Revenue grew 20.2% year-over-year in 2026Q2, though structural margin compression is evident as gross margins declined from 12.7% in 2024Q2 to 9.7% in the most recent quarter.
YSX Tech. Co., Ltd (YSXT) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Sales/Revenue | 138.94M | 71.45M | 58.55M | 49.23M | 30.15M |
| Revenue Growth % | - | 22.04% | 18.92% | 63.28% | - |
| Cost of Goods Sold | 124.22M | 64.07M | 51.58M | 42.08M | 25.16M |
| COGS % of Revenue | - | 89.66% | 88.11% | 85.47% | 83.43% |
| Gross Profit | 14.73M | 7.39M | 6.96M | 7.15M | 5M |
| Gross Margin % | 10.6% | 10.34% | 11.89% | 14.53% | 16.57% |
| Gross Profit Growth % | - | 6.08% | -2.63% | 43.11% | - |
| Operating Expenses | 4.2M | 2.59M | 1.96M | 1.49M | 1.18M |
| OpEx % of Revenue | - | 3.62% | 3.35% | 3.02% | 3.9% |
| Selling, General & Admin | 3.73M | 2.06M | 1.86M | 1.42M | 732.15K |
| SG&A % of Revenue | - | 2.88% | 3.18% | 2.88% | 2.43% |
| Research & Development | 461.72K | 240.05K | 229.93K | 254.25K | 278.41K |
| R&D % of Revenue | - | 0.34% | 0.39% | 0.52% | 0.92% |
| Other Operating Expenses | 0 | 288.57K | -129.66K | -186.32K | 165.33K |
| Operating Income | 10.53M | 4.8M | 5M | 5.66M | 3.82M |
| Operating Margin % | 7.58% | 6.72% | 8.54% | 11.5% | 12.67% |
| Operating Income Growth % | - | -4.04% | -11.69% | 48.22% | - |
| EBITDA | 10.75M | 4.91M | 5.1M | 5.75M | 3.9M |
| EBITDA Margin % | 7.74% | 6.87% | 8.7% | 11.68% | 12.93% |
| EBITDA Growth % | - | -3.64% | -11.43% | 47.6% | - |
| D&A (Non-Cash Add-back) | 218.56K | 110.41K | 93.38K | 88.75K | 76.35K |
| EBIT | 11.17M | 4.86M | 5.24M | 6.02M | 4.1M |
| Net Interest Income | -287.69K | -158.2K | -138.28K | -82.58K | -88.87K |
| Interest Income | 36.14K | 1.1K | 1.47K | 964 | 438 |
| Interest Expense | 323.83K | 159.3K | 139.75K | 83.54K | 89.31K |
| Other Income/Expense | 311.64K | -100.14K | 102.03K | 276.2K | 189.71K |
| Pretax Income | 10.84M | 4.7M | 5.1M | 5.94M | 4.01M |
| Pretax Margin % | 7.8% | 6.58% | 8.72% | 12.06% | 13.3% |
| Income Tax | 1.67M | 677.42K | 537.77K | 1.04M | 658.64K |
| Effective Tax Rate % | 15.4% | 14.42% | 10.54% | 17.43% | 16.42% |
| Net Income | 9.17M | 4.02M | 4.57M | 4.9M | 3.35M |
| Net Margin % | 6.6% | 5.63% | 7.8% | 9.96% | 11.12% |
| Net Income Growth % | - | -11.92% | -6.9% | 46.31% | - |
| Net Income (Continuing) | 9.17M | 4.02M | 4.57M | 4.9M | 3.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.39 | 0.18 | 0.21 | 0.22 | 0.15 |
| EPS Growth % | - | -13.46% | -5.45% | 46.67% | - |
| EPS (Basic) | - | 0.18 | 0.21 | 0.22 | 0.15 |
| Diluted Shares Outstanding | 23.44M | 22M | 22M | 22.07M | 22.07M |
| Basic Shares Outstanding | 23.44M | 22M | 22M | 22.07M | 22.07M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying YSXT stock.
For fiscal year 2025, YSX Tech. Co., Ltd (YSXT) reported total revenue of $71.5M. This represents a 137.0% increase compared to $30.2M in 2022.
YSX Tech. Co., Ltd (YSXT) is profitable, generating $4.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
YSX Tech. Co., Ltd (YSXT) reported an operating income of $4.8M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
YSX Tech. Co., Ltd (YSXT) generated $7.4M in gross profit for the year, representing a gross profit margin of 10.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Insurance contract margin compression
Revenue Expansion Amidst Competitive Pressures
According to recent financial disclosures, YSXT achieved a 20.2% year-over-year revenue growth in 2026Q2, demonstrating the company's ability to scale its insurance-linked service volume despite the broader economic headwinds currently impacting the Chinese specialty business services sector and the highly competitive aftermarket landscape.
The consistent top-line expansion suggests that YSXT's white-label integration strategy is successfully capturing market share within insurance policy renewals. However, investors should monitor whether this growth is driven by sustainable service demand or if it relies on aggressive pricing to maintain its position within insurer procurement networks.
Structural Margin Constraints Limit Upside
As reported in the latest income statement, YSXT's gross margin remains compressed at 10.34%, reflecting the company's role as a low-spread aggregator of third-party services rather than a high-margin provider of proprietary technology solutions or specialized intellectual property.
The thin gross margin profile indicates that the majority of revenue is effectively passed through to service providers, leaving little room for operational error. This structural reality suggests that YSXT possesses limited pricing power, making the company highly vulnerable to any inflationary spikes in labor or fuel costs.
Operating Efficiency Masks Underlying Fragility
Based on the 2026Q2 figures, YSXT maintains an operating margin of 7.1%, which suggests a lean corporate structure that successfully manages to convert a portion of its thin gross profit into operating income through disciplined control of SG&A expenses.
While the current operating leverage appears stable, the reliance on minimal overhead to sustain profitability may limit the company's ability to invest in the R&D necessary to transition toward higher-margin software-based risk screening. Analysts should investigate whether this lean cost structure is sustainable as the business scales.
Margin Compression Risks and Sustainability
Data from the provided income statements indicates that gross margins have trended downward from 12.7% in 2024Q2 to 9.7% in 2026Q2, which may suggest that YSXT is facing increasing pressure to lower its service fees to retain its institutional insurance clients.
This trend warrants further investigation into whether the company's B2B2C model is becoming commoditized, potentially forcing a race to the bottom in pricing. If this margin erosion continues, the company's ability to maintain its current net income levels may be significantly compromised regardless of top-line growth.