Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data DAVIS COMMODITIES Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
194
207
191
132
184
Cost of revenue
182
194
184
130
181
Gross profit
12.2
12.9
7.03
2.33
2.87
Selling, general and administrative
1.87
2.29
3.44
4.3
6.38
Selling and marketing
5.4
5.31
2.44
1.72
1.69
Operating expenses
7.27
7.59
5.88
6.03
8.07
Operating income
4.98
5.28
1.15
-3.7
-5.2
Interest expense
0.05
0.03
0.11
0.13
0.43
Interest income
0.05
0.06
0.09
0.38
0.38
Other non-operating income
0.62
0.25
0.09
0.35
0.17
Income tax
0.9
0.92
0.15
0.18
0
Net income
4.7
4.62
1.09
-3.53
-5.04
EBITDA
5.03
5.34
1.21
-3.6
-5.14
EPS, basic
0.04
0.20
0.04
-0.14
EPS, diluted
0.04
0.20
0.04
-0.14
Shares, basic (weighted)
24.5
23.3
24.5
24.5
Shares, diluted (weighted)
24.5
23.3
24.5
24.5
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
7.09
2.54
1.33
0.68
1.4
Receivables
4.66
15.3
7.69
10.7
Inventory
2.18
0.54
0.32
0.19
Other current assets
7
6.13
3.49
2.51
Total current assets
17.5
23.3
12.2
20.8
Property, plant and equipment
0.4
0.63
0.58
0.52
Lease right-of-use assets
0
0.07
0.04
0
Total assets
17.9
29.9
19.7
21.4
Accounts payable
5.1
14.3
9.13
11.7
Accrued liabilities
4.75
3.85
1.69
2.91
Total current liabilities
11.4
19.2
11.7
17.6
Lease liabilities
0
0.04
0
0
Total liabilities
11.9
19.6
13
18.8
Paid-in capital
0
3.15
3.15
4.02
Retained earnings
4.9
5.98
2.45
-2.58
Other comprehensive income
0.01
0.01
0.01
0
Shareholders' equity
2.07
6.01
10.3
6.73
2.56
Total equity
2.07
6.01
10.3
6.73
2.56
Total liabilities and equity
17.9
29.9
19.7
21.4
Shares outstanding
23.3
24.5
24.5
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
4.7
4.62
1.09
-3.53
-5.04
Depreciation and amortization
0.05
0.06
0.06
0.1
0.06
Stock-based compensation
0
0
0.87
Deferred income tax
0
-0
0
Change in inventory
0.24
-2.08
1.62
0.22
0.13
Cash from operations
3.22
-1.95
1.81
-0.78
-1.03
Capital expenditures
-0.01
-0.01
-0.3
-0.01
-0
Cash from investing
0.04
0.04
-0.21
-0.01
-0
Stock issued
0
0
0
0
0
Dividends paid
0
-3
0
0
Cash from financing
-2.03
-2.64
-2.81
0.13
1.76
Net change in cash
1.23
-4.55
-1.21
-0.65
0.72
Free cash flow
3.2
-1.96
1.51
-0.78
-1.03
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.23 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
1.6%
Gross profit / revenue.
Operating margin
-2.8%
Operating income / revenue.
EBITDA margin
-2.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2.7%
Net income / revenue.
FCF margin
-0.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-0.6%
Cash from operations / revenue.
Return on equity (ROE)
-108.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-24.5%
Net income / average total assets.
Return on invested capital (ROIC)
-114.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
3.5%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
0.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
39.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-3.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
23.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-39.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-62.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-24.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
8.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
6.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.18x
Current assets / current liabilities.
Quick ratio
0.69x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.08x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Valuation
Metric
Value
How it is calculated
Market cap
$5.5M
Share price x shares outstanding.
Enterprise value
$4.1M
Market cap + total debt - cash - short-term investments.
P/S
0.03x
Market cap / revenue.
P/B
2.16x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.16x
Market cap / tangible book value, when positive.
EV/Sales
0.02x
Enterprise value / revenue.
FCF yield
-18.7%
Free cash flow / market cap.
Earnings yield
-91.0%
Net income / market cap (the inverse of P/E).
What was DAVIS COMMODITIES Ltd's revenue in fiscal 2025?
DAVIS COMMODITIES Ltd reported revenue of $184.2M for fiscal 2025, 39.2% higher than the year before.
Was DAVIS COMMODITIES Ltd profitable in fiscal 2025?
No. It reported a net loss of $5.0M.
How much free cash flow did DAVIS COMMODITIES Ltd generate in fiscal 2025?
Cash from operations of $1.0M minus capital expenditures of $2.0K left free cash flow of -$1.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.