Meihua International Medical Technologies Co., Ltd. Financials

MHUAF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Meihua International Medical Technologies Co., Ltd. (MHUAF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MHUAF FY2024 2026-04-22

FY2024 cash generation looks strong, but the dominant mechanic is cash-conversion recovery paired with very light reinvestment.

Earnings quality improved sharply from FY2022 through FY2024: with revenue roughly flat, FY2024 net income of $10.8M turned into operating cash flow of $14.6M after prior years showed profit outpacing cash. Because capital spending nearly disappeared to $134K, the jump to free cash flow of $14.5M reflects a lighter working-capital drag and unusually low reinvestment more than a bigger business.

The balance sheet is equity-funded: liabilities are only $27.3M against assets of $186.2M, so operations do not appear dependent on creditors. But liquidity is receivable-heavy, with receivables at $78.7M versus cash of $17.3M, which makes collections more important than the high current ratio alone suggests.

Profitability recovered without revenue growth: revenue stayed near $97M in FY2023 and FY2024, yet operating margin held around 15% after the FY2022 trough. Because gross margin is still below earlier levels at 34.4% versus 41.7% in FY2020, more of the repair seems to come from overhead discipline than from richer unit economics.

Financial Health Signals

Financial health score pending refresh

We are recalculating Meihua International Medical Technologies Co., Ltd.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Grey Zone

2.16

Meihua International Medical Technologies Co., Ltd. scores 2.16, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Meihua International Medical Technologies Co., Ltd. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.08x

For every $1 of reported earnings, Meihua International Medical Technologies Co., Ltd. generates $0.08 in operating cash flow ($570K OCF vs $6.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

34.3x

Meihua International Medical Technologies Co., Ltd. earns $34.3 in operating income for every $1 of interest expense ($8.3M vs $242K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$61.8M

YoY-36.2%

5Y CAGR-7.1%

Meihua International Medical Technologies Co., Ltd. generated $61.8M in revenue in fiscal year 2025. This represents a decrease of 36.2% from the prior year.

EBITDA

$8.8M

YoY-40.6%

5Y CAGR-18.1%

Meihua International Medical Technologies Co., Ltd.'s EBITDA was $8.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 40.6% from the prior year.

Net Income

$6.8M

YoY-37.5%

5Y CAGR-18.7%

Meihua International Medical Technologies Co., Ltd. reported $6.8M in net income in fiscal year 2025. This represents a decrease of 37.5% from the prior year.

EPS (Diluted)

$18.04

Meihua International Medical Technologies Co., Ltd. earned $18.04 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$554K

YoY-96.2%

5Y CAGR-18.2%

Meihua International Medical Technologies Co., Ltd. generated $554K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 96.2% from the prior year.

Cash & Debt

$15.2M

YoY-12.3%

5Y CAGR+16.1%

Meihua International Medical Technologies Co., Ltd. held $15.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

697,914

Meihua International Medical Technologies Co., Ltd. had 697,914 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

31.0%

YoY-3.4pp

5Y CAGR-10.7pp

Meihua International Medical Technologies Co., Ltd.'s gross margin was 31.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.4 percentage points from the prior year.

Operating Margin

13.4%

YoY-1.4pp

5Y CAGR-12.9pp

Meihua International Medical Technologies Co., Ltd.'s operating margin was 13.4% in fiscal year 2025, reflecting core business profitability. This is down 1.4 percentage points from the prior year.

Net Margin

11.0%

YoY-0.2pp

5Y CAGR-10.4pp

Meihua International Medical Technologies Co., Ltd.'s net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.

Return on Equity

3.6%

YoY-3.2pp

5Y CAGR-18.9pp

Meihua International Medical Technologies Co., Ltd.'s ROE was 3.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.4M

YoY-31.0%

5Y CAGR-0.9%

Meihua International Medical Technologies Co., Ltd. invested $2.4M in research and development in fiscal year 2025. This represents a decrease of 31.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$16K

YoY-88.3%

5Y CAGR-66.7%

Meihua International Medical Technologies Co., Ltd. invested $16K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 88.3% from the prior year.

MHUAF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$61.8M-36.2%	$96.9M-0.2%	$97.1M-6.0%	$103.3M-0.7%	$104.0M+16.8%	$89.1M
Cost of Revenue	$42.6M-33.0%	$63.6M-0.5%	$63.9M-2.1%	$65.2M+1.6%	$64.2M+23.8%	$51.9M
Gross Profit	$19.2M-42.5%	$33.3M+0.3%	$33.2M-12.9%	$38.1M-4.3%	$39.8M+7.1%	$37.2M
R&D Expenses	$2.4M-31.0%	$3.5M+25.5%	$2.8M-7.1%	$3.0M+8.7%	$2.7M+9.3%	$2.5M
SG&A Expenses	$3.2M-58.7%	$7.8M+19.0%	$6.5M-47.5%	$12.5M+185.9%	$4.4M-4.7%	$4.6M
Operating Income	$8.3M-42.1%	$14.3M-2.5%	$14.7M+35.9%	$10.8M-58.9%	$26.3M+11.9%	$23.5M
Interest Expense	$242K-2.5%	$248K-1.3%	$251K+31.2%	$191K+5.8%	$181K+31.8%	$137K
Income Tax	$2.6M-5.9%	$2.8M-19.3%	$3.5M-26.6%	$4.7M-10.7%	$5.3M+12.6%	$4.7M
Net Income	$6.8M-37.5%	$10.8M-6.7%	$11.6M+86.2%	$6.2M-70.2%	$20.9M+10.0%	$19.0M
EPS (Diluted)	$18.04	$39.62-18.4%	$48.56+17885.2%	$0.27-74.3%	$1.05+10.5%	$0.95

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MHUAF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$207.2M+11.2%	$186.2M+8.3%	$171.9M+5.1%	$163.6M+19.5%	$136.9M+29.1%	$106.0M
Current Assets	$153.6M+7.1%	$143.4M+8.5%	$132.2M-2.3%	$135.3M+39.1%	$97.3M+44.0%	$67.6M
Cash & Equivalents	$15.2M-12.3%	$17.3M+2.1%	$16.9M-36.7%	$26.7M+228.1%	$8.1M+13.4%	$7.2M
Inventory	$1.7M+20.9%	$1.4M-12.8%	$1.6M+44.1%	$1.1M-10.3%	$1.3M-5.6%	$1.3M
Accounts Receivable	$84.3M+7.2%	$78.7M+0.1%	$78.6M+14.0%	$68.9M+2.7%	$67.1M+46.8%	$45.7M
Goodwill	N/A	$7.9M	N/A	N/A	N/A	N/A
Total Liabilities	$18.3M-33.1%	$27.3M+8.7%	$25.1M+0.7%	$24.9M-14.4%	$29.1M+36.5%	$21.3M
Current Liabilities	$18.3M-33.1%	$27.3M+8.7%	$25.1M+3.7%	$24.2M-16.9%	$29.1M+36.5%	$21.3M
Long-Term Debt	N/A	N/A	N/A	$725K	N/A	N/A
Total Equity	$188.9M+18.8%	$159.0M+8.6%	$146.3M+5.9%	$138.1M+28.2%	$107.8M+27.2%	$84.7M
Retained Earnings	$111.9M+6.4%	$105.2M+11.2%	$94.6M+13.6%	$83.3M+7.4%	$77.6M+37.0%	$56.6M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Total Assets	$207.2M+8.7%	$190.6M+2.3%	$186.2M+3.9%	$179.2M+4.2%	$171.9M+5.7%	$162.6M-0.6%	$163.6M+19.5%	$136.9M
Current Assets	$153.6M+4.9%	$146.3M+2.0%	$143.4M+1.5%	$141.3M+6.9%	$132.2M0.0%	$132.3M-2.3%	$135.3M+39.1%	$97.3M
Cash & Equivalents	$15.2M-10.3%	$16.9M-2.2%	$17.3M-6.5%	$18.5M+9.2%	$16.9M-5.2%	$17.9M-33.2%	$26.7M+228.1%	$8.1M
Inventory	$1.7M+54.9%	$1.1M-21.9%	$1.4M+29.1%	$1.1M-32.5%	$1.6M-1.8%	$1.6M+46.8%	$1.1M-10.3%	$1.3M
Accounts Receivable	$84.3M-2.6%	$86.6M+10.1%	$78.7M-4.7%	$82.6M+5.1%	$78.6M-0.6%	$79.1M+14.7%	$68.9M+2.7%	$67.1M
Goodwill	N/A	N/A	$7.9M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.3M-28.8%	$25.6M-6.0%	$27.3M-7.9%	$29.6M+18.0%	$25.1M+8.0%	$23.2M-6.7%	$24.9M-14.4%	$29.1M
Current Liabilities	$18.3M-28.8%	$25.6M-6.0%	$27.3M-7.9%	$29.6M+18.0%	$25.1M+8.0%	$23.2M-3.9%	$24.2M-16.9%	$29.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$725K	N/A
Total Equity	$188.9M+14.5%	$164.9M+3.8%	$159.0M+6.3%	$149.6M+2.2%	$146.3M+5.4%	$138.9M+0.6%	$138.1M+28.2%	$107.8M
Retained Earnings	$111.9M+3.3%	$108.3M+2.9%	$105.2M+6.0%	$99.3M+4.9%	$94.6M+4.7%	$90.4M+8.5%	$83.3M+7.4%	$77.6M

MHUAF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$570K-96.1%	$14.6M+543.2%	$2.3M+124.8%	-$9.2M-16662.8%	-$55K-101.0%	$5.3M
Capital Expenditures	$16K-88.3%	$134K-88.7%	$1.2M-56.2%	$2.7M+217.4%	$850K-77.7%	$3.8M
Free Cash Flow	$554K-96.2%	$14.5M+1226.9%	$1.1M+109.2%	-$11.9M-1210.8%	-$905K-159.6%	$1.5M
Investing Cash Flow	-$20.1M+1.4%	-$20.4M-63.9%	-$12.5M-44.5%	-$8.6M-933.8%	-$834K+94.8%	-$16.1M
Financing Cash Flow	$17.2M+176.7%	$6.2M+780.0%	$706K-98.1%	$37.2M+1902.2%	$1.9M+9.0%	$1.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$200K	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MHUAF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	31.0%-3.4pp	34.4%+0.2pp	34.2%-2.7pp	36.9%-1.4pp	38.3%-3.5pp	41.7%
Operating Margin	13.4%-1.4pp	14.8%-0.3pp	15.1%+4.7pp	10.4%-14.8pp	25.2%-1.1pp	26.4%
Net Margin	11.0%-0.2pp	11.2%-0.8pp	12.0%+5.9pp	6.0%-14.1pp	20.1%-1.2pp	21.4%
Return on Equity	3.6%-3.2pp	6.8%-1.1pp	7.9%+3.4pp	4.5%-14.9pp	19.4%-3.0pp	22.5%
Return on Assets	3.3%-2.6pp	5.8%-0.9pp	6.8%+2.9pp	3.8%-11.5pp	15.3%-2.6pp	18.0%
Current Ratio	8.41+3.2	5.26-0.0	5.27-0.3	5.60+2.3	3.34+0.2	3.17
Debt-to-Equity	0.10-0.1	0.170.0	0.17+0.2	0.01-0.3	0.27+0.0	0.25
FCF Margin	0.9%-14.1pp	15.0%+13.8pp	1.1%+12.6pp	-11.5%-10.6pp	-0.9%-2.6pp	1.7%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	8.41+2.7	5.71+0.4	5.26+0.5	4.78-0.5	5.27-0.4	5.70+0.1	5.60+2.3	3.34
Debt-to-Equity	0.10-0.1	0.16-0.0	0.17-0.0	0.20+0.0	0.170.0	0.17+0.2	0.01-0.3	0.27
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Meihua International Medical Technologies Co., Ltd.'s annual revenue?

Meihua International Medical Technologies Co., Ltd. (MHUAF) reported $61.8M in total revenue for fiscal year 2025. This represents a -36.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Meihua International Medical Technologies Co., Ltd.'s revenue growing?

Meihua International Medical Technologies Co., Ltd. (MHUAF) revenue declined by 36.2% year-over-year, from $96.9M to $61.8M in fiscal year 2025.

Is Meihua International Medical Technologies Co., Ltd. profitable?

Yes, Meihua International Medical Technologies Co., Ltd. (MHUAF) reported a net income of $6.8M in fiscal year 2025, with a net profit margin of 11.0%.

What is Meihua International Medical Technologies Co., Ltd.'s EBITDA?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had EBITDA of $8.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Meihua International Medical Technologies Co., Ltd.'s gross margin?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had a gross margin of 31.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Meihua International Medical Technologies Co., Ltd.'s operating margin?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had an operating margin of 13.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Meihua International Medical Technologies Co., Ltd.'s net profit margin?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Meihua International Medical Technologies Co., Ltd.'s return on equity (ROE)?

Meihua International Medical Technologies Co., Ltd. (MHUAF) has a return on equity of 3.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Meihua International Medical Technologies Co., Ltd.'s free cash flow?

Meihua International Medical Technologies Co., Ltd. (MHUAF) generated $554K in free cash flow during fiscal year 2025. This represents a -96.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Meihua International Medical Technologies Co., Ltd.'s operating cash flow?

Meihua International Medical Technologies Co., Ltd. (MHUAF) generated $570K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Meihua International Medical Technologies Co., Ltd.'s total assets?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had $207.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Meihua International Medical Technologies Co., Ltd.'s capital expenditures?

Meihua International Medical Technologies Co., Ltd. (MHUAF) invested $16K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Meihua International Medical Technologies Co., Ltd. spend on research and development?

Meihua International Medical Technologies Co., Ltd. (MHUAF) invested $2.4M in research and development during fiscal year 2025.

How many shares does Meihua International Medical Technologies Co., Ltd. have outstanding?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had 697,914 shares outstanding as of fiscal year 2025.

What is Meihua International Medical Technologies Co., Ltd.'s current ratio?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had a current ratio of 8.41 as of fiscal year 2025, which is generally considered healthy.

What is Meihua International Medical Technologies Co., Ltd.'s debt-to-equity ratio?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Meihua International Medical Technologies Co., Ltd.'s return on assets (ROA)?

Meihua International Medical Technologies Co., Ltd. (MHUAF) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Meihua International Medical Technologies Co., Ltd.'s Altman Z-Score?

Meihua International Medical Technologies Co., Ltd. (MHUAF) has an Altman Z-Score of 2.16, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Meihua International Medical Technologies Co., Ltd.'s Piotroski F-Score?

Meihua International Medical Technologies Co., Ltd. (MHUAF) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Meihua International Medical Technologies Co., Ltd.'s earnings high quality?

Meihua International Medical Technologies Co., Ltd. (MHUAF) has an earnings quality ratio of 0.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Meihua International Medical Technologies Co., Ltd. cover its interest payments?

Meihua International Medical Technologies Co., Ltd. (MHUAF) has an interest coverage ratio of 34.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.