Lucas GC Ltd key statistics and ratios

In fiscal 2025, Lucas GC Ltd had return on equity of 3.4%, an operating margin of 1.9%, debt equal to 30.5% of equity and a current ratio of 1.61. 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.

Lucas GC Ltd: financial ratios, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	27.5%	28.1%	28.4%	33.6%	33.8%
Operating margin	5.7%	4.1%	4.6%	2.6%	1.9%
Net margin	6.1%	4.7%	5.3%	3.7%	0.9%
Free-cash-flow margin	5.6%	−3.8%	−3.3%	−2.3%	−4.6%
Return on equity	—	89.9%	49.7%	17.5%	3.4%
Return on assets	—	15.4%	28.9%	11.5%	2.3%
Asset turnover	—	3.26	5.48	3.07	2.41
Current ratio	—	1.59	2.43	1.91	1.61
Debt to equity	—	5.1%	20.3%	25.7%	30.5%
Interest cover (operating income ÷ interest)	—	—	73.7x	15.4x	7.3x
Effective tax rate	−0.6%	−1.7%	−11.2%	−34.0%	21.2%
R&D as % of revenue	10.8%	10.4%	10.7%	15.9%	16.8%
Capital spending as % of revenue	3.7%	1.8%	0.8%	4.2%	8.0%
Free cash flow ÷ net income	92.4%	−79.8%	−62.5%	−61.5%	−488.4%

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

3 of 3 checks passed · December 31, 2025

What it owns · $65m

Short-term assets $32mLonger-term assets $33m

What it owes, and who funded it · $64m

Short-term liabilities $20mLonger-term liabilities $0mShareholders' equity $45m

Short-term assets cover short-term liabilities $32m of assets due within a year against $20m of liabilities due within a year.
Short-term assets cover long-term liabilities $32m short-term assets against $0 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 Operating income of $3m against $373,332 of interest.

From Lucas GC 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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

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

Compare with peers

Head to head: LGCL vs STEM BBAI vs LGCL API vs LGCL LGCL vs SMRT

More: Application Software stocks compared, Technology sector, rankings of US companies

Figures from Lucas GC Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Lucas GC Ltd.