Financials
ABVs margins have grown from 45 to 50% over the past year, while revenues have grow 16, 14 and 28% over the past 3 years.
![5f87e766010c3b3d59fd89e07541b2de6ccf94.png](//strawman.com/member/uploads/objects/da/5f87e766010c3b3d59fd89e07541b2de6ccf94.png)
The company has been profitable and cash flow positive the past 4 years with profit growing from $644,000 to $1.474M and achieving a net profit margin of 10.4%.
![d4c79c0d1a8c7ecebbb9fb8fc18615ab8abfc4.png](//strawman.com/member/uploads/objects/10/d4c79c0d1a8c7ecebbb9fb8fc18615ab8abfc4.png)
Segment revenue isn’t provided by ABV but they do brakedown (pun intended) revenue by geographical region as well as major customers. With 2023 revenues of $14.15M and profits of $1.474M, should ABV lose their largest customer they would, just barely, remain profitable.
![74dd78b0b98556e374a397342b27a32b459b39.png](//strawman.com/member/uploads/objects/2d/74dd78b0b98556e374a397342b27a32b459b39.png)
![62f990353c8bfc8ec17471433e3e0404d30959.png](//strawman.com/member/uploads/objects/77/62f990353c8bfc8ec17471433e3e0404d30959.png)
The company has a strong balance sheet with $2M in cash, net assets of $6.9M and debt (interest bearing liabilities) of just $223,000.
Lastly, ROIC has been steadily improving over the past 4 years which could indicate ABVs moat is widening.
![fc0a6e624e29cca808035f3f59ffb466d48b5d.png](//strawman.com/member/uploads/objects/46/fc0a6e624e29cca808035f3f59ffb466d48b5d.png)