Shengfeng Development Limited (SFWL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SFWL SEC filings page.
Shengfeng Development Limited (SFWL) reported $572.5M in revenue for fiscal year 2025, up 13.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Shengfeng is growing quickly, but thinner margins and heavy reinvestment mean more revenue is not translating proportionally into cash.
As sales expanded across FY2023-FY2025, gross margin narrowed from11.5% to9.3% , indicating that growth brought less gross profit per sales dollar. Operating margin also slipped from3.4% to3.0% , so greater scale has not yet produced clear operating leverage.
The balance sheet is becoming less debt-dependent: debt-to-equity fell from 0.5x in FY2022 to 0.3x in FY2025, while the current ratio reached 1.3x. Receivables also expanded with the business, so the improved liquidity cushion reflects a larger working-capital base rather than simply lower borrowing.
Profit remained positive, yet free cash flow moved from positive to negative between FY2023 and FY2025; expansion therefore consumed cash beyond reported earnings. In FY2025, operating cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Shengfeng Development Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Shengfeng Development Limited has an operating margin of 2.9%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 56/100, indicating healthy but not exceptional operating efficiency. This is unchanged from the prior year.
Shengfeng Development Limited's revenue grew 13.6% year-over-year to $572.5M, a solid pace of expansion. This earns a growth score of 81/100.
Shengfeng Development Limited carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Shengfeng Development Limited's current ratio of 1.27 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While Shengfeng Development Limited generated $16.1M in operating cash flow, capex of $19.0M consumed most of it, leaving -$2.9M in free cash flow. This results in a low score of 24/100, reflecting heavy capital investment rather than weak cash generation.
Shengfeng Development Limited earns a strong 9.0% return on equity (ROE), meaning it generates $9 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is down from 9.3% the prior year.
Shengfeng Development Limited scores 2.26, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from revenue of $572.5M against total assets of $347.0M. 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.
Shengfeng Development Limited passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Shengfeng Development Limited generates $1.35 in operating cash flow ($16.1M OCF vs $11.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Shengfeng Development Limited earns $6.17 in operating income for every $1 of interest expense ($16.9M vs $2.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Shengfeng Development Limited generated $572.5M in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.
Shengfeng Development Limited's EBITDA was $23.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.9% from the prior year.
Shengfeng Development Limited reported $11.9M in net income in fiscal year 2025. This represents an increase of 9.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Shengfeng Development Limited recorded an outflow of $2.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Shengfeng Development Limited held $35.3M in cash against $33.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Shengfeng Development Limited's gross margin was 9.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Shengfeng Development Limited's operating margin was 2.9% in fiscal year 2025, reflecting core business profitability. That is unchanged from the prior year.
Shengfeng Development Limited's net profit margin was 2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Shengfeng Development Limited's ROE was 9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.
Capital Allocation
Shengfeng Development Limited invested $19.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 35.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SFWL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Revenue | $572.5M+13.6% | $504.2M+24.8% | $404.1M+9.1% | $370.3M+6.8% | $346.7M+20.6% | $287.5M |
| Cost of Revenue | $519.4M+13.4% | $457.9M+28.0% | $357.6M+8.8% | $328.8M+7.7% | $305.4M+21.4% | $251.5M |
| Gross Profit | $53.1M+14.7% | $46.3M-0.5% | $46.5M+12.0% | $41.5M+0.5% | $41.3M+14.9% | $36.0M |
| SG&A Expenses | $36.2M+14.5% | $31.6M-3.0% | $32.6M+2.9% | $31.7M-3.3% | $32.8M+10.0% | $29.8M |
| Operating Income | $16.9M+15.1% | $14.7M+5.5% | $13.9M+41.2% | $9.8M+14.7% | $8.6M+38.4% | $6.2M |
| EBITDA | $23.3M+10.9% | $21.0M+3.3% | $20.4M+21.1% | $16.8M+15.8% | $14.5M+32.7% | $10.9M |
| Interest Expense | $2.7M+38.7% | $2.0M+11.1% | $1.8M-20.3% | $2.2M-3.8% | $2.3M+16.3% | $2.0M |
| Income Tax | $2.0M+22.9% | $1.7M-28.2% | $2.3M+45.1% | $1.6M+5.4% | $1.5M-3.4% | $1.6M |
| Net Income | $11.9M+9.6% | $10.9M+5.7% | $10.3M+32.2% | $7.8M+12.9% | $6.9M+13.2% | $6.1M |
| EPS (Basic) | N/A | N/A | $0.13+30.0% | $0.10+11.1% | $0.09+12.5% | $0.08 |
| EPS (Diluted) | N/A | N/A | $0.13+30.0% | $0.10+11.1% | $0.09+12.5% | $0.08 |
| Diluted Shares (Avg) | N/A | N/A | 82M+2.3% | 80M0.0% | 80M0.0% | 80M |
Not reported in any period shown, so not listed: R&D Expenses.
SFWL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Total Assets | $347.0M+11.9% | $310.1M+16.7% | $265.8M+8.4% | $245.3M+0.4% | $244.2M | N/A |
| Current Assets | $216.6M+5.5% | $205.2M+37.6% | $149.1M+9.9% | $135.7M+11.5% | $121.7M | N/A |
| Cash & Equivalents | $35.3M+1.8% | $34.7M+29.7% | $26.7M+25.6% | $21.3M+12.5% | $18.9M-31.9% | $27.8M |
| Short-Term Investments | $44.7M+13.3% | $39.4M+9.1% | $36.1Mn/m | $0n/m | $0n/m | $0 |
| Inventory | N/A | N/A | N/A | $9.4M+15.5% | $8.2M+7.2% | $7.6M |
| Accounts Receivable | $136.3M+7.0% | $127.3M+30.3% | $97.7M+9.6% | $89.1M+10.5% | $80.6M | N/A |
| Long-Term Investments | $8.9M+367.0% | $1.9M-0.7% | $1.9M-6.2% | $2.0M-4.8% | $2.1Mn/m | $0 |
| Total Liabilities | $208.1M+11.5% | $186.7M+21.6% | $153.5M+2.2% | $150.2M+1.3% | $148.3M | N/A |
| Current Liabilities | $170.6M+4.9% | $162.7M+19.3% | $136.4M+4.3% | $130.8M+4.3% | $125.4M | N/A |
| Non-Current Liabilities | $37.5M+56.2% | $24.0M+39.9% | $17.1M-11.5% | $19.4M-15.6% | $23.0M | N/A |
| Long-Term Debt | $33.8M+106.4% | $16.4M-54.6% | $36.1M-24.2% | $47.7M+3.7% | $46.0M | N/A |
| Total Equity | $131.9M+12.6% | $117.1M+8.5% | $107.9M+18.3% | $91.2M-0.4% | $91.6M | N/A |
| Retained Earnings | $47.0M+29.0% | $36.5M+36.6% | $26.7M+54.5% | $17.3M+72.2% | $10.0M | N/A |
Not reported in any period shown, so not listed: Goodwill.
SFWL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.1M+7.3% | $15.0M+6.2% | $14.1M+193.8% | $4.8M-76.4% | $20.4M+774.5% | $2.3M |
| Depreciation & Amortization | $6.4M+1.1% | $6.4M-1.4% | $6.4M-7.3% | $7.0M+17.4% | $5.9M+25.3% | $4.7M |
| Capital Expenditures | $19.0M-35.6% | $29.5M+173.3% | $10.8M+56.1% | $6.9M-69.4% | $22.6M+185.1% | $7.9M |
| Free Cash Flow | -$2.9Mn/m | -$14.5M-530.8% | $3.4Mn/m | -$2.1Mn/m | -$2.2Mn/m | -$5.6M |
| Investing Cash Flow | -$37.4Mn/m | -$32.6Mn/m | -$18.8Mn/m | -$6.7Mn/m | -$27.7Mn/m | -$7.8M |
| Financing Cash Flow | $18.8M-35.3% | $29.1M+160.3% | $11.2M+36.7% | $8.2Mn/m | -$2.1M-116.2% | $13.1M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
SFWL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Gross Margin | 9.3%+0.1pp | 9.2%-2.3pp | 11.5%+0.3pp | 11.2%-0.7pp | 11.9%-0.6pp | 12.5% |
| Operating Margin | 2.9%0.0pp | 2.9%-0.5pp | 3.4%+0.8pp | 2.7%+0.2pp | 2.5%+0.3pp | 2.2% |
| Net Margin | 2.1%-0.1pp | 2.2%-0.4pp | 2.5%+0.4pp | 2.1%+0.1pp | 2.0%-0.1pp | 2.1% |
| Return on Equity | 9.0%-0.3pp | 9.3%-0.3pp | 9.5%+1.0pp | 8.5%+1.0pp | 7.5% | N/A |
| Return on Assets | 3.4%-0.1pp | 3.5%-0.4pp | 3.9%+0.7pp | 3.2%+0.4pp | 2.8% | N/A |
| Current Ratio | 1.270.0x | 1.26+0.2x | 1.09+0.1x | 1.04+0.1x | 0.97 | N/A |
| Debt-to-Equity | 0.26+0.1x | 0.14-0.2x | 0.33-0.2x | 0.520.0x | 0.50 | N/A |
| Liabilities-to-Equity | 1.580.0x | 1.59+0.2x | 1.42-0.2x | 1.650.0x | 1.62 | N/A |
| Asset Turnover | 1.650.0x | 1.63+0.1x | 1.520.0x | 1.51+0.1x | 1.42 | N/A |
| FCF Margin | -0.5%+2.4pp | -2.9%-3.7pp | 0.8%+1.4pp | -0.6%+0.1pp | -0.6%+1.3pp | -1.9% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Shengfeng Development Limited SFWL | FY2025 | $572.5M | $11.9M | 2.1% | $34.1M | 60/100 |
| Freightos Limited CRGO | FY2025 | $29.5M | -$17.5M | -59.5% | $37.5M | 66/100 |
| Armlogi Holding Corp. BTOC | FY2026 | $185.8M | -$20.9M | -11.2% | $7.5M | 17/100 |
| BingEx Limited FLX | FY2025 | $570.9M | $15.6M | 2.7% | $109.7M | 39/100 |
| Proficient Auto Logistics, Inc. PAL | FY2025 | N/A | -$36.0M | N/A | $76.3M | — |
| Radiant Logistics, Inc. RLGT | FY2026 | $934.4M | $18.8M | 2.0% | $408.7M | 47/100 |
Where Shengfeng Development Limited Ranks
Frequently Asked Questions
What is Shengfeng Development Limited's annual revenue?
Shengfeng Development Limited (SFWL) reported $572.5M in total revenue for fiscal year 2025. This represents a 13.6% 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 Shengfeng Development Limited's revenue growing?
Shengfeng Development Limited (SFWL) revenue grew by 13.6% year-over-year, from $504.2M to $572.5M in fiscal year 2025.
Is Shengfeng Development Limited profitable?
Yes, Shengfeng Development Limited (SFWL) reported a net income of $11.9M in fiscal year 2025, with a net profit margin of 2.1%.
What is Shengfeng Development Limited's EBITDA?
Shengfeng Development Limited (SFWL) had EBITDA of $23.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Shengfeng Development Limited have?
As of fiscal year 2025, Shengfeng Development Limited (SFWL) had $35.3M in cash and equivalents against $33.8M in long-term debt.
What is Shengfeng Development Limited's gross margin?
Shengfeng Development Limited (SFWL) had a gross margin of 9.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Shengfeng Development Limited's operating margin?
Shengfeng Development Limited (SFWL) had an operating margin of 2.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Shengfeng Development Limited's net profit margin?
Shengfeng Development Limited (SFWL) had a net profit margin of 2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Shengfeng Development Limited's return on equity (ROE)?
Shengfeng Development Limited (SFWL) has a return on equity of 9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Shengfeng Development Limited's free cash flow?
Shengfeng Development Limited (SFWL) recorded an outflow of $2.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Shengfeng Development Limited's operating cash flow?
Shengfeng Development Limited (SFWL) generated $16.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Shengfeng Development Limited's total assets?
Shengfeng Development Limited (SFWL) had $347.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Shengfeng Development Limited's capital expenditures?
Shengfeng Development Limited (SFWL) invested $19.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Shengfeng Development Limited's current ratio?
Shengfeng Development Limited (SFWL) had a current ratio of 1.27 as of fiscal year 2025, which is considered adequate.
What is Shengfeng Development Limited's debt-to-equity ratio?
Shengfeng Development Limited (SFWL) had a debt-to-equity ratio of 0.26 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Shengfeng Development Limited's liabilities-to-equity ratio?
Shengfeng Development Limited (SFWL) had a liabilities-to-equity ratio of 1.58 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Shengfeng Development Limited's return on assets (ROA)?
Shengfeng Development Limited (SFWL) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Shengfeng Development Limited's P/E ratio?
Shengfeng Development Limited (SFWL) trades at 2.9x earnings, its market capitalization divided by $11.9M net income, FY2025. The market capitalization is $34.1M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shengfeng Development Limited's price-to-sales ratio?
Shengfeng Development Limited (SFWL) trades at 0.1x sales, its market capitalization divided by $572.5M revenue, FY2025. The market capitalization is $34.1M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shengfeng Development Limited's Altman Z-Score?
Shengfeng Development Limited (SFWL) has an Altman Z-Score of 2.26, 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 Shengfeng Development Limited's Piotroski F-Score?
Shengfeng Development Limited (SFWL) has a Piotroski F-Score of 6 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 Shengfeng Development Limited's earnings high quality?
Shengfeng Development Limited (SFWL) has an earnings quality ratio of 1.35x, considered cash-backed (high quality). 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 Shengfeng Development Limited cover its interest payments?
Shengfeng Development Limited (SFWL) has an interest coverage ratio of 6.17x, 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.
How financially healthy is Shengfeng Development Limited?
Shengfeng Development Limited (SFWL) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.