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Shengfeng Development Ltd (SFWL) stock

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NASDAQ: SFWL Nasdaq Cargo Ground Transportation

C Fundamentals grade

Shengfeng Development Ltd is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Shengfeng Development Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Shengfeng Development Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Shengfeng Development files

Where Shengfeng Development stands after its latest Filing

Revenue for the twelve months was $572m, up 13.6% on a year earlier, slower than the 24.8% growth a quarter earlier. That growth ranks 3 of 19 among the cargo ground transportation companies we cover. Free-cash-flow margin held at -0.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks.

Our model value for Shengfeng Development is under review, so past values are not shown until it is resolved.

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

Shengfeng Development Ltd's trailing-twelve-month revenue grew 13.6% year on year, with a free-cash-flow margin of -0.5%. Where it stands out: revenue growth of 13.6% ranks 3 of 19 cargo ground transportation companies we cover. Where it lags: change in growth rate of -11.2pp ranks 18 of 19 cargo ground transportation companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 80.1% while net income grew 9.6%: a 70pp divergence.

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

Nothing in Shengfeng Development Ltd's latest figures clears our strength thresholds.

Things to watch

  • Growth slowing. The growth rate is 11.2 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -0.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 93% and a beta of 0.2 against the S&P 500.
  • Weak cash conversion. Free cash flow was -24% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 87 days ranks 16 of 18 cargo ground transportation companies we cover (median 49 days).

Price chart

  • 1 day-4.9%
  • 1 week-40.2%
  • 1 month-55.6%
  • This year-72.6%
  • 1 year-74.0%
  • 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)
$572M
Operating margin
2.9%
Net margin
2.1%

Growth

Revenue growth
+13.6%
Change in growth rate
−11.2 pts

Cash

Free cash flow (TTM)
-$2.9M
FCF margin
-0.5%

News & updates

Updated October 31, 2026

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

No recent updates are available for SFWL 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

Shengfeng Development Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Shengfeng Development Ltd as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$28 ~$120–$150 Left out: out of range vs price (7.24x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$60 ~$38–$98 Left out: out of range vs price (15.43x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$62 ~$52–$79 Left out: out of range vs price (16.02x)
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: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Shengfeng Development Ltd with Cargo Ground Transportation 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 2023
Share price$44.10
Market value$3.6bn
+ Net debt (− = net cash)$46m
Enterprise value$3.7bn
Multiples
Price / sales 8.9x
Price / earnings n/m
Price / free cash flow n/m
EV / EBITDA 179.5x

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: Low.

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 Shengfeng Development Ltd: too few analysts cover it.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
0.97
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
66.7%
of shares
Employees
1,416
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202420252026 to date
Return
SFWL−63%−12%−73%
Industry peers (median)−9%−14%+14%
S&P 500+25%+18%+11%
Months that ended higher
SFWL42%58%27%
S&P 50075%75%46%
Largest fall from a high during the year
SFWL−67%−38%−75%
S&P 500−8%−19%−9%

Worst fall since March 31, 2023: 99% from October 17, 2023 to November 2, 2026. Getting back needed a 6358% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.90 – $16.20
From 52-week high
−75.9%
vs 50-day average
−57.2%
vs 200-day average
−68.4%
Volatility (1 year)
93%
Beta vs S&P 500
0.22

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.

Shengfeng Development Ltd in five measures

Fundamentals grade C
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) Shengfeng Development Ltd
$200M $300M $400M $500M $600M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $287.5M Revenue (TTM), FY21 Q4: $346.7M Revenue (TTM), FY22 Q4: $370.3M Revenue (TTM), FY23 Q4: $404.1M Revenue (TTM), FY24 Q4: $504.2M Revenue (TTM), FY25 Q4: $572.5M $572.5M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY20 Q4 $287.5M
FY21 Q4 $346.7M
FY22 Q4 $370.3M
FY23 Q4 $404.1M
FY24 Q4 $504.2M
FY25 Q4 $572.5M
Revenue growth, TTM YoY Shengfeng Development Ltd
0% 10% 20% 30% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 20.6% Revenue growth, TTM YoY, FY22 Q4: 6.8% Revenue growth, TTM YoY, FY23 Q4: 9.1% Revenue growth, TTM YoY, FY24 Q4: 24.8% Revenue growth, TTM YoY, FY25 Q4: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 20.6%
FY22 Q4 6.8%
FY23 Q4 9.1%
FY24 Q4 24.8%
FY25 Q4 13.6%
Operating margin (TTM) Shengfeng Development Ltd
2% 2.5% 3% 3.5% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: 2.2% Operating margin (TTM), FY21 Q4: 2.5% Operating margin (TTM), FY22 Q4: 2.7% Operating margin (TTM), FY23 Q4: 3.4% Operating margin (TTM), FY24 Q4: 2.9% Operating margin (TTM), FY25 Q4: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY20 Q4 2.2%
FY21 Q4 2.5%
FY22 Q4 2.7%
FY23 Q4 3.4%
FY24 Q4 2.9%
FY25 Q4 2.9%
FCF margin (TTM) Shengfeng Development Ltd
-3% -2% -1% 0% 1% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -1.9% FCF margin (TTM), FY21 Q4: -0.6% FCF margin (TTM), FY22 Q4: -0.6% FCF margin (TTM), FY23 Q4: 0.8% FCF margin (TTM), FY24 Q4: -2.9% FCF margin (TTM), FY25 Q4: -0.5% -0.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY20 Q4 -1.9%
FY21 Q4 -0.6%
FY22 Q4 -0.6%
FY23 Q4 0.8%
FY24 Q4 -2.9%
FY25 Q4 -0.5%

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

Where the money goes

FY2025, from the 10-K

Each dollar Shengfeng Development took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $572M
  2. Cost of revenue $519M · 90.7%
  3. Gross profit $53.1M · 9.3%
  4. Selling, general and admin $36.2M · 6.3%
  5. Operating income $16.9M · 2.9%
  6. Interest and other $2.9M · 0.5%
  7. Net income $11.9M · 2.1%

Shares of revenue. Source: Shengfeng Development's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

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 287 347 370 404 504 572
Gross profit 36 41 42 47 46 53
EBITDA 11 15 17 20 21 23
Operating income 6 9 10 14 15 17
Net income 6 7 8 10 11 12
Diluted EPS $0.08 $0.09 $0.10 $0.13 — —
Growth (year on year)
Revenue — +20.6% +6.8% +9.1% +24.8% +13.6%
EBITDA — +32.7% +15.8% +21.1% +3.3% +10.9%
Operating income — +38.4% +14.7% +41.2% +5.5% +15.1%
Net income — +13.2% — +32.2% +5.7% +9.6%
Diluted EPS — +12.5% — +30.0% — —
Margins
Gross margin 12.5% 11.9% 11.2% 11.5% 9.2% 9.3%
EBITDA margin 3.8% 4.2% 4.5% 5.0% 4.2% 4.1%
Operating margin 2.2% 2.5% 2.7% 3.4% 2.9% 2.9%
Net margin 2.1% 2.0% 2.1% 2.5% 2.2% 2.1%
Free-cash-flow margin −1.9% −0.6% −0.6% 0.8% −2.9% −0.5%
Cash flow
Cash from operations 2 20 5 14 15 16
Capital spending 8 23 7 11 29 19
Free cash flow −6 −2 −2 3 −14 −3
Balance sheet
Cash 28 19 21 27 35 35
Total debt 0 92 95 72 131 172
Net debt (negative = net cash) −28 73 74 46 97 136
Diluted shares 80m 80m 80m 82m — —

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

5 of 6 checks passed · December 31, 2025
What it owns · $347m
Short-term assets $217mLonger-term assets $130m
What it owes, and who funded it · $340m
Short-term liabilities $171mLonger-term liabilities $37mShareholders' equity $132m
  • Short-term assets cover short-term liabilities $217m of assets due within a year against $171m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $217m short-term assets against $37m of longer-dated liabilities.
  • More cash than debt $35m of cash against $37m of debt.
  • Debt below 40% of shareholders' equity Debt is 28% of equity.
  • 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 $16m of operating cash flow against $37m of debt.
  • Operating profit covers interest at least five times over Operating income of $17m against $3m of interest.

From Shengfeng Development 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

Days sales outstanding
87 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated SFWL PAMT HTLD MRTN CVLG ULH Median
Revenue, last 12 months $572m $598m $736m $858m $1.2bn $1.5bn $3.5bn
Revenue growth, last 12 months 13.6% −8.8% −21.0% −6.9% 8.3% −8.3% 7.0%
Revenue growth, 3-year average — −13.4% −16.5% −11.3% 2.4% −5.5% −0.8%
Revenue growth, latest quarter — 8.9% −12.5% −2.8% 9.9% −3.7% 10.4%
Operating margin 2.9% −9.1% −2.3% 1.8% −0.1% −3.3% 3.2%
Operating margin, 3-year average — −5.6% −2.3% 3.3% 2.7% 4.9% 3.4%
Net margin 2.1% −7.1% 12.5% 1.5% 0.3% −6.0% 3.0%
Cash from operations / revenue 2.8% −2.8% 10.7% 9.9% 6.9% 9.6% 9.9%
Free-cash-flow margin −0.5% −9.7% −11.6% −1.8% −3.1% 2.4% 3.0%
Free-cash-flow margin, 3-year average — −6.2% −4.3% 0.9% −5.1% −3.5% 0.9%
Stock pay / revenue — 0.1% 0.3% 0.2% 0.2% 0.1% 0.3%
Change in share count 2.3% −2.9% −1.2% 0.1% −4.6% −0.0% −1.5%

Median of all 19 companies we cover in cargo ground transportation. 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

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth 13.6% 7.0% 3 of 19
Change in growth rate Growth -11.2pp +3.0pp 18 of 19
Operating margin Profitability 2.9% 3.4% 10 of 18
Net margin Profitability 2.1% 3.0% 11 of 18
Free-cash-flow margin Cash generation -0.5% 3.0% 13 of 19
Long-term debt as % of assets Balance sheet 9.8% 11.5% 8 of 17
Days sales outstanding Balance sheet 87 days 49 days 16 of 18

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

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 Shengfeng Development 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.

Shengfeng Development Ltd in brief

What does Shengfeng Development Ltd do?
Shengfeng Development Ltd is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is Shengfeng Development Ltd's stock ticker?
Shengfeng Development Ltd trades under the ticker SFWL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Shengfeng Development Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Shengfeng Development Ltd reported revenue of $572M, 13.6% higher than a year earlier, according to its SEC filings.
What is Shengfeng Development Ltd's free cash flow?
Shengfeng Development Ltd's free-cash-flow margin is -0.5% of revenue over the trailing twelve months, ranking 13 of the 19 cargo ground transportation companies we cover.
What is Shengfeng Development Ltd's market cap?
On December 29, 2023, Shengfeng Development Ltd's market capitalisation was about $3.6B, with a price-to-earnings ratio of 350.5 and net debt of $45.5M. Market figures come from third-party market data and may be delayed.
How much debt does Shengfeng Development Ltd have?
Shengfeng Development Ltd's debt-to-equity ratio is 27.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Shengfeng Development Ltd's competitors?
In our Cargo Ground Transportation peer group, the companies closest to Shengfeng Development Ltd are Pamt Corp, Heartland Express Inc, Marten Transport LTD, Covenant Logistics Group, Inc. and Universal Logistics Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Shengfeng Development Ltd's.