SHENGFENG DEV LTD (SFWL) Financials

SFWL

FY2025 annual

Revenue $572.5M +13.6% YoY

Net Income $11.9M +9.6% YoY

Free Cash Flow -$2.9M +80.1% YoY

Operating Cash Flow $16.1M +7.3% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 27, 2026 Currency USD FYE December

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 DEV LTD (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).

Rhea AI SFWL FY2025 2026-08-30

Growth is being converted into modest profit while capital spending repeatedly absorbs operating cash and keeps financing relevant.

In FY2025, operating cash flow of $16.1M exceeded net income of $11.9M, indicating earnings were realized in cash. Yet $19.0M of capital expenditure left free cash flow at -$2.9M, repeating FY2024’s negative reinvestment outcome and showing expansion is not entirely self-funded.

Revenue grew 13.5% in FY2025, while gross margin remained 9.3%. Because operating margin was only 3.0%, added volume appears to have been absorbed partly by costs or lower-margin mix rather than flowing through proportionally.

Balance-sheet flexibility improved: the current ratio reached 1.3x and debt-to-equity was 0.3x in FY2025, better than FY2022 on both measures. At the same time, accounts receivable reached $136.3M as revenue expanded, making collection timing a meaningful working-capital driver even with positive operating cash flow.

Financial Health Signals

Financial Health Score 60/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 DEV LTD'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.

Profitability

SHENGFENG DEV LTD 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 58/100, indicating healthy but not exceptional operating efficiency. This is unchanged from the prior year.

Growth

SHENGFENG DEV LTD's revenue grew 13.6% year-over-year to $572.5M, a solid pace of expansion. This earns a growth score of 81/100.

Leverage

SHENGFENG DEV LTD 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 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

SHENGFENG DEV LTD's current ratio of 1.27 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While SHENGFENG DEV LTD 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.

Returns

SHENGFENG DEV LTD 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 74/100. This is down from 9.3% the prior year.

Piotroski F-Score Partial

6/8

SHENGFENG DEV LTD 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.

Earnings Quality Cash-Backed

1.35x

For every $1 of reported earnings, SHENGFENG DEV LTD 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.

Interest Coverage Safe

6.17x

SHENGFENG DEV LTD 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

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$35.3M

YoY+1.8%

QoQ+146.3%

SHENGFENG DEV LTD held $35.3M in cash against $33.8M in long-term debt as of Q4 2025.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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.

SFWL quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K
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	$30.2M+17.8%	$25.7M-1.0%	$25.9M+6.8%	$24.3M-3.1%	$25.0M+5.9%	$23.6M
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+17.2%	$6.6M+9.9%	$6.0M
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

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q4'2110-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

SFWL Balance Sheet

SFWL quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K
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%	$36.1M	$0	$0	$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%	$2.1M	$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+8.5%	$84.4M
Retained Earnings	$47.0M+29.0%	$36.5M+36.6%	$26.7M+54.5%	$17.3M+72.2%	$10.0M	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q4'2110-K
Total Assets	$347.0M+11.9%	$296.4M+12.4%	$310.1M+16.7%	$263.8M+14.8%	$265.8M+8.4%	$229.8M	$245.3M+0.4%	$244.2M
Current Assets	$216.6M+5.5%	$190.0M+19.4%	$205.2M+37.6%	$159.2M+21.8%	$149.1M+9.9%	$130.7M	$135.7M+11.5%	$121.7M
Cash & Equivalents	$35.3M+1.8%	$14.3M+28.2%	$34.7M+29.7%	$11.2M-61.6%	$26.7M+25.6%	$29.1M	$21.3M+12.5%	$18.9M
Short-Term Investments	$44.7M+13.3%	$48.7M	$39.4M+9.1%	$0	$36.1M	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	$7.9M	$9.4M+15.5%	$8.2M
Accounts Receivable	$136.3M+7.0%	$124.6M+16.2%	$127.3M+30.3%	$107.3M+41.6%	$97.7M+9.6%	$75.8M	$89.1M+10.5%	$80.6M
Long-Term Investments	$8.9M+367.0%	$1.9M+2.3%	$1.9M-0.7%	$1.9M+0.5%	$1.9M-6.2%	$1.9M	$2.0M-4.8%	$2.1M
Total Liabilities	$208.1M+11.5%	$166.3M+13.7%	$186.7M+21.6%	$146.2M+18.2%	$153.5M+2.2%	$123.7M	$150.2M+1.3%	$148.3M
Current Liabilities	$170.6M+4.9%	$144.1M+18.0%	$162.7M+19.3%	$122.2M+12.6%	$136.4M+4.3%	$108.5M	$130.8M+4.3%	$125.4M
Non-Current Liabilities	$37.5M+56.2%	$22.1M-7.8%	$24.0M+39.9%	$24.0M+58.3%	$17.1M-11.5%	$15.2M	$19.4M-15.6%	$23.0M
Long-Term Debt	$33.8M+106.4%	$16.0M+75.2%	$16.4M-54.6%	$9.2M	$36.1M-24.2%	N/A	$47.7M+3.7%	$46.0M
Total Equity	$131.9M+12.6%	$123.5M+10.0%	$117.1M+8.5%	$112.3M+10.1%	$107.9M+18.3%	$102.0M	$91.2M-0.4%	$91.6M
Retained Earnings	$47.0M+29.0%	$42.3M+33.4%	$36.5M+36.6%	$31.7M+33.8%	$26.7M+54.5%	$23.7M	$17.3M+72.2%	$10.0M

Not reported in any period shown, so not listed: Goodwill.

SFWL Cash Flow Statement

SFWL quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K
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	-$2.9M+80.1%	-$14.5M-530.8%	$3.4M+260.0%	-$2.1M+4.1%	-$2.2M+60.9%	-$5.6M
Investing Cash Flow	-$37.4M-14.7%	-$32.6M-73.4%	-$18.8M-180.3%	-$6.7M+75.7%	-$27.7M-253.8%	-$7.8M
Financing Cash Flow	$18.8M-35.3%	$29.1M+160.3%	$11.2M+36.7%	$8.2M+484.0%	-$2.1M-116.2%	$13.1M

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q4'2110-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, 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.

SFWL quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K
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%+0.2pp	1.9%-0.2pp	2.1%
Return on Equity	9.0%-0.3pp	9.3%-0.3pp	9.5%+1.0pp	8.5%+1.3pp	7.2%+0.1pp	7.2%
Return on Assets	3.4%-0.1pp	3.5%-0.4pp	3.9%+0.7pp	3.2%+0.5pp	2.7%	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
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%

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q4'2110-K
Current Ratio	1.270.0x	1.320.0x	1.26+0.2x	1.30+0.1x	1.09+0.1x	1.20	1.04+0.1x	0.97
Debt-to-Equity	0.26+0.1x	0.130.0x	0.14-0.2x	0.08-1.1x	0.33-0.2x	1.21	0.520.0x	0.50

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

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 DEV LTD SFWL	FY2025	$572.5M	$11.9M	2.1%	N/A	60/100
Freightos Ltd CRGO	FY2025	$29.5M	-$17.5M	-59.5%	$66.2M	34/100
Armlogi Holding Corp. BTOC	FY2025	$190.4M	-$15.3M	-8.1%	$13.2M	31/100
BingEx FLX	FY2025	$570.9M	$15.6M	2.7%	$139.7M	38/100
Proficient Auto Logistics Inc PAL	FY2025	N/A	-$36.0M	N/A	$143.6M	—
Radiant Logistic RLGT	FY2025	$902.7M	$17.3M	1.9%	$395.3M	40/100

Where SHENGFENG DEV LTD Ranks

Frequently Asked Questions

What is SHENGFENG DEV LTD's annual revenue?

SHENGFENG DEV LTD (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 DEV LTD's revenue growing?

SHENGFENG DEV LTD (SFWL) revenue grew by 13.6% year-over-year, from $504.2M to $572.5M in fiscal year 2025.

Is SHENGFENG DEV LTD profitable?

Yes, SHENGFENG DEV LTD (SFWL) reported a net income of $11.9M in fiscal year 2025, with a net profit margin of 2.1%.

What is SHENGFENG DEV LTD's EBITDA?

SHENGFENG DEV LTD (SFWL) had EBITDA of $23.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does SHENGFENG DEV LTD have?

As of fiscal year 2025, SHENGFENG DEV LTD (SFWL) had $35.3M in cash and equivalents against $33.8M in long-term debt.

What is SHENGFENG DEV LTD's gross margin?

SHENGFENG DEV LTD (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 DEV LTD's operating margin?

SHENGFENG DEV LTD (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 DEV LTD's net profit margin?

SHENGFENG DEV LTD (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 DEV LTD's return on equity (ROE)?

SHENGFENG DEV LTD (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 DEV LTD's free cash flow?

SHENGFENG DEV LTD (SFWL) recorded an outflow of $2.9M in free cash flow during fiscal year 2025. This represents a 80.1% 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 SHENGFENG DEV LTD's operating cash flow?

SHENGFENG DEV LTD (SFWL) generated $16.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are SHENGFENG DEV LTD's total assets?

SHENGFENG DEV LTD (SFWL) had $347.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are SHENGFENG DEV LTD's capital expenditures?

SHENGFENG DEV LTD (SFWL) invested $19.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is SHENGFENG DEV LTD's current ratio?

SHENGFENG DEV LTD (SFWL) had a current ratio of 1.27 as of fiscal year 2025, which is considered adequate.

What is SHENGFENG DEV LTD's debt-to-equity ratio?

SHENGFENG DEV LTD (SFWL) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is SHENGFENG DEV LTD's return on assets (ROA)?

SHENGFENG DEV LTD (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 DEV LTD's Piotroski F-Score?

SHENGFENG DEV LTD (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 DEV LTD's earnings high quality?

SHENGFENG DEV LTD (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 DEV LTD cover its interest payments?

SHENGFENG DEV LTD (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 DEV LTD?

SHENGFENG DEV LTD (SFWL) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite 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.