XMax Inc. (XWIN) 10-Year Financial Performance & Capital Metrics

XWIN • • Industrial / General

Consumer CyclicalHome FurnishingsHome Furniture & FurnishingsModular & Contemporary Furniture

AboutXMAX, Inc. engages in design, marketing, and manufacture of modern home furniture. The firm offers living room, urban dining, bedroom, and nova qwik products. It sells its products under the brand name Nova and Diamond Sofa. The company was founded by Ya Ming Wong and Yuen Ching Ho in 1992 and is headquartered in Commerce, CA.Show more

Revenue $10M -12.6%
EBITDA -$5M +13.6%
Net Income -$6M +28.0%
EPS (Diluted) -1.48 +70.2%
Gross Margin 43.87% +16.5%
EBITDA Margin -50.1% +1.1%
Operating Margin -55.37% +4.4%
Net Margin -57.41% +17.6%
ROE -307.29% -41.4%
ROIC -109.95% -18.0%
Debt/Equity 0.68 -84.1%
Interest Coverage -171.66 +74.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-8.28%

TTM70.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM69.18%

EPS CAGR

10Y-

5Y-

3Y-

TTM93.53%

ROCE

10Y Avg-84.17%

5Y Avg-84.17%

3Y Avg-116.99%

Latest-161.52%

Peer Comparison

Modular & Contemporary Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LOVEThe Lovesac Company	233.73M	15.99	23.17	-2.8%	1.87%	6.53%	7.47%	0.85
PRPLPurple Innovation, Inc.	85.51M	0.79	-0.87	-4.44%	-12.4%	-144.16%		7.82
XWINXMax Inc.	249.21M	5.95	-4.02	-12.63%	-16.66%	-20.79%		0.68
SNBRSleep Number Corporation	259.12M	11.37	-12.63	-10.87%	-5.42%		1.4%

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.35M	12.56M	12.74M	11.09M	9.69M
Revenue Growth %	-	0.11%	0.02%	-0.13%	-0.13%
Cost of Goods Sold+	31.24M	7.03M	20.53M	6.91M	5.44M
COGS % of Revenue	2.75%	0.56%	1.61%	0.62%	0.56%
Gross Profit+	-19.89M	5.52M	-7.78M	4.17M	4.25M
Gross Margin %	-1.75%	0.44%	-0.61%	0.38%	0.44%
Gross Profit Growth %	-	1.28%	-2.41%	1.54%	0.02%
Operating Expenses+	6.41M	9.38M	8.44M	10.59M	9.61M
OpEx % of Revenue	0.56%	0.75%	0.66%	0.96%	0.99%
Selling, General & Admin	6.38M	9.38M	8.43M	7.47M	7.61M
SG&A % of Revenue	0.56%	0.75%	0.66%	0.67%	0.79%
Research & Development	33.75K	0	10.92K	3.12M	2M
R&D % of Revenue	0%	-	0%	0.28%	0.21%
Other Operating Expenses	815	0	0	0	0
Operating Income+	-26.3M	-3.86M	-16.22M	-6.42M	-5.36M
Operating Margin %	-2.32%	-0.31%	-1.27%	-0.58%	-0.55%
Operating Income Growth %	-	0.85%	-3.2%	0.6%	0.16%
EBITDA+	-26.24M	-3.01M	-15.65M	-5.61M	-4.85M
EBITDA Margin %	-2.31%	-0.24%	-1.23%	-0.51%	-0.5%
EBITDA Growth %	-	0.89%	-4.19%	0.64%	0.14%
D&A (Non-Cash Add-back)	61.93K	846.52K	571.85K	803.79K	510.2K
EBIT	-26.3M	-3.86M	-16.22M	-6.98M	-5.53M
Net Interest Income+	-152.34K	0	0	-9.49K	-31.24K
Interest Income	17.84K	0	0	0	0
Interest Expense	170.18K	0	0	9.49K	31.24K
Other Income/Expense	-96.18K	-200.68K	-851.17K	-573.62K	-195.74K
Pretax Income+	-26.4M	-4.06M	-17.07M	-6.99M	-5.56M
Pretax Margin %	-2.33%	-0.32%	-1.34%	-0.63%	-0.57%
Income Tax+	-649.16K	163.89K	2.4K	731.09K	2.61K
Effective Tax Rate %	0.99%	4.92%	1%	1.1%	1%
Net Income+	-26.08M	-19.96M	-17.1M	-7.72M	-5.56M
Net Margin %	-2.3%	-1.59%	-1.34%	-0.7%	-0.57%
Net Income Growth %	-	0.23%	0.14%	0.55%	0.28%
Net Income (Continuing)	-25.75M	-4.23M	-17.08M	-7.72M	-5.56M
Discontinued Operations	-326.53K	-15.74M	-25.75K	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-22.43	-16.35	-12.34	-4.96	-1.48
EPS Growth %	-	0.27%	0.25%	0.6%	0.7%
EPS (Basic)	-22.43	-16.35	-12.34	-4.96	-1.48
Diluted Shares Outstanding	1.15M	1.22M	1.39M	1.56M	3.77M
Basic Shares Outstanding	1.16M	1.22M	1.39M	1.56M	3.77M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	43.29M	25.57M	8.2M	3.75M	7.93M
Cash & Short-Term Investments	8.74M	6.28M	1.37M	369.14K	161.9K
Cash Only	8.74M	6.28M	1.37M	369.14K	161.9K
Short-Term Investments	0	0	0	0	0
Accounts Receivable	1.14M	402.41K	367.65K	88.26K	53.79K
Days Sales Outstanding	36.54	11.7	10.53	2.91	2.03
Inventory	33.2M	2.63M	4.93M	2.21M	2.82M
Days Inventory Outstanding	387.83	136.28	87.71	116.85	189.59
Other Current Assets	0	15.15M	0	0	0
Total Non-Current Assets+	3.18M	3.96M	3.33M	2.49M	1.99M
Property, Plant & Equipment	2.77M	3.69M	3.1M	2.26M	1.76M
Fixed Asset Turnover	4.09x	3.41x	4.11x	4.90x	5.49x
Goodwill	218.61K	218.61K	218.61K	218.61K	218.61K
Intangible Assets	0	19.21K	13.84K	8.47K	3.11K
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	73.8K	37.66K	0	0	0
Total Assets+	46.48M	29.53M	11.53M	6.24M	9.92M
Asset Turnover	0.24x	0.43x	1.11x	1.78x	0.98x
Asset Growth %	-	-0.36%	-0.61%	-0.46%	0.59%
Total Current Liabilities+	2.03M	1.81M	1.64M	3.69M	5.83M
Accounts Payable	743.78K	358.36K	321.26K	430.05K	728.55K
Days Payables Outstanding	8.69	18.59	5.71	22.7	48.9
Short-Term Debt	688.08K	0	0	0	398.57K
Deferred Revenue (Current)	266.24K	394.38K	170.14K	306.53K	413.58K
Other Current Liabilities	320.44K	4.29K	38.35K	27.55K	15.1K
Current Ratio	21.38x	14.09x	4.99x	1.02x	1.36x
Quick Ratio	4.99x	12.64x	1.99x	0.42x	0.88x
Cash Conversion Cycle	415.67	129.38	92.53	97.05	142.71
Total Non-Current Liabilities+	3.52M	4.27M	3.28M	2.05M	968.57K
Long-Term Debt	150K	150K	150K	147.43K	197.83K
Capital Lease Obligations	1.75M	2.58M	1.97M	1.26M	770.74K
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	1.63M	1.54M	1.16M	643.11K	0
Total Liabilities	5.55M	6.09M	4.92M	5.74M	6.79M
Total Debt+	2.58M	3.46M	2.86M	2.11M	2.12M
Net Debt	-6.16M	-2.82M	1.48M	1.74M	1.95M
Debt / Equity	0.06x	0.15x	0.43x	4.25x	0.68x
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-154.57x	-	-	-675.99x	-171.66x
Total Equity+	40.93M	23.44M	6.61M	496.35K	3.12M
Equity Growth %	-	-0.43%	-0.72%	-0.92%	5.29%
Book Value per Share	35.65	19.23	4.77	0.32	0.83
Total Shareholders' Equity	40.93M	23.44M	6.61M	496.35K	3.12M
Common Stock	5.77K	6.84K	1.44K	1.92K	7.3K
Retained Earnings	351.37K	-19.6M	-36.71M	-44.43M	-49.99M
Treasury Stock	-616.19K	0	0	0	0
Accumulated OCI	804.53K	381.85K	77.24K	521.42K	522.15K
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.08M	-4.78M	-5.37M	-1.58M	-1.39M
Operating CF Margin %	-0.18%	-0.38%	-0.42%	-0.14%	-0.14%
Operating CF Growth %	-	-1.3%	-0.12%	0.71%	0.12%
Net Income	-26.08M	-4.23M	-17.08M	-7.72M	-5.56M
Depreciation & Amortization	747.81K	846.52K	571.85K	803.79K	510.2K
Stock-Based Compensation	157.44K	130.09K	573.92K	499.63K	757.69K
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	23.51M	101.05K	13.03M	812.75K	2.02M
Working Capital Changes	-412.88K	-1.63M	-2.47M	4.03M	883.61K
Change in Receivables	-125.96K	415.7K	-186.95K	281.77K	34.64K
Change in Inventory	266.94K	-803.01K	-879.53K	2.53M	-667.63K
Change in Payables	0	-385.42K	-37.1K	108.78K	298.5K
Cash from Investing+	672.76K	-154.82K	-8.77K	18.64K	-14.12K
Capital Expenditures	-365.04K	-110.52K	-8.77K	0	-14.12K
CapEx % of Revenue	0.03%	0.01%	0%	-	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	-44.3K	0	18.64K	0
Cash from Financing+	466.1K	2.76M	0	0	1.18M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	0	0	0	65.58K
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-2.44M	-4.89M	-5.38M	-1.58M	-1.41M
FCF Margin %	-0.22%	-0.39%	-0.42%	-0.14%	-0.15%
FCF Growth %	-	-1.01%	-0.1%	0.71%	0.11%
FCF per Share	-2.13	-4.01	-3.88	-1.02	-0.37
FCF Conversion (FCF/Net Income)	0.08x	0.24x	0.31x	0.20x	0.25x
Interest Paid	8.11K	11.81K	5.7K	6.18K	32.48K
Taxes Paid	0	59.11K	248.72K	90.93K	5.85K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-63.72%	-62.02%	-113.8%	-217.31%	-307.29%
Return on Invested Capital (ROIC)	-56.74%	-10.45%	-84.72%	-93.16%	-109.95%
Gross Margin	-175.26%	43.98%	-61.06%	37.64%	43.87%
Net Margin	-229.76%	-158.98%	-134.18%	-69.66%	-57.41%
Debt / Equity	0.06x	0.15x	0.43x	4.25x	0.68x
Interest Coverage	-154.57x	-	-	-675.99x	-171.66x
FCF Conversion	0.08x	0.24x	0.31x	0.20x	0.25x
Revenue Growth	-	10.63%	1.5%	-13%	-12.63%

Frequently Asked Questions

Growth & Financials

XMax Inc. (XWIN) reported $17.0M in revenue for fiscal year 2024. This represents a 49% increase from $11.4M in 2020.

XMax Inc. (XWIN) saw revenue decline by 12.6% over the past year.

XMax Inc. (XWIN) reported a net loss of $2.8M for fiscal year 2024.

Dividend & Returns

XMax Inc. (XWIN) has a return on equity (ROE) of -307.3%. Negative ROE indicates the company is unprofitable.

XMax Inc. (XWIN) had negative free cash flow of $2.4M in fiscal year 2024, likely due to heavy capital investments.

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