Detailed financial statements for Raytech Holding Limited (RAY): 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.
Raytech Holding Limited, through its subsidiary, engages in the sourcing and wholesale of personal care and lifestyle electrical appliances for international brand owners in Hong Kong and Japan. The company offers hair care products, such as hair dryers and clippers, hair straighteners, curling iron products, and scalp massagers; trimmer series, including facial shavers, nose trimmers, and eyebrow trimmers; eyelash curlers; nail care series; tooling products; and other person...
Analysis Summary
Raytech Holding Limited reported revenue of $143.2M in the most recent fiscal year, growing at a 5-year CAGR of 35.1%. Net income reached $16.8M, with a 24.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 27.6%, operating margin 12.6%, net margin 11.7%.
At the current price of $2.80, RAY trades at a P/E of 3.58 and an ROE of 13.54%. Market capitalisation stands at $6M.
Balance sheet quality for RAY: current ratio of 2.4, net cash position of $63.5M. 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 -$14.6M represents -87% 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 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $31.9M | $45.1M | $45.5M | $67.0M | $78.7M | $143.2M |
| Cost of Revenue | $24.0M | $4.2M | $4.4M | $52.1M | $60.9M | $103.7M |
| Gross Profit | $7.9M | $1.6M | $1.4M | $14.9M | $17.8M | $39.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.2M | $1.3M | $4.2M | $3.5M | $10.2M | $21.4M |
| Operating Expenses | $1.2M | $1.4M | $4.3M | $3.5M | $10.2M | $21.4M |
| Operating Income | $6.7M | $10.7M | $7.2M | $11.4M | $7.6M | $18.1M |
| EBITDA | $6.7M | $10.7M | $7.2M | $11.4M | $10.5M | $18.3M |
| Interest Expense | 0 | $1676 | $7151 | $2028 | 0 | $244457 |
| Pre-tax Income | $6.7M | $11.2M | $7.5M | $12.8M | $10.5M | $20.4M |
| Income Tax | $1.1M | $1.7M | $1.2M | $2.8M | $2.3M | $3.7M |
| Net Income | $5.6M | $9.4M | $6.3M | $9.9M | $8.3M | $16.8M |
| EPS | $2.00 | $3.38 | $2.25 | $3.88 | $3.00 | $7.21 |
| EPS (Diluted) | $2.00 | $3.38 | $2.25 | $3.88 | $3.00 | $7.21 |
| Shares Outstanding (Diluted) | $2.8M | $2.8M | $2.8M | $2.6M | $2.7M | $2.3M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.4M | $12.3M | $21.4M | $35.9M | $84.9M | $78.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.8M | $5.8M | $8.3M | $15.1M | $8.1M | $67.8M |
| Inventory | $1.9M | 0 | 0 | $1.9M | $1.9M | 0 |
| Total Current Assets | $11.8M | $20.6M | $29.8M | $52.8M | $94.9M | $168.5M |
| Property, Plant & Equipment | $27525 | $26411 | $11508 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $46.3M |
| Total Assets | $11.8M | $2.7M | $4.2M | $58.1M | $94.9M | $216.0M |
| Accounts Payable | $3.7M | $4.9M | $9.5M | $25.0M | $466327 | $61.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.9M | $5.9M | $11.9M | $27.0M | $17.9M | $71.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $14.5M |
| Total Liabilities | $4.9M | $770667 | $1.5M | $27.0M | $17.9M | $86.5M |
| Retained Earnings | $6.9M | $14.7M | $21.0M | $31.0M | $39.2M | $55.9M |
| Total Equity | $7.0M | $14.8M | $21.1M | $31.1M | $77.0M | $129.5M |
| Total Debt | 0 | $188821 | $87972 | 0 | 0 | $14.5M |
| Net Debt | -$3.4M | -$12.1M | -$21.3M | -$35.9M | -$84.9M | -$63.5M |
| Working Capital | $6.9M | $14.7M | $17.8M | $25.8M | $76.9M | $97.0M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Net Income | $5.6M | $9.4M | $6.3M | $9.9M | $8.3M | $16.8M |
| Depreciation & Amortization | $12180 | $37528 | $116497 | $90345 | 0 | $236244 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.0M | -$1.2M | $4.4M | $5.8M | -$2.3M | -$31.3M |
| Operating Cash Flow | $6.7M | $1.1M | $1.4M | $15.7M | $6.2M | -$14.6M |
| Capital Expenditure | -$21508 | -$1502 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$27.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$1.6M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $6.7M | $1.1M | $1.4M | $15.7M | $6.2M | -$14.6M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +41.6% | +0.9% | +47.1% | +17.6% | +81.9% | |
| Net Income Growth (YoY) | +67.9% | -33.3% | +57.9% | -16.8% | +102.7% | |
| EPS Growth (YoY) | +69.0% | -33.4% | +72.4% | -22.7% | +140.3% | |
| Shares Change (YoY) | +0.0% | +0.0% | -8.6% | +7.4% | -15.6% | |
| FCF Growth (YoY) | -84.2% | +32.5% | +1026.2% | -60.5% | -334.3% | |
| Gross Margin | 24.8% | 3.4% | 3.2% | 22.3% | 22.6% | 27.6% |
| Operating Margin | 21.1% | 23.8% | 15.8% | 17.0% | 9.7% | 12.6% |
| EBITDA Margin | 21.1% | 23.8% | 15.8% | 17.0% | 13.4% | 12.8% |
| Net Margin | 17.7% | 20.9% | 13.8% | 14.8% | 10.5% | 11.7% |
| FCF Margin | 20.9% | 2.3% | 3.1% | 23.5% | 7.9% | -10.2% |
| Effective Tax Rate | 16.3% | 15.6% | 15.8% | 22.1% | 21.4% | 18.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| FCF Per Share | $2.38 | $0.38 | $0.50 | $6.15 | $2.26 | $-6.28 |
| Dividends Per Share | $0.00 | $0.56 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.8M | $2.8M | $2.8M | $2.6M | $2.7M | $2.3M |
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 | 13.54% |
| Return on Invested Capital | 10.27% |
| Return on Assets | 7.75% |
| Gross Margin | 27.62% |
| Operating Margin | 12.64% |
| Net Margin | 11.70% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 2.36 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| P/E | 263.06 | 156.83 | 236.11 | 136.49 | 80.91 | 3.75 |
| P/B | 211.56 | 99.98 | 70.37 | 43.63 | 8.67 | 0.48 |
| P/S | 46.24 | 32.91 | 32.68 | 20.24 | 8.48 | 0.44 |
| Gross Margin | 24.8% | 3.4% | 3.2% | 22.3% | 22.6% | 27.6% |
| Operating Margin | 21.1% | 23.8% | 15.8% | 17.0% | 9.7% | 12.6% |
| Net Margin | 17.7% | 20.9% | 13.8% | 14.8% | 10.5% | 11.7% |
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Explore sector: Consumer Cyclical · Furnishings, Fixtures & Appliances
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