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Greenland Technologies Holding Corporation (the Company or Greenland ) designs, develops, manufactures and sells components and products for the global material handling industries. Through its subsidiaries in the PRC, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fu…
Operating margin is thin at 8.29%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 8.0%, steady but not accelerating. Margins contracted 6.7pp, which offsets some of the top-line progress.
ROIC dropped from 16.23% to 4.80%, capital efficiency is deteriorating. Operating margin contracted 6.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$95M
▲ +8.0% YoY
Net Income (TTM)
$5M
▼ -64.9% YoY
Op. Margin
8.92%
▼ -6.7pp YoY
ROIC
5.22%
▼ -11.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▲ +32.6% YoY
Op. Cash Flow (TTM)
$13M
▲ +17.0% YoY
Net Debt
-$13M
Net Cash Position
Cash & Equiv.
$31M
5Y CAGR: +6.3%
5Y CAGR: +41.1%
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