Multi Ways Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Multi Ways 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	29.9	33.4	38.4	36	31.1	44.8
Cost of revenue	23	24	28.6	27.4	21.4	33.7
Gross profit	6.84	9.36	9.74	8.65	9.71	11.1
Selling and marketing	1.15	1.11	1.5	0.95	1.72	2.2
General and administrative	6.29	6.61	6.75	10.8	8.74	8.11
Operating income	-0.61	1.63	1.5	-3.08	-1.94	0.77
Interest expense	0.86	0.72	0.75	1.11	1.51	1.69
Interest income	0.01	0.02		0.06	0.22	0.11
Other non-operating income	1.93	0.4	0.06	4.76	-1.23	-1.21
Pre-tax income	1.32	2.03	1.56	1.69	-3.16	-0.43
Income tax	0	0.23	0.53	-0.05	-0.31
Net income to minority interests			0.05	-0.05
Net income	1.32	1.8	0.98	1.79	-2.85	-0.43
EBITDA	0.53	2.46	2.3	-2.17	-1.54	1.19
EPS, basic	0.49	0.69	0.39	0.59	-0.90	-0.11
EPS, diluted	0.49	0.69	0.39	0.59	-0.90	-0.11
Shares, basic (weighted)	2.52	2.52	2.52	2.93	3.18	3.84
Shares, diluted (weighted)	2.52	2.52	2.52	2.93	3.18	3.84

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		1.53	1	7.07	3.26	1.89
Receivables		5.69	8.02	5.34	6.18	7.01
Inventory		32.9	31.4	36.7	45.1	42.4
Other current assets		5.01	3.23	1.97	8.22	3.31
Total current assets		45.1	44.1	52.4	65	57
Property, plant and equipment		7.72	7.22	1.82	1.59	1.42
Lease right-of-use assets		1.77	1.49	1.59	0.77	1.29
Total assets		54.6	52.8	58	69.6	61.9
Accounts payable		4.41	4.78	3.44	5.56	3.77
Accrued liabilities				0.81	1.08	1.82
Deferred revenue	4.7	10.4	5.9	3.2	5.57	2.16
Total current liabilities		40.7	41.2	31.5	44.8	36.3
Lease liabilities		1.36	1.12	0.8	0.23	0.4
Total liabilities		49.3	46.5	36.2	49.5	39.3
Paid-in capital		5.44	5.44	18.9	20.1	22.8
Retained earnings		0.26	1.24	3.02	0.17	-0.26
Other comprehensive income		-0.35	-0.42	-0.15	-0.23	0.1
Minority interests			0.05
Total equity	15.7	5.36	6.31	21.8	20.1	22.7
Total liabilities and equity		54.6	52.8	58	69.6	61.9
Shares outstanding	2.52	2.52	2.52	30.8	33.3

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	1.32	1.8	1.03	1.74	-2.85	-0.43
Depreciation and amortization	1.14	0.82	0.8	0.91	0.4	0.42
Stock-based compensation			55.5	55.5	1.2
Change in receivables	4.76	0.71	-2.64	1.76	-1.28	-0.8
Change in inventory	-5.73	-2.76	0.94	3.63	-9.33	3.6
Change in payables	-1.48	-1.33	1.96	-2.12	2.04	-1.35
Cash from operations	1.66	5.63	0.91	0.06	-12.9	6.35
Capital expenditures	-0.64		-0.82	-1.96	-0.6	-0.2
Cash from investing	-0.57	0.34	-1.14	6.81	0.03	-0.24
Debt repaid			-0.11	-7.37	-31.8	-34.6
Stock issued				13.5		2.67
Dividends paid			-0.08	-10.5
Cash from financing	-0.9	-4.76	-0.3	-0.88	9.22	-7.31
Net change in cash	0.19	1.21	-0.53	6.07	-3.82	-1.37
Free cash flow	1.02		0.09	-1.9	-13.5	6.15
Interest paid	0.86	0.72	0.75	1.05	0.8	0.98
Income taxes paid	0.13	0.16	-0.04	-0.68	-0.02	-0.18

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.8%	Gross profit / revenue.
Operating margin	1.7%	Operating income / revenue.
EBITDA margin	2.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.0%	Pre-tax income / revenue.
Net margin	-1.0%	Net income / revenue.
FCF margin	13.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.2%	Cash from operations / revenue.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	44.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.4%	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	10.1%	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	-19.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-19.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	91.1%	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	30.8%	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, 3y	304.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	43.3%	Compound annual growth of free cash flow 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	5.5%	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	20.8%	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	15.0%	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	8.8%	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	1.57x	Current assets / current liabilities.
Quick ratio	0.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	63.4%	Total liabilities / total assets.
Interest coverage	0.46x	Operating income / interest expense.
Working capital	$20.7M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	29.7x	Revenue / average property, plant and equipment.
Inventory turnover	0.77x	Cost of revenue / average inventory.
Days inventory	474 days	365 x average inventory / cost of revenue.
Receivables turnover	6.79x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	477 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	3.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.11	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	-$0.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$11.66	Revenue / diluted weighted shares.
FCF per share	$1.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.66	Cash from operations / diluted weighted shares.
Cash per share	$0.49	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.5M	Share price x shares outstanding.
Enterprise value	$4.6M	Market cap + total debt - cash - short-term investments.
P/S	0.14x	Market cap / revenue.
P/FCF	1.05x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.02x	Market cap / cash from operations, when positive.
EV/Sales	0.10x	Enterprise value / revenue.
EV/EBIT	5.94x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.85x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.75x	Enterprise value / free cash flow, when both are positive.
FCF yield	94.9%	Free cash flow / market cap.
Earnings yield	-6.7%	Net income / market cap (the inverse of P/E).

What was Multi Ways Holdings Ltd's revenue in fiscal 2025?

Multi Ways Holdings Ltd reported revenue of $44.8M for fiscal 2025, 44.1% higher than the year before.

Was Multi Ways Holdings Ltd profitable in fiscal 2025?

No. It reported a net loss of $433.0K.

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

Cash from operations of $6.4M minus capital expenditures of $202.0K left free cash flow of $6.2M.

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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