Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data mF International 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
FY2023
FY2024
FY2025
Revenue
4.09
3.36
4.35
Cost of revenue
1.79
1.77
3.06
Gross profit
2.3
1.58
1.29
Research and development
0
0.02
0.01
Selling and marketing
0.02
0.54
0.86
General and administrative
1.42
3.52
4.84
Operating expenses
1.44
4.08
7.53
Operating income
0.86
-2.49
-6.24
Interest expense
0.05
-0.01
-0.03
Other non-operating income
0.01
-0.01
0.04
Pre-tax income
0.87
-2.5
9.73
Income tax
0.02
0.1
-0.39
Net income
0.85
-2.6
10.1
EBITDA
0.87
-2.48
-6.21
EPS, basic
0.07
-0.20
EPS, diluted
0.07
-0.20
Shares, basic (weighted)
1.45
1.66
5.64
Shares, diluted (weighted)
1.45
1.66
5.81
Balance sheet
FY2023
FY2024
FY2025
Cash and equivalents
0.87
2.53
28.7
Receivables
0.33
0.14
0.03
Other current assets
0.05
0.01
0.83
Total current assets
1.29
4.38
518
Property, plant and equipment
0
0.05
0.04
Lease right-of-use assets
0.38
0.2
0.56
Intangible assets
1.96
2.42
0.01
Other non-current assets
0
Total assets
4.33
7.51
519
Accrued liabilities
0.04
Deferred revenue
0.59
1.12
1.13
Short-term debt
0.49
0.52
0.19
Total current liabilities
1.56
2.19
3.15
Long-term debt
0.78
0.26
0
Lease liabilities
0.2
0.02
Total liabilities
2.83
2.88
3.38
Total debt
1.27
0.78
0.19
Paid-in capital
0.26
5.95
507
Retained earnings
1.25
-1.35
8.78
Other comprehensive income
-0.01
0.02
-0.07
Shareholders' equity
1.5
4.62
516
Total equity
1.5
4.62
516
Total liabilities and equity
4.33
7.51
519
Shares outstanding
11.6
1.66
50.2
Cash flow statement
FY2023
FY2024
FY2025
Net income
0.85
-2.6
10.1
Depreciation and amortization
0.02
0.01
0.03
Deferred income tax
0.02
0.1
-0.39
Change in receivables
-0.31
0.09
0.12
Cash from operations
1.45
-2.82
-2.04
Capital expenditures
-0.01
-0.06
-0.02
Cash from investing
-0.73
-1.09
0.18
Stock issued
18.6
Dividends paid
0
Cash from financing
-1.39
5.83
27.8
Exchange rate effect
-0
0.03
-0.06
Net change in cash
-0.67
1.96
25.9
Free cash flow
1.44
-2.88
-2.06
Interest paid
0.06
0.04
0.04
Income taxes paid
0.02
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $9.60 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
29.6%
Gross profit / revenue.
Operating margin
-143.7%
Operating income / revenue.
EBITDA margin
-142.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
223.8%
Pre-tax income / revenue.
Net margin
232.8%
Net income / revenue.
FCF margin
-47.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-46.9%
Cash from operations / revenue.
Effective tax rate
-4.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
3.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
3.8%
Net income / average total assets.
Return on invested capital (ROIC)
-2.0%
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%.
R&D / revenue
0.1%
Research and development expense / revenue.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
29.4%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-18.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
11,050.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
6,813.0%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
250.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
164x
Current assets / current liabilities.
Quick ratio
9.11x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.10x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
0.7%
Total liabilities / total assets.
Net debt
-$28.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$481.7M
Share price x shares outstanding.
Enterprise value
$453.2M
Market cap + total debt - cash - short-term investments.
P/E
47.6x
Market cap / net income. Only when net income is positive.
P/S
111x
Market cap / revenue.
P/B
0.93x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.93x
Market cap / tangible book value, when positive.
EV/Sales
104x
Enterprise value / revenue.
FCF yield
-0.4%
Free cash flow / market cap.
Earnings yield
2.1%
Net income / market cap (the inverse of P/E).
Dividend yield
0.0%
Dividends paid over the period / market cap.
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was mF International Ltd's revenue in fiscal 2025?
mF International Ltd reported revenue of $4.3M for fiscal 2025, 29.4% higher than the year before.
Was mF International Ltd profitable in fiscal 2025?
Yes. Net income was $10.1M, a net margin of 232.8%.
How much free cash flow did mF International Ltd generate in fiscal 2025?
Cash from operations of $2.0M minus capital expenditures of $19.5K left free cash flow of -$2.1M.
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.