Haoxin Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Haoxin Holdings 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

	FY2022	FY2024	FY2024	FY2025
Revenue	28.9	26.7	25.6	33
Cost of revenue	21.2	19.8	19.1	24.7
Gross profit	7.74	6.86	6.49	8.3
Selling and marketing	0.09	0.09	0.08	0.05
General and administrative	1.44	0.76	0.87	0.45
Operating income	6.21	6.01	5.54	7.79
Interest expense	0.17	0.15	0.19	0.27
Other non-operating income	-0.28	-0.5	-0.95	-2.1
Pre-tax income	5.92	5.5	4.59	5.69
Income tax	1.64	1.53	1.42	1.72
Net income	4.29	3.97	3.17	3.97
EBITDA	7.07	6.56	5.93	8.1
EPS, basic	0.36	0.33	0.26	0.30
EPS, diluted	0.36	0.33	0.26	0.30
Shares, basic (weighted)	12	12	12	13.2
Shares, diluted (weighted)	12	12	12	13.2

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	0.1	0.09	0.17	1.4
Receivables		17.7	19.1	8.78
Other current assets		5.51	0.03	0.02
Total current assets		26.5	31.1	45.8
Property, plant and equipment		0.89	0.54	4.35
Lease right-of-use assets		0.01	0
Other non-current assets		0.79	0.79	0.13
Total assets		28.1	32.4	50.3
Accounts payable		1.27	0.61	0.11
Short-term debt		2.29	2.49	7.79
Total current liabilities		12.1	13.9	19.3
Lease liabilities		0
Total liabilities		12.5	14	22.6
Total debt		0.95	0.48
Paid-in capital		2.96	2.96	7.16
Retained earnings		12.7	15.9	19.9
Other comprehensive income		-0.89	-1.39	-0.3
Shareholders' equity	12.1	15.7	18.4	27.6
Total equity	12.1	15.7	18.4	27.6
Total liabilities and equity		28.1	32.4	50.3

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	4.29	3.97	3.17	3.97
Depreciation and amortization	0.86	0.55	0.39	0.31
Deferred income tax	-0.05	0.02	-0.01	0.07
Change in receivables	0.12	-5.7	-2	10.3
Change in payables	-1.52	0.26	-0.64	-0.32
Cash from operations	-0.43	0.93	-3.96	-9.55
Capital expenditures	-0.07	-0.01	-0	-4.48
Cash from investing	-0.07	-0.01	1	-9.39
Debt repaid	-0.15	-0.09
Cash from financing	-0.13	-0.94	3.05	20.2
Exchange rate effect	-0.04	-0	-0	-0.05
Net change in cash	-0.68	-0.01	0.08	1.23
Free cash flow	-0.5	0.92	-3.96	-14
Interest paid	0.17	0.15	0.18	0.26
Income taxes paid	0.17	0.03	0.07	0.17

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.1%	Gross profit / revenue.
Operating margin	23.6%	Operating income / revenue.
EBITDA margin	24.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.2%	Pre-tax income / revenue.
Net margin	12.0%	Net income / revenue.
FCF margin	-42.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-28.9%	Cash from operations / revenue.
Effective tax rate	30.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.6%	Net income / average total assets.
Return on invested capital (ROIC)	24.2%	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%.
Capex / revenue	13.6%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	27.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	40.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	36.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	25.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	15.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	50.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.7%	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	55.3%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	10.4%	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	3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.37x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.0%	Total liabilities / total assets.
Interest coverage	28.9x	Operating income / interest expense.
Working capital	$26.5M	Current assets - current liabilities.
Tangible book value	$27.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	13.5x	Revenue / average property, plant and equipment.
Receivables turnover	2.37x	Revenue / average receivables.
Days sales outstanding	154 days	365 x average receivables / revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.
FCF conversion	-353.5%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.30	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	$0.30	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.49	Revenue / diluted weighted shares.
FCF per share	-$1.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.72	Cash from operations / diluted weighted shares.
Book value per share	$2.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.09	Tangible book value / shares outstanding.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.9M	Share price x shares outstanding.
Enterprise value	$4.5M	Market cap + total debt - cash - short-term investments.
P/E	1.49x	Market cap / net income. Only when net income is positive.
P/S	0.18x	Market cap / revenue.
P/B	0.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.21x	Market cap / tangible book value, when positive.
EV/Sales	0.14x	Enterprise value / revenue.
EV/EBIT	0.58x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.56x	Enterprise value / EBITDA, when both are positive.
FCF yield	-237.3%	Free cash flow / market cap.
Earnings yield	67.1%	Net income / market cap (the inverse of P/E).

What was Haoxin Holdings Ltd's revenue in fiscal 2025?

Haoxin Holdings Ltd reported revenue of $33.0M for fiscal 2025, 29.2% higher than the year before.

Was Haoxin Holdings Ltd profitable in fiscal 2025?

Yes. Net income was $4.0M, a net margin of 12%.

How much free cash flow did Haoxin Holdings Ltd generate in fiscal 2025?

Cash from operations of $9.5M minus capital expenditures of $4.5M left free cash flow of -$14.0M.

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.

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