olivLaw · US equity research
Texxon Holding Ltd NPT
Wholesale-Chemicals & Allied Products · SIC 5160 · Vertical: Wholesale — nondurable goods (SIC 51xx)
Texxon Holding Ltd, through its Chinese subsidiary Net Plastic Technology, provides supply chain management services for plastic and chemical raw materials to SMEs in East China. The company reported for fiscal 2025 a revenue increase of 18.5%, but also a net loss of 1.5 million USD. Dependence on one customer, which accounted for 59.2% of revenue, is a point of attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Texxon Holding Ltd (NPT) stock was 1.75 USD (−2.23% on the day), with market capitalisation 35.0 m USD, beta 1.90, 52-week range 1.21–20.50 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.6
- weak (30–45)
- Bollinger (20, 2)
- 1.38 – 2.33
- in the lower half of the band · %B 0.39 · band width 51.3%
- SMA 50 / 200
- 2.48 / 4.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.25
- MACD above 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 | −24.9% | −5.9% | −18.9 pp | — |
| 3 months | −54.1% | −4.6% | −49.4 pp | — |
| 6 months | +12.2% | +0.2% | +12.0 pp | — |
| Year to date | −64.7% | +7.4% | −72.1 pp | — |
| 1 year | −61.5% | +8.2% | −69.7 pp | −3.8% |
| 3 years | unavailable | +68.4% | unavailable | −2.8% |
| 5 years | unavailable | +56.5% | 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 552.5 m | 672.7 m | 797.1 m |
| Revenue YoY | unavailable | +21.7% | +18.5% |
| Net income | 2.0 m | 953.6 k | -932.6 k |
| Net income YoY | unavailable | −52.8% | −197.8% |
| Diluted EPS | 0.10 | 0.05 | -0.05 |
| Diluted EPS YoY | unavailable | −50.0% | −200.0% |
| net % | 0.4% | 0.1% | -0.1% |
| Free cash flow | -36.8 m | -64.1 m | -42.8 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 2.5 m USD
- Financial debt
- 52.8 m USD
- Net debt
- 50.3 m USD
- Equity
- 34.0 m USD
- Total assets
- 139.0 m USD
- Debt / equity
- 1.55x
- Current ratio
- 0.29x
- ROE
- -2.8%
- ROA
- -0.8%
- FCF margin
- -5.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 552.5 m | 672.7 m | 797.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Cost of revenue | 549.0 m | 667.8 m | 792.4 m | SEC (XBRL)· 18 Nov 2025verified |
| Gross profit | 3.5 m | 4.8 m | 4.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Operating income | 1.3 m | 660.0 k | -600.6 k | SEC (XBRL)· 18 Nov 2025verified |
| Depreciation & amortisation | 251.1 k | 332.7 k | 288.1 k | SEC (XBRL)· 18 Nov 2025verified |
| EBITDA | 1.5 m ≈ | 992.7 k ≈ | -312.6 k ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Pre-tax income | 2.1 m | 3.2 m | -737.2 k | SEC (XBRL)· 18 Nov 2025verified |
| Income tax | 43.0 k | 716.8 k | 716.9 k | SEC (XBRL)· 18 Nov 2025verified |
| Net income | 2.0 m | 953.6 k | -932.6 k | SEC (XBRL)· 18 Nov 2025verified |
| Diluted EPS | 0.10 | 0.05 | -0.05 | SEC (XBRL)· 18 Nov 2025verified |
| Weighted average diluted shares | 20.0 m | 20.0 m | 20.0 m | SEC (XBRL)· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 m | 272.9 k | 2.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Receivables | — | 11.1 m | 7.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Inventories | — | 873.7 k | 973.6 k | SEC (XBRL)· 18 Nov 2025verified |
| Current assets | — | 18.0 m | 20.8 m | SEC (XBRL)· 18 Nov 2025verified |
| Property, plant & equipment, net | — | 23.4 m | 84.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | — | 6.2 m | 6.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Total assets | 74.9 m | 89.7 m | 139.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Accounts payable | — | 1.3 m | 763.3 k | SEC (XBRL)· 18 Nov 2025verified |
| Short-term debt | — | 25.8 m | 20.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Long-term debt | — | 25.8 m | 32.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Current liabilities | — | 57.3 m | 72.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Total liabilities | — | 57.3 m | 104.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Equity | 33.1 m | 32.4 m | 34.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Shares outstanding at year end | — | — | 20.0 m | SEC (XBRL)· 18 Nov 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -14.2 m | -30.8 m | 2.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Capex | 22.6 m | 33.3 m | 45.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Free cash flow | -36.8 m ≈ | -64.1 m ≈ | -42.8 m ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Investing cash flow | -41.2 m | -11.0 m | -42.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Financing cash flow | 30.4 m | 29.4 m | 41.4 m | SEC (XBRL)· 18 Nov 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
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 35.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
29% · 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 · input data missing
- 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)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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.6% | 33 (vs peers) | 36% |
| Net margin · Quality | -0.1% | 38 (vs peers) | 21% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -122.2% | 0 (on a fixed band) | 29% |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality35/100 · 2/3 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
Texxon Holding Limited (NPT). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 797.1 m USD in 2025; YoY growth 18.5%; net margin -0.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.3x
- FCF yield: -122.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 51xx) · same major group (2-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.8 bn | 27.6 | — | 1.1% | +12.4% | +22% / +128% |
| CORCencora, Inc. | 64.8 bn | 25.2 | 104.3% | 0.8% | +9.3% | −8% / +67% |
| CAHCardinal Health, Inc. | 61.9 bn | 34.1 | — | 0.7% | +14.2% | +26% / +150% |
| SYYSysco Corporation | 37.0 bn | 20.0 | 59.1% | 2.1% | +3.9% | −1% / +4% |
| USFDUs Foods Holding Corp. | 22.9 bn | 29.9 | 18.0% | 2.0% | +4.1% | +36% / +144% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +69% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.4 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.5 bn | 44.9 | 16.2% | 2.3% | +9.4% | +69% / +284% |
| ASHAshland Inc. | 3.5 bn | 126.0 | 2.8% | 2.8% | −13.7% | +44% / −5% |
| SEBSeaboard Corporation | 3.3 bn | 5.9 | 10.7% | 5.3% | +7.1% | −27% / −3% |
| HWKNHawkins, Inc. | 3.2 bn | 36.9 | 16.0% | 7.5% | +11.2% | +17% / +147% |
| UNFIUnited Natural Foods, Inc. | 2.8 bn | 34.3 | 5.3% | 0.3% | −2.0% | +23% / +216% |
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +58% / +74% |
| VSTSVestis Corp | 1.9 bn | — | -0.6% | -0.2% | −2.5% | +118% / −23% |
| ANDEAndersons, Inc. | 1.9 bn | 9.3 | 16.1% | 1.8% | −2.2% | +7% / +11% |
| HLFHerbalife Ltd. | 1.6 bn | 8.8 | — | 3.4% | +0.9% | +17% / +16% |
| GLPGlobal Partners LP | 1.4 bn | 7.3 | — | 0.9% | +8.1% | −5% / +14% |
| UVVUniversal Corporation | 1.0 bn | — | -0.2% | -0.1% | −1.3% | −22% / −27% |
| CAPLCrossamerica Partners LP | 752.4 m | 15.7 | — | 1.2% | −10.6% | −3% / −17% |
| WEYSWeyco Group, Inc. | 602.4 m | 17.4 | 13.8% | 12.4% | −4.9% | +111% / +114% |
| MGPIMgp Ingredients, Inc. | 382.9 m | — | -34.5% | -51.4% | −23.8% | −22% / −79% |
| NUSNu Skin Enterprises, Inc. | 220.5 m | — | -32.5% | -15.7% | −14.3% | −54% / −73% |
| BANLCbl International Limited | 79.8 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| HFFGHf Foods Group Inc. | 77.6 m | — | -15.5% | -2.8% | +2.2% | −43% / −70% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
1- and 3-year price returns: for NPT 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 18 Nov 2025; since then the company filed 6-K (30 Jun 2026), 6-K (28 May 2026), 6-K (28 Apr 2026).
In brief
Texxon Holding Ltd, through its Chinese subsidiary Net Plastic Technology, provides supply chain management services for plastic and chemical raw materials to SMEs in East China. The company reported for fiscal 2025 a revenue increase of 18.5% 1, but also a net loss of 1.5 million USD 1. Dependence on one customer, which accounted for 59.2% of revenue 1, is a point of attention.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on one major customerhigh
One customer accounted for a very large share of fiscal 2025 revenue, and losing it could seriously affect sales 1.
- Chinese regulationhigh
Chinese authorities could restrict overseas offerings, fund transfers and subsidiary activity, which could limit access to capital 1.
- Cash transfers to shareholdersmedium
The holding company relies on dividends from Chinese subsidiaries, and currency or statutory limits could prevent payments to investors 1.
- Customer credit riskmedium
Assessing the creditworthiness of SME customers is essential, and failure could damage reputation and results 1.
- Margin pressuremedium
Price competition and a volume-first strategy could keep gross margin low, which could affect profitability 1.
Investment thesis
What would need to be true (bull case)
- If SME customer demand keeps growing and the customer base diversifies, revenue could depend less on a single contract 1.
- Completing the polystyrene factory could reduce reliance on external purchases and could improve margins 1.
- Extensive transaction data and a scalable system could support efficient growth in operating costs 1.
What would break the thesis
- Customer concentration and the net loss could make results highly volatile if the relationship with the major customer changes 1.
- Chinese regulatory and currency risks could limit the ability to transfer cash or pay dividends to foreign investors 1.
- A slowdown in the Chinese economy and price pressure could erode margins if volume grows without adequate profitability 1.
What to watch
- Share of revenue from the major customernext 10-K
- Construction progress of the Henan polystyrene factory2027
- Trend in gross margin and net lossnext 10-K
- Changes in rules on fund transfers and dividends from China2027
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 18 Nov 2025; since then the company filed 6-K (30 Jun 2026), 6-K (28 May 2026), 6-K (28 Apr 2026).
The business
Texxon is a holding company incorporated in the Cayman Islands that conducts its business in China through subsidiaries, primarily Net Plastic Technology, active since 2011 1. Its technology platform gives SME customers procurement, shipping and logistics, payment and fulfillment services 1. Revenue comes from selling products it buys from suppliers and resells to customers, with the spread between purchase and sale prices forming gross profit 1.
According to the filing, management chose to prioritize business scale and long-term customer relationships over short-term high-margin deals, which temporarily reduced gross margin and profit 1. The company aims to build the largest one-stop plastic and chemical raw material supply chain platform in China 1.
Segments
Purchase and resale of plastic and chemical raw materials
This is the main revenue stream, in which the company buys from suppliers and sells directly to customers, earning revenue from the difference between purchase and sale prices 1. Fiscal 2025 revenue was about 797 million USD 1.
Market context
The company describes the supply chain management market for chemical raw materials in China as large, fragmented and still at an early stage of development 1. Its target customers are SMEs in consumer electronics, Internet of Things, automotive electronics and industrial control 1.
The business depends on the Chinese economy, which has slowed since 2012, and a severe or prolonged slowdown could weigh on results 1. Trade tensions between the United States and China are also cited as a source of uncertainty 1.
Trends
- Slowdown of the Chinese economyheadwind
Growth in China has slowed since 2012, and a continuation of this trend could reduce demand from SME customers 1.
- Digitalization of B2B procurementtailwind
Digital procurement platforms for SMEs could gain market share as customers look for more stable supply and lower costs 1.
- Geopolitical tensions and tradeheadwind
Uncertainty in China-US trade relations and regional conflicts could affect spending and access to capital markets 1.
- Demand for materials with stable supplymixed
When some plastic and chemical raw materials are in short supply, the company's own production capacity could let it meet customer demand 1.
Competitive position
The company states that current or future competitors may include firms with similar or greater market presence, name recognition and financial or technological resources, and that the entry of similar platforms could intensify price pressure 1. Price competition could lower product prices and affect profitability 1.
Texxon highlights its product selection, transaction data accumulated over more than a decade, and purchasing scale, which gives it bargaining power with suppliers 1. The source does not identify named competitors with a US listing 1.
- Other China-based supply chain management platforms
Competitors referred to generically in the filing, without names in the source 1.
- B2B chemical and raw material platforms
Companies with similar e-commerce models for chemicals, described generically in the filing 1.
- Logistics and warehousing providers
Third-party partners that could become competitors through vertical integration, according to the company's description 1.
- Traditional plastics distributors
Conventional distribution channels that compete for the same SME customers 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)28 Apr 2026
- Annual report (foreign issuer)18 Nov 2025
- Current report (foreign issuer)28 Oct 2025
- Current report (foreign issuer)24 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Texxon Holding Ltd · 18 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.