olivLaw · US equity research
ICZOOM Group Inc. IZM
Retail-Radio, Tv & Consumer Electronics Stores · SIC 5731 · Vertical: Home furniture and electronics stores (SIC 57xx)
ICZOOM Group Inc. is a Cayman-incorporated holding company that runs a B2B e-commerce platform selling electronic components mainly to small and medium-sized enterprises in China. It matters now because revenue rose again in fiscal 2025 after a decline the year before, yet the business stays exposed to China's operating environment and to SEC auditing requirements.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ICZOOM Group Inc. (IZM) stock was 0.73 USD (+9.95% on the day), with market capitalisation 8.0 m USD, P/E 7.3 on diluted EPS of 0.10 USD over the last 12 months, beta -0.73, 52-week range 0.22–2.60 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)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 0.55 – 1.07
- in the lower half of the band · %B 0.35 · band width 64.4%
- SMA 50 / 200
- 0.81 / 0.62
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.04
- 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 | −30.5% | −1.1% | −29.4 pp | — |
| 3 months | +180.8% | −0.5% | +181.3 pp | — |
| 6 months | +92.1% | +4.4% | +87.7 pp | — |
| Year to date | −71.3% | +12.3% | −83.6 pp | — |
| 1 year | −49.6% | +13.5% | −63.2 pp | +19.9% |
| 3 years | −91.6% | +76.4% | −168.0 pp | +17.4% |
| 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.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 26.2, median 26.7, max 27.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | 290.4 m | 214.4 m | 177.9 m | 187.0 m |
| Revenue YoY | unavailable | unavailable | −26.2% | −17.0% | +5.1% |
| Net income | -216.2 k | 2.6 m | 1.8 m | -2.3 m | 1.2 m |
| Net income YoY | unavailable | unavailable | −31.9% | −229.8% | unavailable |
| Diluted EPS | unavailable | 0.27 | 0.18 | -0.20 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | −33.3% | −211.1% | unavailable |
| net % | unavailable | 0.9% | 0.8% | -1.3% | 0.6% |
| Free cash flow | unavailable | 116.3 k | -3.8 m | 2.0 m | 2.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 8.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 15.4 m USD
- Total assets
- 41.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.58x
- ROE
- 7.8%
- ROA
- 2.9%
- FCF margin
- 1.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 290.4 m | 214.4 m | 177.9 m | 187.0 m | SEC (XBRL)· 24 Oct 2025verified |
| Cost of revenue | — | 282.6 m | 209.1 m | 173.0 m | 180.9 m | SEC (XBRL)· 24 Oct 2025verified |
| Gross profit | — | 7.8 m | 5.3 m | 5.0 m | 6.1 m | SEC (XBRL)· 24 Oct 2025verified |
| Operating income | — | 3.4 m | 875.0 k | -1.3 m | 984.4 k | SEC (XBRL)· 24 Oct 2025verified |
| Depreciation & amortisation | — | 148.1 k | 197.2 k | 258.6 k | 206.8 k | SEC (XBRL)· 24 Oct 2025verified |
| EBITDA | — | 3.5 m ≈ | 1.1 m ≈ | -1.1 m ≈ | 1.2 m ≈ | SEC (XBRL)· 24 Oct 2025derived |
| Interest expense | — | 356.6 k | 567.9 k | 696.9 k | 397.1 k | SEC (XBRL)· 24 Oct 2025verified |
| Pre-tax income | — | 3.2 m | 2.0 m | -2.3 m | 1.5 m | SEC (XBRL)· 24 Oct 2025verified |
| Income tax | — | 587.3 k | 265.7 k | -65.7 k | 298.4 k | SEC (XBRL)· 24 Oct 2025verified |
| Net income | -216.2 k | 2.6 m | 1.8 m | -2.3 m | 1.2 m | SEC (XBRL)· 24 Oct 2025verified |
| Diluted EPS | — | 0.27 | 0.18 | -0.20 | 0.10 | SEC (XBRL)· 24 Oct 2025verified |
| Weighted average diluted shares | — | 9.5 m | 9.9 m | 11.1 m | 11.6 m | SEC (XBRL)· 24 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 6.8 m | 3.0 m | 6.4 m | 5.5 m | 8.4 m | SEC (XBRL)· 24 Oct 2025verified |
| Receivables | — | 76.0 m | 76.7 m | 28.3 m | 27.2 m | SEC (XBRL)· 24 Oct 2025verified |
| Inventories | — | 365.6 k | 833.9 k | 339.3 k | 1.3 m | SEC (XBRL)· 24 Oct 2025verified |
| Current assets | — | 88.4 m | 86.9 m | 39.1 m | 40.2 m | SEC (XBRL)· 24 Oct 2025verified |
| Property, plant & equipment, net | — | 119.2 k | 126.0 k | 123.3 k | 57.6 k | SEC (XBRL)· 24 Oct 2025verified |
| Intangibles (excl. goodwill) | — | 378.3 k | 288.4 k | 204.0 k | 128.1 k | SEC (XBRL)· 24 Oct 2025verified |
| Total assets | — | 89.6 m | 88.2 m | 40.0 m | 41.2 m | SEC (XBRL)· 24 Oct 2025verified |
| Accounts payable | — | 59.6 m | 51.1 m | 5.3 m | 4.3 m | SEC (XBRL)· 24 Oct 2025verified |
| Short-term debt | — | 11.8 m | 14.0 m | 10.2 m | — | SEC (XBRL)· 25 Oct 2024verified |
| Current liabilities | — | 78.7 m | 72.3 m | 24.6 m | 25.4 m | SEC (XBRL)· 24 Oct 2025verified |
| Total liabilities | — | 79.1 m | 72.6 m | 24.6 m | 25.8 m | SEC (XBRL)· 24 Oct 2025verified |
| Equity | 7.4 m † | 10.5 m † | 15.5 m † | 15.4 m † | 15.4 m † | SEC (XBRL)· 24 Oct 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -3.9 k | 138.6 k | -3.8 m | 2.1 m | 2.7 m | SEC (XBRL)· 24 Oct 2025verified |
| Capex | — | 22.2 k | 81.9 k | 97.5 k | 32.5 k | SEC (XBRL)· 24 Oct 2025verified |
| Free cash flow | — | 116.3 k ≈ | -3.8 m ≈ | 2.0 m ≈ | 2.7 m ≈ | SEC (XBRL)· 24 Oct 2025derived |
| Investing cash flow | — | 863.7 k | -144.2 k | -155.4 k | -79.7 k | SEC (XBRL)· 24 Oct 2025verified |
| Financing cash flow | — | -3.5 m | 8.7 m | -2.2 m | 2.9 m | SEC (XBRL)· 24 Oct 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: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · 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: 1.54 – 2.61 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)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/E1.54 – 2.61 (Mid 1.68)7 companies used · median multiple 16.8x · quartiles 15.4x – 26.1xARHS, BBY, GME, HTLM, LOVE, RH, WSM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.6% | 11 (vs peers) | 11% |
| FCF conversion · Quality | 227.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -13.6% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -28.2% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.5x | 15 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.3x | 86 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 33.8% | 100 (on a fixed band) | 14% |
| 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 sheet35/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality56/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation92/100 · 2/3 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
ICZOOM GROUP INC. (IZM). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 187.0 m USD in 2025; YoY growth 5.1%; net margin 0.6%; ROE 7.8%.
The estimated value range is 1.54–2.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.68 USD, the price of 0.73 USD leaves a potential of 130.5% (value / price − 1) and a margin of safety of 56.6% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 227.2%
- P/E (TTM): 7.3x
- FCF yield: 33.8%
- The price is below the estimated value range
What contradicts it
- Net margin: 0.6%
- Revenue CAGR 3Y: -13.6%
- EPS CAGR 3Y: -28.2%
- Interest coverage: 2.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Home furniture and electronics stores (SIC 57xx) · same major group (2-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| WSMWilliams-Sonoma, Inc. | 31.8 bn | 27.6 | 55.0% | 14.7% | +1.2% | +50% / +188% |
| BBYBest Buy Co., Inc. | 21.3 bn | 16.8 | 43.1% | 3.0% | +0.4% | +28% / +43% |
| GMEGameStop Corp. | 12.7 bn | 16.6 | 15.8% | 25.2% | −5.1% | +12% / +73% |
| RHRh | 2.7 bn | 25.8 | 280.7% | 3.2% | +8.1% | −8% / −46% |
| ARHSArhaus, Inc. | 1.8 bn | 26.5 | 17.3% | 4.9% | +8.5% | +27% / +41% |
| LOVEThe Lovesac Company | 248.2 m | 14.2 | 8.8% | 2.6% | +2.4% | +20% / −17% |
| HTLMHomesToLife Ltd | 98.7 m | 6.1 | 85.9% | 4.4% | +12.8% | −62% / unavailable |
| AMCIAmc Robotics Corporation | 35.8 m | — | -392.8% | -506.4% | −41.4% | −82% / −85% |
| IZMIczoom Group Inc. | 8.0 m | 7.3 | 7.8% | 0.6% | +5.1% | −50% / −92% |
| HVTHaverty Furniture Companies, Inc | — | — | 8.1% | 3.1% | +5.0% | +23% / −6% |
1- and 3-year price returns: for IZM 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 | 0.42 Total return -42% · Per year -42% | 0.75 Total return 3% · Per year 3% | 1.14 Total return 56% · Per year 56% |
| 3 years | 0.34 Total return -54% · Per year -23% | 0.68 Total return -7% · Per year -2% | 1.14 Total return 56% · Per year 16% |
| 5 years | 0.27 Total return -63% · Per year -18% | 0.61 Total return -16% · Per year -3% | 1.14 Total return 56% · Per year 9% |
- Exit P/E± 0.17
- Net margin± 0.12
- Annual revenue growth± 0.11
- Annual dilution± 0.01
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 24 Oct 2025; since then the company filed 6-K (11 Sept 2026), 6-K (14 Aug 2026), 6-K (27 Jul 2026), 6-K (16 Jul 2026), 6-K (04 Jun 2026), 6-K (08 May 2026).
In brief
ICZOOM Group Inc. is a Cayman-incorporated holding company that runs a B2B e-commerce platform selling electronic components mainly to small and medium-sized enterprises in China. It matters now because revenue rose again in fiscal 2025 after a decline the year before, yet the business stays exposed to China's operating environment and to SEC auditing requirements.
SWOT
Strengths
- A B2B e-commerce model that lowers the cost of serving small SME orders in China.
- A diversified base of suppliers and customers spread across many provinces.
- An integrated service offer, from sales to logistics and customs clearance, that helps retain customers.
Weaknesses
- Significant reliance on SME customers in China's electronics sector, exposing the company to sector shifts.
- Concentrated customer relationships and voting control with two founders limit minority shareholder influence.
- Credit risk on customers, where late or missed payments could weaken cash flow.
Opportunities
- Planned geographic expansion into more Chinese provinces could widen the customer base.
- Growing demand from IoT and automotive electronics could support sales volumes.
- Developing SaaS services could improve customer retention and commission income.
Threats
- A slowdown in the Chinese economy could reduce orders from SME customers.
- Trade restrictions and tariffs between the US and China could raise procurement costs.
- PCAOB inspection requirements and Chinese regulation could affect the company's US listing.
Risks
- Dependence on Chinese SME customershigh
Operations rely on orders from SMEs in China's electronics sector, and a downturn there could significantly affect revenue.
- Chinese regulatory riskhigh
The Chinese government may intervene in operations, and regulatory changes could alter the holding structure and the value of the shares.
- Audit and US listing riskhigh
If the PCAOB cannot inspect the auditors, trading in the shares could be restricted under the HFCA Act.
- Customer credit riskmedium
Late payments or defaults by customers could weaken cash flow and the value of receivables.
- Reliance on third-party courierslow
Interruptions to courier services could prevent timely delivery of products to customers.
Investment thesis
What would need to be true (bull case)
- If revenue keeps growing after the fiscal 2025 recovery, the e-commerce model could support faster expansion into new provinces.
- Expanding the SaaS and commission service range could improve customer retention and revenue stability.
- If the share of large customers stays stable, the company could keep its supplier relationships and sales volumes.
What would break the thesis
- A continued slowdown in the Chinese economy could reduce SME demand and pressure revenue.
- Regulatory and audit risks could limit access to US capital markets or reduce the value of the shares.
- Concentrated voting control with the founders could reduce minority shareholders' influence on strategic decisions.
What to watch
- Trend in revenue and the weight of commission servicesnext 10-K
- Geographic expansion into more Chinese provinces2027
- Customer concentration and any loss of large customersnext 10-K
- Developments in CSRC rules and PCAOB inspections2027
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 24 Oct 2025; since then the company filed 6-K (11 Sept 2026), 6-K (14 Aug 2026), 6-K (27 Jul 2026), 6-K (16 Jul 2026), 6-K (04 Jun 2026), 6-K (08 May 2026).
The business
ICZOOM Group Inc., formerly known as Horizon Business Intelligence Co., Limited, was incorporated in the Cayman Islands in 2015 and operates as a holding company owning four Hong Kong companies and operating entities in mainland China. Its core activity is selling electronic components through online B2B platforms, and it also earns commission fees for order fulfilment, temporary warehousing, logistics and customs clearance. According to the 20-F, the platforms www.iczoom.com and www.iczoomex.com have similar features, with the latter serving mainly overseas customers and hosted in Singapore 1.
According to the Form 20-F for the year ended June 30, 2025, sales of electronic components made up 98.7% of total revenue, with service commission fees making up the remaining 1.3% 1. Total revenue was $187,048,691 in fiscal 2025 1. The company presents itself as a technology-driven firm aiming to transform traditional component distribution through integrated solutions for SME customers 1.
The company completed its firm-commitment initial public offering in March 2023, selling 1,500,000 Class A shares at $4.00 for gross proceeds of $6 million 1. A dual-class structure with ten-vote Class B shares concentrates control with the two founders, who together hold about 83.28% of voting power 1.
Segments
Electronic component sales
This segment accounts for nearly all of the business and covers semiconductor products, passive components, optoelectronics and equipment, tools and other components. Customers use these products in consumer electronics, IoT, automotive electronics and industrial control 1. Revenue from this segment was $184,529,681 in fiscal 2025 1.
Market context
The company operates in China's electronic component procurement market, which is intensely competitive, with SME customers in consumer electronics, IoT, automotive electronics and industrial control as its main base 1. It served customers in 22 Chinese provinces in fiscal 2025 and plans to expand into more provinces within one to two years 1. Reliance on a small number of large customers is material, as the top 10 customers accounted for 31.1% of revenue in fiscal 2025 1.
Demand for component distribution depends on cycles in China's electronics industry, and the company notes that a downturn there could affect its customers and orders 1. A slowdown in the Chinese or global economy is cited as a factor that could weigh on the business 1.
Trends
- Slowing Chinese economyheadwind
Growth in the Chinese economy has slowed since 2012 and the company warns that this slowdown could continue, which could reduce demand from SME customers 1.
- Digitalisation of B2B procurementtailwind
Online platforms could lower the cost of serving small SME orders, and the company says its e-commerce model helps serve these customers cost-effectively 1.
- US-China trade tensionsheadwind
Uncertainty over proposed additional US tariffs and trade conflicts could affect procurement costs and supply chains 1.
- Overseas listing regulationmixed
New CSRC measures on overseas offerings and listings may require filing procedures, and the company acknowledges uncertainty about how they will be applied 1.
Competitive position
The Chinese electronic component procurement market is dominated by large information-based B2B e-commerce companies, offline distributors, vendors and traders, many with stronger brand recognition and larger customer bases 1. Some competitors have considerably greater financial, technical or marketing resources and may gain investment or enter strategic partnerships 1.
Competition poses a real threat to margins and market share, and the company recognises that an inadequate response could lead to losses 1. The sources provided do not identify competitors listed on US exchanges.
- Offline electronic component distributors
Traditional traders with physical networks competing for the same SME customer base.
- Large information-based B2B e-commerce companies
B2B procurement platforms with strong brand recognition and large customer bases.
- Vendors and traders of electronic components
Competitors that may also sell through their own online service platforms.
- Well-resourced competitors
Companies that could be acquired by or receive investment from established, well-financed players, strengthening their position.
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.
Loading the links…
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)14 Aug 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)16 Jul 2026
- Current report (foreign issuer)04 Jun 2026
- Current report (foreign issuer)08 May 2026
- Current report (foreign issuer)14 Apr 2026
- Current report (foreign issuer)30 Jan 2026
- Current report (foreign issuer)16 Jan 2026
- Current report (foreign issuer)23 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / ICZOOM Group Inc. · 24 Oct 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.