Ten-League International Holdings Limited Ordinary Shares (TLIH) 10-Year Financial Performance & Capital Metrics

TLIH • • Industrial / General

IndustrialsRental & LeasingConstruction & Industrial Equipment RentalSpecialized Heavy Equipment Suppliers

AboutSingapore‑based provider of turnkey project solutions, including sales, rental, and maintenance of heavy equipment and parts, plus engineering consultancy for ports, construction, and civil sectors.Show more

Revenue $58M -19.6%
EBITDA $8M -35.7%
Net Income $2M -73.4%
EPS (Diluted) 0.06 -73.8%
Gross Margin 18.22% -16.0%
EBITDA Margin 13.55% -20.0%
Operating Margin 4.78% -57.5%
Net Margin 3.22% -66.9%
ROE 35.71% -80.9%
ROIC 5.39% -74.2%
Debt/Equity 6.05 -20.0%
Interest Coverage 2.95 -70.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 95.6%
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 6.1x
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y0.77%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y1.72%

TTM-

EPS CAGR

10Y-

5Y-

3Y1.7%

TTM-

ROCE

10Y Avg31.41%

5Y Avg31.41%

3Y Avg37.82%

Latest18.4%

Peer Comparison

Specialized Heavy Equipment Suppliers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
TLIHTen-League International Holdings Limited Ordinary Shares	14.44M	0.49	7.82	-19.63%	3.22%	35.71%	6.05
ALTGAlta Equipment Group Inc.	203.4M	6.31	-3.22	-0.01%	-4.34%	-27.31%	15.45
MWGMulti Ways Holdings Limited	12.68M	0.25	-3.68	-13.74%	-1.59%	-5.3%	1.09
CTOSCustom Truck One Source, Inc.	1.45B	6.40	-53.33	-3.37%	-1.26%	-3.1%	2.82

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	57.17M	74.47M	72.78M	58.5M
Revenue Growth %	-	0.3%	-0.02%	-0.2%
Cost of Goods Sold+	46.5M	59.75M	57M	47.84M
COGS % of Revenue	0.81%	0.8%	0.78%	0.82%
Gross Profit+	10.67M	14.72M	15.78M	10.66M
Gross Margin %	0.19%	0.2%	0.22%	0.18%
Gross Profit Growth %	-	0.38%	0.07%	-0.32%
Operating Expenses+	8.14M	8.45M	7.58M	7.86M
OpEx % of Revenue	0.14%	0.11%	0.1%	0.13%
Selling, General & Admin	5.04M	6.35M	6.12M	6.39M
SG&A % of Revenue	0.09%	0.09%	0.08%	0.11%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	3.1M	2.1M	1.47M	1.47M
Operating Income+	2.53M	6.27M	8.2M	2.8M
Operating Margin %	0.04%	0.08%	0.11%	0.05%
Operating Income Growth %	-	1.48%	0.31%	-0.66%
EBITDA+	4.74M	9.23M	12.32M	7.92M
EBITDA Margin %	0.08%	0.12%	0.17%	0.14%
EBITDA Growth %	-	0.95%	0.33%	-0.36%
D&A (Non-Cash Add-back)	2.22M	2.96M	4.13M	5.13M
EBIT	3.07M	6.76M	8.95M	3.56M
Net Interest Income+	-600K	-822K	-1.15M	-682K
Interest Income	282K	132K	34K	616K
Interest Expense	565K	519K	822K	949K
Other Income/Expense	-25K	-36K	-71K	-182K
Pretax Income+	2.5M	6.24M	8.13M	2.62M
Pretax Margin %	0.04%	0.08%	0.11%	0.04%
Income Tax+	712K	1.24M	1.05M	731K
Effective Tax Rate %	0.72%	0.8%	0.87%	0.72%
Net Income+	1.79M	4.99M	7.08M	1.88M
Net Margin %	0.03%	0.07%	0.1%	0.03%
Net Income Growth %	-	1.79%	0.42%	-0.73%
Net Income (Continuing)	1.79M	4.99M	7.08M	1.88M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	0.06	0.17	0.24	0.06
EPS Growth %	-	1.85%	0.41%	-0.74%
EPS (Basic)	0.06	0.17	0.24	0.06
Diluted Shares Outstanding	30M	30M	30M	30M
Basic Shares Outstanding	30M	30M	30M	30M
Dividend Payout Ratio	-	2.8%	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	33.07M	29.17M	37.85M	39.27M
Cash & Short-Term Investments	9.07M	5.98M	2.34M	686K
Cash Only	9.07M	5.98M	2.34M	686K
Short-Term Investments	0	0	0	0
Accounts Receivable	14.19M	13.25M	24.83M	16.95M
Days Sales Outstanding	90.59	64.92	124.51	105.76
Inventory	9.53M	9.28M	8.41M	18.62M
Days Inventory Outstanding	74.77	56.69	53.87	142.07
Other Current Assets	0	0	1.2M	1.9M
Total Non-Current Assets+	20.69M	28.51M	27.89M	31.77M
Property, Plant & Equipment	18.82M	27.84M	27.82M	31.43M
Fixed Asset Turnover	3.04x	2.68x	2.62x	1.86x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	0	0
Other Non-Current Assets	1.87M	674K	73K	343K
Total Assets+	53.76M	57.67M	65.74M	71.05M
Asset Turnover	1.06x	1.29x	1.11x	0.82x
Asset Growth %	-	0.07%	0.14%	0.08%
Total Current Liabilities+	33.03M	44.66M	50.44M	55.95M
Accounts Payable	11.37M	15.97M	10.41M	8.74M
Days Payables Outstanding	89.26	97.55	66.67	66.66
Short-Term Debt	17.59M	11.91M	17.13M	23.33M
Deferred Revenue (Current)	0	0	0	533K
Other Current Liabilities	0	0	0	0
Current Ratio	1.00x	0.65x	0.75x	0.70x
Quick Ratio	0.71x	0.45x	0.58x	0.37x
Cash Conversion Cycle	76.1	24.06	111.71	181.18
Total Non-Current Liabilities+	8.47M	9.77M	10.97M	8.88M
Long-Term Debt	680K	431K	175K	0
Capital Lease Obligations	7.36M	8.47M	9.21M	6.87M
Deferred Tax Liabilities	432K	861K	1.59M	2.02M
Other Non-Current Liabilities	0	0	0	0
Total Liabilities	41.5M	54.42M	61.41M	64.83M
Total Debt+	30.03M	26.87M	32.76M	37.62M
Net Debt	20.95M	20.89M	30.42M	36.93M
Debt / Equity	2.45x	8.26x	7.56x	6.05x
Debt / EBITDA	6.33x	2.91x	2.66x	4.75x
Net Debt / EBITDA	4.42x	2.26x	2.47x	4.66x
Interest Coverage	4.47x	12.09x	9.97x	2.95x
Total Equity+	12.26M	3.25M	4.33M	6.22M
Equity Growth %	-	-0.73%	0.33%	0.43%
Book Value per Share	0.41	0.11	0.14	0.21
Total Shareholders' Equity	12.26M	3.25M	4.33M	6.22M
Common Stock	0	0	0	0
Retained Earnings	11.38M	2.37M	3.45M	5.33M
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.3M	21.39M	-7.02M	5.01M
Operating CF Margin %	0.08%	0.29%	-0.1%	0.09%
Operating CF Growth %	-	3.97%	-1.33%	1.71%
Net Income	1.79M	4.99M	7.08M	1.88M
Depreciation & Amortization	2.22M	2.96M	4.13M	5.13M
Stock-Based Compensation	0	0	0	0
Deferred Taxes	0	0	0	0
Other Non-Cash Items	-73K	-1.71M	-812K	126K
Working Capital Changes	367K	15.15M	-17.41M	-2.13M
Change in Receivables	34K	-2.95M	-12.18M	8.22M
Change in Inventory	-1.65M	690K	867K	-8.91M
Change in Payables	5.2M	4.65M	-3.38M	-605K
Cash from Investing+	-9.59M	-8.16M	-3.14M	-8.74M
Capital Expenditures	-12.07M	-16.85M	-12.38M	-12.82M
CapEx % of Revenue	0.21%	0.23%	0.17%	0.22%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	2.48M	8.69M	9.24M	4.08M
Cash from Financing+	13.79M	-16.33M	6.51M	2.07M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	-14M	0	0
Share Repurchases	-	-	-	-
Other Financing	-534K	-485K	-405K	-1.57M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-7.77M	4.54M	-19.4M	-7.81M
FCF Margin %	-0.14%	0.06%	-0.27%	-0.13%
FCF Growth %	-	1.58%	-5.27%	0.6%
FCF per Share	-0.26	0.15	-0.65	-0.26
FCF Conversion (FCF/Net Income)	2.40x	4.28x	-0.99x	2.66x
Interest Paid	0	0	822K	949K
Taxes Paid	1M	0	540K	481K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	14.6%	64.38%	186.61%	35.71%
Return on Invested Capital (ROIC)	5.71%	16.41%	20.88%	5.39%
Gross Margin	18.67%	19.77%	21.68%	18.22%
Net Margin	3.13%	6.71%	9.73%	3.22%
Debt / Equity	2.45x	8.26x	7.56x	6.05x
Interest Coverage	4.47x	12.09x	9.97x	2.95x
FCF Conversion	2.40x	4.28x	-0.99x	2.66x
Revenue Growth	-	30.27%	-2.27%	-19.63%

Revenue by Segment

	2024
Rental Income	10.54M
Rental Income Growth	-

Revenue by Geography

	2024
SINGAPORE	54.84M
SINGAPORE Growth	-
Other Countries	3.66M
Other Countries Growth	-

Frequently Asked Questions

Valuation & Price

Ten-League International Holdings Limited Ordinary Shares (TLIH) has a price-to-earnings (P/E) ratio of 7.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ten-League International Holdings Limited Ordinary Shares (TLIH) reported $58.5M in revenue for fiscal year 2024. This represents a 2% increase from $57.2M in 2021.

Ten-League International Holdings Limited Ordinary Shares (TLIH) saw revenue decline by 19.6% over the past year.

Yes, Ten-League International Holdings Limited Ordinary Shares (TLIH) is profitable, generating $1.9M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Ten-League International Holdings Limited Ordinary Shares (TLIH) has a return on equity (ROE) of 35.7%. This is excellent, indicating efficient use of shareholder capital.

Ten-League International Holdings Limited Ordinary Shares (TLIH) had negative free cash flow of $7.8M in fiscal year 2024, likely due to heavy capital investments.

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