Shengfeng Development Ltd key statistics and ratios

In fiscal 2025, Shengfeng Development Ltd had return on equity of 9.6%, an operating margin of 2.9%, debt equal to 130.2% of equity and a current ratio of 1.27. 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.

Shengfeng Development Ltd: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	12.5%	11.9%	11.2%	11.5%	9.2%	9.3%
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%
Return on equity	7.2%	7.8%	8.5%	10.3%	9.7%	9.6%
Return on assets	—	2.8%	3.2%	4.0%	3.8%	3.6%
Asset turnover	—	1.42	1.51	1.58	1.75	1.74
Current ratio	—	0.97	1.04	1.09	1.26	1.27
Debt to equity	0.0%	100.3%	104.5%	66.9%	112.2%	130.2%
Interest cover (operating income ÷ interest)	3.1x	3.7x	4.4x	7.8x	7.4x	6.2x
Effective tax rate	20.6%	18.6%	17.0%	18.4%	13.3%	14.4%
Capital spending as % of revenue	2.8%	6.5%	1.9%	2.7%	5.8%	3.3%
Free cash flow ÷ net income	−91.7%	−31.7%	−26.9%	32.6%	−132.9%	−24.1%

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

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.

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.

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