DDC Enterprise Limited (DDC) 10-Year Financial Performance & Capital Metrics

DDC • • Industrial / General

Consumer DefensivePackaged FoodsTraditional Packaged FoodsSpecialty & Ethnic Foods

AboutDDC Enterprise Limited provides ready-to-heat, ready-to-cook, and plant-based meal products. It also provides advertising services; and marketplace, advertising, and content distribution and placement services to third-party brands and products. The company was incorporated in 2012 and is based in Sheung Wan, Hong Kong.Show more

Revenue $273M +33.0%
EBITDA -$133M +29.2%
Net Income -$170M -9.5%
EPS (Diluted) -16.50 +91.5%
Gross Margin 28.41% +13.4%
EBITDA Margin -48.57% +46.8%
Operating Margin -50.28% +45.9%
Net Margin -62.27% +17.7%
ROE -227.66% +1.5%
ROIC -53.73% +36.3%
Debt/Equity 2.34 -13.3%
Interest Coverage -8.21 +47.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.1x book value

✗Weaknesses

✗High debt to equity ratio of 2.3x
✗Negative free cash flow
✗Weak momentum: RS Rating 7 (bottom 7%)
✗Shares diluted 73.2% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y10.03%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg-231.45%

5Y Avg-231.45%

3Y Avg-235%

Latest-100.26%

Peer Comparison

Specialty & Ethnic Foods

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MZTIThe Marzetti Company	4.67B	169.73	27.96	2%	8.77%	17.05%	4.36%	0.06
DDCDDC Enterprise Limited	72.97M	3.22	-0.20	33.02%	-62.27%	-227.66%		2.34
HAINThe Hain Celestial Group, Inc.	107.77M	1.19	-0.20	-10.17%	-34.69%	-119.51%		1.64
PLAGPlanet Green Holdings Corp.	23.83M	2.54	-2.51	-61.89%	-430.81%	-47.08%	3.87%	0.18
MWYNMarwynn Holdings, Inc. Common stock	18.92M	0.94	-3.23	-6.84%	-64.01%	-297.62%		0.86

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	169.14M	205.18M	179.59M	205.48M	273.33M
Revenue Growth %	-	0.21%	-0.12%	0.14%	0.33%
Cost of Goods Sold+	141.3M	168.72M	135.66M	154.03M	195.69M
COGS % of Revenue	0.84%	0.82%	0.76%	0.75%	0.72%
Gross Profit+	27.84M	36.46M	43.93M	51.46M	77.64M
Gross Margin %	0.16%	0.18%	0.24%	0.25%	0.28%
Gross Profit Growth %	-	0.31%	0.2%	0.17%	0.51%
Operating Expenses+	124.58M	150.08M	123.93M	242.54M	215.09M
OpEx % of Revenue	0.74%	0.73%	0.69%	1.18%	0.79%
Selling, General & Admin	107.68M	125.88M	113.3M	183.76M	138.82M
SG&A % of Revenue	0.64%	0.61%	0.63%	0.89%	0.51%
Research & Development	7.82M	233.66K	0	0	0
R&D % of Revenue	0.05%	0%	-	-	-
Other Operating Expenses	9.09M	23.97M	10.63M	58.77M	76.27M
Operating Income+	-96.74M	-113.62M	-80M	-191.08M	-137.44M
Operating Margin %	-0.57%	-0.55%	-0.45%	-0.93%	-0.5%
Operating Income Growth %	-	-0.17%	0.3%	-1.39%	0.28%
EBITDA+	-90.43M	-108.51M	-76.46M	-187.54M	-132.77M
EBITDA Margin %	-0.53%	-0.53%	-0.43%	-0.91%	-0.49%
EBITDA Growth %	-	-0.2%	0.3%	-1.45%	0.29%
D&A (Non-Cash Add-back)	6.32M	5.11M	3.54M	3.54M	4.67M
EBIT	-108.82M	-435.02M	-88.31M	-138.2M	-133.11M
Net Interest Income+	-6.99M	-22.83M	-30.36M	-9.62M	-13.49M
Interest Income	10.36K	9.78K	465.16K	2.56M	3.25M
Interest Expense	7M	22.84M	30.83M	12.18M	16.74M
Other Income/Expense	-19.07M	-344.25M	-39.13M	40.7M	-12.4M
Pretax Income+	-115.81M	-457.87M	-119.13M	-150.38M	-149.85M
Pretax Margin %	-0.68%	-2.23%	-0.66%	-0.73%	-0.55%
Income Tax+	-1.37M	816.87K	3.12M	5M	7.14M
Effective Tax Rate %	0.98%	0.99%	1.02%	1.03%	1.14%
Net Income+	-113.5M	-454.35M	-122.03M	-155.38M	-170.2M
Net Margin %	-0.67%	-2.21%	-0.68%	-0.76%	-0.62%
Net Income Growth %	-	-3%	0.73%	-0.27%	-0.1%
Net Income (Continuing)	-114.44M	-458.68M	-122.25M	-155.38M	-156.99M
Discontinued Operations	0	0	0	0	0
Minority Interest	4.57M	236.67K	14.43M	21.64M	34.85M
EPS (Diluted)+	-8.55	-1096.66	-303.33	-193.96	-16.50
EPS Growth %	-	-127.26%	0.72%	0.36%	0.91%
EPS (Basic)	-8.55	-1096.66	-303.33	-193.96	-16.50
Diluted Shares Outstanding	806.33K	806.33K	806.33K	836.13K	1.45M
Basic Shares Outstanding	806.33K	806.33K	806.33K	836.13K	1.45M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	97.73M	119.47M	155.64M	320.46M	377.15M
Cash & Short-Term Investments	24.47M	13.49M	26.8M	182.88M	191.01M
Cash Only	24.47M	13.49M	26.8M	78.79M	60.96M
Short-Term Investments	0	0	0	104.09M	130.06M
Accounts Receivable	29.92M	17.93M	34.15M	82.68M	148.23M
Days Sales Outstanding	64.58	31.89	69.4	146.87	197.94
Inventory	4.97M	9.61M	6.12M	9.98M	4.72M
Days Inventory Outstanding	12.83	20.78	16.45	23.66	8.8
Other Current Assets	34.16M	63.76M	70.1M	497.11K	0
Total Non-Current Assets+	33.1M	109.04M	99.74M	120.49M	108.07M
Property, Plant & Equipment	5.83M	4.17M	6.64M	6.77M	5.73M
Fixed Asset Turnover	28.99x	49.23x	27.04x	30.34x	47.72x
Goodwill	6.67M	8.3M	18.77M	47M	26.64M
Intangible Assets	16.28M	15.21M	17.44M	9.43M	10.89M
Long-Term Investments	2.46M	51.75M	22.44M	14.14M	8.49M
Other Non-Current Assets	1.85M	29.61M	34.44M	43.15M	56.32M
Total Assets+	130.82M	228.5M	255.38M	440.94M	485.22M
Asset Turnover	1.29x	0.90x	0.70x	0.47x	0.56x
Asset Growth %	-	0.75%	0.12%	0.73%	0.1%
Total Current Liabilities+	198.27M	177.04M	261.79M	281.38M	370.62M
Accounts Payable	14.91M	18.5M	17.05M	20.79M	24.31M
Days Payables Outstanding	38.52	40.02	45.86	49.28	45.34
Short-Term Debt	131.82M	85.73M	118.81M	100.78M	172.27M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0
Current Ratio	0.49x	0.67x	0.59x	1.14x	1.02x
Quick Ratio	0.47x	0.62x	0.57x	1.10x	1.00x
Cash Conversion Cycle	38.88	12.65	39.99	121.25	161.4
Total Non-Current Liabilities+	584.47M	1.24B	1.48B	92.32M	32.33M
Long-Term Debt	56.33M	58.53M	81.67M	73.91M	14.54M
Capital Lease Obligations	0	0	4.82M	4.08M	3.58M
Deferred Tax Liabilities	1.82M	3.19M	3.4M	3.83M	3.8M
Other Non-Current Liabilities	526.33M	1.18B	4.16M	10.49M	10.41M
Total Liabilities	782.74M	1.41B	1.74B	373.69M	402.95M
Total Debt+	188.15M	144.26M	206.71M	181.47M	192.46M
Net Debt	163.68M	130.77M	179.91M	102.68M	131.5M
Debt / Equity	-	-	-	2.70x	2.34x
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-13.83x	-4.97x	-2.60x	-15.69x	-8.21x
Total Equity+	-651.92M	-1.19B	-1.49B	67.25M	82.27M
Equity Growth %	-	-0.82%	-0.25%	1.05%	0.22%
Book Value per Share	-808.50	-1471.24	-1844.78	80.43	56.80
Total Shareholders' Equity	-656.49M	-1.19B	-1.5B	45.61M	47.43M
Common Stock	187.1K	642.83K	681.55K	2.33M	9.08M
Retained Earnings	-736.74M	-1.28B	-1.48B	-1.64B	-1.81B
Treasury Stock	0	0	0	0	0
Accumulated OCI	21.5M	37.4M	-83.13M	-135.58M	-131.84M
Minority Interest	4.57M	236.67K	14.43M	21.64M	34.85M

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-48.75M	-91.43M	-37.08M	-37.08M	-112.91M
Operating CF Margin %	-0.29%	-0.45%	-0.21%	-0.18%	-0.41%
Operating CF Growth %	-	-0.88%	0.59%	0%	-2.04%
Net Income	-113.5M	-454.35M	-122.25M	-122.25M	-156.99M
Depreciation & Amortization	6.32M	5.11M	3.54M	3.54M	4.67M
Stock-Based Compensation	0	0	38.99M	38.99M	19.14M
Deferred Taxes	-1.37M	814.88K	-601.74K	-601.74K	-5.17M
Other Non-Cash Items	19.14M	340.91M	38.89M	38.89M	99.5M
Working Capital Changes	40.66M	16.09M	4.34M	4.34M	-74.06M
Change in Receivables	7.88M	-2.73M	-21.01M	-21.01M	-4.49M
Change in Inventory	2.85M	-5.84M	3.22M	3.22M	4.14M
Change in Payables	-506.35K	3.59M	667.97K	667.97K	-9.36M
Cash from Investing+	-13.01M	-8.36M	-444.63K	-444.63K	-10.86M
Capital Expenditures	-549.97K	-179.21K	-191.63K	-191.63K	-380.7K
CapEx % of Revenue	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-10M	10.02M	0	0	75.8K
Cash from Financing+	76.85M	115.76M	51.35M	51.35M	104.27M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	26.33M	513.32K	-585.47K	-213.75M	0
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-49.3M	-91.6M	-37.27M	-37.27M	-113.29M
FCF Margin %	-0.29%	-0.45%	-0.21%	-0.18%	-0.41%
FCF Growth %	-	-0.86%	0.59%	0%	-2.04%
FCF per Share	-61.15	-113.61	-46.23	-44.58	-78.22
FCF Conversion (FCF/Net Income)	0.43x	0.20x	0.30x	0.24x	0.66x
Interest Paid	6.55M	3.75M	4.91M	14.1M	9.55M
Taxes Paid	2.63K	22.32K	235.55K	208.47K	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-231.06%	-227.66%
Return on Invested Capital (ROIC)	-	-	-	-84.34%	-53.73%
Gross Margin	16.46%	17.77%	24.46%	25.04%	28.41%
Net Margin	-67.1%	-221.44%	-67.95%	-75.62%	-62.27%
Debt / Equity	-	-	-	2.70x	2.34x
Interest Coverage	-13.83x	-4.97x	-2.60x	-15.69x	-8.21x
FCF Conversion	0.43x	0.20x	0.30x	0.24x	0.66x
Revenue Growth	-	21.31%	-12.47%	14.42%	33.02%

Revenue by Segment

	2023	2024
Product	204.6M	273.21M
Product Growth	-	33.54%
Service	886.8K	127.25K
Service Growth	-	-85.65%

Revenue by Geography

	2023	2024
UNITED STATES	8.66M	23.76M
UNITED STATES Growth	-	174.44%
HONG KONG	5.26M	3.97M
HONG KONG Growth	-	-24.51%

Frequently Asked Questions

Growth & Financials

DDC Enterprise Limited (DDC) reported $273.3M in revenue for fiscal year 2024. This represents a 62% increase from $169.1M in 2020.

DDC Enterprise Limited (DDC) grew revenue by 33.0% over the past year. This is strong growth.

DDC Enterprise Limited (DDC) reported a net loss of $170.2M for fiscal year 2024.

Dividend & Returns

DDC Enterprise Limited (DDC) has a return on equity (ROE) of -227.7%. Negative ROE indicates the company is unprofitable.

DDC Enterprise Limited (DDC) had negative free cash flow of $113.3M in fiscal year 2024, likely due to heavy capital investments.

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