For a distributor of spirits, The Keepers Holdings looks surprisingly sober on paper. Sales are rising, cash generation is strong, and, most strikingly, money parked in short-term instruments is already enough to extinguish the group’s entire trade-and-other-payables line. The worry is not solvency. It is margin. In the liquor business, glamour tends to sit on the label while risk lurks in the warehouse. Importers and distributors live with working-capital demands, fickle consumer tastes and the occasional ambush from foreign exchange. The Keepers Holdings, the Philippine drinks distributor behind a portfolio dominated by Alfonso brandy, finished 2025 with none of the harried look that often accompanies growth in consumer goods. Total assets rose to ₱23.26 billion , equity climbed to ₱19.22 billion and total liabilities stood at a modest ₱4.04 billion ; the company’s debt-to-equity ratio was just 0.21 times , while its current ratio remained a lofty 4.48 times . That is the lang...