olivLaw · US equity research
Fitness Champs Holdings Ltd FCHL
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Fitness Champs Holdings Ltd is a Singapore-based swimming lesson provider, centred on the government-funded SwimSafer school programme and private lessons. The company listed in September 2025 and is expanding into Dubai, but revenue fell in 2025 amid heavy reliance on MOE contracts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Fitness Champs Holdings Ltd (FCHL) stock was 0.71 USD (−15.70% on the day), with market capitalisation 12.0 m USD, dividend yield 2.07%, beta 0.53, 52-week range 0.71–189.90 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)
- 35.6
- weak (30–45)
- Bollinger (20, 2)
- 0.75 – 1.05
- below the lower band · %B -0.14 · band width 33.7%
- SMA 50 / 200
- 0.96 / 28.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- 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 | −23.9% | −1.1% | −22.8 pp | — |
| 3 months | −43.8% | −0.5% | −43.3 pp | — |
| 6 months | −72.4% | +4.4% | −76.8 pp | — |
| Year to date | −99.3% | +12.3% | −111.6 pp | — |
| 1 year | −99.6% | +13.5% | −113.2 pp | −30.4% |
| 3 years | unavailable | +76.4% | unavailable | −25.8% |
| 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 | unavailable | unavailable | 3.1 m | 3.2 m |
| Revenue YoY | unavailable | unavailable | unavailable | +4.7% |
| Net income | unavailable | unavailable | 126.0 k | -1.1 m |
| Net income YoY | unavailable | unavailable | unavailable | −943.7% |
| Diluted EPS | unavailable | unavailable | 126.00 | -110.34 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −187.6% |
| net % | unavailable | unavailable | 4.1% | -32.9% |
| Free cash flow | unavailable | unavailable | 37.0 k | 446.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 m USD
- Financial debt
- 398.0 k USD
- Net debt
- -1.2 m USD
- Equity
- 598.0 k USD
- Total assets
- 2.1 m USD
- Debt / equity
- 0.67x
- Current ratio
- 1.36x
- ROE
- -349.1%
- ROA
- -55.8%
- FCF margin
- 13.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.1 m | 3.2 m | SEC (XBRL)· 15 May 2026verified |
| Cost of revenue | 2.0 m | 2.3 m | SEC (XBRL)· 15 May 2026verified |
| Gross profit | 1.1 m | 884.0 k | SEC (XBRL)· 15 May 2026verified |
| Operating income | 34.0 k | -1.1 m | SEC (XBRL)· 15 May 2026verified |
| Depreciation & amortisation | 62.0 k | 78.0 k | SEC (XBRL)· 15 May 2026verified |
| EBITDA | 96.0 k ≈ | -1.1 m ≈ | SEC (XBRL)· 15 May 2026derived |
| Interest expense | 16.0 k | 14.0 k | SEC (XBRL)· 15 May 2026verified |
| Pre-tax income | 125.0 k | -1.1 m | SEC (XBRL)· 15 May 2026verified |
| Income tax | -1.0 k | 3.0 k | SEC (XBRL)· 15 May 2026verified |
| Net income | 126.0 k | -1.1 m | SEC (XBRL)· 15 May 2026verified |
| Diluted EPS | 126.00 | -110.34 | SEC (XBRL)· 15 May 2026verified |
| Weighted average diluted shares | 8.2 k | 9.6 k | SEC (XBRL)· 15 May 2026verified |
| Dividend per share | 0.01 | — | SEC (XBRL)· 14 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 230.0 k | 1.5 m | SEC (XBRL)· 15 May 2026verified |
| Current assets | 1.2 m | 1.6 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 428.0 k | 418.0 k | SEC (XBRL)· 15 May 2026verified |
| Intangibles (excl. goodwill) | 43.0 k | 57.0 k | SEC (XBRL)· 15 May 2026verified |
| Total assets | 1.7 m | 2.1 m | SEC (XBRL)· 15 May 2026verified |
| Accounts payable | 526.0 k | 992.0 k | SEC (XBRL)· 15 May 2026verified |
| Long-term debt | 460.0 k | 398.0 k | SEC (XBRL)· 15 May 2026verified |
| Current liabilities | 1.4 m | 1.2 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 1.7 m | 1.5 m | SEC (XBRL)· 15 May 2026verified |
| Equity | 11.0 k † | 598.0 k † | SEC (XBRL)· 15 May 2026verified |
| Shares outstanding at year end | 15.0 m | 17.0 m | SEC (XBRL)· 15 May 2026verified |
† 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 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 61.0 k | 447.0 k | SEC (XBRL)· 15 May 2026verified |
| Capex | 24.0 k | 1.0 k | SEC (XBRL)· 15 May 2026verified |
| Free cash flow | 37.0 k ≈ | 446.0 k ≈ | SEC (XBRL)· 15 May 2026derived |
| Investing cash flow | -63.0 k | -22.0 k | SEC (XBRL)· 15 May 2026verified |
| Financing cash flow | -364.0 k | 877.0 k | SEC (XBRL)· 15 May 2026verified |
| Dividends paid | 220.0 k | — | SEC (XBRL)· 14 May 2025verified |
≈ 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
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.0 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.19 – 0.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.43 – 0.62 (Mid 0.50)WACC 9.2% · starting FCFF 457.8 k USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 22.8%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.19 – 0.26 (Mid 0.22)
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: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -32.9% | 26 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -81.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.7% | 46 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 49.3% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation· partial46/100 · 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
Fitness Champs Holdings Limited (FCHL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.2 m USD in 2025; YoY growth 4.7%; net margin -32.9%; ROE -349.1%.
The estimated value range is 0.31–0.44 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.36 USD, the price of 0.71 USD leaves a potential of -48.8% (value / price − 1) and a margin of safety of -95.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 49.3%
What contradicts it
- Net margin: -32.9%
- Interest coverage: -81.9x
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 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 | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −33% / +193% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +65% / +70% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | +10% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −75% / −100% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
1- and 3-year price returns: for FCHL 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 15 May 2026; since then the company filed 6-K (29 Oct 2026), 6-K (27 Aug 2026), 6-K (30 Jun 2026), 6-K (11 Jun 2026), 6-K (01 Jun 2026).
In brief
Fitness Champs Holdings Ltd is a Singapore-based swimming lesson provider, centred on the government-funded SwimSafer school programme and private lessons. The company listed in September 2025 and is expanding into Dubai, but revenue fell in 2025 amid heavy reliance on MOE contracts 1.
SWOT
Strengths
- Established position in the SwimSafer programme, with a recognised brand and a large number of certified students over the years 1.
- The founder has more than 26 years of coaching experience, which supports the reputation of the lessons 1.
- Diversification between the government and private sectors reduces dependence on a single channel 1.
Weaknesses
Opportunities
Risks
- Dependence on the SwimSafer contracthigh
A large share of revenue comes from the SwimSafer programme, and renewal of the MOE contract beyond 2026 is not assured 1.
- Margin pressurehigh
Rising coach costs reduced gross margin, and a continuation of this trend could weigh on profitability 1.
- Dependence on coachesmedium
The company relies on a contracted coaching team, and losing coaches or lapses in their certification could limit its capacity to meet demand 1.
- Data security risksmedium
Student and staff data is stored electronically, and a breach could lead to litigation and harm reputation 1.
- Weather and public healthlow
Most lessons are held outdoors, and rain, storms or pandemics could reduce revenue 1.
Investment thesis
What would need to be true (bull case)
- If renewal of the MOE contract is confirmed and private demand recovers, revenue could return to a growth path supported by the established brand 1.
- Expansion into Dubai could open a new growth market, and an acquisition strategy could accelerate it 1.
- The founder's experience and reputation in school programmes could help win new contracts 1.
What would break the thesis
What to watch
- Decision on renewal of the MOE certification and contract2026
- Trend in revenue and gross margin in the private sectorQ1 2027
- Results of the first months of Dubai operations2026
- Development of coach costs and general and administrative expensesnext 10-K
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 15 May 2026; since then the company filed 6-K (29 Oct 2026), 6-K (27 Aug 2026), 6-K (30 Jun 2026), 6-K (11 Jun 2026), 6-K (01 Jun 2026).
The business
The group operates through its subsidiaries Fitness Champs and Fitness Aquatics, providing school swimming lessons under the Ministry of Education's SwimSafer programme as well as private and aquatic sports lessons for children, teenagers and adults 1. The company presents itself as a leader in sports education in Singapore, with more than 191,000 students certified through SwimSafer since 2013 1. Branded merchandise is described mainly as a marketing tool rather than a material revenue source 1.
The business began as a sole proprietorship in 2009, won the SwimSafer tender in 2020 and closed its initial public offering on September 5, 2025 1. The legal structure is a Cayman Islands holding company with operating subsidiaries in Singapore, and a new Dubai entity was created in anticipation of expansion in 2026 1.
The stated strategy focuses on continued growth, geographic expansion in the region, and acquisitions, joint ventures or strategic alliances 1. Beyond family tuition fees, activity depends on government contracts and on the availability of contracted coaches 1.
Market context
The core market is Singapore, where all revenue in 2024 and 2025 came from local customers 1. The company describes a competitive market in which several swimming providers compete for government-funded programmes and customised lessons 1. The expansion into Dubai, with lessons for residential tower customers, is at an early stage and does not yet carry a significant share of reported figures 1.
Demand depends on education policy and household spending on extracurricular activities, and results can be affected by weather, pandemics or reduced government support 1. Five providers are contracted for SwimSafer, which limits the market reachable through that channel 1.
Trends
- Post-pandemic normalisation of demandheadwind
Catch-up demand after the pandemic inflated student numbers in 2023 and 2024, and a return to typical cohort sizes could keep revenue below recent levels 1.
- Changes in education policymixed
Shifts in education policy could alter programmes and MOE contracts, and renewal of certification beyond 2026 is not assured 1.
- Expansion into Dubaitailwind
Entry into Dubai and residential tower offerings could open new revenue sources if the strategy proves viable 1.
- Rising coach costsheadwind
Higher hourly rates paid to coaches reduced gross margin, and continued pressure could weigh on profitability 1.
Competitive position
The company describes its competitors as swimming service providers offering government-funded programmes and customised lessons for customers of all ages 1. Competition is intense and can affect market share and pricing 1.
The claimed advantage rests on the Fitness Champs brand, its reputation as a trusted provider and its SwimSafer contracts, but larger competitors could anticipate market trends more accurately 1.
- The other five SwimSafer contracted providers in Singapore
Providers accredited by Sport Singapore and MOE that can offer courses in the school programme, competing for the same contracts 1.
- Private swimming schools and independent coaches in Singapore
Private schools and independent coaches offering customised lessons for children and adults in the same private segment 1.
- Sports and recreation centres with swimming programmes
Operators offering aquatic activities as an alternative to private lessons, affecting enrolments 1.
- Regional aquatic programme providers
Companies that could enter the Dubai market and compete with Fitness Champs in the new residential segment 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)29 Oct 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)01 Jun 2026
- Annual report (foreign issuer)15 May 2026
- Current report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)23 Mar 2026
- Current report (foreign issuer)18 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Fitness Champs Holdings Ltd · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.