SHENGFENG DEVELOPMENT Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SHENGFENG DEVELOPMENT 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	287	347	370	404	504	572
Cost of revenue	251	305	329	358	458	519
Gross profit	36	41.3	41.5	46.5	46.3	53.1
Selling and marketing	6.14	7.72	7.43	6.69	5.96	6
General and administrative	23.6	25	24.3	25.9	25.7	30.2
Operating expenses	29.8	32.8	31.7	32.6	31.6	36.2
Operating income	6.2	8.59	9.85	13.9	14.7	16.9
Interest expense	1.99	2.32	2.23	1.78	1.97	2.74
Interest income	1.33	1.33	1.27	0.13	0.16	0.26
Other non-operating income		0.56	0.53	1.28	2.17	2.62
Pre-tax income	7.61	8.16	9.43	12.6	12.5	14.3
Income tax	1.57	1.52	1.6	2.32	1.67	2.05
Net income to minority interests	-0.05	-0.25	0.04	0.01	-0.05	0.28
Net income	6.09	6.9	7.79	10.3	10.9	11.9
EBITDA	10.9	14.5	16.8	20.4	21	23.3
EPS, basic	0.08	0.09	0.10	0.13
EPS, diluted	0.08	0.09	0.10	0.13
Shares, basic (weighted)	80	80	80	81.8
Shares, diluted (weighted)	80	80	80	81.8

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.8	18.9	21.3	26.7	34.7	35.3
Short-term investments				36.1	39.4	44.7
Receivables		80.6	89.1	97.7	127	136
Inventory	7.61	8.16	9.43
Other current assets		17.9	18.3	14.5	29.7	22.2
Total current assets		122	136	149	205	217
Property, plant and equipment		47.3	40.3	41.1	60	70.1
Lease right-of-use assets		29.9	27.9	18	9.92	5.72
Intangible assets		7.53	6.71	12.2	11.4	11.2
Long-term investments		2.14	2.04	1.91	1.9	8.87
Other non-current assets		14.7	14.6	28.9	9.69	24
Total assets		244	245	266	310	347
Accounts payable		54.1	57	60.6	88.7	89.6
Deferred revenue		1.01	1.14		1.63	1.38
Short-term debt		46	47.7	36.1	39.4	2.77
Total current liabilities		125	131	136	163	171
Long-term debt					16.4	33.8
Lease liabilities		21.5	17.5	10.9	4.72	2.16
Other non-current liabilities		1.47	1.87	2	2.84	1.26
Total liabilities		148	150	154	187	208
Total debt		46	47.7	36.1	55.8	81.3
Paid-in capital		75.6	75.6	83.8	83.8	83.8
Retained earnings		10	17.3	26.7	36.5	47
Other comprehensive income		2.55	-5.61	-7.37	-9.05	-6.2
Shareholders' equity		91.6	91.2	108	117	132
Minority interests		4.31	3.86	4.37	6.3	6.95
Total equity	84.4	95.9	95.1	112	123	139
Total liabilities and equity		244	245	266	310	347

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	6.04	6.64	7.83	10.3	10.8	12.2
Depreciation and amortization	4.73	5.93	6.96	6.45	6.36	6.43
Deferred income tax	1.3	1.48	1.24	1.52	0.59	0.34
Change in receivables	-18.7	-3.15	-17	-10.7	-31.2	-5.78
Change in inventory	-0.81	0.78
Cash from operations	2.33	20.4	4.81	14.1	15	16.1
Capital expenditures	-7.92	-22.6	-6.91	-10.8	-29.5	-19
Purchases of investments					-9.06
Cash from investing	-7.82	-27.7	-6.72	-18.8	-32.6	-37.4
Debt issued			2.12	8.52	16.5	19.5
Debt repaid					-2.8
Cash from financing	13.1	-2.13	8.17	11.2	29.1	18.8
Exchange rate effect	1.71	0.54	-1.81	-0.56	-0.53	0.87
Net change in cash	9.37	-8.87	4.45	5.93	10.9	-1.65
Free cash flow	-5.59	-2.19	-2.1	3.36	-14.5	-2.88
Interest paid	1.99	2.16	2.23	1.78	1.92	2.35
Income taxes paid	0.27	0.25	0.19	0.63	0.59	1.46

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $9.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.3%	Gross profit / revenue.
Operating margin	2.9%	Operating income / revenue.
EBITDA margin	4.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.5%	Pre-tax income / revenue.
Net margin	2.1%	Net income / revenue.
FCF margin	-0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	14.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.1%	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	3.3%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.5%	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	8.1%	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	15.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.7%	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	22.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.3%	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	14.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	49.6%	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	47.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.1%	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	11.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	1.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.4%	Total debt / total assets.
Liabilities / assets	60.0%	Total liabilities / total assets.
Net debt	$1.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.17x	Operating income / interest expense.
Working capital	$46.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$120.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.74x	Revenue / average total assets.
Fixed asset turnover	8.80x	Revenue / average property, plant and equipment.
Receivables turnover	4.34x	Revenue / average receivables.
Days sales outstanding	84 days	365 x average receivables / revenue.
Days payables	63 days	365 x average accounts payable / cost of revenue.
FCF conversion	-24.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	117.9%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$773.0M	Share price x shares outstanding.
Enterprise value	$774.3M	Market cap + total debt - cash - short-term investments.
P/E	64.8x	Market cap / net income. Only when net income is positive.
P/S	1.35x	Market cap / revenue.
P/B	5.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.40x	Market cap / tangible book value, when positive.
P/OCF	48.0x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	45.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	33.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.4%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).

What was SHENGFENG DEVELOPMENT Ltd's revenue in fiscal 2025?

SHENGFENG DEVELOPMENT Ltd reported revenue of $572.5M for fiscal 2025, 13.6% higher than the year before.

Was SHENGFENG DEVELOPMENT Ltd profitable in fiscal 2025?

Yes. Net income was $11.9M, a net margin of 2.1%.

How much free cash flow did SHENGFENG DEVELOPMENT Ltd generate in fiscal 2025?

Cash from operations of $16.1M minus capital expenditures of $19.0M left free cash flow of -$2.9M.

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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