Revenue volatility remains a primary concern, with the firm reporting an 18.6% year-over-year decline in 2024Q4 alongside persistent margin pressure that saw gross margins dip to 18.8% in 2023Q2.
Euro Tech Holdings Company Limited (CLWT) annual income statement — 30-year revenue, gross profit & net income history
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 13.27M | 15.38M | 17.94M | 14.95M | 21.39M | 13.36M | 17.4M | 20.1M | 17.35M | 22.48M | 18.3M | 18.82M | 18.6M | 21.64M | 20.21M | 22.3M | 27.34M | 31.74M | 27.23M | 27.16M | 31.25M | 32.28M | 27.44M | 23.5M | 19.68M | 15.01M | 13.11M | 12.8M | 12.5M | 13.76M |
| Revenue Growth % | -13.77% | -14.25% | 20.01% | -30.11% | 60.13% | -23.23% | -13.46% | 15.87% | -22.81% | 22.82% | -2.76% | 1.18% | -14.06% | 7.08% | -9.38% | -18.4% | -13.87% | 16.56% | 0.25% | -13.08% | -3.2% | 17.64% | 16.79% | 19.36% | 31.15% | 14.52% | 2.4% | 2.4% | -9.16% | - |
| Cost of Goods Sold | 9.59M | 10.93M | 14.08M | 10.33M | 15.69M | 9.67M | 12.98M | 16.41M | 12.94M | 17.53M | 14.26M | 13.99M | 13.14M | 15.48M | 15.32M | 16.56M | 20.88M | 24.15M | 20.4M | 20.61M | 24.68M | 27.03M | 22.8M | 18.73M | 15.4M | 11.36M | 9.8M | 9.6M | 9.3M | 10.63M |
| COGS % of Revenue | 72.3% | 71.05% | 78.48% | 69.11% | 73.37% | 72.41% | 74.61% | 81.6% | 74.56% | 77.97% | 77.91% | 74.33% | 70.63% | 71.52% | 75.8% | 74.26% | 76.37% | 76.1% | 74.91% | 75.87% | 78.98% | 83.74% | 83.1% | 79.73% | 78.21% | 75.67% | 74.75% | 75% | 74.4% | 77.25% |
| Gross Profit | 3.67M | 4.45M | 3.86M | 4.62M | 5.7M | 3.69M | 4.42M | 3.7M | 4.41M | 4.95M | 4.04M | 4.83M | 5.46M | 6.17M | 4.89M | 5.74M | 6.46M | 7.58M | 6.83M | 6.55M | 6.57M | 5.25M | 4.64M | 4.76M | 4.29M | 3.65M | 3.31M | 3.2M | 3.2M | 3.13M |
| Gross Margin % | 27.7% | 28.95% | 21.52% | 30.89% | 26.63% | 27.59% | 25.39% | 18.4% | 25.44% | 22.03% | 22.09% | 25.67% | 29.37% | 28.48% | 24.2% | 25.74% | 23.63% | 23.9% | 25.09% | 24.13% | 21.02% | 16.26% | 16.9% | 20.27% | 21.79% | 24.33% | 25.25% | 25% | 25.6% | 22.75% |
| Gross Profit Growth % | -17.51% | 15.36% | -16.39% | -18.91% | 54.55% | -16.57% | 19.41% | -16.18% | -10.87% | 22.46% | -16.31% | -11.58% | -11.37% | 26.05% | -14.81% | -11.13% | -14.82% | 11.01% | 4.23% | -0.21% | 25.15% | 13.2% | -2.62% | 11.03% | 17.44% | 10.33% | 3.44% | 0% | 2.24% | - |
| Operating Expenses | 3.91M | 4.07M | 4.11M | 4.42M | 4.91M | 5.23M | 4.85M | 4.75M | 4.98M | 5.6M | 6M | 5.8M | 5.72M | 6.22M | 6.57M | 7.12M | 6.61M | 7.21M | 6.58M | 5.96M | 5.42M | 4.8M | 4.11M | 4.17M | 3.73M | 3.3M | 3.04M | 3M | 2.9M | 2.71M |
| OpEx % of Revenue | 29.45% | 26.44% | 22.91% | 29.57% | 22.96% | 39.13% | 27.89% | 23.63% | 28.68% | 24.92% | 32.77% | 30.83% | 30.74% | 28.75% | 32.48% | 31.91% | 24.17% | 22.73% | 24.18% | 21.95% | 17.34% | 14.87% | 14.97% | 17.76% | 18.97% | 21.99% | 23.23% | 23.44% | 23.2% | 19.69% |
| Selling, General & Admin | 3.91M | 4.07M | 4.1M | 4.49M | 4.91M | 5.37M | 4.85M | 4.75M | 4.98M | 5.6M | 6M | 5.8M | 5.72M | 6.22M | 6.57M | 7.12M | 6.61M | 7.21M | 6.58M | 5.96M | 5.42M | 4.8M | 4.11M | 4.17M | 3.73M | 3.3M | 2.95M | 2.9M | 2.8M | 2.7M |
| SG&A % of Revenue | 29.45% | 26.44% | 22.87% | 30.04% | 22.96% | 40.23% | 27.89% | 23.63% | 28.68% | 24.92% | 32.77% | 30.83% | 30.74% | 28.75% | 32.48% | 31.91% | 24.17% | 22.73% | 24.18% | 21.95% | 17.34% | 14.87% | 14.97% | 17.76% | 18.97% | 21.99% | 22.48% | 22.66% | 22.4% | 19.62% |
| Research & Development | 0 | 3.63M | 4.33M | 2.99M | 61K | 497K | 35K | 184K | 163K | 475K | 852K | 631K | 427K | 930K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 23.59% | 24.12% | 19.97% | 0.29% | 3.72% | 0.2% | 0.92% | 0.94% | 2.11% | 4.66% | 3.35% | 2.3% | 4.3% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 1K | -4.32M | -2.97M | -8.74M | -1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99K | 100K | 100K | 10K |
| Operating Income | -233K | 386K | -249K | 670K | 1.21M | -1.54M | -436K | -1.06M | -574K | -670K | -1.96M | -971K | -255K | -59K | -1.67M | -1.38M | -148K | 371K | 247K | 594K | 1.15M | 448K | 529K | 589K | 555K | 242K | 265K | 200K | 300K | 420K |
| Operating Margin % | -1.76% | 2.51% | -1.39% | 4.48% | 5.67% | -11.54% | -2.51% | -5.27% | -3.31% | -2.98% | -10.7% | -5.16% | -1.37% | -0.27% | -8.28% | -6.17% | -0.54% | 1.17% | 0.91% | 2.19% | 3.68% | 1.39% | 1.93% | 2.51% | 2.82% | 1.61% | 2.02% | 1.56% | 2.4% | 3.05% |
| Operating Income Growth % | -160.36% | 255.02% | -137.16% | -44.72% | 178.6% | -253.67% | 58.83% | -84.49% | 14.33% | 65.78% | -101.65% | -280.78% | -332.2% | 96.48% | -21.57% | -830.41% | -139.89% | 50.2% | -58.42% | -48.39% | 156.92% | -15.31% | -10.19% | 6.13% | 129.34% | -8.68% | 32.5% | -33.33% | -28.57% | - |
| EBITDA | -71K | 532K | -234K | 703K | 1.25M | -1.49M | -367K | -999K | -513K | -615K | -1.9M | -883K | -147K | 71K | -1.49M | -1.21M | 54K | 589K | 479K | 810K | 1.33M | 632K | 719K | 752K | 756K | 351K | 364K | 300K | 400K | 490K |
| EBITDA Margin % | -0.54% | 3.46% | -1.3% | 4.7% | 5.84% | -11.18% | -2.11% | -4.97% | -2.96% | -2.74% | -10.39% | -4.69% | -0.79% | 0.33% | -7.38% | -5.41% | 0.2% | 1.86% | 1.76% | 2.98% | 4.26% | 1.96% | 2.62% | 3.2% | 3.84% | 2.34% | 2.78% | 2.34% | 3.2% | 3.56% |
| EBITDA Growth % | -113.35% | 327.35% | -133.29% | -43.76% | 183.72% | -306.81% | 63.26% | -94.74% | 16.59% | 67.67% | -115.4% | -500.68% | -307.04% | 104.76% | -23.61% | -2335.19% | -90.83% | 22.96% | -40.86% | -39.19% | 110.76% | -12.1% | -4.39% | -0.53% | 115.38% | -3.57% | 21.33% | -25% | -18.37% | - |
| D&A (Non-Cash Add-back) | 162K | 146K | 15K | 33K | 38K | 49K | 69K | 60K | 61K | 55K | 56K | 88K | 108K | 130K | 182K | 170K | 202K | 218K | 232K | 216K | 181K | 184K | 190K | 163K | 201K | 109K | 99K | 100K | 100K | 70K |
| EBIT | -233K | 918K | 1.7M | 128K | 1.28M | 510K | -306K | -366K | 406K | -621K | -1.9M | -879K | -255K | -59K | -1.67M | -1.38M | -148K | 370K | 247K | 594K | 1.15M | 448K | 529K | 589K | 555K | 351K | 265K | 157K | 310K | 530K |
| Net Interest Income | 82K | 95K | 30K | 16K | 20K | 16K | 79K | 28K | 13K | -1K | 41K | 27K | 45K | 46K | 60K | 42K | 37K | 45K | 256K | 95K | 35K | 17K | 13K | 18K | 66K | 113K | 0 | 0 | 0 | 0 |
| Interest Income | 82K | 96K | 37K | 23K | 23K | 28K | 83K | 35K | 24K | 18K | 45K | 27K | 45K | 46K | 60K | 42K | 37K | 45K | 256K | 95K | 35K | 17K | 13K | 18K | 66K | 113K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 1K | 7K | 7K | 3K | 12K | 4K | 7K | 11K | 19K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K |
| Other Income/Expense | 427K | 531K | 1.94M | -107K | 64K | 770K | 263K | 686K | 969K | 30K | 54K | 92K | 98K | 72K | 470K | 52K | 108K | 189K | 417K | 241K | 207K | 121K | 19K | 27K | 192K | 210K | 152K | 200K | 200K | 150K |
| Pretax Income | 194K | 917K | 1.7M | 563K | 1.28M | 498K | -173K | -373K | 395K | -640K | -1.9M | -879K | -157K | 13K | -1.2M | -1.33M | -40K | 560K | 664K | 835K | 1.36M | 549K | 548K | 616K | 747K | 452K | 417K | 400K | 500K | 570K |
| Pretax Margin % | 1.46% | 5.96% | 9.45% | 3.77% | 5.97% | 3.73% | -0.99% | -1.86% | 2.28% | -2.85% | -10.4% | -4.67% | -0.84% | 0.06% | -5.96% | -5.94% | -0.15% | 1.76% | 2.44% | 3.07% | 4.35% | 1.7% | 2% | 2.62% | 3.79% | 3.01% | 3.18% | 3.13% | 4% | 4.14% |
| Income Tax | 27K | 72K | 45K | 24K | -90K | 96K | 37K | -312K | 28K | 228K | -47K | 18K | 73K | 142K | -63K | 154K | 218K | 321K | 144K | 156K | 328K | 167K | 108K | 123K | 163K | 94K | 78K | 100K | 100K | 100K |
| Effective Tax Rate % | 13.92% | 7.85% | 2.65% | 4.26% | -7.05% | 19.28% | -21.39% | 83.65% | 7.09% | -35.63% | 2.47% | -2.05% | -46.5% | 1092.31% | 5.23% | -11.61% | -545% | 57.32% | 21.69% | 18.68% | 24.15% | 30.42% | 19.71% | 19.97% | 21.82% | 20.8% | 18.71% | 25% | 20% | 17.54% |
| Net Income | 157K | 734K | 1.83M | 369K | 989K | 769K | -146K | 88K | 473K | 231K | -616K | 164K | -18K | -429K | 521K | -1.09M | 32K | 149K | 422K | 361K | 733K | 594K | 531K | 500K | 584K | 358K | 339K | 300K | 400K | 470K |
| Net Margin % | 1.18% | 4.77% | 10.19% | 2.47% | 4.62% | 5.76% | -0.84% | 0.44% | 2.73% | 1.03% | -3.37% | 0.87% | -0.1% | -1.98% | 2.58% | -4.87% | 0.12% | 0.47% | 1.55% | 1.33% | 2.35% | 1.84% | 1.93% | 2.13% | 2.97% | 2.39% | 2.59% | 2.34% | 3.2% | 3.42% |
| Net Income Growth % | -78.61% | -59.85% | 395.39% | -62.69% | 28.61% | 626.71% | -265.91% | -81.4% | 104.76% | 137.5% | -475.61% | 1011.11% | 95.8% | -182.34% | 147.93% | -3496.88% | -78.52% | -64.69% | 16.9% | -50.75% | 23.4% | 11.86% | 6.2% | -14.38% | 63.13% | 5.6% | 13% | -25% | -14.89% | - |
| Net Income (Continuing) | 167K | 845K | 1.65M | 539K | 1.37M | 402K | -210K | -61K | 367K | 158K | -1.01M | -292K | 95K | -129K | -1.14M | -1.48M | -258K | 239K | 520K | 361K | 733K | 594K | 531K | 500K | 584K | 358K | 339K | 300K | 400K | 470K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 971K | 951K | 839K | 1.03M | 917K | 528K | 878K | 956K | 1.14M | 1.18M | 1.31M | 1.79M | 2M | 1.92M | 1.61M | 2.35M | 2.15M | 1.99M | 1.54M | 1.07M | 862K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | 0.10 | 0.24 | 0.05 | 0.13 | 0.10 | -0.03 | 0.02 | 0.09 | 0.03 | -0.08 | -0.02 | -0.00 | -0.06 | 0.07 | -0.14 | 0.00 | 0.01 | 0.04 | 0.04 | 0.10 | 0.09 | 0.12 | 0.11 | 0.13 | 0.08 | 0.08 | 0.06 | 0.10 | 0.24 |
| EPS Growth % | -78.21% | -60.42% | 403.14% | -63.31% | 30.65% | 491.73% | -248.54% | -81.41% | 213.99% | 136.81% | -397.5% | - | 95.83% | -182.61% | 147.64% | - | -70.07% | -66.59% | 0% | -56% | 13.64% | -26.67% | 9.09% | -15.38% | 61.29% | 0% | 24.96% | -35.5% | -58.33% | - |
| EPS (Basic) | 0.02 | 0.10 | 0.24 | 0.05 | 0.13 | 0.10 | -0.03 | 0.01 | 0.06 | 0.03 | -0.08 | -0.02 | -0.00 | -0.06 | 0.07 | -0.23 | 0.01 | 0.03 | 0.06 | 0.06 | 0.16 | 0.13 | 0.12 | 0.11 | 0.13 | 0.08 | 0.08 | 0.06 | 0.10 | 0.24 |
| Diluted Shares Outstanding | 7.6M | 7.72M | 7.73M | 7.73M | 7.73M | 7.73M | 5.75M | 7.73M | 7.73M | 7.73M | 7.74M | 7.76M | 7.76M | 7.79M | 7.88M | 8.04M | 8.11M | 8.33M | 8.25M | 7.36M | 7.29M | 6.84M | 4.62M | 4.62M | 4.62M | 4.62M | 4.3M | 3.85M | 3.92M | 1.95M |
| Basic Shares Outstanding | 7.6M | 7.72M | 7.73M | 7.73M | 7.73M | 7.73M | 5.75M | 7.66M | 7.79M | 7.73M | 7.74M | 7.69M | 7.76M | 7.77M | 7.83M | 4.74M | 4.86M | 5.17M | 5.17M | 5.49M | 4.5M | 4.39M | 4.62M | 4.62M | 4.62M | 4.62M | 4.1M | 3.85M | 3.92M | 1.95M |
| Dividend Payout Ratio | - | 84.06% | 0.77% | 125.75% | 104.25% | 168.92% | - | 1639.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 33.33% | - | - |
Quick answers to the most common questions about buying CLWT stock.
For fiscal year 2025, Euro Tech Holdings Company Limited (CLWT) reported total revenue of $13.3M. This represents a 3.6% decline compared to $13.8M in 1996.
Euro Tech Holdings Company Limited (CLWT) is profitable, generating $0.2M in net income for the fiscal year ending 2025 with a net profit margin of 1.2%.
Euro Tech Holdings Company Limited (CLWT) reported an operating income of $-0.2M, resulting in an operating profit margin of -1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Euro Tech Holdings Company Limited (CLWT) generated $3.7M in gross profit for the year, representing a gross profit margin of 27.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical infrastructure spending exposure
Revenue Volatility Reflects Cyclical Exposure
As reported in recent financial statements, CLWT experienced a significant 18.6% revenue contraction in 2024Q4, underscoring the company's high sensitivity to regional infrastructure budget cycles within the PRC and Hong Kong markets, which currently appear to be facing substantial headwinds in project-based demand.
The top-line performance remains highly erratic, oscillating between double-digit growth and sharp declines, which suggests a lack of recurring revenue stability. This volatility implies that the company's reliance on lumpy engineering projects and third-party instrument distribution leaves it vulnerable to the timing of municipal environmental spending.
Structural Margin Compression Limits Profitability
Based on the provided income statement data, CLWT's gross margin has fluctuated significantly, reaching a low of 18.8% in 2023Q2, which indicates that the firm lacks the pricing power necessary to offset rising procurement costs for its specialized analytical instrument portfolio.
The inability to maintain consistent gross margins suggests that the company acts primarily as a price-taking distributor rather than a value-added manufacturer. Investors should monitor whether the firm can defend these margins against OEM suppliers who may exert pressure on distributor commissions during periods of weak industrial demand.
Operating Leverage Remains Negatively Skewed
According to the historical income statement data, the company frequently reports negative operating margins, such as the -9.0% observed in 2023Q2, demonstrating that current revenue levels are insufficient to cover the fixed SG&A costs required to maintain its specialized technical engineering workforce.
The lack of consistent operating leverage suggests that the company's cost structure is too rigid for its current scale of operations. Without a sustained increase in revenue, the firm appears likely to continue struggling with profitability, as fixed overheads consume a disproportionate share of gross profits.
Non-Operating Items Mask Operational Weakness
As evidenced by the discrepancy between operating and net income, CLWT's profitability is frequently bolstered by non-operating items, as seen in 2024Q4 where net income of $690K exceeded the underlying operating income, suggesting that interest income from cash reserves is currently subsidizing core business operations.
The reliance on non-operating income to achieve positive net margins warrants caution, as it obscures the underlying weakness of the core distribution and engineering business. Analysts should adjust for these items to assess the true, and currently strained, earnings power of the company's primary industrial activities.