Meihua International Medical Technologies Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Meihua International Medical Technologies 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	79.6	89.1	104	103	97.1	96.9	61.8
Cost of revenue	47.4	51.9	64.2	65.2	63.9	63.6	42.6
Gross profit	32.2	37.2	39.8	38.1	33.2	33.3	19.2
Research and development	3.21	2.49	2.73	2.96	2.75	3.46	2.38
General and administrative	4.2	4.58	4.36	12.5	6.54	7.78	3.21
Operating expenses	12.8	13.7	13.5	27.3	18.5	19	10.9
Operating income	19.4	23.5	26.3	10.8	14.7	14.3	8.28
Interest expense	0.1	0.14	0.18	0.19	0.25	1.51	0.24
Interest income			0.02	0.06	0.87	1.01	1.26
Other non-operating income	0.14	-0.27	-0.03	0.09	0.37	-0.69	1.12
Pre-tax income	19.2	23.7	26.2	10.9	15	13.6	9.41
Income tax	3.82	4.69	5.28	4.71	3.46	2.79	2.62
Net income to minority interests				-0.07	-0.03	-0.01
Net income	15.4	19	20.9	6.24	11.6	10.8	6.78
EBITDA	19.9	24	26.9	11.3	15.1	14.9	8.82
EPS, basic	82.25	94.15	104.06	26.76	48.56	39.62	18.04
EPS, diluted	82.25	94.15	104.06	26.76	48.56	39.62	18.04
Shares, basic (weighted)	0.19	0.2	0.2	0.24	0.24	0.27	0.38
Shares, diluted (weighted)	0.19	0.2	0.2	0.24	0.24	0.27	0.38

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16	7.19	8.15	26.7	16.9	17.3	15.2
Receivables		45.7	67.1	68.9	78.6	78.7	84.3
Inventory		1.33	1.25	1.12	1.62	1.41	1.7
Other current assets		0.5	1.39	16.4	14.2	9.74	17.4
Total current assets		67.6	97.3	135	132	143	154
Property, plant and equipment		7.1	7.48	8.76	8.83	7.89	7.7
Lease right-of-use assets					0.01
Goodwill						7.9
Intangible assets		0.58	0.56	0.5	3.92	0.44	0.45
Long-term investments		0.92	0.94	6.67	6.13	22.4	23.5
Other non-current assets				12.3	11.3	11.1	22
Total assets		106	137	164	172	186	207
Accounts payable		15.6	21	16.1	15.8	15.5	8.42
Accrued liabilities						1.27	0.67
Short-term debt		3.22	5.18	6.09	7.32	7.95	8.99
Total current liabilities		21.3	29.1	24.2	25.1	27.3	18.3
Long-term debt				0.72
Lease liabilities					0
Total liabilities		21.3	29.1	24.9	25.1	27.3	18.3
Total debt				0.72
Paid-in capital		9.72	9.72	43	43	49.2	59.6
Retained earnings		56.6	77.6	83.3	94.6	105	112
Treasury stock						-0.2	-0.2
Other comprehensive income		3.21	5.29	-3.85	-7.27	-11.5	-4.87
Shareholders' equity	59.7	84.7	108	138	146	159	189
Minority interests				0.56	0.51
Total equity	59.7	84.7	108	139	147	159	189
Total liabilities and equity		106	137	164	172	186	207
Shares outstanding		0.2	0.2	0.2	23.9	31.9

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	15.4	19	20.9	6.18	11.6	10.8	6.78
Depreciation and amortization	0.48	0.5	0.6	0.54	0.41	0.54	0.53
Deferred income tax	3.82	4.69	5.28	4.71	-0.37	-0.64	1.01
Change in receivables	-4.71	-13.6	-20.1	-7.12	-13.6	-4.25	-3.26
Change in inventory	0.8	-0.22	0.11	0.04	-0.53	0.17	-0.23
Change in payables	-4.23	5.34	4.91	-3.37	0.19	0.93	-7.48
Cash from operations	9.31	5.33	-0.05	-9.16	2.28	14.6	0.57
Capital expenditures	-0.27	-3.81	-0.85	-2.7	-1.18	-0.13	-0.02
Sales and maturities of investments					0.71	1.39
Cash from investing	-8.9	-16.1	-0.83	-8.62	-12.5	-20.4	-20.1
Debt issued				0.74
Stock issued	0.34
Share buybacks						-0.2
Cash from financing	0.92	1.71	1.86	37.2	0.71	6.21	17.2
Exchange rate effect	-0.1	0.22	-0.01	-0.87	-0.33	-0.07	0.23
Net change in cash	1.23	-8.84	0.96	18.6	-9.81	0.36	-2.14
Free cash flow	9.04	1.52	-0.9	-11.9	1.09	14.5	0.55
Interest paid	0.1	0.14	0.18	0.19	0.25	0.25	0.24
Income taxes paid	3.9	1.25	1.52	0.69	3.58	3.66	2.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.62 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.0%	Gross profit / revenue.
Operating margin	13.4%	Operating income / revenue.
EBITDA margin	14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.2%	Pre-tax income / revenue.
Net margin	11.0%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.9%	Cash from operations / revenue.
Effective tax rate	27.9%	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)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	3.8%	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	3.9%	Research and development expense / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-36.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-42.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-20.5%	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	-12.4%	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	-42.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.5%	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	-18.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-40.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-18.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-37.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.8%	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	-18.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-54.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-28.1%	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	-96.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-36.0%	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	-96.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-18.2%	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	18.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.0%	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	17.4%	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	11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	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	14.3%	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	37.4%	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	16.8%	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	13.3%	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	8.42x	Current assets / current liabilities.
Quick ratio	5.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.83x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	8.8%	Total liabilities / total assets.
Interest coverage	34.3x	Operating income / interest expense.
Working capital	$135.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$188.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	7.93x	Revenue / average property, plant and equipment.
Inventory turnover	27.4x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Receivables turnover	0.76x	Revenue / average receivables.
Days sales outstanding	481 days	365 x average receivables / revenue.
Days payables	102 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	392 days	Days inventory + days sales outstanding - days payables.
FCF conversion	8.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.04	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	$18.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$164.33	Revenue / diluted weighted shares.
FCF per share	$1.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.52	Cash from operations / diluted weighted shares.
Book value per share	$502.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$501.24	Tangible book value / shares outstanding.
Cash per share	$40.30	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.6M	Share price x shares outstanding.
Enterprise value	-$10.5M	Market cap + total debt - cash - short-term investments.
P/E	0.68x	Market cap / net income. Only when net income is positive.
P/S	0.07x	Market cap / revenue.
P/B	0.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.02x	Market cap / tangible book value, when positive.
P/FCF	8.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.11x	Market cap / cash from operations, when positive.
FCF yield	12.0%	Free cash flow / market cap.
Earnings yield	146.8%	Net income / market cap (the inverse of P/E).

What was Meihua International Medical Technologies Co., Ltd.'s revenue in fiscal 2025?

Meihua International Medical Technologies Co., Ltd. reported revenue of $61.8M for fiscal 2025, 36.2% lower than the year before.

Was Meihua International Medical Technologies Co., Ltd. profitable in fiscal 2025?

Yes. Net income was $6.8M, a net margin of 11%.

How much free cash flow did Meihua International Medical Technologies Co., Ltd. generate in fiscal 2025?

Cash from operations of $569.9K minus capital expenditures of $15.6K left free cash flow of $554.3K.

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.

Open interactive statements, quarterly figures and charts

Back to Meihua International Medical Technologies Co., Ltd.