SHENGFENG DEV LTD Financials

SFWL

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

This page shows SHENGFENG DEV LTD (SFWL) financial statements, including the 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 2026-04-22

A working-capital-heavy growth model is expanding revenue, but reinvestment needs keep free cash trailing accounting profit.

As revenue expanded from $404.1M to $572.5M, gross margin compression did not push operating margin much lower, implying scale and overhead control offset thinner transaction economics. That makes earnings quality look decent—operating cash flow reached $16.1M while free cash flow stayed at -$2.9M—so profit is showing up in cash before reinvestment, but not after it.

The business is capital hungry for a company with modest margins: capex was $29.5M in FY2024 and still $19.0M in FY2025, which is why positive operating cash did not become durable free cash. In other words, this is not a model where accounting profit automatically becomes discretionary cash; asset build-out remains part of the operating rhythm.

The balance sheet is less debt-led than earlier in the series: debt to equity sits at 0.3x versus 0.5x, which means asset growth has been funded more by retained equity and current liabilities than by long-term borrowing. But accounts receivable still reached $136.3M, so a meaningful share of growth is tied up in customer balances before it can support free cash flow.

Financial Health Signals

Financial Health Score 61/100

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 60/100, indicating healthy but not exceptional operating efficiency. This is up from 2.9% 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 27/100, 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 75/100. This is down from 9.3% the prior year.

Altman Z-Score Grey Zone

2.34

SHENGFENG DEV LTD scores 2.34, 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

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

6.2x

SHENGFENG DEV LTD earns $6.2 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

Revenue

$572.5M

YoY+13.6%

5Y CAGR+14.8%

SHENGFENG DEV LTD generated $572.5M in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.

EBITDA

$23.3M

YoY+10.9%

5Y CAGR+16.3%

SHENGFENG DEV LTD'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.

Net Income

$11.9M

YoY+9.6%

5Y CAGR+14.6%

SHENGFENG DEV LTD reported $11.9M in net income in fiscal year 2025. This represents an increase of 9.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$2.9M

YoY+80.1%

SHENGFENG DEV LTD generated -$2.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 80.1% from the prior year.

Cash & Debt

$35.3M

YoY+1.8%

5Y CAGR+4.9%

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

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

9.3%

YoY+0.1pp

5Y CAGR-3.2pp

SHENGFENG DEV LTD'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.

Operating Margin

2.9%

YoY+0.0pp

5Y CAGR+0.8pp

SHENGFENG DEV LTD's operating margin was 2.9% in fiscal year 2025, reflecting core business profitability. This is up 0.0 percentage points from the prior year.

Net Margin

2.1%

YoY-0.1pp

5Y CAGR-0.0pp

SHENGFENG DEV LTD'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.

Return on Equity

9.0%

YoY-0.3pp

5Y CAGR+1.9pp

SHENGFENG DEV LTD'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

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$19.0M

YoY-35.6%

5Y CAGR+19.1%

SHENGFENG DEV LTD 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.

SFWL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
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
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 (Diluted)	N/A	N/A	$0.13+30.0%	$0.10+11.1%	$0.09+12.5%	$0.08

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

SFWL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
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
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Total Assets	$347.0M+17.0%	$296.4M-4.4%	$310.1M+17.6%	$263.8M-0.8%	$265.8M+15.7%	$229.8M-6.3%	$245.3M+0.4%	$244.2M
Current Assets	$216.6M+14.0%	$190.0M-7.4%	$205.2M+28.9%	$159.2M+6.8%	$149.1M+14.1%	$130.7M-3.7%	$135.7M+11.5%	$121.7M
Cash & Equivalents	$35.3M+146.3%	$14.3M-58.7%	$34.7M+210.2%	$11.2M-58.2%	$26.7M-8.1%	$29.1M+36.6%	$21.3M+12.5%	$18.9M
Inventory	N/A	N/A	N/A	N/A	N/A	$7.9M-16.5%	$9.4M+15.5%	$8.2M
Accounts Receivable	$136.3M+9.4%	$124.6M-2.1%	$127.3M+18.7%	$107.3M+9.8%	$97.7M+28.9%	$75.8M-15.0%	$89.1M+10.5%	$80.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$208.1M+25.2%	$166.3M-10.9%	$186.7M+27.7%	$146.2M-4.8%	$153.5M+24.1%	$123.7M-17.6%	$150.2M+1.3%	$148.3M
Current Liabilities	$170.6M+18.4%	$144.1M-11.4%	$162.7M+33.2%	$122.2M-10.4%	$136.4M+25.7%	$108.5M-17.0%	$130.8M+4.3%	$125.4M
Long-Term Debt	$33.8M+110.8%	$16.0M-2.1%	$16.4M+78.9%	$9.2M-74.6%	$36.1M	N/A	$47.7M+3.7%	$46.0M
Total Equity	$131.9M+6.8%	$123.5M+5.4%	$117.1M+4.3%	$112.3M+4.0%	$107.9M+5.9%	$102.0M+11.8%	$91.2M-0.4%	$91.6M
Retained Earnings	$47.0M+11.1%	$42.3M+16.1%	$36.5M+14.9%	$31.7M+18.9%	$26.7M+12.5%	$23.7M+37.3%	$17.3M+72.2%	$10.0M

SFWL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
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
Dividends Paid	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

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

SFWL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	1.270.0	1.26+0.2	1.09+0.1	1.04+0.1	0.97	N/A
Debt-to-Equity	0.26+0.1	0.14-0.2	0.33-0.2	0.52+0.0	0.50	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	Q4'25	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	1.27-0.0	1.32+0.1	1.26-0.0	1.30+0.2	1.09-0.1	1.20+0.2	1.04+0.1	0.97
Debt-to-Equity	0.26+0.1	0.13-0.0	0.14+0.1	0.08-0.3	0.33-0.9	1.21+0.7	0.52+0.0	0.50
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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 Altman Z-Score?

SHENGFENG DEV LTD (SFWL) has an Altman Z-Score of 2.34, 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 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 6.2x, 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 61 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.