Revenue has entered a consistent downward trajectory, evidenced by an 8.6% year-over-year decline in 2026Q1 alongside a contraction in operating margins to 5.8%.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 128.67M | 135.19M | 144.63M | 133.3M | 130.23M | 108.08K | 110.6M | 95.8M | 87.35M | 74.2M | 65.54M | 50.18M |
| Revenue Growth % | -11.92% | -6.52% | 8.5% | 2.35% | - | -99.9% | 15.45% | 9.68% | 17.72% | 13.22% | 30.61% | - |
| Cost of Goods Sold | 92.11M | 95.67M | 99.83M | 87.71M | 87.53M | 68.27K | 77.14M | 62.08M | 51.35M | 44.85M | 42.96M | 33.32M |
| COGS % of Revenue | - | 70.76% | 69.03% | 65.8% | 67.21% | 63.17% | 69.74% | 64.8% | 58.78% | 60.45% | 65.54% | 66.4% |
| Gross Profit | 36.56M | 39.53M | 44.8M | 45.59M | 42.7M | 39.81K | 33.47M | 33.72M | 36M | 29.35M | 22.58M | 16.86M |
| Gross Margin % | 28.41% | 29.24% | 30.97% | 34.2% | 32.79% | 36.83% | 30.26% | 35.2% | 41.22% | 39.55% | 34.46% | 33.6% |
| Gross Profit Growth % | - | -11.76% | -1.74% | 6.75% | - | -99.88% | -0.74% | -6.34% | 22.68% | 29.96% | 33.93% | - |
| Operating Expenses | 26.82M | 28.94M | 28.55M | 27.08M | 26.23M | 24.28K | 18.8M | 17.43M | 10.65M | 8.13M | 6.19M | 4.28M |
| OpEx % of Revenue | - | 21.41% | 19.74% | 20.32% | 20.14% | 22.47% | 17% | 18.2% | 12.19% | 10.96% | 9.44% | 8.53% |
| Selling, General & Admin | 22.27M | 24.81M | 23.72M | 22.97M | 22.14M | 13.46K | 16.84M | 16.01M | 10.09M | 7.9M | 6.07M | 4.25M |
| SG&A % of Revenue | - | 18.35% | 16.4% | 17.23% | 17% | 12.45% | 15.22% | 16.71% | 11.55% | 10.65% | 9.26% | 8.46% |
| Research & Development | 3.94M | 4.13M | 4.83M | 4.11M | 4.09M | 4.04K | 1.97M | 1.42M | 554.56K | 235.2K | 122.23K | 33.56K |
| R&D % of Revenue | - | 3.05% | 3.34% | 3.08% | 3.14% | 3.74% | 1.78% | 1.48% | 0.63% | 0.32% | 0.19% | 0.07% |
| Other Operating Expenses | 608.13K | 0 | 0 | 0 | 0 | 6.78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 9.74M | 10.59M | 14.95M | 18.5M | 16.47M | 15.53K | 14.67M | 16.29M | 25.35M | 21.21M | 16.39M | 12.58M |
| Operating Margin % | 7.57% | 7.83% | 10.34% | 13.88% | 12.65% | 14.37% | 13.26% | 17% | 29.03% | 28.59% | 25.01% | 25.07% |
| Operating Income Growth % | - | -29.2% | -19.19% | 12.35% | - | -99.89% | -9.94% | -35.76% | 19.53% | 29.39% | 30.3% | - |
| EBITDA | 14.97M | 16.6M | 19.52M | 23.41M | 20.74M | 18.6K | 17.93M | 19.88M | 27.16M | 22.7M | 16.89M | 12.81M |
| EBITDA Margin % | 11.64% | 12.28% | 13.5% | 17.56% | 15.93% | 17.21% | 16.21% | 20.76% | 31.1% | 30.59% | 25.77% | 25.54% |
| EBITDA Growth % | -14.84% | -14.94% | -16.61% | 12.86% | - | -99.9% | -9.83% | -26.8% | 19.68% | 34.4% | 31.8% | - |
| D&A (Non-Cash Add-back) | 5.23M | 6.02M | 4.57M | 4.9M | 4.27M | 3.07K | 3.26M | 3.6M | 1.81M | 1.49M | 494.93K | 233K |
| EBIT | 9.97M | 10.16M | 14.86M | 16.84M | 15.09M | 16.09K | 14.67M | 16.29M | 25.35M | 21.21M | 16.39M | 12.58M |
| Net Interest Income | -1M | -981.38K | -885.17K | -874.99K | 97.99K | 101 | -216.84K | -82.01K | -7.4K | 10.75K | -187.14K | -44.94K |
| Interest Income | 58.72K | 84.48K | 179.38K | 177.73K | 243.38K | 186 | 246.9K | 199.91K | 139.41K | 74.53K | 26.53K | 24.15K |
| Interest Expense | 1.06M | 1.07M | 1.06M | 1.05M | 145.39K | 85 | 463.73K | 281.93K | 146.81K | 63.78K | 213.67K | 69.1K |
| Other Income/Expense | -1.65M | -1.49M | -3.6M | -2.71M | -1.53M | 477 | -334.21K | -2.44M | -149.76K | -1.29M | 336.33K | -40.93K |
| Pretax Income | 8.09M | 9.1M | 11.35M | 15.79M | 14.94M | 16K | 14.33M | 13.85M | 25.2M | 19.92M | 16.73M | 12.54M |
| Pretax Margin % | 6.29% | 6.73% | 7.85% | 11.85% | 11.47% | 14.81% | 12.96% | 14.46% | 28.86% | 26.85% | 25.53% | 24.99% |
| Income Tax | 2.48M | 1.18M | 845.28K | 3.87M | 2.32M | 2.63K | 3.27M | 5.07M | 7.01M | 5.1M | 4.35M | 3.24M |
| Effective Tax Rate % | 30.6% | 13% | 7.45% | 24.5% | 15.5% | 16.41% | 22.79% | 36.6% | 27.83% | 25.61% | 26.02% | 25.81% |
| Net Income | 5.62M | 7.91M | 10.44M | 11.92M | 12.63M | 13.38K | 11.07M | 8.78M | 18.19M | 14.82M | 12.38M | 9.3M |
| Net Margin % | 4.36% | 5.85% | 7.22% | 8.94% | 9.7% | 12.38% | 10% | 9.16% | 20.82% | 19.97% | 18.89% | 18.54% |
| Net Income Growth % | -20.24% | -24.17% | -12.45% | -5.59% | 94291.96% | -99.88% | 26.04% | -51.73% | 22.76% | 19.72% | 33.03% | - |
| Net Income (Continuing) | 5.62M | 7.91M | 10.44M | 11.92M | 12.63M | 13.38K | 11.07M | 8.78M | 18.19M | 14.82M | 12.38M | 9.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.45 | 0.62 | 0.87 | 0.99 | 1.05 | 0.00 | 0.23 | 0.22 | 0.48 | 1.45 | 1.21 | 0.91 |
| EPS Growth % | -8.19% | -28.74% | -12.12% | -5.71% | - | -99.87% | 4.55% | -54.17% | -66.9% | 19.83% | 32.97% | - |
| EPS (Basic) | - | 0.62 | 0.87 | 0.99 | 1.05 | 0.00 | 0.23 | 0.22 | 0.59 | 1.45 | 1.21 | 0.91 |
| Diluted Shares Outstanding | 12.58M | 12.57M | 12.04M | 11.99M | 11.99M | 47.96M | 47.97M | 40.68M | 37.53M | 10.2M | 10.2M | 10.2M |
| Basic Shares Outstanding | 12.58M | 12.57M | 12.04M | 11.99M | 11.99M | 47.96M | 47.46M | 40.68M | 30.91M | 10.2M | 10.2M | 10.2M |
| Dividend Payout Ratio | - | - | - | - | - | 2.78% | 3.57% | 17.86% | - | - | - | - |
Quick answers to the most common questions about buying WYHG stock.
For fiscal year 2025, Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) reported total revenue of $135.2M. This represents a 169.4% increase compared to $50.2M in 2015.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) is profitable, generating $7.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) reported an operating income of $10.6M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) generated $39.5M in gross profit for the year, representing a gross profit margin of 29.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Input cost volatility exposure
Persistent Revenue Contraction Trends
According to the company's quarterly financial data, revenue has experienced a consistent downward trajectory, culminating in a 8.6% year-over-year decline in 2026Q1, which suggests that the firm is struggling to maintain its market position amidst shifting consumer demand for its traditional cured meat products.
The sustained revenue decline across the last several quarters indicates that the company's core product offerings may be losing relevance or facing intense competitive pressure in the Southern China market. Investors should monitor whether this contraction is a result of intentional SKU rationalization or a broader, more concerning erosion of the brand's traditional distribution network.
Gross Margin Volatility and Compression
As reported in recent financial statements, gross margins have fluctuated significantly, dropping from a peak of 38.2% in 2024Q1 to 26.6% in 2026Q1, reflecting the company's high sensitivity to raw material input costs and limited ability to pass price increases to the end consumer.
The compression in gross margins suggests that the company lacks the pricing power necessary to offset the volatility inherent in the Chinese hog cycle. This structural vulnerability implies that profitability will remain highly susceptible to commodity price swings until the company can successfully pivot toward higher-margin, less commodity-dependent snack products.
Operating Leverage Remains Under Pressure
Based on the provided income statement figures, operating income has failed to scale efficiently with gross profit, as evidenced by the 2026Q1 operating margin of 5.8%, which is significantly lower than the 16.7% margin achieved in the first quarter of 2024.
The inability to maintain operating margins during periods of revenue decline suggests that the company's cost structure is relatively rigid, with SG&A expenses failing to adjust downward in proportion to top-line contraction. This lack of operating leverage warrants further investigation into the company's overhead management and the efficiency of its current distribution model.
Earnings Volatility Masks Operational Reality
Analysis of the reported net income reveals extreme volatility, with earnings per share swinging from a high of 0.38 in 2024Q1 to a loss in 2025Q3, indicating that the bottom line is heavily influenced by non-operating factors or inconsistent expense recognition patterns.
The erratic nature of net income suggests that investors should exercise caution when relying on headline EPS as a measure of operational health. The significant variance in net margins, which reached as low as -0.1% in 2025Q3, implies that the company's profitability is currently too unstable to support a consistent valuation multiple.
Structural Risks to Defensive Narrative
While the company is often classified as a defensive consumer staple, the recent 6.52% revenue decline and margin compression suggest that the business is more vulnerable to discretionary spending shifts than the market's current valuation might imply for a traditional food processor.
Short-term observers may focus on the company's high cash balance as a safety net, but the lack of meaningful reinvestment or growth suggests that this capital may be trapped rather than productive. The risk remains that the company's reliance on seasonal, traditional products will continue to be a drag on performance as the broader Chinese consumer market evolves toward modern, health-conscious alternatives.