Detailed financial statements for Texxon Holding Limited Ordinary shares (NPT): 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.
Texxon Holding Limited, established in Shanghai, People's Republic of China, in 2022, primarily engages in supply chain management activities across the nation through its various subsidiaries. The company distributes a broad array of goods, encompassing fundamental chemicals such as alcohols and aromatic raw materials, a variety of plastic particles including polyolefin and chemical polymers, alongside black metals and cotton.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.7%, operating margin 0.1%, net margin 0.1%.
At the current price of $3.10, NPT trades at a P/E of 58.89 and an ROE of 47.33%. Market capitalisation stands at $69M.
Balance sheet quality for NPT: current ratio of 0.3, net debt of $25.5M. 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 -$64.1M represents -6726% 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $489.4M | $552.5M | $672.7M |
| Cost of Revenue | $486.9M | $549.0M | $667.8M |
| Gross Profit | $2.5M | $3.5M | $4.8M |
| Research & Development | 0 | 0 | 0 |
| Selling, General & Admin | $3.3M | $2.5M | $4.1M |
| Operating Expenses | $3.9M | $2.3M | $4.2M |
| Operating Income | -$1.4M | $1.3M | $659969 |
| EBITDA | -$249974 | $2.4M | $4.0M |
| Interest Expense | $163262 | 0 | $470288 |
| Pre-tax Income | -$602317 | $2.1M | $3.2M |
| Income Tax | 0 | $42998 | $716782 |
| Net Income | -$558378 | $2.0M | $953560 |
| EPS | $-0.03 | $0.09 | $0.04 |
| EPS (Diluted) | $-0.03 | $0.09 | $0.04 |
| Shares Outstanding (Diluted) | $22.3M | $22.3M | $22.3M |
Income Statement (Quarterly)
| Year | 2025-Q4 |
|---|---|
| Revenue | $2.6M |
| Gross Profit | $11996 |
| Operating Income | -$6336 |
| EBITDA | -$6336 |
| Net Income | -$7371 |
| EPS | $0.00 |
| EPS (Diluted) | $0.00 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cash & Equivalents | $464678 | $1.3M | $272895 |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $18.8M | $26.0M | $13.1M |
| Inventory | $71680 | $410439 | $873720 |
| Total Current Assets | $59.0M | $41.2M | $18.0M |
| Property, Plant & Equipment | $4.0M | $25.2M | $62.7M |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | $20259 | $6.4M | $6.2M |
| Total Assets | $65.4M | $74.9M | $89.7M |
| Accounts Payable | $8.0M | $11.7M | $1.3M |
| Short-term Debt | $41.7M | $25.1M | $25.8M |
| Total Current Liabilities | $52.6M | $41.8M | $57.3M |
| Long-term Debt | 0 | 0 | 0 |
| Total Liabilities | $52.6M | $41.8M | $57.3M |
| Retained Earnings | -$6.7M | -$4.6M | -$3.4M |
| Total Equity | $4.4M | $6.9M | -$2.8M |
| Total Debt | $41.7M | $25.1M | $25.8M |
| Net Debt | $41.3M | $23.8M | $25.5M |
| Working Capital | $6.4M | -$661218 | -$39.3M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q4 |
|---|---|---|---|
| Cash & Equivalents | $272895 | $1.6M | $396837 |
| Total Assets | $89.7M | $110.4M | $153.5M |
| Total Liabilities | $57.3M | $73.9M | $98.4M |
| Total Equity | -$2.8M | -$1.9M | $4.5M |
| Total Debt | $25.8M | $33.1M | $64.3M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income | -$602317 | $2.1M | $2.5M |
| Depreciation & Amortization | $189081 | $251081 | $332728 |
| Stock-based Compensation | 0 | 0 | 0 |
| Change in Working Capital | $49.1M | -$15.8M | -$33.6M |
| Operating Cash Flow | $48.2M | -$14.2M | -$30.8M |
| Capital Expenditure | -$32740 | -$29.3M | -$33.3M |
| Acquisitions | -$1.6M | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$12.2M |
| Dividends Paid | 0 | 0 | 0 |
| Free Cash Flow | $48.2M | -$43.5M | -$64.1M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue Growth (YoY) | +12.9% | +21.7% | |
| Net Income Growth (YoY) | +462.1% | -52.8% | |
| EPS Growth (YoY) | +457.1% | -52.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | |
| FCF Growth (YoY) | -190.2% | -47.5% | |
| Gross Margin | 0.5% | 0.6% | 0.7% |
| Operating Margin | -0.3% | 0.2% | 0.1% |
| EBITDA Margin | -0.1% | 0.4% | 0.6% |
| Net Margin | -0.1% | 0.4% | 0.1% |
| FCF Margin | 9.8% | -7.9% | -9.5% |
| Effective Tax Rate | -0.0% | 2.0% | 22.2% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| FCF Per Share | $2.16 | $-1.95 | $-2.88 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $22.0M | $22.3M | $22.3M |
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 | 47.33% |
| Return on Invested Capital | 0.88% |
| Return on Assets | 1.06% |
| Gross Margin | 0.72% |
| Operating Margin | 0.10% |
| Net Margin | 0.14% |
Financial Health
| Debt / Equity | -9.05 |
| Current Ratio | 0.31 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 8.09 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| P/E | -193.31 | 54.13 | 114.72 |
| P/B | 24.46 | 15.92 | -38.43 |
| P/S | 0.22 | 0.20 | 0.16 |
| Gross Margin | 0.5% | 0.6% | 0.7% |
| Operating Margin | -0.3% | 0.2% | 0.1% |
| Net Margin | -0.1% | 0.4% | 0.1% |
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Explore sector: Consumer Cyclical · Specialty Retail
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