I 
Information and Communication Networks PCL ICN.BK · THB
Information Technology · SET · 🇹🇭 Thailand
2.08
+2.97%
Close of 9 Nov 2026, in THB
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At a glance
Figures in THB, from our data supplier.
Revenue
THB 1.11bn
FY2016FY2025
Net income
THB 102.0m
FY2016FY2025
Free cash flow
−THB 357.1m
FY2016FY2025
Shareholders' equity
THB 877.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | THB 1.11bn | THB 1.42bn | THB 1.86bn | THB 1.44bn | THB 1.76bn | THB 1.47bn | THB 1.20bn | THB 1.02bn | THB 956.8m | THB 569.8m |
| Gross profit | THB 222.5m | THB 279.4m | THB 316.0m | THB 254.2m | THB 290.5m | THB 224.3m | THB 190.2m | THB 171.1m | THB 145.2m | THB 85.6m |
| Operating income | THB 128.3m | THB 188.1m | THB 221.1m | THB 167.2m | THB 199.6m | THB 142.3m | THB 115.9m | THB 105.5m | THB 85.7m | THB 35.2m |
| Net income | THB 102.0m | THB 148.3m | THB 175.0m | THB 132.5m | THB 157.0m | THB 111.7m | THB 93.7m | THB 84.8m | THB 66.2m | THB 27.1m |
| Diluted earnings per share | 0.15 | 0.22 | 0.27 | 0.19 | 0.31 | 0.25 | 0.21 | 0.19 | 0.15 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | THB 2.13bn | THB 1.80bn | THB 2.12bn | THB 1.36bn | THB 1.04bn | THB 1.47bn | THB 1.21bn | THB 854.2m | THB 971.3m | THB 480.0m |
| Cash and short-term investments | THB 114.0m | THB 342.3m | THB 176.0m | THB 128.5m | THB 127.8m | THB 308.1m | THB 285.4m | THB 387.8m | THB 189.1m | THB 45.9m |
| Total liabilities | THB 1.23bn | THB 885.8m | THB 1.22bn | THB 540.3m | THB 369.2m | THB 876.0m | THB 634.0m | THB 335.1m | THB 474.9m | THB 314.9m |
| Debt | THB 296.9m | THB 59.1m | THB 256.4m | THB 125.4m | THB 141.7m | THB 214.0m | THB 126.1m | THB 1.4m | THB 1.9m | THB 59.9m |
| Shareholders' equity | THB 877.4m | THB 889.7m | THB 872.6m | THB 799.7m | THB 648.0m | THB 573.7m | THB 552.0m | THB 519.1m | THB 496.3m | THB 165.1m |
| Shares outstanding | 672m | 672m | 645m | 695m | 513m | 450m | 450m | 450m | 451m | 230m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −THB 356.3m | THB 475.5m | THB 571.2m | −THB 2.1m | −THB 74.8m | THB 80.1m | −THB 128.2m | THB 203.3m | THB 16.9m | −THB 10.1m |
| Capital spending | −THB 822,383 | −THB 19.5m | −THB 502.3m | −THB 1.2m | −THB 4.7m | −THB 548,712 | −THB 1.2m | −THB 4.7m | −THB 1.6m | −THB 143,348 |
| Free cash flow | −THB 357.1m | THB 456.1m | THB 68.9m | −THB 3.3m | −THB 79.5m | THB 79.6m | −THB 129.4m | THB 198.6m | THB 15.3m | −THB 10.3m |
| Dividends paid | −THB 107.5m | −THB 121.0m | −THB 156.3m | −THB 151.8m | −THB 81.0m | −THB 90.0m | −THB 63.0m | −THB 63.0m | −THB 63.0m | −THB 63.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | THB 891.1m | THB 1.24bn | THB 233.0m | THB 305.2m | THB 301.4m | THB 270.2m | THB 465.5m | THB 386.0m |
| Gross profit | THB 102.3m | THB 94.1m | THB 44.3m | THB 55.1m | THB 61.8m | THB 61.3m | THB 91.1m | THB 67.3m |
| Operating income | THB 81.0m | THB 72.6m | THB 22.9m | THB 34.1m | THB 37.2m | THB 35.0m | THB 65.3m | THB 45.3m |
| Net income | THB 64.4m | THB 58.6m | THB 18.0m | THB 26.9m | THB 29.7m | THB 27.4m | THB 52.3m | THB 36.2m |
| Diluted earnings per share | 0.10 | 0.09 | 0.03 | 0.04 | 0.04 | 0.04 | 0.08 | 0.05 |
| Cash from operations | −THB 280.0m | −THB 220.0m | THB 103.0m | −THB 34.0m | −THB 175.0m | −THB 250.0m | THB 126.0m | THB 195.0m |
| Capital spending | — | — | — | — | — | — | — | −THB 18.0m |
| Free cash flow | — | — | — | — | — | — | — | THB 177.0m |
| Total assets | THB 3.33bn | THB 2.70bn | THB 2.13bn | THB 1.96bn | THB 1.96bn | THB 1.72bn | THB 1.80bn | THB 2.01bn |
| Cash and short-term investments | THB 128.0m | THB 79.2m | THB 114.0m | THB 68.4m | THB 59.6m | THB 108.2m | THB 342.3m | THB 345.0m |
| Debt | THB 884.2m | THB 486.3m | THB 299.0m | THB 311.1m | THB 264.9m | THB 70.7m | THB 53.6m | THB 60.6m |
| Shareholders' equity | THB 938.2m | THB 931.1m | THB 877.4m | THB 900.8m | THB 875.1m | THB 907.3m | THB 889.7m | THB 914.9m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 20.1% | 19.6% | 17.0% | 17.6% | 16.5% | 15.3% |
| Operating margin | 11.6% | 13.3% | 11.9% | 11.6% | 11.3% | 9.7% |
| Net margin | 9.2% | 10.4% | 9.4% | 9.2% | 8.9% | 7.6% |
| Return on equity | 11.6% | 16.7% | 20.1% | 16.6% | 24.2% | 19.5% |
| Return on assets | 4.8% | 8.2% | 8.3% | 9.7% | 15.1% | 7.6% |
| Free cash flow yield | -25.7% | 35.8% | 80.8% | -0.1% | -6.6% | 8.7% |
| Revenue growth | -22.0% | -23.4% | 28.8% | -18.1% | 19.9% | 22.6% |
| Earnings growth | -31.2% | -15.3% | 32.1% | -15.6% | 40.6% | 19.2% |
| Current ratio | 1.40x | 1.45x | 1.48x | 2.88x | 3.32x | 1.35x |
| Debt to equity | 0.34x | 0.06x | 0.18x | 0.14x | 0.19x | 0.36x |
| Equity ratio | 41.1% | 49.4% | 41.2% | 58.6% | 62.2% | 39.0% |
| Interest coverage | 234.28x | 197.15x | 198.26x | 171.03x | 219.46x | 1118.84x |
| Buybacks as a share of market value | 0.0% | -4.2% | 7.2% | -35.3% | -14.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.4% | -5.5% | 5.1% |
| Operating income | -8.5% | -2.0% | 23.9% |
| Net income | -8.4% | -1.8% | 34.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.8% | 18.4% | 17.5% | 16.7% |
| Operating margin | 12.5% | 12.1% | 11.5% | 10.4% |
| Net margin | 9.9% | 9.6% | 9.1% | 8.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.3 | 9.3 | 10.1 | 20.0 | 17.7 | 10.2 | 7.6 | 8.9 | 19.1 |
| Price to sales | 1.0 | 1.0 | 0.9 | 1.8 | 1.6 | 0.8 | 0.6 | 0.7 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 27 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.16 | 0.18 | 0.25 | 0.30 | 0.18 | 0.20 | 0.14 | 0.14 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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