Bulgarian River Shipping AD (XBUL:BRP) Days Payable: 24.81 (As of Mar. 2026) — 81% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XBUL:BRP Bulgarian River Shipping AD XBUL:BRP
21 GF Score
Price €0.32
GF Value €0.46
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Bulgarian River Shipping AD Days Payable?

Bulgarian River Shipping AD XBUL:BRP 21 Days Payable is 24.81 as of Mar. 2026, which is 81% above its 10-year median of 13.71. GuruFocus rates XBUL:BRP with a GF Score™ of 21/100 and a GF Value™ of €0.46 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 968 Transportation companies, Bulgarian River Shipping AD ranks worse than 78% on this metric.

Bulgarian River Shipping AD's average Accounts Payable for the three months ended in Mar. 2026 was €0.37 Mil. Bulgarian River Shipping AD's Cost of Goods Sold for the three months ended in Mar. 2026 was €1.37 Mil. Hence, Bulgarian River Shipping AD's Days Payable for the three months ended in Mar. 2026 was 24.81.

The historical rank and industry rank for Bulgarian River Shipping AD's Days Payable or its related term are showing as below:

XBUL:BRP' s Days Payable Range Over the Past 10 Years
Min: 9.78   Med: 13.71   Max: 108.36
Current: 21.4

During the past 13 years, Bulgarian River Shipping AD's highest Days Payable was 108.36. The lowest was 9.78. And the median was 13.71.

XBUL:BRP's Days Payable is ranked worse than
78% of 968 companies
in the Transportation industry
Industry Median: 38.2 vs XBUL:BRP: 21.40

Bulgarian River Shipping AD's Days Payable increased from Mar. 2025 (15.82) to Mar. 2026 (24.81). It may suggest that Bulgarian River Shipping AD delayed paying its suppliers.


Bulgarian River Shipping AD Days Payable Historical Data

* Premium members only.

The historical data trend for Bulgarian River Shipping AD's Days Payable can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Bulgarian River Shipping AD Days Payable Chart

Bulgarian River Shipping AD Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Days Payable
Get a 7-Day Free Trial Premium Member Only Premium Member Only 14.32 9.78 10.54 12.52 11.35

Bulgarian River Shipping AD Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Days Payable Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 15.82 26.12 19.84 12.14 24.81

XBUL:BRP vs KEX: Days Payable Comparison

For the Marine Shipping subindustry, Bulgarian River Shipping AD's Days Payable, along with its competitors' market caps and Days Payable data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Bulgarian River Shipping AD Days Payable vs Transportation Industry

For the Transportation industry and Industrials sector, Bulgarian River Shipping AD's Days Payable distribution charts can be found below:

* The bar in red indicates where Bulgarian River Shipping AD's Days Payable falls into.


XBUL:BRP
21GF Score
Bulgarian River Shipping AD XBUL:BRP
Days Payable is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bulgarian River Shipping AD Days Payable Calculation

Days Payable indicates the number of days that the account payable relative to cost of goods sold the company has. An increase of Days Payable may suggest that the company delays paying its suppliers.

Bulgarian River Shipping AD's Days Payable for the fiscal year that ended in Dec. 2025 is calculated as

Days Payable (A: Dec. 2025 )
=Average Accounts Payable /Cost of Goods Sold*Days in Period
=( (Accounts Payable (A: Dec. 2024 ) + Accounts Payable (A: Dec. 2025 )) / count ) / Cost of Goods Sold (A: Dec. 2025 )*Days in Period
=( (0.236 + 0.206) / 2 ) / 7.11*365
=0.221 / 7.11*365
=11.35

Bulgarian River Shipping AD's Days Payable for the quarter that ended in Mar. 2026 is calculated as:

Days Payable (Q: Mar. 2026 )
=Average Accounts Payable / Cost of Goods Sold*Days in Period
=( (Accounts Payable (Q: Dec. 2025 ) + Accounts Payable (Q: Mar. 2026 )) / count ) / Cost of Goods Sold (Q: Mar. 2026 )*Days in Period
=( (0.206 + 0.538) / 2 ) / 1.368*365 / 4
=0.372 / 1.368*365 / 4
=24.81

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Days Payable →
What does a Days Payable of 24.81 mean?
Bulgarian River Shipping AD (XBUL:BRP) has a Days Payable of 24.81 as of Mar. 2026. Days payable represents the average amount of days a company waits to pay its invoices from suppliers. View historical data on Bulgarian River Shipping AD and its competitors. This is 81% above median its historical median of 13.71. Over the past decade, Bulgarian River Shipping AD's Days Payable has ranged from 9.78 to 108.36. According to the industry distribution chart, Bulgarian River Shipping AD ranks #755 out of 968 companies in the Transportation industry, placing it in the top 78%.
Is Bulgarian River Shipping AD's Days Payable too high?
Bulgarian River Shipping AD's current Days Payable of 24.81 is 81% above median its 10-year median of 13.71. Over the past 10 years, this metric has ranged from a low of 9.78 to a high of 108.36. The Transportation industry median Days Payable is 38.20. Bulgarian River Shipping AD's value of 24.81 is 35.1% below this industry median. Based on the distribution chart, Bulgarian River Shipping AD ranks #755 out of 968 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Bulgarian River Shipping AD has a GF Score™ of 21/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bulgarian River Shipping AD's Days Payable compare to KEX?
According to the Transportation industry distribution chart, Bulgarian River Shipping AD ranks #755 out of 968 companies for Days Payable. This places Bulgarian River Shipping AD in the lower half of its industry. The industry median Days Payable is 38.20. Bulgarian River Shipping AD's value of 24.81 is 35.1% below this benchmark. Historically, Bulgarian River Shipping AD's own Days Payable has ranged from 9.78 to 108.36 over the past decade. While the company's 10-year median is 13.71 vs. the industry median of 38.20, Bulgarian River Shipping AD has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Days Payable for a Transportation company?
The median Days Payable among Transportation companies is 38.20, based on 968 companies in the industry. Companies in the top quartile (top 25%) have a Days Payable significantly above this median, while those in the bottom quartile fall well below. However, Days Payable should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bulgarian River Shipping AD's current Days Payable of 24.81 is 35.1% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Days Payable mean?
A high Days Payable can signal that a stock is expensive relative to its fundamentals. Days payable represents the average amount of days a company waits to pay its invoices from suppliers. View historical data on Bulgarian River Shipping AD and its competitors. For the Transportation industry, the median Days Payable is 38.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bulgarian River Shipping AD's current Days Payable is 24.81, which is 81% above median its own 10-year median of 13.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bulgarian River Shipping AD stock overvalued right now?
Based on GuruFocus' analysis, Bulgarian River Shipping AD (XBUL:BRP) is currently considered Significantly Undervalued. The stock's GF Value™ is €0.46, compared to a current price of €0.32 — trading 30.9% below its estimated fair value. The current Days Payable is 24.81, which is 81% above median its 10-year median of 13.71 and 35.1% below the Transportation industry median of 38.20. Bulgarian River Shipping AD's overall GF Score™ is 21/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Days Payable calculated?
Days Payable is calculated from a company's financial statements. For Bulgarian River Shipping AD (XBUL:BRP), the current Days Payable is 24.81 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Bulgarian River Shipping AD (XBUL:BRP) Overvalued in 2026?

Based on GuruFocus' analysis, Bulgarian River Shipping AD stock appears to be undervalued. The current stock price of €0.32 is trading 30.9% below its estimated GF Value™ of €0.46. GuruFocus considers Bulgarian River Shipping AD to be Significantly Undervalued.

Key valuation signals for XBUL:BRP:

  • Days Payable: 24.81 (81% above median its 10-year median of 13.71)
  • GF Value™: €0.46 vs. price of €0.32 (30.9% below fair value)
  • GF Score™: 21/100 with 3 warning signs
  • Industry Position: 35.1% below the Transportation median (#755 of 968)

No single metric tells the full story. See the XBUL:BRP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Bulgarian River Shipping AD Business Description

Address Otetz Paisii Square 2, Ruse, BGR, 7000
Bulgarian River Shipping AD operates in the transportation industry. The company provides ferry services for passengers, transport of mass and general cargos, transport non-dangerous goods and fuels, and transport of large-scale and concentrated loads.
21GF Score

Get the complete analysis for XBUL:BRP

Days Payable is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€0.32
Price
€0.46
GF Value