SFWL

MKT CAP:$73M

Shengfeng Development Limited

Market Cap

$73M

Industrials·Integrated Freight & Logistics·🇨🇳 China·NASDAQ

Industrials·Integrated·🇨🇳·NASDAQ

Stock Price

$0.90-$0.06 (-6.74%)

Apr 22, 2026

Company Details

Shengfeng Development Limited, through its subsidiaries, provides contract logistics services in the People's Republic of China. The company offers business-to-business freight transportation services, such as full truckload and less than t...

CEO

Yongxu Liu

IPO Date

Mar 31, 2023

Website

www.sfwl.com.cn

Key Metrics TTM

Revenue

$1.1B

+39.0% YoY

Net Income

$23M

EPS (Diluted)

$0.28

Free Cash Flow

-$26M

Revenue / Share

$13.05

Gross Margin

9.2%

Operating Margin

2.9%

Net Margin

2.1%

FCF Margin

-2.5%

P/S

0.1x

P/E

3.2x

Earnings Reports

FY 2025

Mar 27, 2026

$572M+13.6%EPS $0.14

Q4 2025

Mar 27, 2026

$309M+11.6%EPS $0.07

Q2 2025

Aug 27, 2025

$263M+16.0%EPS $0.07

FY 2024

Mar 28, 2025

$504M+24.8%EPS $0.13

Q4 2024

Mar 28, 2025

$277M+26.4%EPS $0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$116M	$14M	$1M
Q4 19	$116M	$14M	$1M
Q2 20	$118M	$17M	$4M
Q4 20	$169M	$19M	$2M
Q2 21	$164M	$19M	$3M
Q4 21	$182M	$23M	$6M
Q2 22	$167M	$18M	$4M
Q4 22	$204M	$23M	$6M
Q2 23	$185M	$23M	$8M
Q4 23	$219M	$24M	$5M
Q2 24	$227M	$21M	$7M
Q4 24	$277M	$25M	$8M
Q2 25	$263M	$24M	$8M
Q4 25	$309M	$29M	$9M

Valuation

Quarter	P/S	P/E
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	0.6x	41.6x
Q2 21	0.6x	37.2x
Q4 21	0.5x	25.6x
Q2 22	0.5x	28.6x
Q4 22	0.5x	22.7x
Q2 23	1.0x	38.0x
Q4 23	0.3x	11.2x
Q2 24	0.1x	5.3x
Q4 24	0.1x	4.0x
Q2 25	0.1x	4.1x
Q4 25	0.1x	3.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	-$361.0K	-$2M
Q4 19	-$361.0K	-$2M
Q2 20	-$2M	-$9M
Q4 20	$5M	$3M
Q2 21	-$2M	-$11M
Q4 21	$22M	$9M
Q2 22	-$3M	-$8M
Q4 22	$10M	$8M
Q2 23	$10M	$4M
Q4 23	$4M	-$19M
Q2 24	-$12M	-$35M
Q4 24	$27M	$12M
Q2 25	-$15M	-$22M
Q4 25	$31M	$19M

Capital Expenditures

Quarter	CapEx
Q2 19	$2M
Q4 19	$2M
Q2 20	$6M
Q4 20	$2M
Q2 21	$9M
Q4 21	$14M
Q2 22	$6M
Q4 22	$1M
Q2 23	$5M
Q4 23	$23M
Q2 24	$23M
Q4 24	$15M
Q2 25	$8M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+41.3%	+40.6%
Q4 21	+56.8%	+53.4%
Q2 22	+41.2%	+42.6%
Q4 22	+20.2%	+18.3%
Q2 23	+12.6%	+9.2%
Q4 23	+20.1%	+21.1%
Q2 24	+36.4%	+35.6%
Q4 24	+35.9%	+36.0%
Q2 25	+42.4%	+44.8%
Q4 25	+41.0%	+40.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 19	$10M	$3M	—
Q4 19	$10M	$3M	—
Q2 20	$11M	$2M	—
Q4 20	$13M	$4M	—
Q2 21	$13M	$4M	—
Q4 21	$13M	$4M	—
Q2 22	$11M	$4M	—
Q4 22	$14M	$4M	—
Q2 23	$5M	$2M	—
Q4 23	$15M	$3M	—
Q2 24	$12M	$3M	—
Q4 24	$14M	$3M	—
Q2 25	$13M	$3M	—
Q4 25	—	—	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 19	$18M	$0	$18M
Q4 20	$27M	$0	$27M
Q2 21	$13M	$0	$13M
Q4 21	$19M	$0	$19M
Q2 22	$13M	$0	$13M
Q4 22	$21M	$0	$21M
Q2 23	$29M	$0	$29M
Q4 23	$29M	$0	$29M
Q2 24	$11M	$0	$11M
Q4 24	$35M	$0	$35M
Q2 25	$14M	$0	$14M
Q4 25	$39M	$0	$39M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	82M	—	—
Q4 19	82M	0.0%	—
Q2 20	80M	-2.9%	—
Q4 20	80M	0.0%	—
Q2 21	80M	0.0%	-2.9%
Q4 21	80M	0.0%	-2.9%
Q2 22	80M	0.0%	0.0%
Q4 22	80M	0.0%	0.0%
Q2 23	82M	+3.0%	+3.0%
Q4 23	82M	+0.1%	+3.1%
Q2 24	82M	0.0%	+3.1%
Q4 24	82M	0.0%	+3.1%
Q2 25	82M	0.0%	+0.1%
Q4 25	82M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	$131.5K	2K
Q2 23	$119.3K	2K
Q4 23	$163.4K	1K
Q2 24	$169.4K	1K
Q4 24	$219.3K	1K
Q2 25	$208.6K	1K
Q4 25	$309	1.0M

Revenue / Employee