olivLaw · US equity research
WF International Limited WXM
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
WF International Limited, through its PRC subsidiary Shanyou HVAC in Chengdu, supplies, installs and maintains HVAC, floor heating and water purification systems, mainly for property developers. Revenue fell to about 13.4 million USD in fiscal 2025 as China's property market weakened, and the company is trying to diversify its income sources.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WF International Limited (WXM) stock was 2.08 USD (+4.00% on the day), with market capitalisation 14.4 m USD, beta 1.98, 52-week range 2.00–11.60 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)
- 26.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.18 – 3.79
- below the lower band · %B -0.06 · band width 53.9%
- SMA 50 / 200
- 3.62 / 4.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.29
- 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 | −41.7% | −1.1% | −40.6 pp | — |
| 3 months | −45.1% | −0.5% | −44.7 pp | — |
| 6 months | −55.7% | +4.4% | −60.1 pp | — |
| Year to date | −59.2% | +12.3% | −71.5 pp | — |
| 1 year | −91.9% | +13.5% | −105.4 pp | −46.5% |
| 3 years | unavailable | +76.4% | unavailable | −18.7% |
| 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 | 11.3 m | 15.3 m | 15.5 m | 13.4 m |
| Revenue YoY | unavailable | +35.3% | +1.4% | −13.7% |
| Net income | -4.2 k | 1.5 m | 962.7 k | -3.3 m |
| Net income YoY | unavailable | unavailable | −36.2% | −441.5% |
| Diluted EPS | 0.00 | 0.27 | 0.18 | -0.53 |
| Diluted EPS YoY | unavailable | unavailable | −33.3% | −394.4% |
| net % | -0.0% | 9.9% | 6.2% | -24.5% |
| Free cash flow | unavailable | unavailable | 704.8 k | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- unavailable USD
- Financial debt
- 762.5 k USD
- Net debt
- unavailable USD
- Equity
- 4.8 m USD
- Total assets
- 13.7 m USD
- Debt / equity
- 0.16x
- Current ratio
- 1.11x
- ROE
- -71.9%
- ROA
- -25.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 11.3 m | 15.3 m | 15.5 m | 13.4 m | SEC (XBRL)· 30 Jan 2026verified |
| Cost of revenue | 9.9 m | 12.2 m | 12.6 m | 12.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Gross profit | 1.4 m | 3.1 m | 2.9 m | 1.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Operating income | 237.3 k | 2.2 m | 1.4 m | -2.9 m | SEC (XBRL)· 30 Jan 2026verified |
| Interest expense | 146.3 k | 153.2 k | 134.0 k | 123.8 k | SEC (XBRL)· 30 Jan 2026verified |
| Pre-tax income | -195 | 2.0 m | 1.3 m | -3.0 m | SEC (XBRL)· 30 Jan 2026verified |
| Income tax | 4.0 k | 510.7 k | 380.6 k | 281.9 k | SEC (XBRL)· 30 Jan 2026verified |
| Net income | -4.2 k | 1.5 m | 962.7 k | -3.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Diluted EPS | 0.00 | 0.27 | 0.18 | -0.53 | SEC (XBRL)· 30 Jan 2026verified |
| Weighted average diluted shares | 5.5 m | 5.5 m | 5.5 m | 6.2 m | SEC (XBRL)· 30 Jan 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Receivables | — | 1.4 m | 2.1 m | 2.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Inventories | — | 16.4 k | 5.8 k | 215.0 k | SEC (XBRL)· 30 Jan 2026verified |
| Current assets | — | 7.9 m | 9.9 m | 9.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Property, plant & equipment, net | — | 158.4 k | 127.8 k | 718.5 k | SEC (XBRL)· 30 Jan 2026verified |
| Total assets | — | 9.4 m | 11.8 m | 13.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Accounts payable | — | 1.9 m | 1.9 m | 2.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Short-term debt | — | — | — | 762.5 k | SEC (XBRL)· 30 Jan 2026verified |
| Current liabilities | — | 6.2 m | 6.8 m | 8.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Total liabilities | — | 6.4 m | 7.4 m | 8.9 m | SEC (XBRL)· 30 Jan 2026verified |
| Equity | 941.3 k † | 3.0 m † | 4.4 m † | 4.8 m † | SEC (XBRL)· 30 Jan 2026verified |
| Shares outstanding at year end | — | — | 5.5 m | 6.9 m | SEC (XBRL)· 30 Jan 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 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 968.2 k | -810.7 k | 826.5 k | -1.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Capex | — | — | 121.7 k | — | SEC (XBRL)· 18 Feb 2025verified |
| Free cash flow | — | — | 704.8 k ≈ | — | SEC (XBRL)· 18 Feb 2025derived |
| Investing cash flow | -447.2 k | 197.9 k | -202.7 k | -1.8 m | SEC (XBRL)· 30 Jan 2026verified |
| Financing cash flow | -206.4 k | 463.5 k | 83.6 k | 5.2 m | SEC (XBRL)· 30 Jan 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
Risk
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: 14.4 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | -24.5% | 22 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.8% | 48 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -23.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.8% | 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 sheet10/100 · 2/3 factors with a value
- Growth· partial48/100 · 1/2 factors with a value
- Quality· partial22/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· 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
WF International Limited (WXM). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 13.4 m USD in 2025; YoY growth -13.7%; net margin -24.5%; ROE -71.9%.
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
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
- Net margin: -24.5%
- Interest coverage: -23.2x
- Current ratio: 1.1x
- FCF yield: -8.8%
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
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 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 | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −92% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
1- and 3-year price returns: for WXM 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 30 Jan 2026; since then the company filed 6-K (11 Sept 2026), 6-K (20 Aug 2026), 6-K (19 Aug 2026), 6-K (10 Aug 2026), 6-K (26 Jun 2026).
In brief
WF International Limited, through its PRC subsidiary Shanyou HVAC in Chengdu, supplies, installs and maintains HVAC, floor heating and water purification systems, mainly for property developers. Revenue fell to about 13.4 million USD in fiscal 2025 as China's property market weakened, and the company is trying to diversify its income sources.
SWOT
Strengths
- The company has more than a decade of history in Chengdu and long-standing relationships with some regional property developers. It is an exclusive distributor for certain products in Sichuan and has experience in large commercial projects.
- The asset-light model, with equipment bought per project, reduces the risk of capital tied up in materials. The in-house team controls quality and client relationships.
- The integrated offer of equipment together with installation, maintenance and repair services may appeal to clients who prefer a single provider.
Weaknesses
- Dependence on China's property sector remains very high, and revenue is concentrated in a small number of clients.
- Margins fell sharply in the latest fiscal year, and the company reported a net loss after a profit in the prior year.
- Subcontracting of installation works and subcontracting costs can weigh on margins if prices rise or projects are extended without compensation.
Opportunities
- A recovery in luxury home sales and renovation projects in old urban areas could generate new contracts for the company.
- Expansion toward clients in the new energy industry and industrial projects could reduce dependence on property developers.
- The Chaokun investment, if completed, could open a new business area with growth potential in the equine and sports sector.
Threats
- A continued decline in property investment in China could further reduce the volume of projects available.
- Financial difficulties among smaller clients may lead to cancelled projects, delayed settlements and unpaid invoices.
- Changes in Chinese rules on foreign investment or offshore listings could limit the company's ability to attract capital.
Risks
- Dependence on the property sectorhigh
Most revenue comes from property projects, and a prolonged slowdown in the sector could directly affect the company's activity and results.
- Credit risk and client non-paymenthigh
Smaller developers have faced financial difficulties, leading to credit losses and impairments. If the situation worsens, losses could increase.
- Pressure on marginsmedium
Competition and unrecoverable out-of-scope work have reduced gross margins. If contract prices stay low, profitability could remain under pressure.
- Regulatory risk in Chinamedium
Chinese authorities may change rules on foreign investment and offshore securities offerings, which could limit the company's access to capital.
- Risk linked to the Chaokun investmentlow
The transaction depends on meeting closing conditions, including government filings and agreements with key employees. If these are not met, the investment could be delayed or cancelled.
Investment thesis
What would need to be true (bull case)
- If China's property market recovers, the company could benefit from more projects and better margins.
- Its position as an integrated provider, with long-standing relationships and exclusive distribution in Sichuan, may support demand for luxury projects.
- Diversification toward energy-sector clients and new investments could gradually reduce dependence on a single sector.
What would break the thesis
- If the decline in property investment continues, revenue could fall further and losses could persist.
- Financial difficulties among clients could lead to more project cancellations and delayed settlements.
- Diversification is still at an early stage, and new investments could generate costs without a clear short-term return.
What to watch
- Trend in revenue and gross margin in quarterly reportsQ1 2026
- Completion of the closing conditions for the Chaokun investment2026
- Development of the contracted backlog, which declined by the end of fiscal 20252026
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 30 Jan 2026; since then the company filed 6-K (11 Sept 2026), 6-K (20 Aug 2026), 6-K (19 Aug 2026), 6-K (10 Aug 2026), 6-K (26 Jun 2026).
The business
WF International is a Cayman Islands holding company operating in China mainly through Shanyou HVAC, active since 2009. The company provides supply, installation, fitting-out and maintenance services for HVAC systems, floor heating systems and water purification systems. Revenue comes from construction projects, product sales and installation, maintenance and repair services, and main clients are property developers in the Sichuan-Chongqing region. The company was listed on the Nasdaq Capital Market under the symbol WXM after its IPO in April 2025.
The company generally holds no inventories, as equipment and materials are bought on a project basis, and installation works are largely subcontracted. An in-house team coordinates engineering, procurement, client relations and cost control. Its backlog of contracted work declined by the end of fiscal 2025, showing reliance on new contract awards.
Segments
HVAC systems and central air conditioning
This is the dominant segment, covering supply and installation of central air conditioning for commercial and high-end residential buildings. Named suppliers include Toshiba, Johnson Controls York and Gree, and in fiscal 2025 the segment accounted for the large majority of revenue.
Floor heating and water purification
Through its exclusive distribution of A.O. Smith products in the Sichuan region, the company has extended its services to floor heating and water purification projects. This segment is smaller but offers a way to grow existing relationships with property clients.
Market context
The company operates in China's HVAC construction and installation market, which is directly tied to property development investment and to commercial and industrial projects. In 2024 Chinese authorities introduced easing measures, yet new home sales in most cities have not fully recovered. For Shanyou HVAC, competitive pressure and lower contract prices have weighed on margins.
Demand in the luxury segment and in the new energy industry could offer opportunities if investment in premium projects keeps growing. The company aims to work more with clients outside real estate, but it remains exposed to China's economic cycles and government policy.
Trends
- Decline in property investment in Chinaheadwind
The slowdown in real estate development has reduced the volume of HVAC projects, and the company reported project cancellations and delayed settlements. If the decline continues, revenue from the core segment could stay under pressure.
- Support measures for the property markettailwind
Relaxed purchase restrictions and a lower minimum down payment for first-time buyers could revive residential projects. The return of sales in major cities from the fourth quarter of 2024 is a positive signal.
- Luxury segment and premium clientsmixed
Demand for luxury property projects fitted with branded equipment could support specialist HVAC providers like this company. However, smaller clients have faced financial difficulties, which has raised the risk of non-payment.
- Diversification beyond real estatemixed
Working with clients in the new energy industry and the Chaokun investment show a strategy to reduce dependence on one sector. The results of these efforts are not yet visible in the financial figures.
Competitive position
The HVAC installation market in Chengdu and the Sichuan-Chongqing region is competitive, with several local and regional providers bidding for the same property projects. The company states that competitive pressure has led to lower contract prices and to out-of-scope work that cannot be fully recovered. Detailed market share data for the company is not given in the source.
- Local HVAC providers in Sichuan
Regional companies bidding for the same property projects in Chengdu and nearby areas, where contract prices have fallen.
- Large Chinese property developers
Not direct competitors, but their financial strength influences demand for installation providers and the timing of payments.
- Equipment manufacturers the company distributes
Toshiba, Gree, Carrier and A.O. Smith are product partners, but their terms shape the company's margins.
- Other installation and maintenance service providers
They compete for commercial and residential contracts, and their position depends on experience and client relationships.
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)11 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)26 Jun 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)01 Jun 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)02 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / WF International Limited · 30 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.