Greenland Technologies Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Greenland Technologies Holding Corp. 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

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	60.2	52.4	66.9	98.8	90.8	90.3	83.9	90.7
Cost of revenue	46.1	40	54.1	79.2	71	1.18	1.27	1.14
Gross profit	14.1	12.4	12.8	19.6	19.8	24.6	22.5	28.4
Research and development	2.51	2.36	2.38	5.53	5.79	5.42	2.94	3.92
General and administrative	1.65	2.23	2.13	3.95	5.46	6.05	4.85	15.3
Operating expenses	5.38	5.77	6.1	11.3	13.9	13.8	9.94	20.9
Operating income	8.7	6.6	6.71	8.25	5.96	10.8	12.6	7.52
Interest expense	1.55	1.29	0.93	0.59	0.4	0.25	0.08	0.11
Interest income	0.3	0.15	0	0.07	0.06	0.14	0.86	0.68
Other non-operating income					0.68	1.21	0.66	0.95
Pre-tax income	8.02	5.93	8.64	9.11	4.5	-23.3	16.7	12.1
Income tax	1.39	0.85	2.27	1.84	0.7	1.71	1.51	3.51
Net income to minority interests	0.67	0.62	-0.39	1	3.06	-9.14	1.09	3.67
Net income	6.62	4.46	6.76	6.27	0.75	-15.9	14.1	4.93
EBITDA	10.3	8.9	9.14	10.8	8.39	13	14.8	9.93
EPS, basic	0.79	0.56	0.67	0.58	0.06	-1.20	1.03	0.31
EPS, diluted	0.79	0.56	0.67	0.58	0.06	-1.20	1.03	0.31
Shares, basic (weighted)		7.93	10	10.8	11.9	13.2	13.6	16.1
Shares, diluted (weighted)		7.93	10	10.8	11.9	13.2	13.6	16.1

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.56	2.12	7.16	11.1	16.3	23	6.66	7.78
Short-term investments				2.11	7.8	2.82	18.5	24.5
Receivables	10.2	12	12.4	15.9	14.3	16.5	15.8	17.3
Inventory	12.4	9.97	15.4	25.8	23.1	24.6	23.4	24.4
Other current assets	0.33	0.33	0.66	0.01	1.57	0.05	1.54	2.47
Total current assets	48.2	80.2	108	139	126	99.8	92.6	95.3
Property, plant and equipment	22.1	20.6	20.1	19	15.6	13.7	13.1	11.9
Lease right-of-use assets	3.89	3.86	4.04	0.08	2.63	2.13	1.62	3.33
Goodwill	0	0	0	0
Intangible assets						0.19	0.09	0.07
Long-term investments		36			0.25
Other non-current assets	0	0.8	0	0.04	0.28	1.05	0.25	0.36
Total assets	111	106	132	163	155	130	116	116
Accounts payable	15	14.7	22	29.1	24.8	25.3	23.1	25.6
Accrued liabilities				0.18	0.57	0.18	0.18
Deferred revenue	0.07	0.13	0.37	0.39	0.23		0.33	0.09
Short-term debt	19.6	2.65	0.8	0.2	0.47	3.04
Total current liabilities	63.2	56	78.8	85.5	66.2	72.5	57.5	48.3
Long-term debt	8.55	1.35	0.17
Lease liabilities				0.05	2.18	1.68	1.17
Total liabilities	71.8	59.5	81.3	87.7	75.7	79.8	62.3	49.5
Total debt	8.55	4	0.96	0.2	0.47
Paid-in capital	12.3	15.2	13.7	23.8	30.3	30.3	27.5	33
Retained earnings	15.9	19.9	26.7	33.7	34.4	18.5	32.6	37.5
Other comprehensive income	0.17	-0.36	-0.06	1.01	-2.83	-2.58	-3.71	-1.45
Shareholders' equity	31.7	38.6	44.9	62.3	65.7	50.1	60.2	72.9
Minority interests	7.9	8.37	5.77	12.6	13.7	0.57	-6.94	-6.62
Total equity	39.6	39.6	50.7	74.8	79.4	50.7	53.3	66.3
Total liabilities and equity	111	106	132	163	155	130	116	116
Shares outstanding	7.5	10	10.2	11.3	13	13.6	13.6	17.4

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.96	5.09	6.37	7.27	3.8	-25	15.2	8.6
Depreciation and amortization	1.58	2.3	2.44	2.51	2.44	2.19	2.25	2.41
Stock-based compensation								5.55
Deferred income tax	-0.08	0.06			-0.09	-0.04	-0.18	-0
Change in receivables	-2.74	-2.13	0.49	-3.03	0.41	-2.69	1.11	-1.69
Change in inventory	-4.14	2.23	-4.33	-9.97	0.4	-2.4	0.69	-1.06
Change in payables	0.71	-0.02	5.94	6.46	-2.08	1.16
Cash from operations	3.06	8	2.7	-5.76	7.31	2.45	13.3	15.6
Capital expenditures	-6.69	-1.28				-0.74	-1.96	-0.53
Cash from investing	-5.98	-1.6	-0.82	-0.64	0.03	1.07	-1.87	-0.92
Debt issued		5.21	1.43
Debt repaid	-0.3	-6.53
Stock issued		2.93
Dividends paid		-0.16				-0.7	-5.93	-2.22
Cash from financing	-0.16	-9.64	2.31	14.5	-4.28	2.87	-30.9	-15.6
Exchange rate effect	0.16	-0.01	-0.49	0.33	-1.13	2.07	-0.15	0.16
Net change in cash	-3.08	-3.25	4.18	8.07	3.06	6.39	-19.4	-0.92
Free cash flow	-3.63	6.71				1.71	11.4	15.1
Interest paid	1.77	2.22	1.14	0.64	0.41	0.28	0.05
Income taxes paid	2.65	0.79	3.06	1.63	0.7	0.98	1.59	3.09

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	16.3%	Operating income / revenue.
EBITDA margin	18.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.9%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
FCF margin	14.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Effective tax rate	18.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	17.1%	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%.
R&D / revenue	5.1%	Research and development expense / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-33.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-64.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	87.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-69.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	72.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	42.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	32.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	21.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.97x	Current assets / current liabilities.
Quick ratio	0.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.8%	Total liabilities / total assets.
Working capital	$62.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$88.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	8.13x	Revenue / average property, plant and equipment.
Inventory turnover	2.11x	Cost of revenue / average inventory.
Days inventory	173 days	365 x average inventory / cost of revenue.
Receivables turnover	3.37x	Revenue / average receivables.
Days sales outstanding	108 days	365 x average receivables / revenue.
Days payables	246 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	35 days	Days inventory + days sales outstanding - days payables.
FCF conversion	114.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.87	Revenue / diluted weighted shares.
FCF per share	$0.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.61	Cash from operations / diluted weighted shares.
Book value per share	$3.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.34	Tangible book value / shares outstanding.
Cash per share	$1.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	27.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$28.9M	Share price x shares outstanding.
Enterprise value	-$3.4M	Market cap + total debt - cash - short-term investments.
P/E	2.29x	Market cap / net income. Only when net income is positive.
P/S	0.28x	Market cap / revenue.
P/B	0.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.33x	Market cap / tangible book value, when positive.
P/FCF	2.00x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.79x	Market cap / cash from operations, when positive.
FCF yield	49.9%	Free cash flow / market cap.
Earnings yield	43.7%	Net income / market cap (the inverse of P/E).
Dividend yield	12.1%	Dividends paid over the period / market cap.
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Greenland Technologies Holding Corp.'s revenue in fiscal 2025?

Greenland Technologies Holding Corp. reported revenue of $90.7M for fiscal 2025, 8% higher than the year before.

Was Greenland Technologies Holding Corp. profitable in fiscal 2025?

Yes. Net income was $4.9M, a net margin of 5.4%.

How much free cash flow did Greenland Technologies Holding Corp. generate in fiscal 2025?

Cash from operations of $15.6M minus capital expenditures of $525.7K left free cash flow of $15.1M.

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.

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