olivLaw · US equity research
Park Ha Biological Technology Co., Ltd. BYAH
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics · SIC 2840 · Vertical: Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840)
Park Ha Biological Technology is a China-based franchise chain selling beauty and personal-care products, and most of its revenue comes from fees paid by franchisees. Revenue edged up in fiscal 2025 but the company posted a large net loss, which makes its financial position worth close attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Park Ha Biological Technology Co., Ltd. (BYAH) stock was 2.26 USD (+17.71% on the day), with market capitalisation 56.5 m USD, beta 0.36, 52-week range 1.92–126.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.8
- neutral
- Bollinger (20, 2)
- 1.98 – 2.61
- in the lower half of the band · %B 0.45 · band width 27.3%
- SMA 50 / 200
- 2.44 / 9.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.7% | −1.1% | −0.6 pp | — |
| 3 months | −14.4% | −0.5% | −13.9 pp | — |
| 6 months | −76.3% | +4.4% | −80.7 pp | — |
| Year to date | −96.4% | +12.3% | −108.8 pp | — |
| 1 year | −98.2% | +13.5% | −111.8 pp | +13.7% |
| 3 years | unavailable | +76.4% | unavailable | +12.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.9 m | 2.5 m | 2.4 m | 2.5 m |
| Revenue YoY | unavailable | +28.1% | −3.1% | +6.0% |
| Net income | 191.3 k | 852.0 k | 478.6 k | -24.4 m |
| Net income YoY | unavailable | +345.4% | −43.8% | −5,191.3% |
| Diluted EPS | 0.01 | 1.70 | 0.96 | -41.38 |
| Diluted EPS YoY | unavailable | +16,900.0% | −43.5% | −4,410.4% |
| net % | 10.0% | 34.6% | 20.1% | -965.0% |
| Free cash flow | 1.4 m | 103.9 k | 874.9 k | -3.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 3.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.0 m USD
- Total assets
- 6.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.92x
- ROE
- -885.8%
- ROA
- -539.3%
- FCF margin
- -0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.9 m | 2.5 m | 2.4 m | 2.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 509.2 k | 311.0 k | 195.3 k | 142.5 k | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 1.4 m | 2.1 m | 2.2 m | 2.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 60.7 k | 30.9 k | 36.7 k | 238.2 k | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 197.0 k | 1.2 m | 793.7 k | -24.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 30.5 k | 20.1 k | 22.7 k | 109.4 k | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 227.5 k ≈ | 1.2 m ≈ | 816.4 k ≈ | -24.0 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 194 | — | — | 41 | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 190.0 k | 1.2 m | 793.4 k | -24.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -1.3 k | 329.5 k | 314.9 k | 280.6 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 191.3 k | 852.0 k | 478.6 k | -24.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.01 | 1.70 | 0.96 | -41.38 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 25.0 m | 500.0 k | 500.0 k | 588.9 k | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 574.7 k | 1.0 m | 547.5 k | 3.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | — | 361.7 k | 330.9 k | 255.8 k | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | — | 95.9 k | 71.5 k | 75.2 k | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | — | 2.2 m | 2.8 m | 5.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | — | 38.6 k | 104.0 k | 158.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 8.4 k | 7.6 k | 6.6 k | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | — | 2.3 m | 3.1 m | 6.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | — | 197.2 k | 24.1 k | 12.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | — | 1.2 m | 1.5 m | 1.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | — | 1.3 m | 1.6 m | 2.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 150.3 k † | 1.0 m † | 1.5 m † | 4.0 m † | SEC (XBRL)· 02 Mar 2026verified |
| Shares outstanding at year end | — | — | 25.0 m | — | SEC (XBRL)· 24 Feb 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.4 m | 126.5 k | 960.5 k | 85.9 k | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 11.9 k | 22.7 k | 85.6 k | 88.8 k | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 1.4 m ≈ | 103.9 k ≈ | 874.9 k ≈ | -3.0 k ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -1.5 m | 1.0 m | -508.1 k | -572.9 k | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 669.7 k | -676.9 k | -957.4 k | 3.7 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 56.5 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -965.0% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.6% | 80 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -588,997.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.0% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial80/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Park Ha Biological Technology Co., Ltd. (BYAH). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 2.5 m USD in 2025; YoY growth 6.0%; net margin -965.0%; ROE -885.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.6%
- Current ratio: 2.9x
What contradicts it
- Net margin: -965.0%
- Interest coverage: -588,997.6x
- FCF yield: -0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PGPROCTER & GAMBLE Co | 387.8 bn | 25.2 | 29.4% | 18.2% | +3.3% | +13% / +9% |
| ECLEcolab Inc. | 88.4 bn | 42.9 | 20.7% | 12.0% | +2.2% | +14% / +64% |
| CHDChurch & Dwight Co., Inc. | 26.4 bn | 34.5 | 17.8% | 12.4% | +1.6% | +32% / +16% |
| SCLStepan Company | 1.6 bn | 374.7 | 0.4% | 0.2% | +7.0% | +56% / −14% |
| BYAHPark Ha Biological Technology Co., Ltd. | 56.5 m | — | -885.8% | -965.0% | +6.0% | −98% / unavailable |
| WNWMeiwu Technology Company Limited | 30.8 m | — | -34.2% | -262.5% | +4,368.0% | −98% / −100% |
| ULUnilever PLC | — | — | 53.3% | 18.7% | −3.8% | −2% / +25% |
1- and 3-year price returns: for BYAH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 02 Mar 2026; since then the company filed 6-K (11 Sept 2026), 6-K (02 Sept 2026), 6-K (03 Aug 2026), 6-K (24 Jul 2026), 6-K (13 Jul 2026).
In brief
Park Ha Biological Technology is a China-based franchise chain selling beauty and personal-care products, and most of its revenue comes from fees paid by franchisees. Revenue edged up in fiscal 2025 but the company posted a large net loss, which makes its financial position worth close attention. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Limits on moving fundshigh
The Chinese government could restrict the transfer of money between subsidiaries and out of the country, which could affect funding of operations. 1
- Legal uncertainty in Chinahigh
Chinese law evolves rapidly and its interpretation is not uniform, which may limit the protections available to the company and investors. 1
- VIE structurehigh
If Chinese courts do not enforce the VIE contracts or authorities deem the structure invalid, the company could lose control of the stores. 1
- Dependence on franchiseesmedium
A drop in demand from major franchisees could reduce revenue and financial results. 1
- Currency fluctuationmedium
Exchange rate movements could reduce the value of an investment for foreign shareholders. 1
Investment thesis
What would need to be true (bull case)
What to watch
- General and administrative expenses after the fiscal 2025 net loss2027
- Gross margin on products sold to franchisees2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 02 Mar 2026; since then the company filed 6-K (11 Sept 2026), 6-K (02 Sept 2026), 6-K (03 Aug 2026), 6-K (24 Jul 2026), 6-K (13 Jul 2026).
The business
Park Ha Biological Technology Co., Ltd. operates in China through its operating subsidiaries and a store network, many of which are run by franchisees under the 'Park Ha' name. Revenue comes from product sales, product sales to franchisees and franchise fees. 1
The company describes its strategy as expanding geographic coverage and growing sales, but its high gross margin comes mainly from franchise fees rather than product volume. 1
Segments
Franchise fees
Franchise fees are the largest revenue line, at 1,510,809 USD in fiscal 2025, though they declined from the prior year because the number of franchisees fell. 1
Product sales
Product sales rose to 1,014,034 USD in fiscal 2025, supported by both non-franchisee and franchisee customers, with different gross margins for each category. 1
Market context
The company operates in China's beauty industry, where competitive dynamics and rapid shifts in consumer preferences are risks management acknowledges. The filing gives no market size data, so conclusions about market share remain limited. 1
Reliance on a small number of suppliers and a few large customers makes the company's revenue base less predictable. 1
Trends
- Decline in franchisee countheadwind
The number of franchisees fell, which reduced franchise fees, the main revenue source. 1
- Growth in product salestailwind
Product sales grew, supported by brand awareness and directly operated stores. 1
- Procurement cost pressureheadwind
Higher procurement costs reduced the gross margin on products sold to franchisees. 1
- Chinese regulationmixed
Changes in regulation and stronger oversight by Chinese authorities could affect operations and the ability to raise capital. 1
Competitive position
The filing describes the beauty industry as highly competitive, and the company could lose market share if it cannot maintain its advantages. 1
The source analysed does not name specific competitors, so the list below is limited to what the document mentions. 1
- Beauty industry competitors
The filing mentions general industry competition without naming companies. 1
- Other franchise operators in China
Competition for franchisees and customers is noted as a risk, without named firms. 1
- Raw material suppliers
The company relies on a few suppliers, which points to supply chain pressure. 1
- Other cosmetics brands
The brand must keep its recognition to stand apart from other producers. 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)24 Jul 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)29 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-10-31 · SEC / Park Ha Biological Technology Co., Ltd. · 02 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.