0.31x+1.1%59.0x32.6x7.7
11Chandra Asri Pacific TPIAIDPetrochemicals0.32x+3.8%—116.9x6.1
12Naspers NPNZAInternet / Media holding0.34x+4.6%6.7x126.7x33.4
13Tiger Brands TBSZAFood producer0.41x+6.0%11.3x7.5x2.3
14Titan Company TITANINRetail & jewellery0.42x+5.3%62.7x45.7x47.1
15JSC "NAC Kazatomprom" KZAPKZUranium & nuclear fuel0.62x+6.6%9.5x7.6x16.7
16Truworths International TRUZARetail (apparel)0.62x+5.8%6.7x5.2x1.1
17Bajaj Auto BAJAJAUTOINAutomobiles0.68x+8.0%23.0x19.5x32.1
18Talabat TALABATAEFood delivery0.70x+7.7%17.9x13.3x7.4
19Aneka Tambang ANTMIDMetals mining0.84x+2.2%6.6x5.2x3.6
20NETFLIX INC NFLXUSCommunication services0.84x+3.2%17.9x17.2x265.0

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