In our research we look at the efficiency of public service delivery. The Covid19 pandemic in 2020 and the Russian-Ukrainian conflict in 2022 challenge not only profit-oriented corporations but also budget-based organizations. The sustainable operation of municipal undertaking is of paramount importance, as municipalities manage public funds, and their activities have an impact on society as a whole. The aim of the study is to examine the liquidity and profitability situation and capital structure of municipal companies in the Visegrad countries. The method of analysis consists in categorising the indicators based on the literature and presenting the distribution of these data. The study is based on panel data from 2017 to 2021. An important finding of the study is that Czech companies have the best governance indicators of all the countries studied.