olivLaw · US equity research
Tungray Technologies Inc TRSG
Construction, Mining & Materials Handling Machinery & Equip · SIC 3530 · Vertical: Industrial machinery and computer equipment (SIC 353x)
Tungray Technologies Inc (TRSG) supplies customized industrial manufacturing solutions to OEMs in semiconductors, printers, electronics and home appliances. Revenue in fiscal 2025 grew 22.0% to about 15.6 million USD, supported by steady automation demand, though the company remains small, loss-making and heavily exposed to China.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Tungray Technologies Inc (TRSG) stock was 1.19 USD (+0.00% on the day), with P/E 19.9 on diluted EPS of 0.06 USD over the last 12 months, beta 0.48, 52-week range 1.03–1.70 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)
- 45.5
- neutral
- Bollinger (20, 2)
- 1.14 – 1.23
- in the upper half of the band · %B 0.61 · band width 8.1%
- SMA 50 / 200
- 1.31 / 1.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- 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 | +4.7% | −1.1% | +5.8 pp | — |
| 3 months | −17.7% | −0.5% | −17.2 pp | — |
| 6 months | −7.4% | +4.4% | −11.8 pp | — |
| Year to date | +6.9% | +12.3% | −5.4 pp | — |
| 1 year | −16.5% | +13.5% | −30.0 pp | +15.0% |
| 3 years | unavailable | +76.4% | unavailable | +25.1% |
| 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 17.5 m | 16.3 m | 14.4 m | 12.8 m | 15.6 m |
| Revenue YoY | unavailable | −6.5% | −12.1% | −10.8% | +22.0% |
| Net income | 4.3 m | 2.9 m | 756.8 k | -571.7 k | -170.3 k |
| Net income YoY | unavailable | −33.7% | −73.5% | −175.5% | unavailable |
| Diluted EPS | 0.29 | 0.19 | 0.06 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | −34.5% | −68.4% | unavailable | unavailable |
| net % | 24.6% | 17.5% | 5.3% | -4.5% | -1.1% |
| Free cash flow | 5.8 m | 3.5 m | 407.8 k | -1.3 m | -3.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 18.4 m USD
- Total assets
- 29.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.94x
- ROE
- -1.0%
- ROA
- -0.6%
- FCF margin
- -24.6%
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 | 17.5 m | 16.3 m | 14.4 m | 12.8 m | 15.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Cost of revenue | 8.2 m | 7.1 m | 7.7 m | 7.2 m | 8.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Gross profit | 9.3 m | 9.3 m | 6.7 m | 5.6 m | 7.2 m | SEC (XBRL)· 23 Apr 2026verified |
| Research & development | 669.4 k | 829.2 k | 791.8 k | 1.1 m | 975.1 k | SEC (XBRL)· 23 Apr 2026verified |
| Operating income | 4.9 m | 3.3 m | 1.1 m | -656.1 k | -241.8 k | SEC (XBRL)· 23 Apr 2026verified |
| Interest expense | 138.5 k | 209.7 k | 66.9 k | 110.1 k | 66.3 k | SEC (XBRL)· 23 Apr 2026verified |
| Pre-tax income | 5.0 m | 3.5 m | 1.3 m | -293.6 k | -39.2 k | SEC (XBRL)· 23 Apr 2026verified |
| Income tax | 709.0 k | -628.5 k | 537.9 k | 278.1 k | 131.1 k | SEC (XBRL)· 23 Apr 2026verified |
| Net income | 4.3 m | 2.9 m | 756.8 k | -571.7 k | -170.3 k | SEC (XBRL)· 23 Apr 2026verified |
| Diluted EPS | 0.29 | 0.19 | 0.06 | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Weighted average diluted shares | 15.0 m | 15.0 m | 15.0 m | — | — | SEC (XBRL)· 26 Apr 2024verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 11.3 m | 13.1 m | 10.8 m | 9.0 m | 6.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Receivables | — | 104.7 k | 319.6 k | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Inventories | — | 1.4 m | 2.3 m | 2.2 m | 3.4 m | SEC (XBRL)· 23 Apr 2026verified |
| Current assets | — | 17.9 m | 18.5 m | 19.8 m | 18.7 m | SEC (XBRL)· 23 Apr 2026verified |
| Property, plant & equipment, net | — | 6.5 m | 6.3 m | 6.2 m | 7.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 33.9 k | 0 | 59.1 k | 241.8 k | SEC (XBRL)· 23 Apr 2026verified |
| Total assets | — | 26.0 m | 27.1 m | 29.9 m | 29.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Accounts payable | — | 1.1 m | 1.0 m | 1.4 m | 1.9 m | SEC (XBRL)· 23 Apr 2026verified |
| Current liabilities | — | 8.3 m | 9.0 m | 10.6 m | 9.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Total liabilities | — | 11.2 m | 11.3 m | 12.6 m | 11.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Equity | 12.2 m | 14.8 m | 15.7 m | 17.4 m | 18.4 m | SEC (XBRL)· 23 Apr 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 6.0 m | 3.6 m | 451.0 k | -811.9 k | -3.0 m | SEC (XBRL)· 23 Apr 2026verified |
| Capex | 206.3 k | 145.7 k | 43.3 k | 450.6 k | 799.3 k | SEC (XBRL)· 23 Apr 2026verified |
| Free cash flow | 5.8 m ≈ | 3.5 m ≈ | 407.8 k ≈ | -1.3 m ≈ | -3.8 m ≈ | SEC (XBRL)· 23 Apr 2026derived |
| Investing cash flow | -1.0 m | -104.1 k | -81.7 k | -2.8 m | -1.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Financing cash flow | -13.4 k | -1.4 m | -2.8 m | 2.8 m | 1.3 m | SEC (XBRL)· 23 Apr 2026verified |
| Dividends paid | — | 1.7 m | 1.3 m | 517.1 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
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
25% · 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 · input data missing
- Dividend discount (DDM)unavailable · input data missing
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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.1% | 22 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.5% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.6x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet38/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial22/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
TUNGRAY TECHNOLOGIES INC (TRSG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 15.6 m USD in 2025; YoY growth 22.0%; net margin -1.1%; ROE -1.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- Current ratio: 1.9x
What contradicts it
- Net margin: -1.1%
- Revenue CAGR 3Y: -1.5%
- Interest coverage: -3.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial machinery and computer equipment (SIC 353x) · same industry group (3-digit SIC) · compared with 27 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 | |
|---|---|---|---|---|---|---|
| CATCaterpillar Inc | 270.6 bn | 23.2 | 56.1% | 15.2% | +4.3% | +3% / +136% |
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| DOVDOVER Corp | 28.3 bn | 24.8 | 15.2% | 13.6% | +4.5% | +15% / +51% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| CNHCnh Industrial N.V. | 14.5 bn | 47.0 | 4.0% | 1.7% | −8.8% | +24% / +9% |
| TEXTerex Corporation | 6.5 bn | 29.0 | 5.7% | 2.6% | +5.7% | +25% / +16% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| ASTEAstec Industries, Inc. | 904.9 m | 46.4 | 2.9% | 1.3% | +8.1% | −11% / +26% |
| AEBIAebi Schmidt Holding AG | 902.5 m | 41.0 | 3.6% | 1.1% | +40.6% | −2% / unavailable |
| PLOWDouglas Dynamics, Inc | 879.7 m | 13.8 | 22.2% | 8.7% | +15.4% | +18% / +40% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| MTWThe Manitowoc Company, Inc. | 837.7 m | 32.6 | 3.8% | 1.1% | +2.9% | +106% / +62% |
| CMCOColumbus McKinnon Corporation | 537.7 m | — | -30.8% | -19.6% | +23.9% | +13% / −47% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
| GENCGencor Industries, Inc. | — | — | 6.9% | 13.5% | +2.0% | +31% / +17% |
1- and 3-year price returns: for TRSG 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
Scenarios are not available. input data missing
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 23 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (18 Sept 2026), 6-K (11 Sept 2026), 6-K (18 Aug 2026), 6-K (06 Jul 2026).
In brief
Tungray Technologies Inc (TRSG) supplies customized industrial manufacturing solutions to OEMs in semiconductors, printers, electronics and home appliances. Revenue in fiscal 2025 grew 22.0% to about 15.6 million USD 1, supported by steady automation demand, though the company remains small, loss-making and heavily exposed to China 1.
SWOT
Strengths
- The company has customized engineering capability built on hundreds of projects a year and can deliver complete solutions quickly 1.
- Patents in induction welding and DC motors, plus in-house motor manufacturing, give it quality control 1.
- Close OEM relationships allow co-development of products and access to customers' decision makers 1.
Weaknesses
Opportunities
- Expansion into new application fields such as appliances and automation could diversify the customer base 1.
- Strategic acquisitions and investments in intelligent manufacturing technologies are cited as a way to accelerate growth 1.
- Growing high-value customer relationships could support revenue over the medium term 1.
Threats
- An economic recession or lower industrial investment could reduce demand and pressure selling prices 1.
- Uncertainty in Chinese rules on offshore offerings and the holding structure could affect access to capital and listing 1.
- Rivals with stronger brands and greater resources could reduce the company's market share 1.
Risks
- Dependence on industrial investmenthigh
Demand depends on customers' capital spending, which can be postponed during economic slowdowns 1.
- Exposure to the China markethigh
A large share of revenue from China exposes the company to Chinese regulation and government policy that can change with little notice 1.
- Restrictions on fund transfersmedium
Transfers between the holding company and Chinese subsidiaries require approvals and are restricted, which can limit funding of operations 1.
- Competitionmedium
Rivals with greater resources could win market share if Tungray does not maintain its technological edge 1.
- Technological obsolescencelow
Products that fail to respond quickly to technology changes could lose relevance and customers 1.
Investment thesis
What would need to be true (bull case)
- If the revenue recovery of 2025 continues and extends into new applications, the company could strengthen its position in industrial automation 1.
- Close OEM relationships and custom engineering capability could support customer retention and higher revenue per customer 1.
- A patent portfolio in welding and motors could make its products hard to replace for existing customers 1.
What would break the thesis
- The net loss and small size limit the company's ability to fund investment without new sources of capital 1.
- Heavy exposure to China and regulatory uncertainty could disrupt operations or the listing structure 1.
- If customers' industrial investment falls, demand for customized solutions could drop quickly 1.
What to watch
- Revenue and gross margin trajectory versus fiscal 2025Q1 2027
- Split of revenue between China and Singapore2027
- Rules on offshore offerings and fund transfers for Chinese subsidiariesnext 10-K
- Customer count and average revenue per customer trend2027
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 23 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (18 Sept 2026), 6-K (11 Sept 2026), 6-K (18 Aug 2026), 6-K (06 Jul 2026).
The business
Tungray is a Cayman Islands holding company whose operations are conducted mainly through subsidiaries in Singapore and China, with no material activity of its own 1. It supplies customized industrial solutions to OEMs through three business lines: customized test and tooling, induction welding equipment, and direct drive and linear DC motors 1. Its shares have traded on the Nasdaq Capital Market since April 2024, following a modest IPO 1.
Segments
Customized industrial test and tooling
The largest line, at 67% of 2025 revenue, is designed and built mainly in Singapore for customers in printing, electronics, semiconductors and offshore industries 1.
Induction welding equipment
Developed in Qingdao, China, this line made up 15% of 2025 revenue and is used mainly by Chinese home appliance makers for air conditioners, refrigerators, compressors and washing machines 1.
Direct drive and linear DC motors
This line made up 18% of 2025 revenue and is used in solar panel assembly lines and in glue application and laser cutting machines that need precise movement 1.
Market context
Trends
- Revenue rebound in 2025tailwind
Revenue rose 22.0% in 2025 after a decline in 2024, suggesting demand recovery from a small base 1.
- Customer capital spendingheadwind
Demand depends on capital investment by customers in manufacturing, and a pullback could reduce orders 1.
- Automation in high-tech manufacturingtailwind
The company says intelligent manufacturing and high-frequency power technology open new applications in appliances and automation 1.
- Growing weight of Chinamixed
The higher share of revenue from China exposes results to Chinese regulation and fund-transfer controls if tensions increase 1.
Competitive position
Competitors include ETO manufacturers in Singapore and China, such as Sigma Design & Engineering Pte Ltd, Xiamen Inker Induction Co., Ltd. and Xinchang Kechuang Automation Equipment Co., Ltd., with other global rivals mentioned generically 1. Some rivals have stronger brand recognition, larger customer bases and longer operating histories 1.
Tungray cites end-to-end engineering capability, short lead times and patents in welding and motors as its differentiators 1. It could lose market share if it cannot sustain these technological advantages 1.
- Sigma Design & Engineering Pte Ltd
Singapore ETO manufacturer named as a direct competitor in customized industrial solutions 1.
- Xiamen Inker Induction Co., Ltd.
Chinese competitor in induction equipment named in the source 1.
- Xinchang Kechuang Automation Equipment Co., Ltd.
Chinese industrial automation competitor named in the competition risk discussion 1.
- Other global manufacturers
The source refers to competitors elsewhere in the world without naming them, which limits detailed comparison 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)19 Oct 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)28 May 2026
- Annual report (foreign issuer)23 Apr 2026
- Current report (foreign issuer)30 Sept 2025
- Current report (foreign issuer)25 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Tungray Technologies Inc · 23 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.