Latest Ratios: P/E Ratio -37.5x · EV/EBITDA N/A · ROE -39.8%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $48M | $14M | — | — | — | — |
| Enterprise Value | $49M | $14M | — | — | — | — |
| P/E Ratio → | -37.48 | — | — | — | — | — |
| P/S Ratio | 8.55 | 2.51 | — | — | — | — |
| P/B Ratio | 77.05 | 21.07 | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.56 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 0.3% | 0.3% | 8.1% | 9.7% | 15.4% | 14.2% |
| Operating Margin | -24.5% | -24.5% | 0.9% | 1.4% | 11.0% | 9.3% |
| Net Profit Margin | -24.2% | -24.2% | 0.4% | 1.3% | 9.3% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -39.8% | -39.8% | 3.6% | 5.2% | 57.3% | 43.1% |
| ROA | -13.5% | -13.5% | 1.3% | 2.4% | 28.9% | 21.5% |
| ROIC | -17.9% | -17.9% | 3.3% | 3.3% | 45.3% | 35.6% |
| ROCE | -37.3% | -37.3% | 7.1% | 5.3% | 61.6% | 48.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.82 | 0.80 | 0.37 | 0.24 |
| Debt / EBITDA | — | — | 7.37 | 6.42 | 0.50 | 0.46 |
| Net Debt / Equity | — | 0.47 | 0.71 | 0.76 | 0.15 | 0.09 |
| Net Debt / EBITDA | — | — | 6.41 | 6.03 | 0.21 | 0.17 |
| Debt / FCF | — | — | 3.07 | — | 0.28 | 0.26 |
| Interest Coverage | -141.25 | -141.25 | 5.03 | 6.64 | 102.69 | 69.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.46 | 1.48 | 2.04 | 2.00 |
| Quick Ratio | 1.47 | 1.47 | 1.46 | 1.48 | 2.04 | 2.00 |
| Cash Ratio | 0.11 | 0.11 | 0.06 | 0.03 | 0.26 | 0.16 |
| Asset Turnover | — | 3.03 | 2.83 | 2.28 | 3.32 | 2.79 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 97.60 | 98.66 | 118.17 | 79.84 | 111.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M |
Imminent liquidity and solvency
According to recent market data, NCEW trades at a P/S multiple of 8.55, which appears disconnected from its negative earnings profile and suggests that investors are pricing the entity as a speculative turnaround play rather than a viable, profit-generating logistics business within the Hong Kong market.
The absence of meaningful P/E or EV/EBITDA multiples underscores the market's inability to assign value to a business currently devoid of positive cash flow. Investors should monitor the P/B ratio of 77.05, which may indicate that the company's book value is heavily comprised of intangible or impaired assets that offer little protection in a liquidation scenario.
As reported in financial statements, NCEW's gross margin has compressed to 3.7% in 2025Q2, down from 9.8% in early 2024, illustrating a severe loss of pricing power in a commoditized freight forwarding environment where the company lacks the scale to compete with larger, more efficient regional players.
The shift to an operating margin of -8.6% suggests that the company's fixed cost base, particularly its warehouse footprint in Kwun Tong, is no longer supported by current transaction volumes. This trend implies that the business model may be fundamentally unviable without a significant and unlikely pivot toward higher-margin, specialized logistics services.
Based on the company's reported figures, the ROIC has deteriorated to -7.8% in 2025Q2, reflecting a consistent failure to generate returns above the cost of capital as the firm struggles to maintain its operational relevance in the hyper-competitive Hong Kong freight forwarding sector.
The negative ROE trend suggests that management has been unable to effectively deploy capital to stabilize the business, leading to a steady erosion of shareholder equity. This performance warrants further investigation into whether the company's remaining assets are being utilized efficiently or if they are merely legacy costs dragging down overall financial health.
As indicated by recent filings, the company's DSO has fluctuated significantly, reaching 84 days in 2025Q2, which highlights the difficulty of managing cash conversion in a business model that lacks the leverage to enforce favorable payment terms on its customer base of small-to-mid-sized exporters.
The inability to optimize the cash conversion cycle suggests that NCEW is effectively financing its customers' operations, which is a dangerous strategy given the company's own precarious cash position. This inefficiency exacerbates the liquidity crunch, as capital remains trapped in receivables rather than being available for essential operational expenses.
Investors frequently misapply the current ratio to NCEW, which currently sits at 2.27, potentially creating a false sense of security regarding the company's ability to meet short-term obligations despite the underlying reality of a business that is rapidly burning through its limited cash reserves.
The current ratio is a misleading metric for this business model because it fails to account for the quality of current assets, which likely include difficult-to-collect receivables and potentially obsolete inventory. A more appropriate focus would be the cash-to-burn ratio, which reveals that the company's liquidity is insufficient to sustain operations for more than a few quarters.
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Quick answers to the most common questions about buying NCEW stock.
New Century Logistics (BVI) Limited's current P/E ratio is -37.5x. This places it at the 50th percentile of its historical range.
New Century Logistics (BVI) Limited's return on equity (ROE) is -39.8%. The historical average is 13.9%.
Based on historical data, New Century Logistics (BVI) Limited is trading at a P/E of -37.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
New Century Logistics (BVI) Limited has 0.3% gross margin and -24.5% operating margin.