Greenland Technologies Holding Corp. key statistics and ratios

In fiscal 2025, Greenland Technologies Holding Corp. had return on equity of 7.4%, an operating margin of 8.3%, debt equal to 0.0% of equity and a current ratio of 1.97. 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.

Greenland Technologies Holding Corp.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	23.4%	23.6%	19.2%	19.8%	21.8%	27.2%	26.8%	31.4%	33.4%
Operating margin	14.4%	12.6%	10.0%	8.3%	6.6%	11.9%	15.0%	8.3%	16.3%
Net margin	11.0%	8.5%	10.1%	6.3%	0.8%	−17.6%	16.8%	5.4%	12.3%
Free-cash-flow margin	−6.0%	12.8%	—	—	—	1.9%	13.6%	16.6%	14.1%
Return on equity	20.9%	12.7%	16.2%	11.7%	1.2%	−27.4%	25.5%	7.4%	15.7%
Return on assets	5.9%	4.1%	5.7%	4.3%	0.5%	−11.1%	11.4%	4.3%	9.6%
Asset turnover	0.54	0.48	0.56	0.67	0.57	0.63	0.68	0.78	0.78
Current ratio	0.76	1.43	1.37	1.63	1.90	1.38	1.61	1.97	1.97
Debt to equity	88.8%	59.7%	48.2%	17.9%	46.5%	76.4%	—	0.0%	0.0%
Interest cover (operating income ÷ interest)	5.6x	5.1x	7.2x	14.0x	14.8x	43.0x	149.5x	67.4x	—
Effective tax rate	17.4%	14.3%	26.3%	20.2%	15.5%	—	9.1%	29.0%	18.7%
R&D as % of revenue	4.2%	4.5%	3.6%	5.6%	6.4%	6.0%	3.5%	4.3%	5.1%
Capital spending as % of revenue	11.1%	2.5%	—	—	—	0.8%	2.3%	0.6%	1.7%
Free cash flow ÷ net income	−54.8%	150.4%	—	—	—	—	80.9%	305.9%	114.1%
Dividends ÷ net income	—	3.6%	—	—	—	—	42.2%	45.1%	27.6%
Dividends and buybacks ÷ free cash flow	—	2.4%	—	—	—	41.1%	52.2%	14.7%	24.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Greenland Technologies Holding Corp.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	26.4%	26.6%	30.7%	26.5%	32.4%	35.4%	34.3%	31.9%
Operating margin	15.5%	19.4%	22.2%	−10.7%	21.6%	−0.1%	22.4%	20.0%
Net margin	−3.6%	39.2%	18.5%	−14.8%	24.5%	−6.6%	19.6%	11.7%
Free-cash-flow margin	31.5%	19.7%	5.7%	−8.5%	34.8%	31.6%	−5.3%	0.3%
Current ratio	1.68	1.61	1.66	1.68	1.93	1.97	1.99	1.97
R&D as % of revenue	2.3%	2.0%	0.4%	2.0%	2.4%	11.9%	3.0%	3.5%

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 · June 30, 2026

What it owns · $148m

Short-term assets $126mLonger-term assets $22m

What it owes, and who funded it · $153m

Short-term liabilities $64mLonger-term liabilities $1mShareholders' equity $89m

Short-term assets cover short-term liabilities $126m of assets due within a year against $64m of liabilities due within a year.
Short-term assets cover long-term liabilities $126m short-term assets against $894,008 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 Greenland Technologies Holding Corp.'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

32 /100

Weak moat

How hard Greenland Technologies Holding's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 2 / 20

Net income has been a median 3.1% of total assets over 7 years.
Pricing power 7 / 20

Gross margin has been a median 24.3%, moving by 4.5 percentage points (standard deviation) across 7 years.
Durability 12 / 20

Operating margin has been a median 11.2%; its worst year was 7.1%.
Discipline 5 / 20

The diluted share count rose 101.6% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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 Greenland Technologies Holding Corp.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Greenland Technologies Holding Corp.