Detailed financial statements for HWH International Inc. (HWH): 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.
HWH International Inc. manages a digital marketplace, providing an array of products and services designed to foster well-being, financial growth, and overall contentment. Its diversified offerings include the flagship HWH Marketplace, a general commercial platform; Hapi Café; the Hapi Travel Destination, enabling reservations for trips, accommodations, and holiday packages; and the Hapi Wealth builder program.
Analysis Summary
HWH International Inc. reported revenue of $866926 in the most recent fiscal year, growing at a 5-year CAGR of -22.7%.
Trailing-twelve-month margins: gross margin 59.2%, operating margin -7.9%, net margin -6.8%.
At the current price of $2.00, HWH has negative trailing earnings (P/E not meaningful) and an ROE of -103.87%. Market capitalisation stands at $15M.
Balance sheet quality for HWH: current ratio of 2.3, net cash position of $1.2M. 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $3.1M | $4.9M | $1.2M | $830519 | $1.3M | $866926 |
| Cost of Revenue | $1.8M | $2.6M | $656054 | $334825 | $651721 | $407199 |
| Gross Profit | $1.3M | $2.3M | $546836 | $495694 | $601856 | $459727 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $584664 | $504540 | $1.6M | $2.9M | $2.6M | $3.5M |
| Operating Expenses | $584132 | $504540 | $1.6M | $2.9M | $2.6M | $3.5M |
| Operating Income | $728661 | $1.8M | -$1.0M | -$2.4M | -$2.0M | -$3.1M |
| EBITDA | $730258 | $2.1M | -$660709 | -$603273 | -$2.5M | -$2.5M |
| Interest Expense | 0 | 0 | 0 | 0 | $72076 | $52242 |
| Pre-tax Income | $729193 | $1.9M | -$889129 | -$661279 | -$2.6M | -$2.6M |
| Income Tax | $97085 | $576326 | 0 | $415383 | 0 | $47472 |
| Net Income | $632108 | $1.3M | -$893965 | -$1.1M | -$2.6M | -$2.6M |
| EPS | $0.06 | $0.14 | $-0.09 | $-0.33 | $-0.16 | $-0.40 |
| EPS (Diluted) | $0.06 | $0.14 | $-0.09 | $-0.33 | $-0.16 | $-0.40 |
| Shares Outstanding (Diluted) | $9.8M | $9.8M | $9.6M | $3.2M | $16.7M | $6.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $206778 | $54560 | $64200 | $64200 |
| Gross Profit | $123582 | $39661 | $47288 | $20364 |
| Operating Income | -$201394 | -$2.0M | -$624914 | -$228699 |
| EBITDA | -$246748 | -$2.0M | -$624914 | $215040 |
| Net Income | -$291004 | -$1.9M | -$626197 | $211965 |
| EPS | $-0.04 | $-0.29 | $-0.08 | $0.03 |
| EPS (Diluted) | $-0.04 | $-0.29 | $-0.08 | $0.03 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.6M | $2.7M | $1.7M | $1.2M | $4.3M | $2.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $84466 |
| Receivables | $937480 | $2519 | $9070 | $69814 | $1.1M | $778842 |
| Inventory | $119962 | $47289 | $34126 | $1977 | $1574 | $1057 |
| Total Current Assets | $3.7M | $3.3M | $2.0M | $1.3M | $5.5M | $3.0M |
| Property, Plant & Equipment | $451797 | $385796 | $1.1M | $727738 | $582345 | $111808 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.7M | $3.9M | $3.7M | $23.7M | $6.4M | $4.6M |
| Accounts Payable | $6847 | $19069 | $63354 | $167355 | $483430 | $305028 |
| Short-term Debt | $341688 | 0 | 0 | 0 | $1.2M | $276751 |
| Total Current Liabilities | $4.1M | $2.2M | $2.4M | $6.0M | $3.3M | $1.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $592307 |
| Total Liabilities | $4.1M | $2.3M | $3.0M | $6.2M | $3.5M | $1.9M |
| Retained Earnings | $570281 | $1.8M | $930175 | -$3.6M | -$6.2M | -$8.9M |
| Total Equity | $596439 | $1.6M | $734982 | $17.5M | $2.8M | $2.6M |
| Total Debt | $789372 | $351222 | $978633 | $612067 | $1.8M | $964965 |
| Net Debt | -$800921 | -$2.3M | -$672455 | -$547134 | -$2.6M | -$1.2M |
| Working Capital | -$441709 | $1.1M | -$362369 | -$4.7M | $2.2M | $1.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $2.9M | $2.1M | $1.5M | $1.5M |
| Total Assets | $5.2M | $4.6M | $4.2M | $4.5M |
| Total Liabilities | $2.3M | $1.9M | $2.1M | $1.7M |
| Total Equity | $2.8M | $2.6M | $2.0M | $2.7M |
| Total Debt | $1.1M | $964965 | $805266 | $206247 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $632108 | $1.3M | $113541 | $548873 | -$2.7M | -$2.6M |
| Depreciation & Amortization | $90461 | $269122 | 0 | 0 | $48172 | $19494 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.0M | $524272 | $357498 | $147272 | -$442644 | -$947776 |
| Operating Cash Flow | $1.2M | $660015 | -$514070 | -$1.5M | -$1.7M | -$2.0M |
| Capital Expenditure | -$9208 | -$39088 | 0 | $4 | -$30395 | -$19466 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$23350 |
| Stock Repurchased | 0 | 0 | 0 | -$68.4M | -$21.1M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.2M | $620927 | -$514070 | -$1.5M | -$1.8M | -$2.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$418506 | -$1.0M | -$192539 | $478008 |
| Capital Expenditure | -$18004 | -$85 | -$761 | 0 |
| Free Cash Flow | -$436510 | -$1.0M | -$193300 | $478010 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +56.1% | -75.5% | -31.0% | +50.9% | -30.8% |
| Net Income Growth (YoY) | | +109.7% | -167.5% | -20.9% | -139.8% | -1.5% |
| EPS Growth (YoY) | | +117.4% | -166.3% | -255.6% | +51.5% | -150.0% |
| Shares Change (YoY) | | +0.0% | -1.8% | -66.3% | +414.2% | -60.7% |
| FCF Growth (YoY) | | -49.8% | -182.8% | -195.6% | -17.0% | -11.8% |
| Gross Margin | 41.7% | 46.9% | 45.5% | 59.7% | 48.0% | 53.0% |
| Operating Margin | 23.2% | 36.6% | -86.2% | -290.6% | -163.1% | -354.4% |
| EBITDA Margin | 23.2% | 42.1% | -54.9% | -72.6% | -198.3% | -292.8% |
| Net Margin | 20.1% | 27.0% | -74.3% | -130.1% | -206.7% | -303.4% |
| FCF Margin | 39.3% | 12.6% | -42.7% | -183.0% | -141.9% | -229.4% |
| Effective Tax Rate | 13.3% | 30.3% | -0.0% | -62.8% | -0.0% | -1.8% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.13 | $0.06 | $-0.05 | $-0.47 | $-0.11 | $-0.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.8M | $9.8M | $9.6M | $3.2M | $16.7M | $6.6M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -103.87% |
| Return on Invested Capital | -102.14% |
| Return on Assets | -58.76% |
| Gross Margin | 59.24% |
| Operating Margin | -787.50% |
| Net Margin | -680.01% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 1.82 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -1.21 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 761.65 | 350.36 | -541.49 | -162.12 | -20.12 | -3.72 |
| P/B | 807.17 | 300.95 | 658.71 | 9.92 | 19.43 | 3.73 |
| P/S | 152.98 | 98.00 | 402.48 | 209.01 | 42.85 | 11.28 |
| Gross Margin | 41.7% | 46.9% | 45.5% | 59.7% | 48.0% | 53.0% |
| Operating Margin | 23.2% | 36.6% | -86.2% | -290.6% | -163.1% | -354.4% |
| Net Margin | 20.1% | 27.0% | -74.3% | -130.1% | -206.7% | -303.4% |