NASDAQ : PMAX
Powell Max Limited — Financial statements
Industrials · Specialty Business Services · Hong Kong
Last price 0.4555 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 893.68K
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Financial statements
Powell Max Limited (PMAX) reported revenue of 47.65M HKD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 47.65M | 47.65M | 36.46M | 49.12M | 37.77M |
| Cost of Revenue | 24.06M | 24.06M | 22.08M | 25.24M | 22.22M |
| Gross Profit | 23.59M | 23.59M | 14.38M | 23.88M | 15.56M |
| Selling, General & Admin | 36.46M | 36.46M | 31.86M | 15.32M | 15.63M |
| Other Operating Expenses | -2.66M | -2.66M | -1.67M | -5.88K | -926.24K |
| Operating Expenses | 35.43M | 35.43M | 30.73M | 16.30M | 15.89M |
| Operating Income | -11.84M | -11.84M | -16.35M | 7.58M | -333.71K |
| Interest Expense | -692.89K | -692.89K | -2.02M | -550.71K | -690.48K |
| Interest & Investment Income | 96.18K | 96.18K | 286.32K | 48.23K | 1.49K |
| Currency Exchange Gain (Loss) | 2.39K | ||||
| EBT Excluding Unusual Items | -12.44M | -12.44M | -18.07M | 7.08M | -1.02M |
| Impairment of Goodwill | -11.77M | -11.77M | |||
| Other Unusual Items | 717.61K | 717.61K | 921.70K | ||
| Pretax Income | -23.50M | -23.50M | -18.07M | 7.08M | -98.60K |
| Net Income | -23.50M | -23.50M | -18.07M | 7.08M | -98.60K |
| Net Income to Common | -23.50M | -23.50M | -18.07M | 7.08M | -98.60K |
| Shares Outstanding (Basic) | 248.57K | 248.57K | 164.73K | 156.25K | 156.25K |
| Shares Outstanding (Diluted) | 248.57K | 248.57K | 164.73K | 156.25K | 156.25K |
| EPS (Basic) | -94.52 | -94.52 | -109.72 | 45.31 | -0.63 |
| EPS (Diluted) | -94.52 | -94.52 | -109.72 | 45.31 | -0.63 |
| Free Cash Flow | -8.77M | -8.77M | -12.90M | 6.83M | 5.01M |
| Free Cash Flow Per Share | -35.28 | -35.28 | -78.32 | 43.68 | 32.04 |
| Gross Margin | 49.51% | 49.51% | 39.44% | 48.62% | 41.18% |
| Operating Margin | -24.86% | -24.86% | -44.83% | 15.43% | -0.88% |
| Profit Margin | -49.31% | -49.31% | -49.57% | 14.41% | -0.26% |
| Free Cash Flow Margin | -18.41% | -18.41% | -35.38% | 13.89% | 13.25% |
| EBITDA | -8.27M | -8.27M | -11.90M | 12.60M | 4.71M |
| EBITDA Margin | -17.35% | -17.35% | -32.64% | 25.65% | 12.48% |
| D&A For EBITDA | 3.58M | 3.58M | 4.44M | 5.02M | 5.05M |
| EBIT | -11.84M | -11.84M | -16.35M | 7.58M | -333.71K |
| EBIT Margin | -24.86% | -24.86% | -44.83% | 15.43% | -0.88% |
Balance sheet
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 6.86M | 6.86M | 42.22M | 3.66M | 1.40M |
| Short-Term Investments | 914.37K | 914.37K | 1.10M | 1.14M | 1.12M |
| Cash & Short-Term Investments | 7.77M | 7.77M | 43.32M | 4.80M | 2.51M |
| Accounts Receivable | 10.58M | 10.58M | 7.81M | 10.86M | 6.22M |
| Other Receivables | 15.88K | 15.88K | 195.32K | 128.89K | 294.99K |
| Receivables | 10.60M | 10.60M | 8.01M | 10.99M | 6.52M |
| Prepaid Expenses | 831.73K | 831.73K | 567.64K | 414.45K | 253.43K |
| Other Current Assets | 8.70M | 8.70M | 6.42M | 962.82K | |
| Total Current Assets | 27.91M | 27.91M | 58.32M | 17.17M | 9.28M |
| Property, Plant & Equipment | 6.10M | 6.10M | 4.25M | 5.82M | 10.55M |
| Goodwill | 8.36M | 8.36M | |||
| Total Assets | 42.37M | 42.37M | 62.57M | 22.99M | 19.83M |
| Accounts Payable | 7.72M | 7.72M | 7.23M | 7.22M | 6.16M |
| Accrued Expenses | 2.85M | 2.85M | 2.60M | 1.44M | 1.58M |
| Short-Term Debt | 17.71M | 4.77M | 5.47M | ||
| Current Portion of Leases | 3.00M | 3.00M | 1.38M | 3.36M | 3.34M |
| Current Unearned Revenue | 1.91M | 1.91M | 1.31M | 1.52M | 3.31M |
| Other Current Liabilities | 4.53K | 4.53K | 9.92M | 18.71M | 17.68M |
| Total Current Liabilities | 15.47M | 15.47M | 40.14M | 37.03M | 37.54M |
| Long-Term Leases | 1.84M | 1.84M | 1.01M | 1.12M | 4.48M |
| Other Long-Term Liabilities | 150.00K | 150.00K | 150.00K | 150.00K | 150.00K |
| Total Liabilities | 17.46M | 17.46M | 41.30M | 38.30M | 42.18M |
| Common Stock | 16.50K | 16.50K | 11.46K | 9.75K | 390.00K |
| Retained Earnings | -57.25M | -57.25M | -33.75M | -15.68M | -22.76M |
| Comprehensive Income & Other | 82.15M | 82.15M | 55.01M | 358.01K | 25.14K |
| Shareholders' Equity | 24.91M | 24.91M | 21.27M | -15.31M | -22.34M |
| Total Liabilities & Equity | 42.37M | 42.37M | 62.57M | 22.99M | 19.83M |
| Total Debt | 4.83M | 4.83M | 20.10M | 9.25M | 13.29M |
| Net Cash (Debt) | 2.94M | 2.94M | 23.22M | -4.45M | -10.78M |
| Net Cash Per Share | 11.83 | 11.83 | 140.97 | -28.47 | -69.00 |
| Filing Date Shares Outstanding | 1.72M | 1.72M | 244.44K | 156.25K | 156.25K |
| Total Common Shares Outstanding | 264.99K | 264.99K | 183.60K | 156.25K | 156.25K |
| Working Capital | 12.44M | 12.44M | 18.18M | -19.86M | -28.26M |
| Book Value Per Share | 94.01 | 94.01 | 115.83 | -98.00 | -143.01 |
| Tangible Book Value | 16.55M | 16.55M | 21.27M | -15.31M | -22.34M |
| Tangible Book Value Per Share | 62.47 | 62.47 | 115.83 | -98.00 | -143.01 |
| Buildings | 5.56M | 5.56M | 9.55M | 9.55M | 9.55M |
| Machinery | 6.76M | 6.76M | 8.02M | 5.14M | 4.89M |
| Leasehold Improvements | 4.29M | 4.29M | 4.29M | 4.29M | 4.25M |
Cash flow statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -23.50M | -23.50M | -18.07M | 7.08M | -98.60K |
| Depreciation & Amortization | 3.58M | 3.58M | 4.44M | 5.02M | 5.05M |
| Asset Writedown & Restructuring Costs | 11.77M | 11.77M | |||
| Provision & Write-off of Bad Debts | 1.63M | 1.63M | 529.02K | 992.04K | 1.19M |
| Other Operating Activities | -2.49M | -2.49M | 1.69M | 502.48K | -232.71K |
| Change in Accounts Receivable | 2.40M | 2.40M | -4.08M | -5.65M | -478.19K |
| Change in Accounts Payable | -2.65M | -2.65M | 4.29M | 957.12K | 267.67K |
| Change in Unearned Revenue | 498.97K | 498.97K | -214.33K | -1.78M | -220.38K |
| Operating Cash Flow | -8.75M | -8.75M | -11.41M | 7.11M | 5.47M |
| Capital Expenditures | -21.00K | -21.00K | -1.49M | -287.31K | -466.83K |
| Cash Acquisitions | -28.08M | -28.08M | |||
| Other Investing Activities | 96.18K | 96.18K | 286.32K | 48.23K | 1.49K |
| Investing Cash Flow | -28.00M | -28.00M | -1.20M | -239.07K | -465.35K |
| Short-Term Debt Issued | 20.59M | ||||
| Total Debt Issued | 20.59M | ||||
| Short-Term Debt Repaid | -3.85M | -3.85M | -921.97K | -722.81K | -49.00K |
| Long-Term Debt Repaid | -3.23M | -3.23M | -3.69M | -3.71M | -4.01M |
| Lease Payments | -3.23M | -3.23M | -3.69M | -3.71M | -4.01M |
| Total Debt Repaid | -7.08M | -7.08M | -4.62M | -4.43M | -4.06M |
| Net Debt Issued (Repaid) | -7.08M | -7.08M | 15.98M | -4.43M | -4.06M |
| Issuance of Common Stock | 8.57M | 8.57M | 35.36M | ||
| Other Financing Activities | -101.11K | -101.11K | -154.98K | -179.87K | -154.31K |
| Financing Cash Flow | 1.39M | 1.39M | 51.18M | -4.61M | -4.21M |
| Net Cash Flow | -35.36M | -35.36M | 38.56M | 2.26M | 794.51K |
| Free Cash Flow | -8.77M | -8.77M | -12.90M | 6.83M | 5.01M |
| Free Cash Flow Margin | -18.41% | -18.41% | -35.38% | 13.89% | 13.25% |
| Free Cash Flow Per Share | -35.28 | -35.28 | -78.32 | 43.68 | 32.04 |
| Levered Free Cash Flow | -18.00M | -18.00M | -19.00M | 3.69M | |
| Unlevered Free Cash Flow | -17.57M | -17.57M | -17.74M | 4.04M | |
| Free Cash Flow After Leases | -12.00M | -12.00M | -16.60M | 3.12M | 996.33K |
| Cash Interest Paid | 101.11K | 101.11K | 154.98K | 179.87K | 154.31K |
| Change in Working Capital | 253.52K | 253.52K | 1.31K | -6.48M | -430.91K |
Ratios
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 1.10M | 4.42M | 30.86M | ||
| Enterprise Value | 725.48K | 4.40M | 31.36M | ||
| Last Close Price | 0.46 | 18.10 | 168.80 | ||
| PS Ratio | 0.18 | 0.72 | 6.57 | ||
| PB Ratio | 0.04 | 1.38 | 11.27 | ||
| P/TBV Ratio | 0.51 | 2.08 | 11.27 | ||
| EV/Sales Ratio | 0.11 | 0.72 | 6.68 | ||
| Debt / Equity Ratio | 0.19 | 0.19 | 0.94 | -0.60 | -0.59 |
| Debt / EBITDA Ratio | 0.73 | 2.82 | |||
| Debt / FCF Ratio | 1.35 | 2.65 | |||
| Net Debt / Equity Ratio | -0.12 | -0.12 | -1.09 | -0.29 | -0.48 |
| Net Debt / EBITDA Ratio | 0.36 | 0.36 | 1.95 | 0.35 | 2.29 |
| Net Debt / FCF Ratio | 0.34 | 0.34 | 1.80 | 0.65 | 2.15 |
| Asset Turnover | 0.91 | 0.91 | 0.85 | 2.29 | |
| Quick Ratio | 1.19 | 1.19 | 1.28 | 0.43 | 0.24 |
| Current Ratio | 1.80 | 1.80 | 1.45 | 0.46 | 0.25 |
| Return on Equity (ROE) | -101.76% | -101.76% | -607.06% | ||
| Return on Assets (ROA) | -14.11% | -14.11% | -23.88% | 22.13% | |
| Return on Capital Employed (ROCE) | -44.00% | -44.00% | -72.90% | -54.00% | 1.90% |
| Earnings Yield | -2,159.73% | -68.23% | -7.54% | ||
| FCF Yield | -103.53% | -25.47% | -5.38% | ||
| Buyback Yield / Dilution | -50.90% | -50.90% | -5.43% |