Detailed financial statements for mF International Limited (MFI): 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, mF International Limited (MFI) specializes in the development and commercialization of financial trading solutions. These solutions are delivered either online or as a Platform-as-a-Service (PaaS), serving markets across Hong Kong, mainland China, and Southeast Asia. The company provides a comprehensive suite of offerings, including real-time, mission-critical trading platforms for foreign exchange (forex) and bullion/commodities.
Analysis Summary
mF International Limited reported revenue of $33.8M in the most recent fiscal year, growing at a 5-year CAGR of -0.8%. Net income reached $78.7M, with a 46.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.8%, operating margin -101.5%, net margin 232.5%.
At the current price of $9.27, MFI has negative trailing earnings (P/E not meaningful) and an ROE of 1.96%. Market capitalisation stands at $15M.
Balance sheet quality for MFI: current ratio of 164.3, net cash position of $3.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$18.3M represents -23% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $35.2M | $32.2M | $34.9M | $32.0M | $26.1M | $33.8M |
| Cost of Revenue | $20.2M | $16.3M | $16.5M | $14.0M | $13.8M | $23.8M |
| Gross Profit | $15.0M | $16.0M | $18.4M | $18.0M | $12.3M | $10.0M |
| Research & Development | $543805 | $29478 | $80012 | $11373 | $172810 | $45967 |
| Selling, General & Admin | $5.5M | $5.4M | $10.8M | $11.3M | $31.5M | $44.3M |
| Operating Expenses | $6.0M | $5.4M | $10.9M | $11.3M | $31.7M | $44.4M |
| Operating Income | $9.0M | $10.5M | $7.5M | $6.7M | -$19.4M | -$34.3M |
| EBITDA | $9.4M | $10.8M | $7.8M | $6.8M | -$13.3M | -$25.0M |
| Interest Expense | 0 | $479904 | $443577 | $353000 | 0 | 0 |
| Pre-tax Income | $12.5M | $10.8M | $7.2M | $6.8M | -$19.4M | $75.7M |
| Income Tax | $815267 | $431630 | $387845 | $148309 | $781759 | -$3.0M |
| Net Income | $11.7M | $10.3M | $6.8M | $6.6M | -$20.2M | $78.7M |
| EPS | $8.08 | $6.25 | $4.12 | $4.58 | $-12.70 | $13.93 |
| EPS (Diluted) | $8.08 | $6.25 | $4.12 | $4.58 | $-12.70 | $13.54 |
| Shares Outstanding (Diluted) | $1.4M | $1.7M | $1.7M | $1.4M | $1.6M | $5.8M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $13.6M | $15.1M | $18.7M | $12.0M |
| Gross Profit | $7.0M | $5.4M | $3.0M | $7.4M |
| Operating Income | -$13.0M | -$14.1M | -$20.2M | -$26.1M |
| EBITDA | -$13.0M | -$13.9M | -$14.9M | -$24.7M |
| Net Income | -$14.7M | -$13.7M | $92.2M | -$2.13B |
| EPS | $-8.84 | $-8.26 | $1.87 | $-42.48 |
| EPS (Diluted) | $-8.84 | $-8.26 | $1.87 | $-42.48 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.3M | $10.1M | $12.1M | $6.8M | $19.7M | $223.4M |
| Short-term Investments | $3.6M | $7.0M | $2.0M | $343862 | $343862 | $3.66B |
| Receivables | $244716 | $681230 | $1.1M | $2.6M | $1.1M | $590879 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $24.0M | $18.7M | $15.5M | $10.1M | $34.0M | $4.03B |
| Property, Plant & Equipment | $2.1M | $56690 | $237544 | $3.0M | $2.0M | $4.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $12.7M | $13.7M | $13.6M | $15.3M | $18.8M | $53381 |
| Total Assets | $38.8M | $33.3M | $34.5M | $33.9M | $58.3M | $4.04B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $1.5M | $2.7M | $3.7M | $3.9M | $4.0M | $1.4M |
| Total Current Liabilities | $14.8M | $10.3M | $11.9M | $12.2M | $17.0M | $24.5M |
| Long-term Debt | $12.2M | $13.6M | $9.9M | $6.1M | $2.0M | 0 |
| Total Liabilities | $28.7M | $25.9M | $24.1M | $22.1M | $22.4M | $26.3M |
| Retained Earnings | $19.4M | $29.8M | $8.5M | $9.8M | -$10.4M | $68.3M |
| Total Equity | $10.2M | $7.5M | $10.4M | $11.7M | $35.9M | $4.01B |
| Total Debt | $15.4M | $16.5M | $15.4M | $12.9M | $7.6M | $5.8M |
| Net Debt | -$7.6M | -$665522 | $1.3M | $5.7M | -$12.4M | -$3.88B |
| Working Capital | $9.2M | $8.4M | $3.6M | -$2.1M | $17.0M | $4.01B |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $19.7M | $12.9M | $223.4M | $227.6M |
| Total Assets | $58.3M | $43.7M | $4.04B | $1.89B |
| Total Liabilities | $22.4M | $21.5M | $26.3M | $7.9M |
| Total Equity | $35.9M | $22.2M | $4.01B | $1.88B |
| Total Debt | $7.6M | $4.9M | $5.8M | $3.3M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | $11.7M | $10.3M | $6.8M | $6.6M | -$20.2M | $78.7M |
| Depreciation & Amortization | $2.2M | $8.0M | $8.1M | $7.3M | $6.1M | $9.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.3M | -$858561 | -$410341 | -$3.7M | -$9.4M | $8.9M |
| Operating Cash Flow | $23.7M | $12.7M | $13.5M | $11.3M | -$21.9M | -$15.9M |
| Capital Expenditure | 0 | -$7.3M | -$41721 | -$7.3M | -$8.4M | -$2.5M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -$10.0M | -$5.3M | 0 | 0 |
| Free Cash Flow | $23.7M | $5.5M | $13.5M | $4.0M | -$30.3M | -$18.3M |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$4.2M | -$2.6M | -$13.2M | -$24.6M |
| Capital Expenditure | -$454576 | -$31020 | -$120336 | -$139878 |
| Free Cash Flow | -$4.6M | -$2.7M | -$13.3M | -$24.7M |
| 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) | -8.5% | +8.4% | -8.5% | -18.4% | +29.7% | |
| Net Income Growth (YoY) | -11.4% | -34.1% | -2.8% | -404.9% | +489.6% | |
| EPS Growth (YoY) | -22.6% | -34.1% | +11.2% | -377.3% | +209.7% | |
| Shares Change (YoY) | +14.4% | +0.0% | -12.6% | +9.9% | +265.0% | |
| FCF Growth (YoY) | -76.9% | +146.1% | -70.2% | -856.6% | +39.5% | |
| Gross Margin | 42.7% | 49.5% | 52.7% | 56.2% | 47.2% | 29.6% |
| Operating Margin | 25.6% | 32.7% | 21.6% | 20.9% | -74.3% | -101.6% |
| EBITDA Margin | 26.7% | 33.5% | 22.2% | 21.3% | -50.8% | -74.0% |
| Net Margin | 33.2% | 32.1% | 19.5% | 20.7% | -77.5% | 232.8% |
| FCF Margin | 67.2% | 17.0% | 38.5% | 12.5% | -116.2% | -54.2% |
| Effective Tax Rate | 6.5% | 4.0% | 5.4% | 2.2% | -4.0% | -4.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $16.34 | $3.30 | $8.12 | $2.77 | $-19.05 | $-3.16 |
| Dividends Per Share | $0.00 | $0.00 | $6.04 | $3.68 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.4M | $1.7M | $1.7M | $1.4M | $1.6M | $5.6M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.96% |
| Return on Invested Capital | -0.85% |
| Return on Assets | 1.95% |
| Gross Margin | 24.81% |
| Operating Margin | -101.54% |
| Net Margin | 232.51% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 164.32 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 19.79 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | 94.35 | 122.64 | 186.36 | 167.62 | -3.28 | 10.38 |
| P/B | 108.77 | 169.68 | 121.99 | 94.67 | 1.85 | 0.20 |
| P/S | 31.37 | 39.41 | 36.41 | 34.78 | 2.54 | 24.13 |
| Gross Margin | 42.7% | 49.5% | 52.7% | 56.2% | 47.2% | 29.6% |
| Operating Margin | 25.6% | 32.7% | 21.6% | 20.9% | -74.3% | -101.6% |
| Net Margin | 33.2% | 32.1% | 19.5% | 20.7% | -77.5% | 232.8% |
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Explore sector: Technology · Software - Application
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