Revenue growth remains highly inconsistent, with the firm reporting a 16.3% year-over-year decline in 2025Q4 and a negative operating margin of 5.1%.
| Sales/Revenue | 44.77M | 31.07M | 36.02M | 38.36M | 33.41M | 29.89M |
| Revenue Growth % | 44.11% | -13.74% | -6.11% | 14.83% | 11.78% | - |
| Cost of Goods Sold | 33.69M | 21.35M | 27.64M | 28.62M | 24.05M | 23.04M |
| COGS % of Revenue | 75.25% | 68.73% | 76.73% | 74.6% | 71.99% | 77.11% |
| Gross Profit | 11.08M | 9.71M | 8.38M | 9.74M | 9.36M | 6.84M |
| Gross Margin % | 24.75% | 31.27% | 23.27% | 25.4% | 28.01% | 22.89% |
| Gross Profit Growth % | 14.08% | 15.91% | -13.98% | 4.11% | 36.76% | - |
| Operating Expenses | 10.29M | 11.65M | 11.73M | 8.17M | 7.61M | 6.87M |
| OpEx % of Revenue | 22.99% | 37.5% | 32.56% | 21.29% | 22.79% | 22.97% |
| Selling, General & Admin | 8.74M | 9.46M | 9.69M | 6.36M | 5.86M | 5.43M |
| SG&A % of Revenue | 19.53% | 30.44% | 26.89% | 16.59% | 17.54% | 18.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1.55M | 2.19M | 0 | 1.8M | 724K | 890K |
| Operating Income | 788K | -1.94M | -3.08M | 2.39M | 1.63M | -605K |
| Operating Margin % | 1.76% | -6.24% | -8.55% | 6.23% | 4.89% | -2.02% |
| Operating Income Growth % | 140.66% | 37.04% | -228.84% | 46.21% | 370.08% | - |
| EBITDA | 2.05M | -729K | -1.3M | 3.57M | 2.82M | 607.86K |
| EBITDA Margin % | 4.59% | -2.35% | -3.62% | 9.31% | 8.45% | 2.03% |
| EBITDA Growth % | 381.62% | 44.14% | -136.56% | 26.47% | 364.31% | - |
| D&A (Non-Cash Add-back) | 1.26M | 1.21M | 1.77M | 1.18M | 1.19M | 1.21M |
| EBIT | 1.26M | -1.66M | 2.79M | 1.5M | 2.75M | 2.18M |
| Net Interest Income | -1.58M | -1.28M | -1.05M | -748K | -697K | -844K |
| Interest Income | 108K | 220K | 57K | 0 | 19K | 14K |
| Interest Expense | 1.69M | 1.5M | 1.1M | 748K | 716K | 858K |
| Other Income/Expense | -1.22M | -1.23M | 4.76M | -832K | 397K | 1.93M |
| Pretax Income | -433K | -3.16M | 1.69M | 1.56M | 2.03M | 1.32M |
| Pretax Margin % | -0.97% | -10.18% | 4.68% | 4.06% | 6.08% | 4.42% |
| Income Tax | 0 | -310K | -53K | 529K | 230K | 3K |
| Effective Tax Rate % | 0% | 9.8% | -3.14% | 33.98% | 11.32% | 0.23% |
| Net Income | -433K | -2.85M | 1.79M | 978K | 1.8M | 1.32M |
| Net Margin % | -0.97% | -9.19% | 4.97% | 2.55% | 5.39% | 4.41% |
| Net Income Growth % | 84.83% | -259.53% | 82.92% | -45.7% | 36.54% | - |
| Net Income (Continuing) | -433K | -2.85M | 1.74M | 1.03M | 1.8M | 1.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 50K | 0 | 0 |
| EPS (Diluted) | -0.01 | -0.67 | 0.61 | 0.33 | 0.73 | 0.53 |
| EPS Growth % | 98.72% | -209.98% | 83.48% | -54.38% | 37.74% | - |
| EPS (Basic) | -0.01 | -0.67 | 0.61 | 0.33 | 0.69 | 0.53 |
| Diluted Shares Outstanding | 38.38M | 3.18M | 2.93M | 3.08M | 2.48M | 2.48M |
| Basic Shares Outstanding | 38.38M | 3.17M | 2.93M | 3.08M | 2.6M | 2.49M |
| Dividend Payout Ratio | - | - | 588.26% | 7.87% | - | - |
High operating leverage volatility
As evidenced by the historical quarterly data, MWG's revenue trajectory remains highly erratic, with recent periods showing a 16.3% contraction in 2025Q4 following earlier spikes, suggesting that the company's reliance on large, non-recurring equipment sales creates significant volatility rather than a sustainable, predictable growth path.
The lack of a clear upward trend in revenue suggests that the company's business model is heavily dependent on the timing of individual large-scale transactions. Investors should monitor whether the firm can transition toward a more stable, recurring rental revenue base to mitigate the current cyclical swings in top-line performance.
Based on the provided financial statements, MWG's gross margin has fluctuated significantly, dropping to 20.6% in 2025Q4, which indicates that the company struggles to maintain pricing power amidst the competitive landscape of heavy equipment rental and sales in the Singaporean and Australian markets.
The volatility in gross margins suggests that the company may be forced to offer aggressive pricing to move inventory, particularly when demand in the construction sector softens. This inability to defend margins implies that the firm lacks a durable competitive moat, leaving it vulnerable to broader industry pricing pressures.
According to the income statement history, MWG's operating income frequently swings into negative territory, such as the -$721.0K reported in 2025Q4, demonstrating that the company's high fixed-cost structure prevents it from achieving meaningful operating leverage even during periods of relatively higher revenue generation.
The inability to scale operating income suggests that administrative and maintenance overheads are disproportionately high relative to the gross profit generated. This structural inefficiency warrants further investigation into whether the company's current fleet management strategy is capable of achieving long-term profitability.
As reported in the quarterly filings, MWG's net income is characterized by extreme swings, including a notable $6.5M profit in 2023Q4 followed by subsequent losses, which suggests that non-operating items or one-time equipment disposals are likely distorting the underlying operational performance of the business.
The disconnect between revenue growth and net income stability indicates that reported earnings may not be a reliable proxy for recurring cash generation. Investors should be cautious of relying on headline EPS figures, as they appear heavily influenced by accounting adjustments rather than consistent operational execution.
Based on the reported figures, the company's thin cash position of $1.47M relative to its revenue scale suggests a precarious liquidity profile, which may limit the firm's ability to maintain its fleet or navigate prolonged downturns in the regional construction and mining sectors.
The combination of negative net margins and limited cash reserves raises concerns regarding the company's ability to fund necessary capital expenditures without resorting to dilutive financing. This financial profile suggests that the firm is currently in a defensive posture, which may hinder its ability to capitalize on future infrastructure project opportunities.
Quick answers to the most common questions about buying MWG stock.
For fiscal year 2025, Multi Ways Holdings Limited (MWG) reported total revenue of $44.8M. This represents a 49.8% increase compared to $29.9M in 2020.
Multi Ways Holdings Limited (MWG) reported a net loss of $0.4M for the fiscal year ending 2025.
Multi Ways Holdings Limited (MWG) reported an operating income of $0.8M, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Multi Ways Holdings Limited (MWG) generated $11.1M in gross profit for the year, representing a gross profit margin of 24.8%. This demonstrates the company's core pricing power and production efficiency.