CBL International Limited (BANL) 10-Year Financial Performance & Capital Metrics

BANL • • Industrial / General

EnergyMidstream Oil & GasTerminal & Storage OperationsMarine Fuel Logistics

AboutCBL International Limited, a fuel logistics company, provides vessel refueling solutions in Malaysia, Hong Kong, China, South Korea, Singapore, and internationally. The company offers trade credit and arranges local physical delivery of marine fuel. It expedites vessel refueling between ship operators and local physical distributors/traders of marine fuel. The company was founded in 2015 and is based in Kuala Lumpur, Malaysia. CBL International Limited operates as a subsidiary of CBL (Asia) Limited.Show more

Revenue $593M +35.9%
EBITDA -$3M -254.0%
Net Income -$4M -427.9%
EPS (Diluted) -0.14 -407.0%
Gross Margin 0.91% -45.2%
EBITDA Margin -0.47% -213.3%
Operating Margin -0.56% -247.3%
Net Margin -0.63% -341.2%
ROE -15.51% -354.7%
ROIC -14.38% -248.6%
Debt/Equity 0.07 +318.5%
Interest Coverage -5.62 -202.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Trading at only 0.4x book value
✓Efficient asset utilization: 8.6x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 9 (bottom 9%)
✗Thin 5Y average net margin of 0.5%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y21.97%

TTM34.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-167.81%

EPS CAGR

10Y-

5Y-

3Y-

TTM-153.63%

ROCE

10Y Avg34.58%

5Y Avg34.58%

3Y Avg13.58%

Latest-13.78%

Peer Comparison

Marine Fuel Logistics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PTLEPTL Limited	9.31M	0.11	-1.93	-3.89%	-0.65%	-64.94%		0.07
BANLCBL International Limited	9.91M	0.36	-2.58	35.93%	-0.43%	-21.58%		0.07

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	234.26M	326.54M	462.91M	435.9M	592.52M
Revenue Growth %	-	0.39%	0.42%	-0.06%	0.36%
Cost of Goods Sold+	228.05M	318.95M	453.78M	428.69M	587.14M
COGS % of Revenue	0.97%	0.98%	0.98%	0.98%	0.99%
Gross Profit+	6.21M	7.59M	9.13M	7.21M	5.37M
Gross Margin %	0.03%	0.02%	0.02%	0.02%	0.01%
Gross Profit Growth %	-	0.22%	0.2%	-0.21%	-0.25%
Operating Expenses+	2.76M	3.36M	4.36M	5.55M	8.7M
OpEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%
Selling, General & Admin	2.76M	3.36M	4.36M	5.55M	8.7M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0
Operating Income+	3.45M	4.23M	4.76M	1.66M	-3.33M
Operating Margin %	0.01%	0.01%	0.01%	0%	-0.01%
Operating Income Growth %	-	0.23%	0.13%	-0.65%	-3%
EBITDA+	3.49M	4.27M	4.84M	1.82M	-2.8M
EBITDA Margin %	0.01%	0.01%	0.01%	0%	-0%
EBITDA Growth %	-	0.23%	0.13%	-0.62%	-2.54%
D&A (Non-Cash Add-back)	37.59K	43.96K	75.17K	155.83K	527.54K
EBIT	6.9M	4.23M	4.76M	1.66M	-3.31M
Net Interest Income+	-718	-3.36K	-259.99K	-231.63K	-570.69K
Interest Income	640	70	1.71K	70.85K	21.17K
Interest Expense	1.36K	3.43K	261.7K	302.49K	591.86K
Other Income/Expense	-46.99K	-5.71K	-260.88K	-230.57K	-573.31K
Pretax Income+	3.4M	4.23M	4.5M	1.43M	-3.9M
Pretax Margin %	0.01%	0.01%	0.01%	0%	-0.01%
Income Tax+	527.07K	656.32K	814.47K	298.61K	-29.48K
Effective Tax Rate %	0.85%	0.84%	0.82%	0.8%	0.96%
Net Income+	2.88M	3.57M	3.69M	1.14M	-3.74M
Net Margin %	0.01%	0.01%	0.01%	0%	-0.01%
Net Income Growth %	-	0.24%	0.03%	-0.69%	-4.28%
Net Income (Continuing)	2.88M	3.57M	3.69M	1.13M	-3.87M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	-6.53K	-31.74K
EPS (Diluted)+	0.03	0.14	0.17	0.05	-0.14
EPS Growth %	-	4.02%	0.21%	-0.73%	-4.07%
EPS (Basic)	0.03	0.14	0.17	0.05	-0.14
Diluted Shares Outstanding	24.57M	24.57M	21.25M	25M	27.5M
Basic Shares Outstanding	24.57M	24.57M	21.25M	25M	27.5M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	23.13M	26.71M	23.73M	52.13M	68.34M
Cash & Short-Term Investments	5.63M	3.04M	5.12M	7.4M	8.02M
Cash Only	5.56M	3.04M	5.03M	7.4M	8.02M
Short-Term Investments	69.09K	0	86.1K	0	0
Accounts Receivable	17.5M	18.04M	18.45M	27.06M	38.72M
Days Sales Outstanding	27.26	20.17	14.54	22.66	23.85
Inventory	0	0	196.17K	0	0
Days Inventory Outstanding	-	-	0.16	-	-
Other Current Assets	0	1.8M	-114.59K	28.78K	294.96K
Total Non-Current Assets+	440.71K	277.65K	1.86M	1.33M	951.9K
Property, Plant & Equipment	440.71K	277.65K	735.72K	1.33M	951.9K
Fixed Asset Turnover	531.55x	1176.09x	629.19x	326.52x	622.46x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	0	0	1.13M	0	0
Total Assets+	23.57M	26.99M	25.6M	53.46M	69.29M
Asset Turnover	9.94x	12.10x	18.08x	8.15x	8.55x
Asset Growth %	-	0.15%	-0.05%	1.09%	0.3%
Total Current Liabilities+	18.59M	18.52M	13.26M	27.97M	46.49M
Accounts Payable	18.07M	18.3M	12.65M	27.45M	42.01M
Days Payables Outstanding	28.92	20.94	10.18	23.37	26.11
Short-Term Debt	28.01K	17.46K	28.17K	38.69K	1.36M
Deferred Revenue (Current)	142.03K	0	369.8K	0	0
Other Current Liabilities	217.72K	80.96K	-44.53K	-38.69K	0
Current Ratio	1.24x	1.44x	1.79x	1.86x	1.47x
Quick Ratio	1.24x	1.44x	1.78x	1.86x	1.47x
Cash Conversion Cycle	-	-	4.53	-	-
Total Non-Current Liabilities+	122.39K	49.66K	229.08K	194.37K	35.36K
Long-Term Debt	0	0	0	0	0
Capital Lease Obligations	122.39K	49.66K	229.08K	194.37K	35.36K
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0
Total Liabilities	18.71M	18.57M	13.48M	28.17M	46.53M
Total Debt+	263.08K	139.84K	381.34K	410.82K	1.55M
Net Debt	-5.3M	-2.9M	-4.65M	-6.99M	-6.47M
Debt / Equity	0.05x	0.02x	0.03x	0.02x	0.07x
Debt / EBITDA	0.08x	0.03x	0.08x	0.23x	-
Net Debt / EBITDA	-1.52x	-0.68x	-0.96x	-3.85x	-
Interest Coverage	2541.81x	1233.89x	18.19x	5.49x	-5.62x
Total Equity+	4.86M	8.43M	12.11M	25.29M	22.88M
Equity Growth %	-	0.73%	0.44%	1.09%	-0.1%
Book Value per Share	0.20	0.34	0.57	1.01	0.83
Total Shareholders' Equity	4.86M	8.43M	12.11M	25.3M	22.91M
Common Stock	490.32K	2.13K	2.13K	2.5K	2.75K
Retained Earnings	4.37M	7.94M	11.62M	12.76M	9.03M
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	0	0
Minority Interest	0	0	0	-6.53K	-31.74K

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.36M	-2.51M	3.5M	-10.03M	-1.94M
Operating CF Margin %	0.01%	-0.01%	0.01%	-0.02%	-0%
Operating CF Growth %	-	-1.75%	2.4%	-3.87%	0.81%
Net Income	2.88M	3.57M	3.69M	1.13M	-3.87M
Depreciation & Amortization	146.9K	182.21K	183.04K	313.71K	527.54K
Stock-Based Compensation	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	301.1K	-291.86K	156K	-137.51K	-266.19K
Working Capital Changes	36.61K	-5.97M	-524.9K	-11.34M	1.67M
Change in Receivables	1.37M	-1.33M	-402.94K	-1.46M	-11.55M
Change in Inventory	0	-4.6M	5.23M	0	0
Change in Payables	-596.93K	228.65K	-5.64M	3.24M	14.55M
Cash from Investing+	452.93K	-19.15K	-373.11K	-773.86K	-144.45K
Capital Expenditures	-150.96K	-19.15K	-373.11K	-773.86K	-144.45K
CapEx % of Revenue	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	0	0	0	0
Cash from Financing+	-1.31M	-27.18K	-1.13M	13.18M	2.71M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	-1.31M	-27.18K	-1.13M	10.29M	1.06M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	3.21M	-2.53M	3.13M	-10.81M	-2.09M
FCF Margin %	0.01%	-0.01%	0.01%	-0.02%	-0%
FCF Growth %	-	-1.79%	2.24%	-4.46%	0.81%
FCF per Share	0.13	-0.10	0.15	-0.43	-0.08
FCF Conversion (FCF/Net Income)	1.17x	-0.70x	0.95x	-8.81x	0.52x
Interest Paid	10.07K	7.99K	261.7K	302.49K	591.86K
Taxes Paid	854.85K	683.35K	688.79K	794.91K	28.06K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	59.23%	53.73%	35.88%	6.09%	-15.51%
Return on Invested Capital (ROIC)	-	124.64%	54.96%	9.68%	-14.38%
Gross Margin	2.65%	2.32%	1.97%	1.65%	0.91%
Net Margin	1.23%	1.09%	0.8%	0.26%	-0.63%
Debt / Equity	0.05x	0.02x	0.03x	0.02x	0.07x
Interest Coverage	2541.81x	1233.89x	18.19x	5.49x	-5.62x
FCF Conversion	1.17x	-0.70x	0.95x	-8.81x	0.52x
Revenue Growth	-	39.39%	41.76%	-5.83%	35.93%

Revenue by Geography

	2023
Other	652.65K
Other Growth	-

Frequently Asked Questions

Growth & Financials

CBL International Limited (BANL) reported $1.10B in revenue for fiscal year 2024. This represents a 370% increase from $234.3M in 2020.

CBL International Limited (BANL) grew revenue by 35.9% over the past year. This is strong growth.

CBL International Limited (BANL) reported a net loss of $4.7M for fiscal year 2024.

Dividend & Returns

CBL International Limited (BANL) has a return on equity (ROE) of -15.5%. Negative ROE indicates the company is unprofitable.

CBL International Limited (BANL) had negative free cash flow of $6.3M in fiscal year 2024, likely due to heavy capital investments.

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