WF Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data WF Holding 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	4.97	5.73	4.57	7.4
Cost of revenue	2.83	3.75	2.73	5.04
Gross profit	2.14	1.98	1.85	2.36
General and administrative	0.89	1.32	1.73	3.88
Operating income	1.25	0.66	0.12	-1.52
Interest expense	0.02	0.02	0.02	0.02
Other non-operating income	0.03	0.04	0	-3.15
Pre-tax income	1.29	0.7	0.12	-4.66
Income tax	0.31	0.2	0.01	0.09
Net income to minority interests				0.02
Net income	0.98	0.49	0.11	-4.77
EBITDA	1.35	0.77	0.26	-1.36
EPS, basic	0.21	0.11	0.02	-0.97
EPS, diluted	0.21	0.11	0.02	-0.97
Shares, basic (weighted)	4.29	4.59	4.59	4.93
Shares, diluted (weighted)	4.29	4.59	4.59	4.93

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	0.69	0.78	1.06	2.3
Receivables		2.16	1.76	1.55
Inventory		0.44	0.85	0.56
Other current assets		0	0.01	0.48
Total current assets		3.93	4.82	5.14
Property, plant and equipment		1.06	0.99	1.24
Lease right-of-use assets		0.07	0.04	0.07
Total assets		5.38	6.22	11.4
Accounts payable		0.83	0.43	0.89
Deferred revenue		0.83	1.52	0.45
Short-term debt		0.06	0.06	0.03
Total current liabilities		2.39	3.18	2.05
Long-term debt		0.22	0.17	0.16
Lease liabilities		0.03	0.01	0.04
Other non-current liabilities				4.28
Total liabilities		2.82	3.47	6.64
Total debt		0.28	0.23	0.19
Paid-in capital		0.08	0.08	6.55
Retained earnings		2.63	2.74	-2.03
Shareholders' equity	2.16	2.56	2.74	4.75
Minority interests				-0
Total equity	2.16	2.56	2.74	4.75
Total liabilities and equity		5.38	6.22	11.4
Shares outstanding		23	4.59	5.04

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	0.98	0.49	0.11	-4.75
Depreciation and amortization	0.1	0.12	0.15	0.16
Deferred income tax	-0	-0.02	-0.06	0
Change in receivables	-0.28	-0.74	0.17	0.07
Change in inventory	-0.52	0.53	-0.4	0.21
Change in payables	-0.14	-0.01	-0.27	0.44
Cash from operations	-0.17	0.66	0.75	-2.44
Capital expenditures	-0.13	-0.07	-0.05	-0.28
Cash from investing	-0.12	-0.07	-0.05	-3.77
Cash from financing	-0.11	-0.44	-0.47	7.03
Exchange rate effect	-0.07	-0.06	0.05	0.29
Net change in cash	-0.45	0.08	0.29	1.11
Free cash flow	-0.29	0.58	0.7	-2.72
Interest paid	0.02	0.02	0.02	0.02
Income taxes paid	0.12	0.41	0.15	0.11

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.9%	Gross profit / revenue.
Operating margin	-20.5%	Operating income / revenue.
EBITDA margin	-18.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-63.0%	Pre-tax income / revenue.
Net margin	-64.4%	Net income / revenue.
FCF margin	-36.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-32.9%	Cash from operations / revenue.
Return on equity (ROE)	-127.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-54.2%	Net income / average total assets.
Return on invested capital (ROIC)	-52.6%	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	3.8%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	61.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	28.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.3%	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	-1,410.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-618.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-4,374.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-4,133.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-423.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-487.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	73.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.0%	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	83.2%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	7.3%	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	4.7%	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	2.51x	Current assets / current liabilities.
Quick ratio	1.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.7%	Total debt / total assets.
Liabilities / assets	58.3%	Total liabilities / total assets.
Net debt	-$2.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-90.8x	Operating income / interest expense.
Working capital	$3.1M	Current assets - current liabilities.
Tangible book value	$4.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	6.62x	Revenue / average property, plant and equipment.
Inventory turnover	7.18x	Cost of revenue / average inventory.
Days inventory	51 days	365 x average inventory / cost of revenue.
Receivables turnover	4.47x	Revenue / average receivables.
Days sales outstanding	82 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	84 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.97	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	-$0.97	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.50	Revenue / diluted weighted shares.
FCF per share	-$0.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.49	Cash from operations / diluted weighted shares.
Book value per share	$0.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.94	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$100.6M	Share price x shares outstanding.
Enterprise value	$98.5M	Market cap + total debt - cash - short-term investments.
P/S	13.6x	Market cap / revenue.
P/B	21.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	21.2x	Market cap / tangible book value, when positive.
EV/Sales	13.3x	Enterprise value / revenue.
FCF yield	-2.7%	Free cash flow / market cap.
Earnings yield	-4.7%	Net income / market cap (the inverse of P/E).

What was WF Holding Ltd's revenue in fiscal 2025?

WF Holding Ltd reported revenue of $7.4M for fiscal 2025, 61.9% higher than the year before.

Was WF Holding Ltd profitable in fiscal 2025?

No. It reported a net loss of $4.8M.

How much free cash flow did WF Holding Ltd generate in fiscal 2025?

Cash from operations of $2.4M minus capital expenditures of $281.7K left free cash flow of -$2.7M.

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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