Northann Corp. (NCL) 10-Year Financial Performance & Capital Metrics

NCL • • Industrial / General

Consumer CyclicalHome FurnishingsFlooring & Surface ProductsHard Surface Flooring

AboutNorthann Corp. engages in the manufacture, wholesale, and retail of the 3D printed vinyl flooring panels and other decorative panels in North America, Europe, and internationally. The company offers its products under the Benchwick brand name. Northann Corp. was founded in 2013 and is based in Elk Grove, California.Show more

Revenue $15M +9.9%
EBITDA -$1M +74.8%
Net Income -$4M +38.6%
EPS (Diluted) -0.17 +51.4%
Gross Margin 25.93% +198.3%
EBITDA Margin -6.7% +77.1%
Operating Margin -10.91% +68.0%
Net Margin -28.53% +44.1%
ROE -275.31% +50.7%
ROIC -16.41% +64.5%
Debt/Equity 2.56 -78.1%
Interest Coverage -3.55 -75.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Negative free cash flow
✗Weak momentum: RS Rating 1 (bottom 1%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 29.5% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-23.68%

TTM-16.56%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-325.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM-42.56%

ROCE

10Y Avg-29.43%

5Y Avg-29.43%

3Y Avg-59.94%

Latest-67.41%

Peer Comparison

Hard Surface Flooring

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MHKMohawk Industries, Inc.	7.65B	123.68	15.19	-2.68%	3.93%	5.05%	8.89%	0.35
NCLNorthann Corp.	4.62M	0.20	-1.19	9.86%	-135.65%	-9.56%		2.56

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.09M	34.53M	20.96M	13.97M	15.35M
Revenue Growth %	-	1.64%	-0.39%	-0.33%	0.1%
Cost of Goods Sold+	8.57M	28.69M	15.2M	12.76M	11.37M
COGS % of Revenue	0.65%	0.83%	0.73%	0.91%	0.74%
Gross Profit+	4.52M	5.83M	5.75M	1.21M	3.98M
Gross Margin %	0.35%	0.17%	0.27%	0.09%	0.26%
Gross Profit Growth %	-	0.29%	-0.01%	-0.79%	2.28%
Operating Expenses+	3.97M	4.69M	3.68M	5.98M	5.65M
OpEx % of Revenue	0.3%	0.14%	0.18%	0.43%	0.37%
Selling, General & Admin	1.86M	2.14M	1.95M	3.84M	4.87M
SG&A % of Revenue	0.14%	0.06%	0.09%	0.28%	0.32%
Research & Development	1.87M	2.33M	1.47M	1.9M	783.36K
R&D % of Revenue	0.14%	0.07%	0.07%	0.14%	0.05%
Other Operating Expenses	238.58K	213.35K	256.23K	235.01K	0
Operating Income+	549.38K	1.15M	2.08M	-4.76M	-1.67M
Operating Margin %	0.04%	0.03%	0.1%	-0.34%	-0.11%
Operating Income Growth %	-	1.09%	0.81%	-3.29%	0.65%
EBITDA+	1.41M	1.96M	2.68M	-4.08M	-1.03M
EBITDA Margin %	0.11%	0.06%	0.13%	-0.29%	-0.07%
EBITDA Growth %	-	0.39%	0.36%	-2.53%	0.75%
D&A (Non-Cash Add-back)	863.1K	815.95K	598.14K	680.17K	645.49K
EBIT	549.38K	885.94K	1.74M	-4.76M	-3.91M
Net Interest Income+	-2.11K	-6.57K	-680.58K	-2.36M	-470.78K
Interest Income	0	0	0	0	120
Interest Expense	2.11K	6.57K	680.58K	2.36M	470.9K
Other Income/Expense	-145.58K	-266.26K	-1.02M	-2.35M	-2.7M
Pretax Income+	403.8K	879.37K	1.06M	-7.12M	-4.38M
Pretax Margin %	0.03%	0.03%	0.05%	-0.51%	-0.29%
Income Tax+	-40.3K	556.69K	126.98K	14.36K	1.73K
Effective Tax Rate %	1.1%	0.37%	0.88%	1%	1%
Net Income+	444.1K	322.68K	929.06K	-7.13M	-4.38M
Net Margin %	0.03%	0.01%	0.04%	-0.51%	-0.29%
Net Income Growth %	-	-0.27%	1.88%	-8.68%	0.39%
Net Income (Continuing)	444.1K	322.68K	929.06K	-7.13M	-4.38M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	0.02	0.01	0.04	-0.35	-0.17
EPS Growth %	-	-0.27%	1.89%	-9.66%	0.51%
EPS (Basic)	0.02	0.01	0.04	-0.35	-0.17
Diluted Shares Outstanding	23M	23M	23M	20.28M	26.27M
Basic Shares Outstanding	23M	23M	23M	20.28M	26.27M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.07M	6.39M	6.59M	6.8M	5.91M
Cash & Short-Term Investments	350.84K	748.81K	251.1K	1.1M	245.16K
Cash Only	350.84K	748.81K	251.1K	1.1M	245.16K
Short-Term Investments	0	0	0	0	0
Accounts Receivable	182.31K	1.33M	1.43M	2.62M	3.11M
Days Sales Outstanding	5.08	14.04	24.88	68.33	73.87
Inventory	2.27M	2.86M	4.56M	2.65M	2M
Days Inventory Outstanding	96.44	36.37	109.53	75.69	64.06
Other Current Assets	0	897.91K	115.13K	131.08K	74.98K
Total Non-Current Assets+	7.76M	8.12M	7.82M	6.81M	7.96M
Property, Plant & Equipment	6.48M	6.94M	6.52M	5.77M	6.98M
Fixed Asset Turnover	2.02x	4.98x	3.22x	2.42x	2.20x
Goodwill	0	0	0	0	0
Intangible Assets	1.1M	1.12M	1.07M	1.03M	977.99K
Long-Term Investments	0	50K	0	0	1.38M
Other Non-Current Assets	177.43K	9.03K	227.38K	9.03K	-1.37M
Total Assets+	10.83M	14.51M	14.41M	13.62M	13.88M
Asset Turnover	1.21x	2.38x	1.45x	1.03x	1.11x
Asset Growth %	-	0.34%	-0.01%	-0.05%	0.02%
Total Current Liabilities+	11.68M	14.7M	11.99M	12.86M	9.67M
Accounts Payable	2.76M	6.39M	4.73M	4.54M	2.6M
Days Payables Outstanding	117.38	81.28	113.48	129.85	83.48
Short-Term Debt	4.45M	6.24M	6.99M	6.59M	4.7M
Deferred Revenue (Current)	278.35K	1000K	287	1000K	0
Other Current Liabilities	0	0	0	0	0
Current Ratio	0.26x	0.43x	0.55x	0.53x	0.61x
Quick Ratio	0.07x	0.24x	0.17x	0.32x	0.41x
Cash Conversion Cycle	-15.86	-30.87	20.94	14.17	54.45
Total Non-Current Liabilities+	193.13K	156.14K	447.38K	180.87K	1.6M
Long-Term Debt	149.17K	137.9K	447.38K	124.91K	136.95K
Capital Lease Obligations	43.96K	18.24K	0	55.97K	1.47M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0
Total Liabilities	11.87M	14.86M	12.44M	13.04M	11.28M
Total Debt+	4.66M	6.39M	7.45M	6.8M	6.66M
Net Debt	4.31M	5.65M	7.2M	5.7M	6.41M
Debt / Equity	-	-	3.78x	11.68x	2.56x
Debt / EBITDA	3.30x	3.26x	2.79x	-	-
Net Debt / EBITDA	3.05x	2.88x	2.69x	-	-
Interest Coverage	260.00x	174.43x	3.05x	-2.02x	-3.55x
Total Equity+	-1.04M	-353K	1.97M	582.61K	2.6M
Equity Growth %	-	0.66%	6.59%	-0.7%	3.46%
Book Value per Share	-0.05	-0.02	0.09	0.03	0.10
Total Shareholders' Equity	-1.04M	-353K	1.97M	582.61K	2.6M
Common Stock	20K	40K	20K	21.38K	55.46K
Retained Earnings	566.89K	889.57K	1.82M	-5.31M	-9.69M
Treasury Stock	0	0	0	0	0
Accumulated OCI	-1.61M	-1.29M	-769.89K	-775.84K	1.05M
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-897.9K	4.55M	-3.65M	-4.68M	-1.23M
Operating CF Margin %	-0.07%	0.13%	-0.17%	-0.33%	-0.08%
Operating CF Growth %	-	6.07%	-1.8%	-0.28%	0.74%
Net Income	444.1K	322.68K	929.06K	-7.13M	-4.38M
Depreciation & Amortization	863.1K	815.95K	598.14K	680.17K	645.49K
Stock-Based Compensation	0	0	0	0	2.04M
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	0	13.89K	313.7K	13.89K	2.26M
Working Capital Changes	-2.21M	3.4M	-5.49M	1.76M	-1.8M
Change in Receivables	-113.88K	-1.15M	-211.81K	0	-438.77K
Change in Inventory	-1.34M	-594.02K	-1.7M	1.92M	649.88K
Change in Payables	-1.38M	3.2M	-1.66M	-2.38M	-41.97K
Cash from Investing+	-758.72K	-1.32M	-150.61K	0	-296.36K
Capital Expenditures	-758.72K	-1.32M	0	-4	-296.36K
CapEx % of Revenue	0.06%	0.04%	0.17%	0%	0.02%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	0	-487.28K	4	0
Cash from Financing+	2.14M	-3.14M	2.78M	5.38M	-1.19M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	1.36M	-4.91M	0	118.88K	1.14M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-1.66M	3.24M	0	-4.68M	-1.53M
FCF Margin %	-0.13%	0.09%	-	-0.33%	-0.1%
FCF Growth %	-	2.95%	-1%	-	0.67%
FCF per Share	-0.07	0.14	-	-0.23	-0.06
FCF Conversion (FCF/Net Income)	-2.02x	14.11x	-3.93x	0.66x	0.28x
Interest Paid	0	7.74K	0	255.23K	246.14K
Taxes Paid	0	28.53K	0	286.76K	120.53K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	114.65%	-558.03%	-275.31%
Return on Invested Capital (ROIC)	12.59%	20.06%	21.53%	-46.21%	-16.41%
Gross Margin	34.53%	16.89%	27.46%	8.69%	25.93%
Net Margin	3.39%	0.93%	4.43%	-51.05%	-28.53%
Debt / Equity	-	-	3.78x	11.68x	2.56x
Interest Coverage	260.00x	174.43x	3.05x	-2.02x	-3.55x
FCF Conversion	-2.02x	14.11x	-3.93x	0.66x	0.28x
Revenue Growth	-	163.67%	-39.3%	-33.33%	9.86%

Frequently Asked Questions

Growth & Financials

Northann Corp. (NCL) reported $13.0M in revenue for fiscal year 2024. This represents a 1% decrease from $13.1M in 2020.

Northann Corp. (NCL) grew revenue by 9.9% over the past year. This is steady growth.

Northann Corp. (NCL) reported a net loss of $17.6M for fiscal year 2024.

Dividend & Returns

Northann Corp. (NCL) has a return on equity (ROE) of -275.3%. Negative ROE indicates the company is unprofitable.

Northann Corp. (NCL) had negative free cash flow of $6.4M in fiscal year 2024, likely due to heavy capital investments.

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