Detailed financial statements for Creative Global Technology Holdings Limited Ordinary Shares (CGTL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Creative Global Technology Holdings Limited (CGTL), an investment holding entity based in Hong Kong, primarily focuses on the acquisition and redistribution of second-hand consumer electronics. Its offerings encompass smartphones, tablets, and laptops. The company's operations are channelled through its 2016-founded subsidiary, Creative Global Technology (Hong Kong) Limited (CGTHK).
Analysis Summary
Trailing-twelve-month margins: gross margin 10.8%, operating margin -68.2%, net margin -63.4%.
At the current price of $3.70, CGTL has negative trailing earnings (P/E not meaningful) and an ROE of -73.98%. Market capitalisation stands at $6M.
Balance sheet quality for CGTL: current ratio of 72.5, net cash position of $21410. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $12.7M | $27.9M | $50.3M | $35.6M | $2.7M |
| Cost of Revenue | $9.7M | $23.4M | $45.3M | $29.3M | $2.4M |
| Gross Profit | $3.0M | $4.4M | $5.0M | $6.3M | $293193 |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $170486 | $407814 | $1.2M | $1.2M | $2.0M |
| Operating Expenses | $170486 | $407814 | $1.2M | $1.2M | $2.0M |
| Operating Income | $2.8M | $4.0M | $3.8M | $5.2M | -$1.7M |
| EBITDA | $2.8M | $4.0M | $3.8M | $5.2M | -$1.7M |
| Interest Expense | 0 | 0 | 0 | $2446 | 0 |
| Pre-tax Income | $2.9M | $4.0M | $3.8M | $5.2M | -$1.7M |
| Income Tax | $446541 | $642497 | $679815 | $903282 | $27203 |
| Net Income | $2.5M | $3.4M | $3.2M | $4.3M | -$1.7M |
| EPS | $1.50 | $2.55 | $2.40 | $3.15 | $-1.00 |
| EPS (Diluted) | $1.50 | $2.10 | $1.95 | $3.15 | $-1.00 |
| Shares Outstanding (Diluted) | $1.6M | $1.6M | $1.6M | $1.3M | $1.7M |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Revenue | $15.1M | $1.6M | $1.1M | $2.4M |
| Gross Profit | $3.7M | $199080 | $94356 | -$484348 |
| Operating Income | $3.3M | -$1.9M | $94356 | -$571580 |
| EBITDA | $3.3M | -$1.9M | $94316 | -$570988 |
| Net Income | $2.8M | -$2.0M | $241925 | -$481995 |
| EPS | $2.10 | $-1.38 | $0.14 | $-4.21 |
| EPS (Diluted) | $2.10 | $-1.38 | $0.14 | $-4.21 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $297855 | $959300 | $4.3M | $443322 | $23808 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $577815 | $17312 | -$47437 | $10.5M | 0 |
| Inventory | $3.1M | $3.9M | $5.8M | $3.8M | $2.3M |
| Total Current Assets | $5.6M | $8.1M | $10.8M | $15.3M | $2.3M |
| Property, Plant & Equipment | $5960 | $19016 | $15920 | $150014 | $3643 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.6M | $8.1M | $11.4M | $16.3M | $2.4M |
| Accounts Payable | 0 | 0 | 0 | 0 | $27 |
| Short-term Debt | $953702 | $989373 | 0 | $13933 | $2398 |
| Total Current Liabilities | $3.0M | $2.1M | $2.2M | $2.8M | $32319 |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.0M | $2.1M | $2.2M | $2.9M | $32319 |
| Retained Earnings | $2.6M | $6.0M | $9.2M | $13.5M | $11059 |
| Total Equity | $2.6M | $6.0M | $9.2M | $13.5M | $2.3M |
| Total Debt | $953702 | $989373 | 0 | $126886 | $2398 |
| Net Debt | $655847 | $30073 | -$4.3M | -$316436 | -$21410 |
| Working Capital | $2.6M | $6.0M | $8.6M | $12.5M | $2.3M |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Cash & Equivalents | $443322 | $28370 | $23808 | $62981 |
| Total Assets | $16.3M | $2.3M | $2.4M | $1.9M |
| Total Liabilities | $2.9M | $52085 | $32319 | $44660 |
| Total Equity | $13.5M | $2.3M | $2.3M | $1.8M |
| Total Debt | $140819 | $9464 | $2398 | $17334 |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $2.5M | $3.4M | $3.2M | $4.3M | -$1.7M |
| Depreciation & Amortization | $1504 | $522 | $6880 | $82068 | $2146 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.8M | -$2.8M | $1.7M | -$7.9M | -$741341 |
| Operating Cash Flow | -$416699 | $654488 | $4.9M | -$3.5M | -$617181 |
| Capital Expenditure | -$2580 | -$17143 | -$3784 | -$18597 | $1 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$419279 | $637345 | $4.9M | -$3.5M | -$617180 |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Operating Cash Flow | -$2.2M | -$613114 | -$2682 | $57136 |
| Capital Expenditure | $1118 | $5 | $2 | $4 |
| Free Cash Flow | -$2.2M | -$613110 | -$2680 | $57140 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +120.0% | +80.5% | -29.2% | -92.4% |
| Net Income Growth (YoY) | | +36.7% | -7.4% | +35.7% | -140.1% |
| EPS Growth (YoY) | | +70.0% | -5.9% | +31.2% | -131.8% |
| Shares Change (YoY) | | +0.0% | +0.0% | -16.7% | +28.6% |
| FCF Growth (YoY) | | +252.0% | +664.2% | -172.7% | +82.6% |
| Gross Margin | 23.8% | 16.0% | 9.9% | 17.8% | 10.8% |
| Operating Margin | 22.4% | 14.5% | 7.5% | 14.6% | -62.2% |
| EBITDA Margin | 22.5% | 14.5% | 7.6% | 14.6% | -62.1% |
| Net Margin | 19.7% | 12.2% | 6.3% | 12.0% | -63.2% |
| FCF Margin | -3.3% | 2.3% | 9.7% | -9.9% | -22.7% |
| Effective Tax Rate | 15.2% | 15.9% | 17.7% | 17.4% | -1.6% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.26 | $0.40 | $3.04 | $-2.66 | $-0.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.6M | $1.3M | $1.3M | $1.3M | $1.7M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -73.98% |
| Return on Invested Capital | -72.75% |
| Return on Assets | -72.96% |
| Gross Margin | 10.81% |
| Operating Margin | -68.19% |
| Net Margin | -63.38% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 72.54 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 39.10 | 23.00 | 24.44 | 18.62 | -8.15 |
| P/B | 35.62 | 12.99 | 8.50 | 5.81 | 6.03 |
| P/S | 7.41 | 2.81 | 1.56 | 2.20 | 5.15 |
| Gross Margin | 23.8% | 16.0% | 9.9% | 17.8% | 10.8% |
| Operating Margin | 22.4% | 14.5% | 7.5% | 14.6% | -62.2% |
| Net Margin | 19.7% | 12.2% | 6.3% | 12.0% | -63.2% |