Huadi International Group Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Huadi International Group Co., 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			1.37	3.24	76.4	84.3	74.3	62.9
Cost of revenue	47.1	50.9	48.5	70.2	76.4	84.3	67	56.1
Gross profit	13.2	14.6	10.7	11.3	11.1	12.4	7.32	6.79
Research and development	1.45	1.78	2.12	2.06	2.33	2.55	2.24	2.17
Selling, general and administrative	3.34	4.47	3.94	6.68	6.45	7.34	6.78	7.78
Operating expenses	5.05	6.24	6.06	8.74	8.78	9.24	8.92	9.68
Operating income	8.2	8.38	4.61	2.58	2.35	3.11	-1.61	-2.88
Interest expense					1.15	0.44	0.18	0.2
Other non-operating income	-1.61	-1.93	-1.03	-0.11	-0.23	0.41	1.45	0.99
Pre-tax income	6.59	6.45	3.58	2.47	2.12	3.52	-0.16	-1.9
Income tax	1.34	1.01	0.22	-0.09	0.17	0.22	-0.3	-0.49
Net income to minority interests	-0.05	-0.05	-0.03	0.03	0.02	0.04	0	-0
Net income	5.25	5.45	3.36	2.53	1.92	3.26	0.14	-1.4
EBITDA	8.23	8.41	4.64	2.61	2.38	3.77	-0.92	-2.27
EPS, basic	0.52	0.54	0.34	0.21	0.15	0.23	0.01	-0.10
EPS, diluted	0.52	0.54	0.34	0.21	0.15	0.23	0.01	-0.10
Shares, basic (weighted)	10	10	10	12.1	13.2	14.1	14.3	14.3
Shares, diluted (weighted)	10	10	10	12.1	13.2	14.1	14.3	14.3

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.2	1.06	0.8	15.4	13.2	20.2	18.1	6.48
Receivables		14.5	15.5	21.3	19.7	22.6	18.7	24.8
Inventory		17.8	20.8	22.7	24.9	26.7	23.3	24.1
Total current assets		47.9	47.3	77.1	64.4	80.2	77.5	70.3
Property, plant and equipment		6.48	6.69	7.21	5.99	5.35	8.05	15.3
Intangible assets		1.17	1.2	1.23	1.07
Long-term investments		12.8	13.4	14.2	12.8	12.5	13	11.7
Other non-current assets						0.2	0.14	0.22
Total assets		68.8	69.1	100	84.6	103	104	110
Accounts payable		1.12	1.86	1.71	2.44	3.43	1.89	2.71
Accrued liabilities				2.05	1.77
Deferred revenue		1.22	1.52	4.67	4.01	2.39	1.55	1.31
Short-term debt		31.5	31.2	33.5	11.9	0.04	1.25	0.04
Total current liabilities				48.8	25.7	22.6	23.8	24.3
Long-term debt					9.3	5.4		8.03
Total liabilities		47.6	43.3	48.8	35	28.3	25.3	33.7
Total debt					9.3	5.44		8.07
Paid-in capital		22.5	22.5	44.2	44.2	67.3	67.3	67.4
Retained earnings		-3.48	-0.16	2.12	3.8	6.68	7.7	6.31
Other comprehensive income		1.98	3.19	4.63	0.87	-0.43	2.05	0.92
Shareholders' equity		21	25.6	51.2	49.4	74.4	78	75.5
Minority interests		0.18	0.22	0.26	0.25	0.27	0.31	0.3
Total equity	16.6	21.2	25.8	51.5	49.6	74.7	78.3	75.8
Total liabilities and equity		68.8	69.1	100	84.6	103	104	110
Shares outstanding		10	10	13.1	13.2	14.3	14.3	14.3

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.25	5.45	3.36	2.56	1.95	3.3	0.14	-1.4
Depreciation and amortization	0.03	0.03	0.03	0.03	0.03	0.66	0.69	0.61
Stock-based compensation						0.06	0.05	0.03
Deferred income tax	-0.05	0.3		-0.09	0.17	-0.06	-0.31	-0.49
Change in receivables	-2.91	1	-0.26	-8.82	4.08	-3.84	6.13	-6.44
Change in inventory	-1.57	3.57	-1.99	-0.76	-4.65	-2.55	4.34	-1.09
Change in payables				-0.24	1.96	3.98
Cash from operations	1.21	2.35	3.2	-5.65	8.03	-2.45	13	-8.48
Capital expenditures	-0.53	-0.91	-0.66	-0.92	-0.21	-0.16	-0.31	-1.46
Acquisitions							-2.76	-6.4
Purchases of investments								-0.26
Cash from investing	-0.53	-0.91	0.06	-0.9	-0.21	-3.59	-3.07	-15
Debt issued					10.1	5.64
Debt repaid						-9.39	-8.27	-0.56
Cash from financing	0.94	-3.49	-4.69	21.3	-9.74	11.6	-8.81	10.8
Exchange rate effect	-0.2	-0.13	0.11	0.22	-0.19	0.88	0.46	-0.22
Net change in cash	1.43	-2.18	-1.31	14.9	-2.11	6.42	1.57	-12.9
Free cash flow	0.68	1.43	2.54	-6.57	7.82	-2.61	12.7	-9.94
Interest paid	2.08	2.26	1.95	1.55	1.15	0.44	0.18	0.2
Income taxes paid	0.22	0.2	0.14	0.48	3.34	3.51	0.33	3.23

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.8%	Gross profit / revenue.
Operating margin	-4.6%	Operating income / revenue.
EBITDA margin	-3.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.0%	Pre-tax income / revenue.
Net margin	-2.2%	Net income / revenue.
FCF margin	-15.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-13.5%	Cash from operations / revenue.
Return on equity (ROE)	-1.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
Return on invested capital (ROIC)	-3.3%	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	3.4%	Research and development expense / revenue.
SG&A / revenue	12.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	115.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.2%	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	-8.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1,116.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-1,100.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-165.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-178.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.2%	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	24.2%	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	5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.0%	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	9.6%	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	0.1%	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	2.6%	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	7.4%	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	2.89x	Current assets / current liabilities.
Quick ratio	1.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.4%	Total debt / total assets.
Liabilities / assets	30.8%	Total liabilities / total assets.
Net debt	$1.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-14.8x	Operating income / interest expense.
Working capital	$46.0M	Current assets - current liabilities.
Tangible book value	$75.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	5.38x	Revenue / average property, plant and equipment.
Inventory turnover	2.37x	Cost of revenue / average inventory.
Days inventory	154 days	365 x average inventory / cost of revenue.
Receivables turnover	2.89x	Revenue / average receivables.
Days sales outstanding	126 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	265 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.10	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	-$0.10	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.41	Revenue / diluted weighted shares.
FCF per share	-$0.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.59	Cash from operations / diluted weighted shares.
Book value per share	$5.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.28	Tangible book value / shares outstanding.
Cash per share	$0.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.4M	Share price x shares outstanding.
Enterprise value	$12.0M	Market cap + total debt - cash - short-term investments.
P/S	0.17x	Market cap / revenue.
P/B	0.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.14x	Market cap / tangible book value, when positive.
EV/Sales	0.19x	Enterprise value / revenue.
FCF yield	-95.5%	Free cash flow / market cap.
Earnings yield	-13.4%	Net income / market cap (the inverse of P/E).

What was Huadi International Group Co., Ltd.'s revenue in fiscal 2025?

Huadi International Group Co., Ltd. reported revenue of $62.9M for fiscal 2025, 15.3% lower than the year before.

Was Huadi International Group Co., Ltd. profitable in fiscal 2025?

No. It reported a net loss of $1.4M.

How much free cash flow did Huadi International Group Co., Ltd. generate in fiscal 2025?

Cash from operations of $8.5M minus capital expenditures of $1.5M left free cash flow of -$9.9M.

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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