>>102838751>>102838678What’s better where — and why
Operating engine
ANYCOLOR is stronger. OCF rose ~62% YoY (6,903 11,184) vs ~11% for Cover (4,765 5,285).
Investment intensity
ANYCOLOR lighter capex: capex/OCF ≈ 20% (2025) vs 47% for Cover FCF 8,926 vs 2,810.
Working capital
Both had WC drag; Cover’s was heavier (bigger uses in receivables/inventory). ANYCOLOR’s drag was smaller relative to its OCF.
Capital allocation
ANYCOLOR returned ~106% of FCF (buybacks + dividends) small cash drawdown.
Cover was conservative (no buybacks/dividends; small share issuance) cash increased.
Cash conversion of earnings (OCF / pre‑tax profit)
2025: ANYCOLOR ≈ 0.69, Cover ≈ 0.71 — broadly similar.
Verdict
Prioritize core operating strength & FCF ANYCOLOR is doing better.
Prioritize balance‑sheet conservatism & cash buildup Cover looks steadier.
