NASDAQ : SFWL
Shengfeng Development Limited — Financial statements
Industrials · Integrated Freight & Logistics · China
Last price 4.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 21.72M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Shengfeng Development Limited (SFWL) reported revenue of 620.83M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 617.00M | 569.02M | 501.19M | 401.37M | 366.36M | 344.73M |
| Other Revenue | 3.83M | 3.46M | 2.97M | 2.75M | 3.96M | 1.97M |
| Revenue | 620.83M | 572.48M | 504.16M | 404.12M | 370.32M | 346.70M |
| Cost of Revenue | 565.02M | 519.39M | 457.87M | 357.62M | 328.79M | 305.35M |
| Gross Profit | 55.81M | 53.09M | 46.28M | 46.51M | 41.53M | 41.34M |
| Selling, General & Admin | 37.69M | 36.21M | 31.62M | 32.60M | 31.69M | 32.76M |
| Operating Expenses | 37.69M | 36.21M | 31.62M | 32.60M | 31.69M | 32.76M |
| Operating Income | 18.12M | 16.88M | 14.67M | 13.91M | 9.85M | 8.59M |
| Interest Expense | -2.74M | -2.74M | -1.97M | -1.77M | -2.23M | -2.31M |
| Interest & Investment Income | 474.00K | 255.00K | 159.00K | 126.00K | 1.27M | 1.33M |
| Other Non Operating Income (Expenses) | -490.00K | -200.00K | -45.00K | 88.00K | 621.00K | 559.00K |
| EBT Excluding Unusual Items | 15.37M | 14.20M | 12.81M | 12.35M | 9.51M | 8.16M |
| Gain (Loss) on Sale of Assets | 57.00K | 57.00K | -315.00K | 283.00K | -89.00K | |
| Pretax Income | 15.43M | 14.26M | 12.49M | 12.63M | 9.43M | 8.16M |
| Income Tax Expense | 2.64M | 2.05M | 1.67M | 2.32M | 1.60M | 1.52M |
| Earnings From Continuing Operations | 12.79M | 12.21M | 10.83M | 10.31M | 7.83M | 6.64M |
| Minority Interest in Earnings | -311.00K | -283.00K | 51.00K | -14.00K | -39.00K | 254.00K |
| Net Income | 12.47M | 11.93M | 10.88M | 10.29M | 7.79M | 6.90M |
| Net Income to Common | 12.47M | 11.93M | 10.88M | 10.29M | 7.79M | 6.90M |
| Shares Outstanding (Basic) | 5.50M | 5.50M | 5.50M | 5.45M | 5.33M | 5.33M |
| Shares Outstanding (Diluted) | 5.50M | 5.50M | 5.50M | 5.45M | 5.33M | 5.33M |
| EPS (Basic) | 2.27 | 2.17 | 1.98 | 1.89 | 1.46 | 1.29 |
| EPS (Diluted) | 2.27 | 2.17 | 1.98 | 1.89 | 1.46 | 1.29 |
| Free Cash Flow | 3.99M | -2.88M | -14.46M | 3.35M | -2.10M | -2.19M |
| Free Cash Flow Per Share | 0.72 | -0.52 | -2.63 | 0.61 | -0.39 | -0.41 |
| Gross Margin | 8.99% | 9.27% | 9.18% | 11.51% | 11.21% | 11.92% |
| Operating Margin | 2.92% | 2.95% | 2.91% | 3.44% | 2.66% | 2.48% |
| Profit Margin | 2.01% | 2.08% | 2.16% | 2.55% | 2.10% | 1.99% |
| Free Cash Flow Margin | 0.64% | -0.50% | -2.87% | 0.83% | -0.57% | -0.63% |
| EBITDA | 25.03M | 23.76M | 21.67M | 20.94M | 17.33M | 15.05M |
| EBITDA Margin | 4.03% | 4.15% | 4.30% | 5.18% | 4.68% | 4.34% |
| D&A For EBITDA | 6.91M | 6.88M | 7.01M | 7.04M | 7.48M | 6.47M |
| EBIT | 18.12M | 16.88M | 14.67M | 13.91M | 9.85M | 8.59M |
| EBIT Margin | 2.92% | 2.95% | 2.91% | 3.44% | 2.66% | 2.48% |
| Effective Tax Rate | 17.12% | 14.36% | 13.33% | 18.37% | 16.97% | 18.59% |
| Revenue as Reported | 620.83M | 572.48M | 504.16M | 404.12M | 370.32M | 346.70M |
| Advertising Expenses | 100.00K | 100.00K | 100.00K | 50.00K | 80.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 16.89M | 35.29M | 34.67M | 26.73M | 21.29M | 18.64M |
| Cash & Short-Term Investments | 16.89M | 35.29M | 34.67M | 26.73M | 21.29M | 18.64M |
| Accounts Receivable | 151.60M | 143.68M | 134.64M | 105.19M | 94.00M | 84.80M |
| Other Receivables | 11.64M | 12.16M | 701.00K | 81.00K | 42.00K | 50.00K |
| Receivables | 163.23M | 155.84M | 135.34M | 105.28M | 94.04M | 84.85M |
| Restricted Cash | 2.96M | 3.28M | 5.54M | 2.57M | 2.08M | 275.00K |
| Other Current Assets | 25.75M | 22.19M | 29.68M | 14.54M | 18.29M | 17.93M |
| Total Current Assets | 208.85M | 216.59M | 205.24M | 149.10M | 135.70M | 121.70M |
| Property, Plant & Equipment | 85.10M | 75.81M | 69.89M | 59.09M | 68.14M | 77.19M |
| Long-Term Investments | 11.37M | 8.87M | 1.90M | 1.91M | 2.04M | 2.14M |
| Other Intangible Assets | 11.34M | 11.21M | 11.41M | 12.16M | 6.71M | 7.53M |
| Long-Term Deferred Tax Assets | 1.84M | 1.31M | 1.43M | 6.25M | 3.59M | 5.22M |
| Long-Term Deferred Charges | 81.00K | |||||
| Other Long-Term Assets | 33.76M | 33.16M | 20.26M | 37.32M | 29.00M | 30.43M |
| Total Assets | 352.25M | 346.97M | 310.13M | 265.84M | 245.26M | 244.21M |
| Accounts Payable | 85.06M | 98.89M | 103.64M | 69.06M | 59.09M | 54.09M |
| Accrued Expenses | 20.73M | 18.73M | 12.94M | 22.91M | 11.93M | 15.56M |
| Short-Term Debt | 43.81M | 46.35M | 41.06M | 37.75M | 49.35M | 47.53M |
| Current Portion of Long-Term Debt | 3.75M | 2.77M | ||||
| Current Portion of Leases | 3.02M | 2.67M | 4.22M | 6.32M | 9.63M | 8.13M |
| Current Income Taxes Payable | 1.29M | 1.09M | 821.00K | 343.00K | 185.00K | 18.00K |
| Other Current Liabilities | 110.00K | 110.00K | 600.00K | 24.00K | ||
| Total Current Liabilities | 157.78M | 170.61M | 162.68M | 136.38M | 130.80M | 125.35M |
| Long-Term Debt | 36.94M | 33.83M | 16.39M | |||
| Long-Term Leases | 5.60M | 2.16M | 4.72M | 10.90M | 17.51M | 21.48M |
| Long-Term Deferred Tax Liabilities | 408.00K | 247.00K | 53.00K | 4.25M | ||
| Other Long-Term Liabilities | 1.59M | 1.26M | 2.84M | 2.00M | 1.87M | 1.47M |
| Total Liabilities | 202.31M | 208.10M | 186.68M | 153.53M | 150.17M | 148.31M |
| Common Stock | 8.00K | 8.00K | 8.00K | 8.00K | 8.00K | 8.00K |
| Additional Paid-In Capital | 83.76M | 83.76M | 83.76M | 83.76M | 75.58M | 75.58M |
| Retained Earnings | 60.76M | 54.35M | 42.42M | 31.54M | 21.25M | 13.46M |
| Comprehensive Income & Other | -1.91M | -6.20M | -9.05M | -7.37M | -5.61M | 2.55M |
| Total Common Equity | 142.62M | 131.92M | 117.14M | 107.95M | 91.22M | 91.59M |
| Minority Interest | 7.32M | 6.95M | 6.30M | 4.37M | 3.86M | 4.30M |
| Shareholders' Equity | 149.94M | 138.86M | 123.45M | 112.31M | 95.09M | 95.90M |
| Total Liabilities & Equity | 352.25M | 346.97M | 310.13M | 265.84M | 245.26M | 244.21M |
| Total Debt | 93.12M | 87.78M | 66.39M | 54.97M | 76.49M | 77.14M |
| Net Cash (Debt) | -76.22M | -52.49M | -31.72M | -28.24M | -55.20M | -58.50M |
| Net Cash Per Share | -13.86 | -9.54 | -5.77 | -5.18 | -10.35 | -10.97 |
| Filing Date Shares Outstanding | 5.50M | 5.50M | 5.50M | 5.50M | 5.49M | 5.33M |
| Total Common Shares Outstanding | 5.50M | 5.50M | 5.50M | 5.50M | 5.33M | 5.33M |
| Working Capital | 51.07M | 45.98M | 42.55M | 12.73M | 4.90M | -3.65M |
| Book Value Per Share | 25.93 | 23.99 | 21.30 | 19.63 | 17.10 | 17.17 |
| Tangible Book Value | 131.28M | 120.70M | 105.73M | 95.79M | 84.51M | 84.07M |
| Tangible Book Value Per Share | 23.87 | 21.95 | 19.22 | 17.42 | 15.85 | 15.76 |
| Buildings | 47.49M | 25.84M | 26.25M | 24.15M | 26.41M | |
| Machinery | 36.58M | 35.46M | 40.26M | 42.95M | 48.62M | |
| Construction In Progress | 20.70M | 28.48M | 3.25M | 2.21M | 752.00K | |
| Leasehold Improvements | 6.28M | 5.78M | 5.63M | 4.96M | 6.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 12.47M | 11.93M | 10.88M | 10.29M | 7.79M | 6.90M |
| Depreciation & Amortization | 11.34M | 11.48M | 13.59M | 16.37M | 18.29M | 16.02M |
| Loss (Gain) From Sale of Assets | -222.00K | -57.00K | 307.00K | -193.00K | 89.00K | 392.00K |
| Loss (Gain) on Equity Investments | 47.00K | 41.00K | -15.00K | -19.00K | -82.00K | -70.00K |
| Provision & Write-off of Bad Debts | -580.00K | -95.00K | 88.00K | 566.00K | 1.18M | 447.00K |
| Other Operating Activities | 312.00K | 624.00K | 538.00K | 1.54M | 1.28M | 1.23M |
| Change in Accounts Receivable | -9.17M | -5.78M | -31.24M | -10.73M | -16.98M | -3.15M |
| Change in Inventory | 777.00K | |||||
| Change in Accounts Payable | 7.59M | -1.09M | 29.31M | 4.51M | 7.90M | 2.47M |
| Change in Income Taxes | 4.91M | 1.05M | 779.00K | 105.00K | -453.00K | -458.00K |
| Change in Other Net Operating Assets | -8.53M | -2.00M | -9.22M | -8.30M | -14.20M | -4.15M |
| Operating Cash Flow | 18.18M | 16.10M | 15.01M | 14.13M | 4.81M | 20.39M |
| Capital Expenditures | -14.19M | -18.98M | -29.46M | -10.78M | -6.91M | -22.58M |
| Sale of Property, Plant & Equipment | 396.00K | 255.00K | 1.33M | 1.21M | 533.00K | 1.33M |
| Divestitures | 9.66M | 51.00K | 480.00K | |||
| Sale (Purchase) of Intangibles | -9.10M | -17.93M | -340.00K | -6.90M | ||
| Investment in Securities | -8.31M | -6.16M | -9.06M | |||
| Other Investing Activities | -1.40M | -1.19M | 6.95M | 8.63M | ||
| Investing Cash Flow | -31.88M | -37.43M | -32.63M | -18.82M | -6.71M | -27.67M |
| Short-Term Debt Issued | 64.85M | 84.30M | 46.39M | 63.99M | 62.65M | |
| Long-Term Debt Issued | 19.52M | 16.54M | ||||
| Total Debt Issued | 77.33M | 84.38M | 100.85M | 46.39M | 63.99M | 62.65M |
| Short-Term Debt Repaid | -65.77M | -73.84M | -51.28M | -55.48M | -68.22M | |
| Total Debt Repaid | -64.35M | -65.77M | -73.84M | -51.28M | -55.48M | -68.22M |
| Net Debt Issued (Repaid) | 12.97M | 18.61M | 27.00M | -4.89M | 8.50M | -5.58M |
| Issuance of Common Stock | 8.55M | |||||
| Other Financing Activities | -109.00K | 210.00K | 2.07M | 7.51M | -335.00K | 3.45M |
| Financing Cash Flow | 12.87M | 18.82M | 29.07M | 11.17M | 8.17M | -2.13M |
| Foreign Exchange Rate Adjustments | 1.77M | 867.00K | -533.00K | -558.00K | -1.81M | 538.00K |
| Net Cash Flow | 936.00K | -1.65M | 10.92M | 5.92M | 4.45M | -8.87M |
| Free Cash Flow | 3.99M | -2.88M | -14.46M | 3.35M | -2.10M | -2.19M |
| Free Cash Flow Margin | 0.64% | -0.50% | -2.87% | 0.83% | -0.57% | -0.63% |
| Free Cash Flow Per Share | 0.72 | -0.52 | -2.63 | 0.61 | -0.39 | -0.41 |
| Levered Free Cash Flow | 8.13M | -7.97M | -40.14M | 7.77M | 6.57M | -10.98M |
| Unlevered Free Cash Flow | 9.84M | -6.26M | -38.90M | 8.88M | 7.96M | -9.53M |
| Cash Interest Paid | 2.63M | 2.35M | 1.92M | 1.77M | 2.23M | 2.16M |
| Cash Income Tax Paid | 2.01M | 1.46M | 589.00K | 634.00K | 187.00K | 247.00K |
| Change in Working Capital | -5.19M | -7.82M | -10.37M | -14.43M | -23.74M | -4.52M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 21.72M | 78.37M | 89.10M | 242.26M | ||
| Enterprise Value | 97.94M | 144.57M | 144.88M | 274.38M | ||
| Last Close Price | 4.01 | 14.25 | 16.20 | 44.10 | ||
| PE Ratio | 1.77 | 6.57 | 8.19 | 23.53 | ||
| PS Ratio | 0.03 | 0.14 | 0.18 | 0.60 | ||
| PB Ratio | 0.15 | 0.56 | 0.72 | 2.16 | ||
| P/TBV Ratio | 0.17 | 0.65 | 0.84 | 2.53 | ||
| P/FCF Ratio | 5.45 | 72.21 | ||||
| P/OCF Ratio | 1.19 | 4.87 | 5.94 | 17.14 | ||
| EV/Sales Ratio | 0.16 | 0.25 | 0.29 | 0.68 | ||
| EV/EBITDA Ratio | 3.91 | 6.08 | 6.68 | 13.10 | ||
| EV/EBIT Ratio | 5.40 | 8.56 | 9.88 | 19.73 | ||
| EV/FCF Ratio | 24.56 | 81.78 | ||||
| Debt / Equity Ratio | 0.62 | 0.63 | 0.54 | 0.49 | 0.80 | 0.80 |
| Debt / EBITDA Ratio | 3.72 | 3.69 | 3.06 | 2.62 | 4.41 | 5.12 |
| Debt / FCF Ratio | 23.35 | 16.38 | ||||
| Net Debt / Equity Ratio | 0.51 | 0.38 | 0.26 | 0.25 | 0.58 | 0.61 |
| Net Debt / EBITDA Ratio | 3.05 | 2.21 | 1.46 | 1.35 | 3.19 | 3.89 |
| Net Debt / FCF Ratio | 19.11 | -18.23 | -2.19 | 8.42 | -26.33 | -26.76 |
| Asset Turnover | 1.91 | 1.74 | 1.75 | 1.58 | 1.51 | 1.46 |
| Quick Ratio | 1.14 | 1.12 | 1.04 | 0.97 | 0.88 | 0.83 |
| Current Ratio | 1.32 | 1.27 | 1.26 | 1.09 | 1.04 | 0.97 |
| Return on Equity (ROE) | 9.13% | 9.31% | 9.19% | 9.94% | 8.20% | 7.37% |
| Return on Assets (ROA) | 3.49% | 3.21% | 3.18% | 3.40% | 2.51% | 2.25% |
| Return on Invested Capital (ROIC) | 6.64% | 8.34% | 8.60% | 7.81% | 5.37% | 4.86% |
| Return on Capital Employed (ROCE) | 9.30% | 9.60% | 9.90% | 10.70% | 8.60% | 7.20% |
| Earnings Yield | 56.56% | 15.22% | 12.21% | 4.25% | ||
| FCF Yield | 18.36% | -3.67% | -16.22% | 1.39% | ||
| Buyback Yield / Dilution | -0.84% | -2.26% |