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Lichen International Ltd (LICN) stock

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NASDAQ: LICN Nasdaq Research & Consulting Services

E Fundamentals grade

Lichen International Ltd is a US-listed company in the research & consulting services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.5

Valuation models combined (2)

Base case. Range ~$1.8–$2.8. Weighted average of 2 models (justified price-to-book, price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Lichen International Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Lichen International files

Where Lichen International stands after its latest Filing

Revenue for the twelve months was $25m, down 40.9% on a year earlier, against growth of 4.3% a quarter earlier. That puts it 33 of 33 for growth among the research & consulting services companies we cover. Free-cash-flow margin fell to -72.8% from 21.2% a year earlier. Operating margin narrowed to -73.7% from 32.9%. The diluted share count is up 2914.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Lichen International Ltd's trailing-twelve-month revenue fell 40.9% year on year, with a free-cash-flow margin of -72.8%. Where it lags: revenue growth of -40.9% ranks 33 of 33 research & consulting services companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -40.9% (-45.2pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 40.9% over the last 12 months.
  • Growth slowing. The growth rate is 45.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -73.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 62.7 points on a year ago.
  • Burning cash. Free cash flow was -72.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2914.5% in a year.

Price chart

  • 1 day+6.5%
  • 1 week-35.9%
  • 1 month-39.4%
  • This year-78.5%
  • 1 year-84.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$24.5M
Operating margin
-73.7%
Net margin
-89.6%
EPS (TTM, diluted)
$-4.14

Growth

Revenue growth
−40.9%
Change in growth rate
−45.2 pts
Share count change
+2914.5%

Cash

Free cash flow (TTM)
-$17.8M
FCF margin
-72.8%
Stock pay % of revenue
1.3%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for LICN from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lichen International Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Lichen International Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.6 ~$3.7–$8.6 Left out: out of range vs price (9.21x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.8 ~$2.4–$3.2 Included
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.8 ~$3.5–$14 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.5 ~$1.8–$2.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lichen International Ltd with Research & Consulting Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025
Share price$198.00$17.80$2.82
Market value$26m$3m$15m
+ Net debt (− = net cash)−$24m−$27m−$27m
Enterprise value$2m−$24m−$12m
Multiples
Price / sales 0.6x0.1x0.6x
Price / earnings 3.1x——
Price / free cash flow ———
EV / EBITDA 0.1x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

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.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Lichen International Ltd: too few analysts cover it.

Positioning

Short interest
0.9%
of tradable shares
Days to cover
7.44
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.0%
of shares
Employees
410
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202420252026 to date
Return
LICN−91%−84%−79%
Industry peers (median)+2%−15%−0%
S&P 500+25%+18%+11%
Months that ended higher
LICN42%25%55%
S&P 50075%75%46%
Largest fall from a high during the year
LICN−93%−85%−93%
S&P 500−8%−19%−9%

Worst fall since February 6, 2023: 100% from February 13, 2023 to October 30, 2026. Getting back needed a 83204% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.57 – $8.63
From 52-week high
−93.0%
vs 50-day average
−40.1%
vs 200-day average
−75.6%
Volatility (1 year)
180%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Lichen International Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lichen International Ltd
$20M $25M $30M $35M $40M $45M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $30.7M Revenue (TTM), FY21 Q4: $34.3M Revenue (TTM), FY22 Q4: $33.8M Revenue (TTM), FY23 Q4: $39.8M Revenue (TTM), FY24 Q4: $41.5M Revenue (TTM), FY25 Q4: $24.5M $24.5M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY20 Q4 $30.7M
FY21 Q4 $34.3M
FY22 Q4 $33.8M
FY23 Q4 $39.8M
FY24 Q4 $41.5M
FY25 Q4 $24.5M
Revenue growth, TTM YoY Lichen International Ltd
-60% -40% -20% 0% 20% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 11.8% Revenue growth, TTM YoY, FY22 Q4: -1.4% Revenue growth, TTM YoY, FY23 Q4: 17.6% Revenue growth, TTM YoY, FY24 Q4: 4.3% Revenue growth, TTM YoY, FY25 Q4: -40.9% -40.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 11.8%
FY22 Q4 -1.4%
FY23 Q4 17.6%
FY24 Q4 4.3%
FY25 Q4 -40.9%
Operating margin (TTM) Lichen International Ltd
-100% -50% 0% 50% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: 28.7% Operating margin (TTM), FY21 Q4: 32.9% Operating margin (TTM), FY22 Q4: 31.5% Operating margin (TTM), FY23 Q4: 30.8% Operating margin (TTM), FY24 Q4: -11.0% Operating margin (TTM), FY25 Q4: -73.7% -73.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY20 Q4 28.7%
FY21 Q4 32.9%
FY22 Q4 31.5%
FY23 Q4 30.8%
FY24 Q4 -11.0%
FY25 Q4 -73.7%
FCF margin (TTM) Lichen International Ltd
-100% -50% 0% 50% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: 21.2% FCF margin (TTM), FY22 Q4: 26.1% FCF margin (TTM), FY23 Q4: -6.7% FCF margin (TTM), FY24 Q4: -13.5% FCF margin (TTM), FY25 Q4: -72.8% -72.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY21 Q4 21.2%
FY22 Q4 26.1%
FY23 Q4 -6.7%
FY24 Q4 -13.5%
FY25 Q4 -72.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 31 34 34 40 41 25
Gross profit 19 20 20 24 26 9
EBITDA 10 12 11 13 −4 −18
Operating income 9 11 11 12 −5 −18
Net income 6 8 8 8 −6 −22
Diluted EPS $0.28 $0.38 $69.50 $63.96 −$34.79 −$4.11
Growth (year on year)
Revenue — +11.8% −1.4% +17.6% +4.3% −40.9%
EBITDA — +25.8% −5.5% +14.5% −129.8% —
Operating income — +28.6% −5.8% +15.1% −137.1% —
Net income — +32.1% −7.6% +6.7% −173.6% —
Diluted EPS — +35.7% +>999% −8.0% −154.4% —
Margins
Gross margin 61.4% 59.7% 59.7% 61.2% 61.9% 37.3%
EBITDA margin 31.0% 34.9% 33.4% 32.5% −9.3% −71.4%
Operating margin 28.7% 32.9% 31.5% 30.8% −11.0% −73.7%
Net margin 20.9% 24.7% 23.1% 21.0% −14.8% −89.6%
Free-cash-flow margin — 21.2% 26.1% −6.7% −13.5% −72.8%
Cash flow
Cash from operations 8 7 11 1 −6 −18
Capital spending — 0 2 3 0 0
Free cash flow — 7 9 −3 −6 −18
Stock-based pay — — — 0 3 0
Free cash flow after stock pay — — — −3 −9 −18
Balance sheet
Cash 9 17 23 26 27 27
Total debt 0 0 1 2 0 0
Net debt (negative = net cash) −9 −17 −21 −24 −27 −27
Diluted shares 23m 23m — — — 5m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $76m
Short-term assets $36mLonger-term assets $39m
What it owes, and who funded it · $76m
Short-term liabilities $5mLonger-term liabilities $0mShareholders' equity $71m
  • Short-term assets cover short-term liabilities $36m of assets due within a year against $5m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $36m short-term assets against $343,000 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 Lichen International 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.

Dividends, buybacks and capital spending

Diluted share count
+2914.5%
year over year

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated LICN VCIG ACCS CTM ACFN RYOJ Median
Revenue, last 12 months $25m $26m $22m $55m $10m $9m $632m
Revenue growth, last 12 months −40.9% −6.2% −0.4% 16.3% −27.5% −19.4% 4.8%
Revenue growth, 3-year average — — −9.9% 8.3% 9.2% — 6.8%
Revenue growth, latest quarter — — −0.1% −1.1% −29.4% — 4.4%
Gross margin 37.3% 74.1% 74.9% 35.3% 80.3% 26.6% 43.9%
Operating margin −73.7% — −8.8% −4.9% 7.1% −8.1% 6.1%
Operating margin, 3-year average — — −38.4% −15.5% 11.9% — 6.0%
Net margin −89.6% −116.0% −7.6% −4.1% 16.1% 1.3% 3.1%
Cash from operations / revenue −72.8% 10.0% 3.2% 4.9% 15.3% 9.3% 9.6%
Free-cash-flow margin −72.8% 6.4% 3.1% 4.7% 15.3% 7.4% 7.4%
Free-cash-flow margin, 3-year average — — 9.2% 0.4% 9.4% — 8.6%
Stock pay / revenue 1.3% 25.5% 3.7% 3.9% 3.5% 5.8% 2.5%
Change in share count >999% >999% 1.1% 41.8% 0.9% 5.1% 0.5%

Median of all 33 companies we cover in research & consulting services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth -40.9% 4.8% 33 of 33
Change in growth rate Growth -45.2pp +0.6pp 30 of 33
Gross margin Profitability 37.3% 45.2% 17 of 25
Operating margin Profitability -73.7% 6.1% 28 of 31
Net margin Profitability -89.6% 3.1% 29 of 33
Free-cash-flow margin Cash generation -72.8% 7.4% 30 of 33
Stock pay as % of revenue Cash generation 1.3% 2.6% 7 of 30
Change in share count Balance sheet 2914.5% 0.6% 29 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$165,222
Institutions reporting
3
Shares held vs prior quarter
▲ 99797.6%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $134,221 135K 81.2% ▲ 80838.3%
Virtu Financial LLC $31,000 32K 18.8% New
Caitong International Asset Management Co., Ltd $1 0K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lichen International Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Lichen International Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lichen International Ltd in brief

What does Lichen International Ltd do?
Lichen International Ltd is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is Lichen International Ltd's stock ticker?
Lichen International Ltd trades under the ticker LICN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lichen International Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lichen International Ltd reported revenue of $24.5M, 40.9% lower than a year earlier, according to its SEC filings.
What is Lichen International Ltd's free cash flow?
Lichen International Ltd's free-cash-flow margin is -72.8% of revenue over the trailing twelve months, ranking 30 of the 33 research & consulting services companies we cover.
Who are Lichen International Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, Virtu Financial LLC and Caitong International Asset Management Co., Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lichen International Ltd's market cap?
On December 31, 2025, Lichen International Ltd's market capitalisation was about $15M and net debt of -$26.9M. Market figures come from third-party market data and may be delayed.
Who are Lichen International Ltd's competitors?
In our Research & Consulting Services peer group, the companies closest to Lichen International Ltd are VCI Global Ltd, Access Newswire Inc., Castellum, Inc., Acorn Energy, Inc. and Ryojbaba Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against Lichen International Ltd's.