Detailed financial statements for Eastern International Ltd. Ordinary Shares (ELOG): 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.
Operating as a holding company, Eastern International Ltd. is headquartered in the Cayman Islands. Its business activities are primarily conducted through its fully-owned subsidiary, Suzhou TC-Link Logistics Co., Ltd., which delivers a range of professional logistics solutions. These services, spanning both domestic and international operations, include specialized project logistics and general freight management for customers located within China.
Analysis Summary
Trailing-twelve-month margins: gross margin 9.3%, operating margin -2.3%, net margin -2.5%.
At the current price of $0.57, ELOG has negative trailing earnings (P/E not meaningful) and an ROE of -7.44%. Market capitalisation stands at $7M.
Balance sheet quality for ELOG: current ratio of 1.7, net debt of $3.8M. 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 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $26.5M | $24.2M | $40.4M | $40.0M | $45.6M |
| Cost of Revenue | $24.6M | $20.7M | $35.4M | $34.0M | $41.4M |
| Gross Profit | $1.9M | $3.5M | $5.0M | $6.0M | $4.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $3.0M | $2.6M | $3.4M | $3.6M | $5.1M |
| Operating Expenses | $3.1M | $2.7M | $3.6M | $3.7M | $5.2M |
| Operating Income | -$1.2M | $794842 | $1.4M | $2.3M | -$1.0M |
| EBITDA | -$569286 | $2.0M | $1.7M | $2.6M | -$916511 |
| Interest Expense | $129609 | $22127 | $97552 | $143602 | $287422 |
| Pre-tax Income | -$1.1M | $1.5M | $1.5M | $2.4M | -$1.0M |
| Income Tax | -$123663 | $331687 | $451789 | $591108 | $139400 |
| Net Income | -$935776 | $1.2M | $1.1M | $1.8M | -$1.2M |
| EPS | $-0.08 | $0.10 | $0.09 | $0.15 | $-0.09 |
| EPS (Diluted) | $-0.08 | $0.10 | $0.09 | $0.15 | $-0.09 |
| Shares Outstanding (Diluted) | $12.0M | $12.0M | $12.0M | $12.0M | $12.8M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Revenue | $18.8M | $27.2M | $18.4M |
| Gross Profit | $3.0M | $3.0M | $1.2M |
| Operating Income | $1.4M | $1.0M | -$2.1M |
| EBITDA | $1.5M | $1.1M | -$2.0M |
| Net Income | $1.2M | $575306 | -$1.7M |
| EPS | $0.10 | $0.05 | $-0.13 |
| EPS (Diluted) | $0.10 | $0.05 | $-0.13 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $1.5M | $963096 | $2.2M | $846409 | $3.1M |
| Short-term Investments | $949787 | 0 | 0 | 0 | 0 |
| Receivables | $9.6M | $11.5M | $14.7M | $16.3M | $17.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $13.7M | $13.9M | $18.6M | $19.7M | $27.1M |
| Property, Plant & Equipment | $6.0M | $4.9M | $3.1M | $2.3M | $2.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $20.4M | $19.5M | $23.0M | $24.8M | $32.3M |
| Accounts Payable | $3.2M | $3.8M | $5.1M | $4.9M | $4.6M |
| Short-term Debt | $1.0M | $436834 | $2.0M | $3.8M | $5.0M |
| Total Current Liabilities | $7.3M | $6.5M | $11.0M | $12.1M | $15.8M |
| Long-term Debt | 0 | $145611 | 0 | 0 | $524016 |
| Total Liabilities | $11.4M | $10.0M | $13.2M | $13.3M | $17.1M |
| Retained Earnings | $753271 | $1.9M | $1.7M | $3.2M | $2.0M |
| Total Equity | $9.1M | $9.5M | $9.8M | $11.5M | $15.2M |
| Total Debt | $6.1M | $5.1M | $4.9M | $5.4M | $6.9M |
| Net Debt | $3.7M | $4.1M | $2.8M | $4.6M | $3.8M |
| Working Capital | $6.4M | $7.5M | $7.6M | $7.6M | $11.2M |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Cash & Equivalents | $188183 | $846409 | $5.8M | $3.1M |
| Total Assets | $24.3M | $24.8M | $33.6M | $32.3M |
| Total Liabilities | $13.8M | $13.3M | $17.8M | $17.1M |
| Total Equity | $10.6M | $11.5M | $15.8M | $15.2M |
| Total Debt | $5.7M | $5.4M | $6.0M | $6.9M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$935776 | $1.2M | $1.1M | $1.8M | -$1.2M |
| Depreciation & Amortization | $360544 | $468259 | $115150 | $88722 | $131180 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $816950 |
| Change in Working Capital | $2.3M | -$2.1M | -$1.9M | -$4.1M | -$2.5M |
| Operating Cash Flow | $1.6M | -$500096 | -$629761 | -$2.2M | -$2.6M |
| Capital Expenditure | -$125632 | -$12730 | -$7433 | -$397441 | -$878949 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$123966 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.5M | -$512826 | -$637194 | -$2.6M | -$3.5M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Operating Cash Flow | $397206 | -$102961 | -$2.5M |
| Capital Expenditure | -$183526 | -$5049 | -$873905 |
| Free Cash Flow | $213680 | -$108010 | -$3.3M |
| Dividends Paid | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | -8.8% | +67.4% | -1.0% | +14.0% |
| Net Income Growth (YoY) | | +227.1% | -8.9% | +64.3% | -164.7% |
| EPS Growth (YoY) | | +227.0% | -8.8% | +66.3% | -159.9% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | +6.8% |
| FCF Growth (YoY) | | -134.4% | -24.3% | -301.2% | -35.2% |
| Gross Margin | 7.2% | 14.4% | 12.4% | 15.0% | 9.3% |
| Operating Margin | -4.4% | 3.3% | 3.5% | 5.7% | -2.3% |
| EBITDA Margin | -2.1% | 8.3% | 4.3% | 6.5% | -2.0% |
| Net Margin | -3.5% | 4.9% | 2.7% | 4.4% | -2.5% |
| FCF Margin | 5.6% | -2.1% | -1.6% | -6.4% | -7.6% |
| Effective Tax Rate | 11.7% | 21.8% | 29.4% | 24.9% | -13.8% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $0.12 | $-0.04 | $-0.05 | $-0.21 | $-0.27 |
| Dividends Per Share | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.0M | $12.0M | $12.0M | $12.0M | $12.8M |
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 | -7.44% |
| Return on Invested Capital | -4.74% |
| Return on Assets | -3.57% |
| Gross Margin | 9.30% |
| Operating Margin | -2.30% |
| Net Margin | -2.52% |
Financial Health
| Debt / Equity | 0.45 |
| Current Ratio | 1.71 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 2.25 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -38.00 | 29.93 | 32.82 | 19.73 | -10.80 |
| P/B | 3.93 | 3.73 | 3.65 | 3.10 | 0.82 |
| P/S | 1.34 | 1.47 | 0.88 | 0.89 | 0.27 |
| Gross Margin | 7.2% | 14.4% | 12.4% | 15.0% | 9.3% |
| Operating Margin | -4.4% | 3.3% | 3.5% | 5.7% | -2.3% |
| Net Margin | -3.5% | 4.9% | 2.7% | 4.4% | -2.5% |