Tungray Technologies Financials

TRSG

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

This page shows Tungray Technologies (trsg) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 trsg FY2024 2026-04-23

Falling gross margin and sticky overhead turned a formerly self-funded operation into one leaning on external financing in FY2024.

From FY2022 to FY2024, gross margin compression from 56.7% to 43.7% mattered more than the sales decline because overhead did not fall with it. Operating cash flow swung from $3.6M to -$812K, showing the business stopped funding itself through operations before liquidity itself looked tight, which shifts the balance sheet from buffer to bridge.

Liquidity still buys time: FY2024 ended with $9.0M of cash and a current ratio of 1.9x, so near-term obligations do not appear to be forcing abrupt retrenchment. The more important shift is funding mix—cash has trended down while financing inflows increasingly substituted for internally generated cash, meaning balance-sheet flexibility is now supporting the operating model rather than simply sitting as excess protection.

Cost structure looks sticky: selling and administrative expense stayed around $4.6M even as revenue moved down to $12.8M, so weaker volume was not matched by similar cost relief. With R&D spending also higher, the company lost the fixed-cost absorption that had supported earlier profitability and free cash flow, making the deterioration look operational rather than merely accounting-driven.

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tungray Technologies'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

Tungray Technologies has an operating margin of -1.6%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -5.1% the prior year.

Growth

Tungray Technologies's revenue surged 22.0% year-over-year to $15.6M, reflecting rapid business expansion. This strong growth earns a score of 40/100.

Leverage

Tungray Technologies carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Tungray Technologies's current ratio of 1.94 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Tungray Technologies generated -$3.0M in operating cash flow, capex of $799K consumed most of it, leaving -$3.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Tungray Technologies generates a -0.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 10/100. This is up from -3.3% the prior year.

Piotroski F-Score Neutral

4/9

Tungray Technologies passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

17.89x

For every $1 of reported earnings, Tungray Technologies generates $17.89 in operating cash flow (-$3.0M OCF vs -$170K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-3.6x

Tungray Technologies earns $-3.6 in operating income for every $1 of interest expense (-$242K vs $66K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.6M

YoY+22.0%

Tungray Technologies generated $15.6M in revenue in fiscal year 2025. This represents an increase of 22.0% from the prior year.

EBITDA

$173K

YoY+161.8%

Tungray Technologies's EBITDA was $173K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 161.8% from the prior year.

Net Income

-$170K

YoY+70.2%

Tungray Technologies reported -$170K in net income in fiscal year 2025. This represents an increase of 70.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$3.8M

YoY-204.6%

Tungray Technologies generated -$3.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 204.6% from the prior year.

Cash & Debt

$6.6M

YoY-26.1%

Tungray Technologies held $6.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

Tungray Technologies had 12M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

45.9%

YoY+2.2pp

Tungray Technologies's gross margin was 45.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.

Operating Margin

-1.6%

YoY+3.6pp

Tungray Technologies's operating margin was -1.6% in fiscal year 2025, reflecting core business profitability. This is up 3.6 percentage points from the prior year.

Net Margin

-1.1%

YoY+3.4pp

Tungray Technologies's net profit margin was -1.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.4 percentage points from the prior year.

Return on Equity

-0.9%

YoY+2.4pp

Tungray Technologies's ROE was -0.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$975K

YoY-8.3%

Tungray Technologies invested $975K in research and development in fiscal year 2025. This represents a decrease of 8.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$799K

YoY+77.4%

Tungray Technologies invested $799K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 77.4% from the prior year.

TRSG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$15.6M+22.0%	$12.8M-10.8%	$14.4M-12.1%	$16.3M-6.5%	$17.5M
Cost of Revenue	$8.5M+17.2%	$7.2M-5.7%	$7.7M+8.3%	$7.1M-13.9%	$8.2M
Gross Profit	$7.2M+28.1%	$5.6M-16.6%	$6.7M-27.6%	$9.3M+0.1%	$9.3M
R&D Expenses	$975K-8.3%	$1.1M+34.3%	$792K-4.5%	$829K+23.9%	$669K
SG&A Expenses	$5.5M+19.3%	$4.6M+4.5%	$4.4M-3.2%	$4.5M+36.8%	$3.3M
Operating Income	-$242K+63.1%	-$656K-159.7%	$1.1M-66.5%	$3.3M-32.7%	$4.9M
Interest Expense	$66K-39.8%	$110K+64.7%	$67K-68.1%	$210K+51.4%	$138K
Income Tax	$131K-52.8%	$278K-48.3%	$538K+185.6%	-$629K-188.6%	$709K
Net Income	-$170K+70.2%	-$572K-175.5%	$757K-73.5%	$2.9M-33.7%	$4.3M
EPS (Diluted)	N/A	N/A	$0.06-68.4%	$0.19-34.5%	$0.29

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

TRSG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$29.5M-1.3%	$29.9M+10.6%	$27.1M+3.9%	$26.0M	N/A
Current Assets	$18.7M-5.4%	$19.8M+6.7%	$18.5M+3.7%	$17.9M	N/A
Cash & Equivalents	$6.6M-26.1%	$9.0M-17.0%	$10.8M-17.7%	$13.1M+15.8%	$11.3M
Inventory	$3.4M+51.8%	$2.2M-3.4%	$2.3M+62.6%	$1.4M	N/A
Accounts Receivable	N/A	N/A	$320K+205.1%	$105K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.5M-9.2%	$12.6M+11.6%	$11.3M+1.3%	$11.2M	N/A
Current Liabilities	$9.6M-9.0%	$10.6M+17.4%	$9.0M+8.5%	$8.3M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$18.0M+4.5%	$17.3M+9.8%	$15.7M+5.9%	$14.8M+21.4%	$12.2M
Retained Earnings	$15.0M-0.1%	$15.1M-3.1%	$15.5M+5.8%	$14.7M	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Total Assets	$29.5M-1.3%	$29.9M+10.6%	$27.1M+3.9%	$26.0M
Current Assets	$18.7M-5.4%	$19.8M+6.7%	$18.5M+3.7%	$17.9M
Cash & Equivalents	$6.6M-26.1%	$9.0M-17.0%	$10.8M-17.7%	$13.1M
Inventory	$3.4M+51.8%	$2.2M-3.4%	$2.3M+62.6%	$1.4M
Accounts Receivable	N/A	N/A	$320K+205.1%	$105K
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$11.5M-9.2%	$12.6M+11.6%	$11.3M+1.3%	$11.2M
Current Liabilities	$9.6M-9.0%	$10.6M+17.4%	$9.0M+8.5%	$8.3M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$18.0M+4.5%	$17.3M+9.8%	$15.7M+5.9%	$14.8M
Retained Earnings	$15.0M-0.1%	$15.1M-3.1%	$15.5M+5.8%	$14.7M

TRSG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$3.0M-275.3%	-$812K-280.0%	$451K-87.6%	$3.6M-39.2%	$6.0M
Capital Expenditures	$799K+77.4%	$451K+941.8%	$43K-70.3%	$146K-29.4%	$206K
Free Cash Flow	-$3.8M-204.6%	-$1.3M-409.6%	$408K-88.3%	$3.5M-39.6%	$5.8M
Investing Cash Flow	-$1.6M+41.0%	-$2.8M-3305.8%	-$82K+21.5%	-$104K+89.7%	-$1.0M
Financing Cash Flow	$1.3M-53.2%	$2.8M+199.5%	-$2.8M-100.8%	-$1.4M-10311.2%	-$13K
Dividends Paid	$517K0.0%	$517K-59.5%	$1.3M-22.9%	$1.7M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

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

TRSG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	45.9%+2.2pp	43.7%-3.0pp	46.7%-10.0pp	56.7%+3.7pp	53.0%
Operating Margin	-1.6%+3.6pp	-5.1%-12.8pp	7.7%-12.4pp	20.1%-7.8pp	27.9%
Net Margin	-1.1%+3.4pp	-4.5%-9.7pp	5.3%-12.2pp	17.5%-7.1pp	24.6%
Return on Equity	-0.9%+2.4pp	-3.3%-8.1pp	4.8%-14.4pp	19.2%-16.0pp	35.2%
Return on Assets	-0.6%+1.3pp	-1.9%-4.7pp	2.8%-8.2pp	10.9%	N/A
Current Ratio	1.94+0.1	1.86-0.2	2.05-0.1	2.15	N/A
Debt-to-Equity	0.64-0.1	0.73+0.0	0.72-0.0	0.75	N/A
FCF Margin	-24.6%-14.8pp	-9.9%-12.7pp	2.8%-18.5pp	21.4%-11.7pp	33.1%

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A
Current Ratio	1.94+0.1	1.86-0.2	2.05-0.1	2.15
Debt-to-Equity	0.64-0.1	0.73+0.0	0.72-0.0	0.75
FCF Margin	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Tungray Technologies's annual revenue?

Tungray Technologies (trsg) reported $15.6M in total revenue for fiscal year 2025. This represents a 22.0% 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 Tungray Technologies's revenue growing?

Tungray Technologies (trsg) revenue grew by 22% year-over-year, from $12.8M to $15.6M in fiscal year 2025.

Is Tungray Technologies profitable?

No, Tungray Technologies (trsg) reported a net income of -$170K in fiscal year 2025, with a net profit margin of -1.1%.

What is Tungray Technologies's EBITDA?

Tungray Technologies (trsg) had EBITDA of $173K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tungray Technologies's gross margin?

Tungray Technologies (trsg) had a gross margin of 45.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Tungray Technologies's operating margin?

Tungray Technologies (trsg) had an operating margin of -1.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tungray Technologies's net profit margin?

Tungray Technologies (trsg) had a net profit margin of -1.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tungray Technologies's return on equity (ROE)?

Tungray Technologies (trsg) has a return on equity of -0.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tungray Technologies's free cash flow?

Tungray Technologies (trsg) generated -$3.8M in free cash flow during fiscal year 2025. This represents a -204.6% 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 Tungray Technologies's operating cash flow?

Tungray Technologies (trsg) generated -$3.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tungray Technologies's total assets?

Tungray Technologies (trsg) had $29.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tungray Technologies's capital expenditures?

Tungray Technologies (trsg) invested $799K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tungray Technologies spend on research and development?

Tungray Technologies (trsg) invested $975K in research and development during fiscal year 2025.

How many shares does Tungray Technologies have outstanding?

Tungray Technologies (trsg) had 12M shares outstanding as of fiscal year 2025.

What is Tungray Technologies's current ratio?

Tungray Technologies (trsg) had a current ratio of 1.94 as of fiscal year 2025, which is generally considered healthy.

What is Tungray Technologies's debt-to-equity ratio?

Tungray Technologies (trsg) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tungray Technologies's return on assets (ROA)?

Tungray Technologies (trsg) had a return on assets of -0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tungray Technologies's cash runway?

Based on fiscal year 2025 data, Tungray Technologies (trsg) had $6.6M in cash against an annual operating cash burn of $3.0M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Tungray Technologies's Piotroski F-Score?

Tungray Technologies (trsg) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 Tungray Technologies's earnings high quality?

Tungray Technologies (trsg) has an earnings quality ratio of 17.89x, 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 Tungray Technologies cover its interest payments?

Tungray Technologies (trsg) has an interest coverage ratio of -3.6x, meaning it can struggle to 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 Tungray Technologies?

Tungray Technologies (trsg) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.