HONG KONG EXCHANGES AND CLEARING LIMITED

Cash flow Hong Kong Exchanges and Clearing Limited

Stocks

388 HK0388045442

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E. Other stock markets 06:08:36 10/07/26 pm AEST			5-day change	1st Jan Change
385.00 ^HKD	+1.21%		+2.67%	-5.54%

08/07	ROI-Shanghai nickel breakout signals new metals trading landscape: Andy Home	RE
07/07	HKEX to Form FIC Trading Platform with China Foreign Exchange Trade System	MT

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Published financial data: HONG KONG EXCHANGES AND CLEARING LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	17.91B	15.43B	13.86B	15.62B	21.84B
Interest And Invest. Income (Rev)	1.5B	1.44B	5.04B	4.99B	5.17B
Other Revenues, Total	1.36B	1.4B	1.49B	1.65B	1.85B
Total Revenues	20.78B	18.27B	20.39B	22.26B	28.86B
Cost of Goods Sold, Total	777M	794M	877M	950M	1.03B
Gross Profit	20B	17.48B	19.52B	21.32B	27.83B
Selling General & Admin Expenses, Total	3.34B	3.85B	4.12B	4.35B	4.47B
Depreciation & Amortization - (IS)	1.35B	1.46B	1.44B	1.4B	1.57B
Other Operating Expenses	309M	313M	338M	367M	470M
Other Operating Expenses, Total	5B	5.62B	5.9B	6.12B	6.51B
Operating Income	15B	11.86B	13.61B	15.2B	21.32B
Interest Expense, Total	-100M	-87M	-82M	-63M	-46M
Net Interest Expenses	-100M	-87M	-82M	-63M	-46M
Income (Loss) On Equity Invest.	80M	71M	82M	88M	26M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-172M	-218M	-301M	-383M	-236M
EBT, Excl. Unusual Items	14.81B	11.62B	13.31B	14.84B	21.06B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	22M	17M	2M	-1M	-1M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	12M	21M	19M	15M	94M
EBT, Incl. Unusual Items	14.84B	11.66B	13.33B	14.85B	21.16B
Income Tax Expense	2.34B	1.56B	1.35B	1.7B	3.32B
Earnings From Continuing Operations	12.5B	10.1B	11.98B	13.16B	17.84B
Net Income to Company	12.5B	10.1B	11.98B	13.16B	17.84B
Minority Interest	37M	-17M	-119M	-105M	-83M
Net Income - (IS)	12.54B	10.08B	11.86B	13.05B	17.75B
Net Income to Common Incl Extra Items	12.54B	10.08B	11.86B	13.05B	17.75B
Net Income to Common Excl. Extra Items	12.54B	10.08B	11.86B	13.05B	17.75B
Per Share Items
Net EPS - Basic	9.91	7.96	9.37	10.32	14.05
Basic EPS - Continuing Operations	9.91	7.96	9.37	10.32	14.05
Basic Weighted Average Shares Outstanding	1.27B	1.27B	1.27B	1.26B	1.26B
Net EPS - Diluted	9.89	7.95	9.36	10.29	14.01
Diluted EPS - Continuing Operations	9.89	7.95	9.36	10.29	14.01
Diluted Weighted Average Shares Outstanding	1.27B	1.27B	1.27B	1.27B	1.27B
Normalized Basic EPS	7.34	5.73	6.48	7.25	10.35
Normalized Diluted EPS	7.33	5.72	6.47	7.23	10.32
Dividend Per Share	8.87	7.14	8.41	9.26	12.52
Payout Ratio	91.96	95.9	86.97	79.82	77.29
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	15.41B	12.29B	14.08B	15.62B	21.78B
EBITA	15.13B	11.99B	13.74B	15.33B	21.45B
EBIT	15B	11.86B	13.61B	15.2B	21.32B
EBITDAR	15.52B	12.41B	14.21B	15.76B	21.93B
Total Revenues (As Reported)	20.95B	18.46B	20.52B	22.37B	29.16B
Effective Tax Rate - (Ratio)	15.79	13.41	10.13	11.43	15.7
Total Current Taxes	2.14B	1.6B	1.37B	1.59B	3.19B
Total Deferred Taxes	198M	-32M	-16M	110M	132M
Normalized Net Income	9.29B	7.25B	8.2B	9.17B	13.08B
Interest on Long-Term Debt	79M	68M	59M	55M	41M
Supplemental Operating Expense Items
Marketing Expenses	116M	129M	135M	126M	117M
Selling and Marketing Expenses	116M	129M	135M	126M	117M
General and Administrative Expenses	157M	279M	289M	199M	202M
Net Rental Expense, Total	117M	120M	134M	138M	149M
Imputed Operating Lease Interest Expense	35.55M	35.38M	41.01M	36.64M	36.61M
Imputed Operating Lease Depreciation	81.45M	84.62M	92.99M	101M	112M
Maintenance & Repair Expenses, Total	62M	62M	63M	68M	74M
Stock-Based Comp., SG&A Exp. (Total)	324M	380M	399M	390M	361M
Total Stock-Based Compensation	324M	380M	399M	390M	361M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	15B	15.26B	9.21B	13.91B	19.35B
Short Term Investments	10.93B	11.7B	15.9B	6.85B	4.33B
Trading Asset Securities, Total	8.49B	6.18B	6.36B	6.9B	1.15B
Total Cash And Short Term Investments	34.42B	33.14B	31.47B	27.66B	24.83B
Accounts Receivable, Total	18.94B	13.96B	22.5B	33.7B	45.69B
Other Receivables	961M	1.22B	1.16B	1.42B	1.42B
Total Receivables	19.9B	15.19B	23.66B	35.12B	47.11B
Restricted Cash	166B	170B	116B	120B	163B
Other Current Assets, Total	154B	164B	145B	170B	313B
Total Current Assets	375B	382B	316B	354B	548B
Gross Property Plant And Equipment	6.15B	6.12B	6.11B	5.8B	8.16B
Accumulated Depreciation	-2.65B	-2.88B	-3.07B	-3.12B	-3.21B
Net Property Plant And Equipment	3.5B	3.24B	3.04B	2.68B	4.96B
Long-term Investments	1.72B	1.29B	2.62B	2.6B	2.99B
Goodwill	13.36B	13.37B	13.37B	13.3B	13.27B
Other Intangibles, Total	5.61B	5.6B	5.91B	6.31B	6.66B
Deferred Tax Assets Long-Term	25M	53M	21M	9M	9M
Other Long-Term Assets, Total	-	-	-	3.14B	4.93B
Total Assets	399B	406B	341B	382B	581B
Liabilities
Accounts Payable, Total	27.17B	17.67B	26.2B	36.11B	49.05B
Accrued Expenses, Total	778M	915M	732M	1B	1.34B
Current Portion of Long-Term Debt	340M	430M	382M	382M	343M
Current Portion of Leases	299M	297M	270M	260M	214M
Current Income Taxes Payable	1.15B	2.17B	639M	1.32B	2.23B
Unearned Revenue Current, Total	1.1B	1.08B	1.06B	1.04B	1.22B
Deferred Tax Liability Current	18M	-	-	-	-
Other Current Liabilities	315B	330B	257B	284B	464B
Total Current Liabilities	346B	353B	287B	325B	519B
Long-Term Debt	86M	61M	65M	70M	55M
Long-Term Leases	1.76B	1.45B	1.33B	1.03B	637M
Unearned Revenue Non Current	354M	333M	307M	319M	372M
Deferred Tax Liability Non Current	1.11B	1.07B	1.05B	1.15B	1.32B
Other Non Current Liabilities	98M	90M	113M	123M	782M
Total Liabilities	349B	356B	289B	327B	522B
Common Stock, Total	31.9B	31.92B	31.95B	31.96B	31.96B
Retained Earnings	18.8B	19.23B	20.74B	23.34B	27.32B
Treasury Stock	-901M	-918M	-1.01B	-1.12B	-1.23B
Comprehensive Income and Other	-165M	-505M	-334M	-319M	97M
Total Common Equity	49.63B	49.73B	51.34B	53.85B	58.15B
Minority Interest	284M	371M	452M	555M	582M
Total Equity	49.91B	50.1B	51.8B	54.41B	58.73B
Total Liabilities And Equity	399B	406B	341B	382B	581B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.27B	1.27B	1.26B	1.26B	1.26B
ECS Total Common Shares Outstanding	1.27B	1.27B	1.26B	1.26B	1.26B
Book Value / Share	39.22	39.3	40.6	42.61	46
Tangible Book Value	30.65B	30.76B	32.06B	34.25B	38.21B
Tangible Book Value Per Share	24.22	24.31	25.36	27.1	30.23
Total Debt	2.48B	2.24B	2.05B	1.75B	1.25B
Net Debt	-31.94B	-30.9B	-29.42B	-25.92B	-23.58B
Debt Equivalent Oper. Leases	936M	960M	1.07B	1.1B	1.19B
Minority Interest, Total (Incl. Fin. Div)	284M	371M	452M	555M	582M
Equity Method Investments, Total	244M	291M	352M	415M	869M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	708M	708M	708M	708M	775M
Machinery, Total	1.75B	1.83B	2.61B	2.52B	3.05B
Full Time Employees	2.15K	2.24K	2.42K	2.44K	2.5K
Accumulated Allowance for Doubtful Accounts (Supple)	50M	45M	44M	48M	54M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	12.54B	10.08B	11.86B	13.05B	17.75B
Depreciation & Amortization - CF	585M	611M	630M	555M	573M
Amortization of Goodwill and Intangible Assets - (CF)	132M	133M	132M	137M	130M
Depreciation & Amortization, Total	717M	744M	762M	692M	703M
Amortization of Deferred Charges, Total - (CF)	637M	715M	681M	710M	810M
(Gain) Loss on Sale of Investments - (CF)	-485M	507M	-120M	-264M	94M
Asset Writedown & Restructuring Costs	-	-	-	-	55M
(Income) Loss On Equity Investments - (CF)	-80M	-71M	-82M	-88M	-26M
Stock-Based Compensation (CF)	324M	380M	399M	390M	361M
Provision and Write-off of Bad Debts	7M	-2M	-	-	-
Other Operating Activities, Total	-1.33B	2.78B	-1.98B	-461M	4.94B
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	15.39B	4.87B	-8.23B	-10.69B	-11.68B
Change in Other Net Operating Assets	-15.38B	-5.04B	8.21B	9.43B	12.62B
Cash from Operations	12.34B	14.96B	11.5B	12.77B	25.63B
Capital Expenditure	-1.07B	-1.28B	-1.39B	-1.6B	-4.88B
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	3.31B	-647M	-5.77B	3.81B	-2.86B
Other Investing Activities, Total	38M	231M	864M	992M	2.18B
Cash from Investing	2.28B	-1.7B	-6.29B	3.19B	-5.56B
Long-Term Debt Repaid, Total	-310M	-309M	-307M	-255M	-251M
Total Debt Repaid	-310M	-309M	-307M	-255M	-251M
Repurchase of Common Stock	-681M	-350M	-448M	-481M	-512M
Common Dividends Paid	-11.53B	-9.66B	-10.32B	-10.42B	-13.72B
Common & Preferred Stock Dividends Paid	-11.53B	-9.66B	-10.32B	-10.42B	-13.72B
Other Financing Activities, Total	-151M	-49M	-179M	-109M	-150M
Cash from Financing	-12.67B	-10.37B	-11.25B	-11.26B	-14.64B
Foreign Exchange Rate Adjustments	9M	-23M	-6M	-9M	16M
Net Change in Cash	1.96B	2.86B	-6.05B	4.7B	5.44B
Supplemental Items
Cash Interest Paid	126M	2.34B	6.07B	5.88B	4.67B
Cash Income Tax Paid (Refund)	2.15B	574M	2.95B	1.28B	1.53B
Levered Free Cash Flow	11.8B	8.72B	7.16B	6.49B	7.54B
Unlevered Free Cash Flow	11.86B	8.77B	7.21B	6.53B	7.57B
Change In Net Working Capital	-1.88B	-807M	1.76B	3.16B	2.75B
Net Debt Issued / Repaid	-310M	-309M	-307M	-255M	-251M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.35	1.84	2.28	2.63	2.77
Return on Total Capital	17.96	14.15	16.02	17.27	22.95
Return On Equity %	25.21	20.19	23.52	24.77	31.53
Return on Common Equity	25.44	20.29	23.47	24.81	31.7
Margin Analysis
Gross Profit Margin %	96.26	95.65	95.7	95.73	96.43
SG&A Margin	16.07	21.08	20.21	19.53	15.48
EBITDA Margin %	74.15	67.27	69.04	70.15	75.48
EBITA Margin %	72.83	65.6	67.4	68.87	74.34
EBIT Margin %	72.19	64.88	66.75	68.26	73.89
Income From Continuing Operations Margin %	60.15	55.25	58.75	59.08	61.81
Net Income Margin %	60.33	55.15	58.17	58.61	61.53
Net Avail. For Common Margin %	60.33	55.15	58.17	58.61	61.53
Normalized Net Income Margin	44.72	39.65	40.21	41.18	45.34
Levered Free Cash Flow Margin	56.78	47.7	35.1	29.15	26.12
Unlevered Free Cash Flow Margin	57.08	48	35.35	29.32	26.22
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.06	0.06
Fixed Assets Turnover	5.65	5.42	6.49	7.79	7.56
Receivables Turnover (Average Receivables)	0.67	0.94	0.76	0.56	0.55
Short Term Liquidity
Current Ratio	1.08	1.08	1.1	1.09	1.06
Quick Ratio	0.16	0.14	0.19	0.19	0.14
Operating Cash Flow to Current Liabilities	0.04	0.04	0.04	0.04	0.05
Days Sales Outstanding (Average Receivables)	541.95	389.26	480.08	658.39	661.3
Average Days Payable Outstanding	16.01K	10.31K	9.13K	12K	15.1K
Long Term Solvency
Total Debt/Equity	4.98	4.46	3.96	3.21	2.13
Total Debt / Total Capital	4.74	4.27	3.81	3.11	2.08
LT Debt/Equity	3.7	3.01	2.7	2.03	1.18
Long-Term Debt / Total Capital	3.52	2.88	2.6	1.97	1.15
Total Liabilities / Total Assets	87.5	87.66	84.82	85.74	89.89
EBIT / Interest Expense	149.99	136.26	166	241.22	463.5
EBITDA / Interest Expense	157.16	144.82	175.29	252.21	478.78
(EBITDA - Capex) / Interest Expense	146.46	130.06	158.39	226.75	372.67
Total Debt / EBITDA	0.16	0.18	0.14	0.11	0.06
Net Debt / EBITDA	-2.03	-2.45	-2.05	-1.63	-1.07
Total Debt / (EBITDA - Capex)	0.17	0.2	0.16	0.12	0.07
Net Debt / (EBITDA - Capex)	-2.18	-2.73	-2.27	-1.81	-1.38
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.06	-11.95	11.6	9.18	29.56
Gross Profit, 1 Yr. Growth %	9.01	-12.5	11.65	9.22	30.5
EBITDA, 1 Yr. Growth %	10.79	-20.08	14.53	10.93	39.39
EBITA, 1 Yr. Growth %	10.78	-20.65	14.65	11.57	39.82
EBIT, 1 Yr. Growth %	10.88	-20.83	14.82	11.64	40.22
Earnings From Cont. Operations, 1 Yr. Growth %	8.8	-19.23	18.68	9.8	35.59
Net Income, 1 Yr. Growth %	8.95	-19.6	17.7	10.02	36.05
Normalized Net Income, 1 Yr. Growth %	11.54	-22.01	13.17	11.82	42.6
Diluted EPS Before Extra, 1 Yr. Growth %	8.8	-19.62	17.74	9.94	36.15
Accounts Receivable, 1 Yr. Growth %	-44.67	-26.28	61.14	49.76	36.61
Net Property, Plant and Equip., 1 Yr. Growth %	-9.06	-7.34	-6.38	-11.82	85.06
Total Assets, 1 Yr. Growth %	0.05	1.69	-15.98	11.86	52.18
Tangible Book Value, 1 Yr. Growth %	1.57	0.35	4.24	6.8	11.57
Common Equity, 1 Yr. Growth %	1.45	0.21	3.25	4.88	7.98
Cash From Operations, 1 Yr. Growth %	-16.45	21.2	-23.11	11.08	100.62
Capital Expenditures, 1 Yr. Growth %	-20.8	20	7.94	15.73	204.3
Levered Free Cash Flow, 1 Yr. Growth %	-299.23	-4.86	-17.89	-9.33	16.05
Unlevered Free Cash Flow, 1 Yr. Growth %	-303.03	-4.91	-17.82	-9.42	15.79
Dividend Per Share, 1 Yr. Growth %	8.57	-19.5	17.79	10.11	35.21
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.97	-2.06	-0.87	10.38	18.96
Gross Profit, 2 Yr. CAGR %	13.11	-2.39	-1.16	10.43	19.41
EBITDA, 2 Yr. CAGR %	15.21	-5.98	-4.33	12.72	24.38
EBITA, 2 Yr. CAGR %	15.35	-6.31	-4.62	13.1	24.93
EBIT, 2 Yr. CAGR %	15.52	-6.38	-4.66	13.22	25.15
Earnings From Cont. Operations, 2 Yr. CAGR %	15.37	-6.25	-2.09	14.15	22.02
Net Income, 2 Yr. CAGR %	15.53	-6.41	-2.72	13.79	22.34
Normalized Net Income, 2 Yr. CAGR %	16.02	-6.73	-6.05	12.49	26.31
Diluted EPS Before Extra, 2 Yr. CAGR %	15.06	-6.48	-2.72	13.77	22.34
Accounts Receivable, 2 Yr. CAGR %	-12.77	-36.13	9	55.35	42.49
Net Property, Plant and Equip., 2 Yr. CAGR %	-5.91	-8.21	-6.86	-9.14	27.74
Total Assets, 2 Yr. CAGR %	19.62	0.87	-7.56	-3.05	30.47
Tangible Book Value, 2 Yr. CAGR %	9.01	0.95	2.28	5.52	9.16
Common Equity, 2 Yr. CAGR %	5.99	0.82	1.72	4.06	6.42
Cash From Operations, 2 Yr. CAGR %	10.74	0.63	-3.46	-7.58	49.28
Capital Expenditures, 2 Yr. CAGR %	-0.97	-2.51	13.81	11.77	87.66
Levered Free Cash Flow, 2 Yr. CAGR %	-29.63	21.33	-11.61	-13.72	2.62
Unlevered Free Cash Flow, 2 Yr. CAGR %	-29.56	22.54	-11.6	-13.72	2.45
Dividend Per Share, 2 Yr. CAGR %	14.97	-6.52	-2.63	13.88	22.01
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.52	3.92	2.29	2.37	16.45
Gross Profit, 3 Yr. CAGR %	9.32	3.79	2.08	2.19	16.77
EBITDA, 3 Yr. CAGR %	10.88	1.94	0.41	0.51	21.01
EBITA, 3 Yr. CAGR %	10.97	1.78	0.21	0.5	21.4
EBIT, 3 Yr. CAGR %	11.08	1.79	0.21	0.49	21.61
Earnings From Cont. Operations, 3 Yr. CAGR %	10.39	2.44	1.41	1.72	20.89
Net Income, 3 Yr. CAGR %	10.41	2.38	1.02	1.35	20.77
Normalized Net Income, 3 Yr. CAGR %	10.94	1.63	-0.52	-0.44	21.77
Diluted EPS Before Extra, 3 Yr. CAGR %	9.76	2.1	0.98	1.33	20.79
Accounts Receivable, 3 Yr. CAGR %	3.05	-17.53	-13.05	21.17	48.45
Net Property, Plant and Equip., 3 Yr. CAGR %	29.16	-6.39	-7.6	-8.55	15.17
Total Assets, 3 Yr. CAGR %	15.98	13.32	-5.09	-1.5	12.67
Tangible Book Value, 3 Yr. CAGR %	10.52	6.04	2.04	3.76	7.5
Common Equity, 3 Yr. CAGR %	6.81	4.03	1.63	2.76	5.35
Cash From Operations, 3 Yr. CAGR %	9.19	14.12	-8	1.16	19.66
Capital Expenditures, 3 Yr. CAGR %	7.55	5.58	0.86	14.45	56.07
Levered Free Cash Flow, 3 Yr. CAGR %	21.95	-28.48	6.52	-10.86	-4.73
Unlevered Free Cash Flow, 3 Yr. CAGR %	21.89	-28.41	7.26	-10.88	-4.81
Dividend Per Share, 3 Yr. CAGR %	9.75	2.09	0.97	1.44	20.59
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	13.42	6.92	5.21	6.46	8.66
Gross Profit, 5 Yr. CAGR %	13.74	6.69	4.98	6.4	8.69
EBITDA, 5 Yr. CAGR %	16.26	6.32	4.49	6.12	9.39
EBITA, 5 Yr. CAGR %	16.77	6.48	4.41	6.16	9.45
EBIT, 5 Yr. CAGR %	17	6.56	4.46	6.22	9.53
Earnings From Cont. Operations, 5 Yr. CAGR %	16.83	6.54	5.22	6.98	9.2
Net Income, 5 Yr. CAGR %	16.79	6.36	4.96	6.8	9.06
Normalized Net Income, 5 Yr. CAGR %	16.92	6.25	3.8	5.84	9.45
Diluted EPS Before Extra, 5 Yr. CAGR %	15.8	5.72	4.59	6.62	9.04
Accounts Receivable, 5 Yr. CAGR %	10.37	-2.21	5.39	6.25	5.94
Net Property, Plant and Equip., 5 Yr. CAGR %	18.49	17.17	13.32	-7.5	5.18
Total Assets, 5 Yr. CAGR %	10.05	5.04	5.92	6.46	7.79
Tangible Book Value, 5 Yr. CAGR %	16.23	9.72	7.14	5.83	4.83
Common Equity, 5 Yr. CAGR %	8.99	5.94	4.74	4.04	3.52
Cash From Operations, 5 Yr. CAGR %	28.94	15.07	3.94	4.89	11.65
Capital Expenditures, 5 Yr. CAGR %	11.53	13.29	10.02	8.01	29.29
Levered Free Cash Flow, 5 Yr. CAGR %	23.62	7.01	1.93	-22.9	4.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	23.45	6.95	1.94	-22.86	5.31
Dividend Per Share, 5 Yr. CAGR %	15.85	5.75	4.62	6.65	8.91