Powell Max Ltd is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$1.2
Price-to-book vs peers
Base case. Range ~$1.2–$52. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Powell Max Ltd valuation: adjust assumptions and compare models →
Revenue for the twelve months was $6m. Free-cash-flow margin held at -18.4%. The diluted share count is up 65.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our price-to-book vs peers value is $1.22 a share, against a share price of $0.46.
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.
Powell Max Ltd's trailing-twelve-month revenue grew 30.8% year on year, with a free-cash-flow margin of -18.4%. Where it stands out: stock pay as % of revenue of 0.2% ranks 4 of 36 investment banking & brokerage companies we cover. Where it lags: change in share count of 65.1% ranks 30 of 35 investment banking & brokerage companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 32.0% while net income fell 30.1%: a 62pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for PMAX from the sources we follow. See filings →
We value Powell Max Ltd as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined 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. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.2 ~$14–$52 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. | ~$1.2 ~$1.2–$52 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Powell Max Ltd with brokers, investment banks and exchanges 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Powell Max Ltd: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $4.8M |
| FY23 Q4 | $6.3M |
| FY24 Q4 | $4.7M |
| FY25 Q4 | $6.1M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 1.6% |
| FY23 Q4 | 15.5% |
| FY24 Q4 | -44.0% |
| FY25 Q4 | -47.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | 13.3% |
| FY23 Q4 | 13.9% |
| FY24 Q4 | -35.4% |
| FY25 Q4 | -18.4% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 4,824 | 6,274 | 4,673 | 6,112 |
| Gross profit | 1,986 | 3,051 | 1,843 | 3,026 |
| EBITDA | — | 1,411 | −1,624 | −2,536 |
| Operating income | 76 | 975 | −2,058 | −2,925 |
| Net income | −13 | 904 | −2,316 | −3,014 |
| Diluted EPS | −$0.00 | $5.79 | −$14.06 | −$11.08 |
| Growth (year on year) | ||||
| Revenue | — | +30.1% | −25.5% | +30.8% |
| EBITDA | — | — | −215.1% | — |
| Operating income | — | — | −311.2% | — |
| Net income | — | — | −356.2% | — |
| Diluted EPS | — | — | −343.0% | — |
| Margins | ||||
| Gross margin | 41.2% | 48.6% | 39.4% | 49.5% |
| EBITDA margin | — | 22.5% | −34.8% | −41.5% |
| Operating margin | 1.6% | 15.5% | −44.0% | −47.9% |
| Net margin | −0.3% | 14.4% | −49.6% | −49.3% |
| Free-cash-flow margin | 13.3% | 13.9% | −35.4% | −18.4% |
| Cash flow | ||||
| Cash from operations | 699 | 908 | −1,462 | −1,122 |
| Capital spending | 60 | 37 | 191 | 3 |
| Free cash flow | 639 | 872 | −1,653 | −1,125 |
| Stock-based pay | — | — | — | 15 |
| Free cash flow after stock pay | — | — | — | −1,140 |
| Balance sheet | ||||
| Cash | 179 | 469 | 5,436 | 881 |
| Total debt | 0 | 2,391 | — | 0 |
| Net debt (negative = net cash) | −179 | 1,923 | −5,436 | −881 |
| Diluted shares | 13m | — | — | — |
| Last 12 months unless stated | PMAX | GSIW | LGHL | WTF | NCTY | ARBK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $6m | $7m | $9m | $11m | $15m | $16m | $2.0bn |
| Revenue growth, last 12 months | 30.8% | 33.2% | 657.5% | 48.8% | −3.3% | −67.0% | 20.7% |
| Gross margin | 49.5% | — | −392.5% | — | 1.7% | 1.8% | 3.6% |
| Operating margin | −47.9% | — | −27.6% | −131.1% | −260.5% | −86.3% | −2.3% |
| Net margin | −49.3% | −190.1% | −52.8% | −136.7% | −373.0% | 32.8% | 5.8% |
| Cash from operations / revenue | −18.4% | −58.2% | −37.5% | −63.7% | −29.4% | −161.1% | 7.7% |
| Free-cash-flow margin | −18.4% | −59.6% | −37.6% | −66.6% | −76.5% | −161.9% | 5.2% |
| Stock pay / revenue | 0.2% | 62.2% | 2.3% | 63.7% | 107.6% | 17.1% | 4.7% |
| Change in share count | 65.1% | 7.7% | 37.0% | 15.4% | 62.0% | 260.0% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 30.8% | 20.8% | 12 of 40 |
| Change in growth rate Growth | +56.3pp | -0.3pp | 5 of 40 |
| Operating margin Profitability | -47.9% | -2.3% | 10 of 17 |
| Net margin Profitability | -49.3% | 6.0% | 32 of 40 |
| Stock pay as % of revenue Cash generation | 0.2% | 4.8% | 4 of 36 |
| Change in share count Balance sheet | 65.1% | 1.2% | 30 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
