Euro Tech Holdings Co LTD key statistics and ratios

In fiscal 2025, Euro Tech Holdings Co LTD had return on equity of 1.1%, an operating margin of -1.8%, debt equal to 0.0% of equity and a current ratio of 2.01. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Euro Tech Holdings Co LTD: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	23.6%	25.7%	24.2%	28.5%	29.4%	25.7%	22.1%	22.0%	25.4%	18.4%	25.4%	27.6%	26.6%	30.9%	21.5%	29.0%	27.7%
Operating margin	−0.5%	−6.2%	−8.3%	−0.3%	−1.4%	−5.2%	−10.7%	−3.0%	−3.3%	−5.3%	−2.6%	−2.0%	3.6%	0.8%	−1.4%	2.5%	−1.8%
Net margin	0.1%	−4.9%	2.6%	−2.0%	−0.1%	−0.7%	−3.4%	1.0%	2.7%	0.4%	−0.8%	5.8%	4.6%	3.6%	9.2%	5.5%	1.3%
Free-cash-flow margin	0.4%	−1.8%	−9.8%	12.7%	−14.0%	−2.6%	−16.4%	0.4%	3.7%	−7.1%	−1.6%	−15.3%	10.3%	3.0%	−0.5%	5.0%	−10.7%
Return on equity	0.2%	−6.3%	3.3%	−2.7%	−0.1%	−0.8%	−4.0%	1.5%	3.0%	0.6%	−1.0%	5.4%	7.1%	3.9%	11.2%	5.4%	1.1%
Return on assets	—	−4.3%	2.1%	−1.8%	−0.1%	−0.5%	−2.8%	1.0%	2.0%	0.4%	−0.6%	3.6%	4.8%	2.7%	8.0%	3.9%	0.8%
Asset turnover	—	0.88	0.82	0.89	0.76	0.80	0.82	1.01	0.74	0.86	0.77	0.63	1.03	0.74	0.86	0.72	0.63
Current ratio	—	1.91	1.96	1.79	1.97	1.90	1.77	1.48	1.45	1.80	1.80	1.89	1.80	2.11	1.88	2.30	2.01
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.7%	0.6%	0.0%	3.9%	2.6%	2.7%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	—	—	—	—	—	—	—	—	7.1%	—	—	−19.3%	7.1%	−4.3%	−2.7%	−7.9%	—
R&D as % of revenue	—	0.1%	1.0%	4.3%	2.3%	3.4%	4.7%	2.1%	0.9%	0.9%	0.2%	3.7%	0.3%	0.0%	0.0%	0.0%	0.0%
SG&A as % of revenue	24.1%	−0.6%	−0.8%	−0.7%	−0.6%	0.6%	0.8%	0.5%	0.7%	0.6%	—	—	—	—	—	—	—
Capital spending as % of revenue	0.4%	0.5%	0.3%	0.2%	0.3%	0.1%	0.1%	0.3%	0.1%	0.4%	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.1%
Free cash flow ÷ net income	381.3%	—	−379.7%	—	—	—	—	40.3%	134.0%	<−999%	—	−266.1%	222.1%	84.2%	−5.2%	91.8%	−851.5%
Dividends ÷ net income	459.4%	—	0.0%	—	—	—	—	0.0%	—	—	—	168.9%	104.2%	86.1%	0.0%	73.0%	0.0%
Dividends and buybacks ÷ free cash flow	327.9%	—	—	1.2%	—	—	—	0.0%	0.0%	—	—	—	46.9%	102.2%	—	80.4%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · December 31, 2025

What it owns · $21m

Short-term assets $9mLonger-term assets $12m

What it owes, and who funded it · $20m

Short-term liabilities $5mLonger-term liabilities $0mShareholders' equity $16m

Short-term assets cover short-term liabilities $9m of assets due within a year against $5m of liabilities due within a year.
Short-term assets cover long-term liabilities $9m short-term assets against $160,000 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Euro Tech Holdings Co LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

39 /100

Weak moat

How hard Euro Tech Holdings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Pricing power 10 / 20

Gross margin has been a median 26.6%, moving by 2.0 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -1.4%; its worst year was -3.3%.
Cash conversion 6 / 20

Free cash flow was positive in 3 of 5 years, at a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Euro Tech Holdings Co LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Euro Tech Holdings Co LTD.