GFAINasdaqServices-Detective, Guard & Armored Car ServicesFiscal year ends December 31
Guardforce AI Co., Ltd.
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 21, 2026
$0.21+0.01 (+3.37%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2024
Gross margin
17.2%+5.2 pts over 5 years
Operating margin
-18.5%−18.2 pts over 5 years
Net margin
-16.1%−16.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.2% | +1.6% | -1.2% | – | |
| Gross profit | +16.1% | +20.1% | +6.2% | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -20.5% | |
| Return on assets | – | – | -13.0% | |
| Current ratio | 0.50 | 0.50 | 4.92 | |
| Debt to equity | 3.28 | 3.28 | 0.00 | |
| Net debt to EBITDA | -45.82× | -45.82× | 3.76× | |
| Interest coverage | -0.1× | -0.1× | 19.9× | |
| Inventory turnover | – | – | 77.0× | |
| Capex to revenue | 1.1% | 1.1% | 0.7% | |
| Diluted shares | 0M | 0M | 11M |
Where the cash went
Fiscal 2020 to 2024, five years combined
Guardforce AI generated $28.18M from operations and spent $13.39M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$28.18M
Used
$13.39M
Capital expenditure$13.39M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-16.1%
×Asset turnover0.80×
×Equity multiplier1.58×
=Return on equity, FY2024-20.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | -16.1% | 0.80× | 1.58× | -20.5% |
| FY2021 | -15.8% | 0.89× | 18.18× | -256.4% |
| FY2020 | -8.3% | 1.00× | -79.34× | 659.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
5of 9 tests passed in fiscal 2024. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$5.86M
- Cash generatingOperating cash flow above zero-$3.33M
- Return on assets improvedROA up on the prior year-48.3% → -12.8%
- Earnings backed by cashOperating cash flow above net income-$3.33M vs -$5.86M
- Less leverageLong-term debt to assets fell0.1% → 0.1%
- Better liquidityCurrent ratio rose2.22 → 4.92
- No dilutionShare count did not rise7M → 11M
- Gross margin improvedGross margin up on the prior year14.86% → 17.22%
- More efficientAsset turnover rose0.59 → 0.79