SHENGFENG DEVELOPMENT Ltd
SFWL Nasdaq Trucking & Courier Services (No Air) Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$572M
13.6%
vs prior year
Operating margin
Operating income as a share of revenue.
2.9%
0.0 pts
Net income
Profit after all expenses, interest and tax.
$11.9M
9.6%
Free cash flow
Cash from operations minus capital spending.
−$2.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.1%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What SHENGFENG DEVELOPMENT Ltd does
No business description yet.
- Legal name
- SHENGFENG DEVELOPMENT Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 27, 2026
- Accession · CIK
- 0001213900-26-035301
0001863218
Revenue and margins
SHENGFENG DEVELOPMENT Ltd had $572M of revenue in fiscal 2025, up 13.6% on the year before.
FY20
Revenue $287M
FY21
Revenue $347M
FY22
Revenue $370M
FY23
Revenue $404M
FY24
Revenue $504M
FY25
Revenue $572M
FY20
Gross 12.5%
Operating 2.2%
Net 2.1%
FCF −1.9%
FY21
Gross 11.9%
Operating 2.5%
Net 1.9%
FCF −0.6%
FY22
Gross 11.2%
Operating 2.7%
Net 2.1%
FCF −0.6%
FY23
Gross 11.5%
Operating 3.4%
Net 2.5%
FCF 0.8%
FY24
Gross 9.2%
Operating 2.9%
Net 2.2%
FCF −2.9%
FY25
Gross 9.3%
Operating 2.9%
Net 2.1%
FCF −0.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $6.0M
FY21
Net income $6.6M
FY22
Net income $7.8M
FY23
Net income $10.3M
FY24
Net income $10.9M
FY25
Net income $11.9M
FY20
Diluted EPS $0.08
FY21
Diluted EPS $0.09
FY22
Diluted EPS $0.10
FY23
Diluted EPS $0.13
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity 7.2%
Return on assets —
FY21
Return on capital 4.2%
Return on equity 7.6%
Return on assets 2.7%
FY22
Return on capital 4.9%
Return on equity 8.5%
Return on assets 3.2%
FY23
Return on capital 9.7%
Return on equity 10.3%
Return on assets 4.0%
FY24
Return on capital 9.2%
Return on equity 9.7%
Return on assets 3.8%
FY25
Return on capital 8.1%
Return on equity 9.6%
Return on assets 3.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$2.9M in fiscal 2025, −0.5% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$5.6M
FY21
Free cash flow −$2.2M
FY22
Free cash flow −$2.1M
FY23
Free cash flow $3.4M
FY24
Free cash flow −$14.5M
FY25
Free cash flow −$2.9M
FY20
Cash from operations $2.3M
Capital spending $7.9M
FY21
Cash from operations $20.4M
Capital spending $22.6M
FY22
Cash from operations $4.8M
Capital spending $6.9M
FY23
Cash from operations $14.1M
Capital spending $10.8M
FY24
Cash from operations $15.0M
Capital spending $29.5M
FY25
Cash from operations $16.1M
Capital spending $19.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
SHENGFENG DEVELOPMENT Ltd returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably SHENGFENG DEVELOPMENT Ltd can carry it.
FY20
Cash $27.8M
Debt —
FY21
Cash $18.9M
Debt $91.9M
FY22
Cash $21.3M
Debt $95.3M
FY23
Cash $62.9M
Debt $72.3M
FY24
Cash $74.1M
Debt $95.2M
FY25
Cash $79.9M
Debt $126M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $18.9M | $21.3M | $62.9M | $74.1M | $79.9M |
| Debt incl. finance leases | $91.9M | $95.3M | $72.3M | $95.2M | $126M |
| Net debt / EBITDA | 5.0x | 4.4x | 0.5x | 1.0x | 2.0x |
| Debt / equity | 1.0x | 1.0x | 0.7x | 0.8x | 1.0x |
| Interest coverage | 3.7x | 4.4x | 7.8x | 7.4x | 6.2x |
| Current ratio | 1.0x | 1.0x | 1.1x | 1.3x | 1.3x |
| Quick ratio | 0.9x | 1.0x | 1.1x | 1.3x | 1.3x |
| Total assets | $244M | $245M | $266M | $310M | $347M |
| Total liabilities | $148M | $150M | $154M | $187M | $208M |
| Shareholders' equity | $91.6M | $91.2M | $108M | $117M | $132M |
| Net debt (− = net cash) | $73.0M | $74.0M | $9.4M | $21.1M | $46.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✓ | ✓ | ✕ | — | — |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 6 / 9 | 8 / 9 | 5 / 8 | 6 / 8 |
| Accruals ratio | — | −5.6% | 1.2% | −1.5% | −1.4% | −1.3% |
| Altman Z'' | — | 0.92 | 1.27 | 1.73 | 2.26 | 2.30 |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $287M | $347M | $370M | $404M | $504M | $572M |
| Gross profit | $36.0M | $41.3M | $41.5M | $46.5M | $46.3M | $53.1M |
| Operating income | $6.2M | $8.6M | $9.8M | $13.9M | $14.7M | $16.9M |
| Interest expense | $2.0M | $2.3M | $2.2M | $1.8M | $2.0M | $2.7M |
| Pretax income | $7.6M | $8.2M | $9.4M | $12.6M | $12.5M | $14.3M |
| Income tax | $1.6M | $1.5M | $1.6M | $2.3M | $1.7M | $2.0M |
| Net income | $6.0M | $6.6M | $7.8M | $10.3M | $10.9M | $11.9M |
| Net income to common | $6.1M | $6.9M | $7.8M | $10.3M | — | — |
| Diluted EPS | $0.08 | $0.09 | $0.10 | $0.13 | — | — |
| Diluted shares | 0.08B | 0.08B | 0.08B | 0.08B | — | — |
| Cash flow | ||||||
| Cash from operations | $2.3M | $20.4M | $4.8M | $14.1M | $15.0M | $16.1M |
| Capital expenditure | $7.9M | $22.6M | $6.9M | $10.8M | $29.5M | $19.0M |
| Free cash flow | −$5.6M | −$2.2M | −$2.1M | $3.4M | −$14.5M | −$2.9M |
| Depreciation and amortization | $4.7M | $5.9M | $7.0M | $6.4M | $6.4M | $6.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $27.8M | $18.9M | $21.3M | $62.9M | $74.1M | $79.9M |
| Total debt | — | $91.9M | $95.3M | $72.3M | $95.2M | $126M |
| Deposits | — | $8.4M | $9.1M | $13.1M | — | — |
| Current assets | — | $122M | $136M | $149M | $205M | $217M |
| Current liabilities | — | $125M | $131M | $136M | $163M | $171M |
| Inventory | $7.6M | $8.2M | $9.4M | — | — | — |
| Property and equipment, net | — | $47.3M | $40.3M | $41.1M | $60.0M | $70.1M |
| Intangible assets | — | $7.5M | $6.7M | $12.2M | $11.4M | $11.2M |
| Total assets | — | $244M | $245M | $266M | $310M | $347M |
| Total liabilities | — | $148M | $150M | $154M | $187M | $208M |
| Shareholders' equity | $84.4M | $91.6M | $91.2M | $108M | $117M | $132M |
| Margins | ||||||
| Gross margin | 12.5% | 11.9% | 11.2% | 11.5% | 9.2% | 9.3% |
| Operating margin | 2.2% | 2.5% | 2.7% | 3.4% | 2.9% | 2.9% |
| EBITDA margin | 3.8% | 4.2% | 4.5% | 5.0% | 4.2% | 4.1% |
| Net margin | 2.1% | 1.9% | 2.1% | 2.5% | 2.2% | 2.1% |
| FCF margin | −1.9% | −0.6% | −0.6% | 0.8% | −2.9% | −0.5% |
| Returns | ||||||
| Return on capital | — | 4.2% | 4.9% | 9.7% | 9.2% | 8.1% |
| Return on capital employed | — | 7.2% | 8.6% | 10.7% | 9.9% | 9.6% |
| Return on equity | 7.2% | 7.6% | 8.5% | 10.3% | 9.7% | 9.6% |
| Return on assets | — | 2.7% | 3.2% | 4.0% | 3.8% | 3.6% |
| Return on tangible equity | 7.2% | 8.2% | 9.2% | 10.7% | 10.3% | 9.9% |
| Growth | ||||||
| Revenue growth | — | 20.6% | 6.8% | 9.1% | 24.8% | 13.6% |
| Net income growth | — | 9.9% | 17.2% | 32.2% | 5.7% | 9.6% |
| EPS growth | — | 12.5% | 11.1% | 30.0% | — | — |
| FCF growth | — | — | — | — | −530.8% | — |
| Share count change | — | 0.0% | 0.0% | 2.3% | — | — |
| Financial health | ||||||
| Net debt / EBITDA | — | 5.0x | 4.4x | 0.5x | 1.0x | 2.0x |
| Debt / equity | — | 1.0x | 1.0x | 0.7x | 0.8x | 1.0x |
| Interest coverage | 3.1x | 3.7x | 4.4x | 7.8x | 7.4x | 6.2x |
| Current ratio | — | 1.0x | 1.0x | 1.1x | 1.3x | 1.3x |
| Quick ratio | — | 0.9x | 1.0x | 1.1x | 1.3x | 1.3x |
| Capital allocation | ||||||
| Capex / revenue | 2.8% | 6.5% | 1.9% | 2.7% | 5.8% | 3.3% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 6.0 | 8.0 | 5.0 | 6.0 |
| Altman Z'' | — | 0.9 | 1.3 | 1.7 | 2.3 | 2.3 |
| Accruals ratio | — | −5.6% | 1.2% | −1.5% | −1.4% | −1.3% |
Source: SEC EDGAR XBRL filings (CIK 0001863218). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.