SFWLNasdaqTrucking & Courier Services (No Air)Fiscal year ends December 31
SHENGFENG DEVELOPMENT Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 27, 2026
$7.39−0.76 (-9.30%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
9.3%−3.2 pts over 5 years
Operating margin
2.9%+0.8 pts over 5 years
Net margin
2.1%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | +15.6% | +14.8% | – | |
| Gross profit | +14.7% | +8.5% | +8.1% | – | |
| Operating income | +15.1% | +19.7% | +22.2% | – | |
| Net income | +9.6% | +15.3% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 9.6% | |
| Return on assets | – | – | 3.6% | |
| Current ratio | – | – | 1.27 | |
| Debt to equity | – | – | 0.62 | |
| Net debt to EBITDA | – | – | 1.97× | |
| Interest coverage | – | 3.1× | 6.2× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | – | 2.8% | 3.3% | |
| Diluted shares | – | 80M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Shengfeng Development generated $70.45M from operations and spent $88.71M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$70.45M
Used
$88.71M
Capital expenditure$88.71M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.1%
×Asset turnover1.74×
×Equity multiplier2.64×
=Return on equity, FY20259.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.1% | 1.74× | 2.64× | 9.6% |
| FY2024 | 2.2% | 1.75× | 2.56× | 9.7% |
| FY2023 | 2.5% | 1.58× | 2.57× | 10.3% |
| FY2022 | 2.1% | 1.51× | 2.68× | 8.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$11.93M
- Cash generatingOperating cash flow above zero$16.10M
- Return on assets improvedROA up on the prior year4.1% → 3.8%
- Earnings backed by cashOperating cash flow above net income$16.10M vs $11.93M
- Less leverageLong-term debt to assets fell5.3% → 9.8%
- Better liquidityCurrent ratio rose1.26 → 1.27
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year9.18% → 9.27%
- More efficientAsset turnover rose1.90 → 1.85