Detailed financial statements for Primech Holdings Ltd. Ordinary Shares (PMEC): 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.
Primech Holdings Ltd. (PMEC) is a Singaporean company specializing in comprehensive facility management and stewarding services for both public and private sector clients. Its facility management division encompasses routine cleaning and maintenance for a diverse array of public and private premises.
Analysis Summary
Primech Holdings Ltd. Ordinary Shares reported revenue of $78.0M in the most recent fiscal year, growing at a 5-year CAGR of 10.2%.
Trailing-twelve-month margins: gross margin 13.5%, operating margin -6.4%, net margin -3.1%.
At the current price of $0.57, PMEC has negative trailing earnings (P/E not meaningful) and an ROE of -18.36%. Market capitalisation stands at $22M.
Balance sheet quality for PMEC: current ratio of 1.4, net debt of $9.6M. 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 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | $47.8M | $48.1M | $54.4M | $69.0M | $72.5M | $74.3M | $78.0M |
| Cost of Revenue | $42.2M | $35.7M | $44.6M | $58.4M | $59.9M | $56.8M | $70.1M |
| Gross Profit | $5.6M | $12.4M | $9.8M | $10.6M | $12.6M | $17.5M | $7.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.8M | $6.7M | $8.8M | $9.9M | $12.4M | $15.1M | $12.7M |
| Operating Expenses | $4.7M | $6.6M | $10.6M | $12.3M | $15.4M | $18.2M | $12.9M |
| Operating Income | $730337 | $5.8M | -$1.2M | -$2.1M | -$2.8M | -$684000 | -$5.0M |
| EBITDA | $2.6M | $8.4M | $2.3M | $1.8M | $1.3M | $3.0M | -$1.5M |
| Interest Expense | $234781 | $202519 | $369219 | $723298 | $1.1M | $789000 | $672000 |
| Pre-tax Income | $495556 | $5.6M | -$1.1M | -$2.6M | -$3.7M | -$1.8M | -$2.6M |
| Income Tax | $185793 | $219317 | $164268 | -$10127 | -$493000 | $456000 | $366000 |
| Net Income | $309763 | $5.4M | -$1.2M | -$2.5M | -$3.2M | -$1.9M | -$2.4M |
| EPS | $0.01 | $0.15 | $-0.03 | $-0.07 | $-0.10 | $-0.05 | $-0.06 |
| EPS (Diluted) | $0.01 | $0.15 | $-0.03 | $-0.07 | $-0.10 | $-0.05 | $-0.06 |
| Shares Outstanding (Diluted) | $35.5M | $35.5M | $35.5M | $35.5M | $33.9M | $37.0M | $38.4M |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $36.9M | $37.4M | $38.1M | $39.9M |
| Gross Profit | $7.0M | $10.5M | $5.4M | $5.1M |
| Operating Income | -$2.4M | $1.7M | -$2.6M | -$2.4M |
| EBITDA | -$924000 | -$51000 | -$2.6M | -$2.4M |
| Net Income | -$1.2M | -$755000 | -$806000 | -$1.6M |
| EPS | $-0.03 | $-0.02 | $-0.02 | $-0.04 |
| EPS (Diluted) | $-0.03 | $-0.02 | $-0.02 | $-0.04 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.0M | $6.8M | $5.1M | $9.1M | $7.6M | $10.1M | $8.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $14.4M | $13.3M | $12.2M | $17.0M | $19.8M | $17.1M | $20.0M |
| Inventory | 0 | $427648 | $144172 | $141434 | $55000 | $44000 | 0 |
| Total Current Assets | $18.1M | $22.0M | $18.8M | $27.4M | $31.3M | $29.0M | $30.9M |
| Property, Plant & Equipment | $2.8M | $4.3M | $12.4M | $14.0M | $13.5M | $11.8M | $11.2M |
| Goodwill | $369298 | $531465 | $813026 | $693025 | $667000 | $391000 | $402000 |
| Intangible Assets | $1.1M | $768836 | $385746 | $92587 | $21000 | $2000 | 0 |
| Total Assets | $22.9M | $28.9M | $33.2M | $42.8M | $45.5M | $41.2M | $42.5M |
| Accounts Payable | $4.7M | $5.4M | $8.7M | $10.9M | $9.4M | $10.3M | $10.8M |
| Short-term Debt | $3.3M | $1.8M | $2.5M | $11.9M | $11.3M | $8.5M | $10.1M |
| Total Current Liabilities | $9.2M | $10.3M | $12.4M | $24.5M | $22.7M | $20.9M | $22.8M |
| Long-term Debt | 0 | $3.7M | $7.5M | $7.1M | $5.7M | $4.3M | $6.2M |
| Total Liabilities | $10.5M | $15.7M | $22.0M | $34.0M | $30.4M | $26.5M | $30.0M |
| Retained Earnings | $1.4M | -$1.2M | -$3.3M | -$5.8M | -$9.0M | -$11.0M | -$13.4M |
| Total Equity | $12.4M | $13.3M | $11.2M | $8.8M | $15.0M | $14.9M | $13.3M |
| Total Debt | $4.8M | $7.3M | $12.0M | $22.4M | $20.8M | $15.5M | $18.6M |
| Net Debt | $1.9M | $529454 | $6.9M | $13.3M | $13.1M | $5.3M | $9.6M |
| Working Capital | $8.9M | $11.8M | $6.4M | $2.9M | $8.6M | $8.1M | $8.2M |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $9.2M | $10.1M | $5.7M | $8.9M |
| Total Assets | $44.4M | $41.2M | $42.2M | $42.5M |
| Total Liabilities | $28.4M | $26.5M | $27.9M | $30.0M |
| Total Equity | $16.1M | $14.9M | $14.7M | $13.3M |
| Total Debt | $21.0M | $15.5M | $16.8M | $18.6M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Income | $309763 | $5.4M | -$1.3M | -$2.5M | -$3.2M | -$2.2M | -$3.0M |
| Depreciation & Amortization | $1.9M | $2.7M | $3.1M | $3.7M | $3.9M | $4.0M | $3.5M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $1.8M | $30000 |
| Change in Working Capital | $156527 | -$4.4M | $3.3M | -$4.2M | -$9.7M | $3.5M | -$4.6M |
| Operating Cash Flow | $2.5M | $3.6M | $5.1M | -$3.2M | -$9.1M | $7.4M | -$3.9M |
| Capital Expenditure | -$1.2M | -$1.1M | -$2.6M | -$2.0M | -$909000 | -$1.1M | -$1.7M |
| Acquisitions | $478428 | -$2.3M | -$618462 | $871196 | $102000 | $67000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$16015 | -$440359 | -$1.9M | -$316544 | 0 | 0 | 0 |
| Free Cash Flow | $1.3M | $2.5M | $2.5M | -$5.2M | -$10.0M | $6.3M | -$5.7M |
Cash Flow (Quarterly)
| Year | 2021-Q3 | 2022-Q1 | 2022-Q3 | 2023-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $1.6M | $3.4M | -$5.9M | $2.7M |
| Capital Expenditure | -$2.4M | -$132475 | -$1.5M | -$487409 |
| Free Cash Flow | -$823186 | $3.3M | -$7.4M | $2.2M |
| Dividends Paid | -$1.8M | -$62878 | -$307700 | -$8844 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.7% | +13.2% | +26.8% | +5.1% | +2.5% | +4.9% | |
| Net Income Growth (YoY) | +1631.3% | -123.1% | -104.3% | -27.9% | +40.0% | -25.5% | |
| EPS Growth (YoY) | +1624.1% | -123.3% | -104.0% | -34.1% | +45.0% | -20.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | -4.6% | +8.9% | +3.9% | |
| FCF Growth (YoY) | +96.8% | -1.0% | -308.7% | -92.6% | +162.9% | -190.1% | |
| Gross Margin | 11.7% | 25.8% | 18.1% | 15.4% | 17.4% | 23.6% | 10.1% |
| Operating Margin | 1.5% | 12.0% | -2.2% | -3.0% | -3.8% | -0.9% | -6.4% |
| EBITDA Margin | 5.5% | 17.6% | 4.3% | 2.6% | 1.8% | 4.0% | -1.9% |
| Net Margin | 0.6% | 11.2% | -2.3% | -3.7% | -4.5% | -2.6% | -3.1% |
| FCF Margin | 2.7% | 5.2% | 4.6% | -7.5% | -13.8% | 8.5% | -7.3% |
| Effective Tax Rate | 37.5% | 3.9% | -14.9% | 0.4% | 13.3% | -25.9% | -14.1% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.04 | $0.07 | $0.07 | $-0.15 | $-0.29 | $0.17 | $-0.15 |
| Dividends Per Share | $0.00 | $0.01 | $0.05 | $0.01 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $35.5M | $35.5M | $35.5M | $35.5M | $33.9M | $37.0M | $38.4M |
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 | -18.36% |
| Return on Invested Capital | -15.94% |
| Return on Assets | -5.73% |
| Gross Margin | 13.47% |
| Operating Margin | -6.40% |
| Net Margin | -3.12% |
Financial Health
| Debt / Equity | 1.40 |
| Current Ratio | 1.36 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.26 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| P/E | 170.11 | 9.87 | -42.41 | -20.79 | -10.89 | -14.81 | -10.80 |
| P/B | 4.25 | 3.96 | 4.71 | 5.99 | 2.35 | 1.93 | 1.98 |
| P/S | 1.10 | 1.09 | 0.97 | 0.76 | 0.49 | 0.39 | 0.34 |
| Gross Margin | 11.7% | 25.8% | 18.1% | 15.4% | 17.4% | 23.6% | 10.1% |
| Operating Margin | 1.5% | 12.0% | -2.2% | -3.0% | -3.8% | -0.9% | -6.4% |
| Net Margin | 0.6% | 11.2% | -2.3% | -3.7% | -4.5% | -2.6% | -3.1% |
Related companies: AIRT · BWEN · GWH · LASE · MESA · MPU · OMEX
Explore sector: Industrials · Specialty Business Services
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