Hongli Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Hongli Group Inc. 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	11.2	21.7	20.3	16	14.1	19.6
Cost of revenue	6.71	14.1	13.3	10.8	9.59	13.2
Gross profit	4.45	7.65	7.01	5.25	4.52	6.38
Research and development	0.64	1.47	1.41	0.96	0.82	0.99
Selling, general and administrative	1.98	3.72	4.09	4.23	6.1
Selling and marketing	0.29	0.64	0.6	0.63	0.67	0.94
General and administrative				2.63	4.62	2.02
Operating expenses	1.98	3.72	4.09	4.23	6.1	3.95
Operating income	2.47	3.94	2.92	1.02	-1.58	2.43
Interest expense	0.26	0.31	0.37	0.65	0.16	0.17
Other non-operating income	0.19	-0.47	0.29	-0.09	-0.29	-0.26
Pre-tax income	2.66	3.47	3.21	0.93	-1.87	2.17
Income tax	0.24	0.26	0.28	0.07	0.01	0.23
Net income	2.42	3.2	2.93	0.86	-1.88	1.94
EBITDA	2.99	4.52	3.57	1.89	-0.78	3.12
EPS, basic	0.24	0.32	0.29	0.07	-0.11	0.03
EPS, diluted	0.24	0.32	0.29	0.07	-0.11	0.03
Shares, basic (weighted)	10	10	10	11.8	17.5	73.4
Shares, diluted (weighted)	10	10	10	11.8	17.5	73.4

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.43	0.48	2.09	0.78	0.91	1.81
Receivables		5.01	7.43	6.01	5.81	9.27
Inventory		2.97	2.61	2.35	2.67	2.46
Other current assets		0.11	0.07	0.03	0.01	0.11
Total current assets		11.4	14.1	10.8	11.9	16.1
Property, plant and equipment		4.62	12.3	10.8	10.4	12.3
Intangible assets		0.72	4.96	4.66	4.43	4.5
Other non-current assets		0.09	0
Total assets		21.8	36.2	32.1	65	72.2
Accounts payable		2.45	2.96	1.38	1.38	1.88
Accrued liabilities			0.19	0.13	0.29	0.25
Deferred revenue			0.06	0.18	0.22	0.16
Short-term debt		5.66	10.1	0.04	0.24	3.41
Total current liabilities		9.69	12.4	7.68	8.21	14.4
Long-term debt		0.38	0.04	3.34
Total liabilities		10.4	22.7	11	11.5	14.4
Total debt			10.1	3.37	3.55
Paid-in capital		0.61	0.61	8.04	43	43
Retained earnings		9.81	12.7	13.6	11.7	13.7
Other comprehensive income		0.7	-0.25	-0.91	-1.61	0.79
Shareholders' equity	8.04	11.5	13.5	21.1	53.5	57.8
Total equity	8.04	11.5	13.5	21.1	53.5	57.8
Total liabilities and equity		21.8	36.2	32.1	65	72.2
Shares outstanding		10	10	12.2	73.4	73.4

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	2.42	3.2	2.93	0.86	-1.88	1.94
Depreciation and amortization	0.52	0.59	0.64	0.87	0.8	0.69
Stock-based compensation					1.97
Deferred income tax			0.02	-0.03	-0.03	-0.02
Change in receivables	-0.62	-1.84	-2.88	1.16	0	-3.25
Change in inventory	-0.45	-1.46	0.1	0.16	-0.39	0.19
Change in payables	0.39	1.4	0.52	-1.56	0.04	0.44
Cash from operations	2.98	1.14	2.49	0.88	-0.41	0.88
Capital expenditures	-0.58	-1	-5.1	-0.3	-0.03	-0.22
Acquisitions			1.49
Purchases of investments					-33.4
Sales and maturities of investments			1.49
Cash from investing	-2.01	-3.05	-11.7	-2.25	-33.3	-1.26
Debt issued			10.4
Stock issued				1.14
Cash from financing	0.11	0.98	10.8	0.38	33.5	1.26
Exchange rate effect	0.08	0.03	-0.08	-0.31	0.33	0.09
Net change in cash	1.15	-0.9	1.58	-1.3	0.11	0.96
Free cash flow	2.39	0.13	-2.61	0.58	-0.45	0.66
Interest paid			0.37	0.65	0.6	0.35
Income taxes paid	-0.24	-0.26	-0.28	-0.07	-0.01	0.09

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.5%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	9.9%	Net income / revenue.
FCF margin	3.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.5%	Cash from operations / revenue.
Effective tax rate	10.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	3.9%	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	1.1%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	39.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	41.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.1%	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	7.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-5.9%	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	-0.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-12.8%	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	-4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-53.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-34.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-29.4%	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	-21.7%	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 CAGR, 5y	-22.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	62.5%	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	48.4%	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	11.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	320.8%	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	94.4%	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	49.0%	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	1.12x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	19.9%	Total liabilities / total assets.
Interest coverage	14.7x	Operating income / interest expense.
Working capital	$1.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$53.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	1.73x	Revenue / average property, plant and equipment.
Inventory turnover	5.15x	Cost of revenue / average inventory.
Days inventory	71 days	365 x average inventory / cost of revenue.
Receivables turnover	2.60x	Revenue / average receivables.
Days sales outstanding	140 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	166 days	Days inventory + days sales outstanding - days payables.
FCF conversion	34.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.03	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.
EPS, basic	$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.27	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Book value per share	$0.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.73	Tangible book value / shares outstanding.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$165.2M	Share price x shares outstanding.
Enterprise value	$163.4M	Market cap + total debt - cash - short-term investments.
P/E	85.0x	Market cap / net income. Only when net income is positive.
P/S	8.43x	Market cap / revenue.
P/B	2.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.10x	Market cap / tangible book value, when positive.
P/FCF	250x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	188x	Market cap / cash from operations, when positive.
EV/Sales	8.33x	Enterprise value / revenue.
EV/EBIT	67.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	52.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	247x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).

What was Hongli Group Inc.'s revenue in fiscal 2025?

Hongli Group Inc. reported revenue of $19.6M for fiscal 2025, 39% higher than the year before.

Was Hongli Group Inc. profitable in fiscal 2025?

Yes. Net income was $1.9M, a net margin of 9.9%.

How much free cash flow did Hongli Group Inc. generate in fiscal 2025?

Cash from operations of $878.3K minus capital expenditures of $217.4K left free cash flow of $660.8K.

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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