olivLaw · US equity research
Delixy Holdings Ltd DLXY
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) · SIC 5172 · Vertical: Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172)
Delixy Holdings Ltd is a Cayman Islands holding company that, through its Singapore operating subsidiary, trades crude oil and oil-based products across Southeast Asia, East Asia and the Middle East. In fiscal 2025 trading revenue edged down to 307.7 million USD while volumes grew, and the company received a Nasdaq notice over its minimum bid price.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Delixy Holdings Ltd (DLXY) stock was 1.45 USD (−2.68% on the day), with market capitalisation 23.7 m USD, dividend yield 103.45%, beta -5.69, 52-week range 0.35–2.44 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)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 1.33 – 2.39
- in the lower half of the band · %B 0.11 · band width 57.0%
- SMA 50 / 200
- 1.37 / 0.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.01 / 0.08
- 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 | −26.2% | −1.1% | −25.1 pp | — |
| 3 months | +284.6% | −0.5% | +285.1 pp | — |
| 6 months | +150.0% | +4.4% | +145.6 pp | — |
| Year to date | +64.0% | +12.3% | +51.7 pp | — |
| 1 year | +40.5% | +13.5% | +27.0 pp | −15.5% |
| 3 years | unavailable | +76.4% | unavailable | −14.6% |
| 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 | 319.8 m | 289.2 m | 314.9 m | 307.7 m |
| Revenue YoY | unavailable | −9.6% | +8.9% | −2.3% |
| Net income | 253.0 k | 1.2 m | 1.0 m | -4.5 m |
| Net income YoY | unavailable | +355.3% | −10.8% | −534.1% |
| Diluted EPS | 0.02 | 0.08 | 0.07 | -0.29 |
| Diluted EPS YoY | unavailable | +300.0% | −12.5% | −514.3% |
| net % | 0.1% | 0.4% | 0.3% | -1.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 105.0 k USD
- Total assets
- 24.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.00x
- ROE
- -612.2%
- ROA
- -18.4%
- 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 | 319.8 m | 289.2 m | 314.9 m | 307.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 317.4 m | 285.0 m | 310.6 m | 305.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 2.4 m | 4.1 m | 4.3 m | 2.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 217.0 k | 1.1 m | 706.0 k | -4.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 322.0 k | 1.4 m | 1.1 m | -4.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 69.0 k | 225.0 k | 98.0 k | 136.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 253.0 k | 1.2 m | 1.0 m | -4.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.02 | 0.08 | 0.07 | -0.29 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 15.0 m | 15.0 m | 15.0 m | 15.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividend per share | — | — | 1.50 | — | SEC (XBRL)· 13 May 2025verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 6.1 m | 8.2 m | 3.3 m | 1.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 713.0 k | 17.5 m | 22.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 9.6 m | 22.3 m | 24.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 791.0 k | — | 1.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 10.4 m | 23.7 m | 24.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | — | 17.1 m | 20.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 8.6 m | 17.3 m | 24.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 8.6 m | 22.3 m | 24.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 11.9 m † | 1.8 m † | 1.4 m † | 105.0 k † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 15.0 m | 16.4 m | SEC (XBRL)· 30 Apr 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 | -4.9 m | 4.1 m | 612.0 k | -5.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Investing cash flow | 2.7 m | -188.0 k | 552.0 k | 160.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | -458.0 k | -1.7 m | -6.1 m | 3.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | — | 1.5 m | 4.7 m | — | SEC (XBRL)· 13 May 2025verified |
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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 23.7 m USD
Key indicators
Coverage and freshness
Score by group
25% · 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: 19.71 – 26.51 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 · input data missing
- 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)19.71 – 26.51 (Mid 22.61)
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.5% | 33 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.3% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 17 (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 | 20.0% | 100 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial17/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 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
Delixy Holdings Limited (DLXY). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 307.7 m USD in 2025; YoY growth -2.3%; net margin -1.5%; ROE -612.2%.
The estimated value range is 19.71–26.51 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.61 USD, the price of 1.45 USD leaves a potential of 1,459.3% (value / price − 1) and a margin of safety of 93.6% (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 (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 20.0%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -1.3%
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172) · same industry (4-digit SIC) · compared with 6 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 | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| DLXYDelixy Holdings Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +41% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for DLXY 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 Apr 2026; since then the company filed 6-K (14 Oct 2026), 6-K (18 Sept 2026), 6-K (30 Jul 2026).
In brief
Delixy Holdings Ltd is a Cayman Islands holding company that, through its Singapore operating subsidiary, trades crude oil and oil-based products across Southeast Asia, East Asia and the Middle East. In fiscal 2025 trading revenue edged down to 307.7 million USD while volumes grew, and the company received a Nasdaq notice over its minimum bid price.
SWOT
Strengths
- Financing capacity that lets the company offer flexible payment terms to customers, while suppliers generally require payment on delivery.
- A diversified portfolio of petroleum products that reduces dependence on any single sector or product type.
- A management team with long experience in oil trading and strong relationships with suppliers and customers.
Weaknesses
- A very thin gross margin that leaves little cushion against price swings.
- General and administrative expenses rose sharply in a single year, putting pressure on profitability.
- Dependence on one operating subsidiary in Singapore concentrates the business geographically.
Opportunities
- Expansion into LNG and other petroleum products could open new revenue streams and customers.
- Developing logistics and storage services could complement the current business model.
- Exploring sustainable fuels and hydrogen could reduce reliance on traditional products.
Threats
- A fall in crude oil and derivative product prices could reduce revenue and margins.
- Competitive pressure from larger rivals could lead to loss of market share.
- Failure to meet the Nasdaq minimum bid price requirement could lead to measures that affect investors.
Risks
- Nasdaq delisting riskhigh
Class A shares traded below the minimum price threshold for more than 30 consecutive business days, and the company has until October 2026 to regain compliance. If it does not, it may have to take measures that affect the capital structure.
- Crude oil price volatilityhigh
Revenue and margins depend on crude oil and derivative product prices, which can move sharply because of supply and demand factors.
- Hedging riskmedium
Hedging strategies may not work if the correlation between the hedging instrument and the hedged trade is imperfect, and a counterparty may fail to meet its obligations.
- Customer and regional concentrationmedium
Revenue comes mainly from a few regions and customers, so a change in demand there could affect results.
- Dual-class share structuremedium
Class B shares carry many votes per share, concentrating control with the majority shareholder and potentially limiting the influence of other shareholders.
Investment thesis
What would need to be true (bull case)
- If volumes keep growing and the company expands its product range into LNG, it could reduce its reliance on crude oil trading and its very thin margins.
- Its financing capacity and flexible payment terms for customers could strengthen commercial relationships and attract new clients.
- Management experience and its risk management approach could help the company navigate volatile periods and keep results steadier.
What would break the thesis
- A very thin gross margin and rising administrative costs could keep profitability weak even if volumes continue to grow.
- The risk of Nasdaq delisting and a possible share consolidation could weigh on investor confidence and share liquidity.
- Dependence on a single Singapore subsidiary and on regional markets could expose the company to local shocks without a broad geographic portfolio.
What to watch
- Compliance with the Nasdaq minimum bid price requirementOctober 2026
- Trend in crude oil and oil-based trading revenue and gross marginnext 20-F
- Actual start of LNG trading and any move into LPG2027
- Development of general and administrative expenses after the year of sharp increasenext 20-F
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 Apr 2026; since then the company filed 6-K (14 Oct 2026), 6-K (18 Sept 2026), 6-K (30 Jul 2026).
The business
The company conducts its operations only through its Singapore subsidiary Delixy Energy Pte. Ltd., which trades crude oil and oil-based products such as motor gasoline, gas oil, fuel oil, asphalt, base oil and naphtha. Its model relies on back-to-back contracts with suppliers, hedging arrangements and the ability to offer customers credit terms of up to 90 days. In 2025 the company planned to expand into LNG, while LPG trading had not yet commenced.
Higher traded volumes in fiscal 2025 were offset by lower average selling prices, so revenue declined slightly and the gross margin stayed very thin. General and administrative expenses nearly doubled, mainly due to consulting and advisory fees tied to expanding the product range and to business cooperations funded by the offering.
The company began trading on the Nasdaq Capital Market in July 2025 after an initial public offering that raised gross proceeds of about 5.4 million USD, and in February 2026 it re-classified its share capital into a dual-class structure that gives the majority shareholder far more votes per share.
Segments
Oil-based products
Derivative petroleum products such as fuel oil, gasoline, gas oil, asphalt and base oil made up 40.7% of trading revenue in fiscal 2025. Revenue from this segment fell because of lower fuel oil prices that shrank trading volumes, partly offset by higher MTBE sales.
Market context
The company operates in regional petroleum product trading, where Singapore serves as a hub with extensive tank storage capacity and solid bunkering demand. Most revenue comes from customers in East Asia, although the Middle East share rose in fiscal 2025.
Revenue depends directly on crude oil prices, which are shaped by global supply and demand, so an economic slowdown or lower demand could reduce volumes and margins. The regional market is competitive, and pricing pressure could affect profitability.
Trends
- Crude oil price volatilitymixed
Crude oil and derivative product prices fell in fiscal 2025, lowering revenue per unit even though volumes grew. If volatility stays high, arbitrage margins could become harder to predict.
- Demand for alternative fuelsheadwind
A gradual shift away from traditional fuels and toward alternatives could reduce demand for the products the company trades. The company is exploring sustainable fuels and hydrogen, but these markets are still developing.
- Expansion into LNG and LPGtailwind
The company is preparing to enter the LNG market, particularly by securing storage space in South China, while LPG trading is deferred because import prices sit above domestic supply prices. If these projects materialise, they could diversify revenue.
- Nasdaq listing requirementsheadwind
Class A shares have traded below 1 USD per share, and the company must regain compliance by October 2026. Pressure to restore the minimum bid price could lead to measures such as a share consolidation that would change the capital structure.
Competitive position
The company competes with international and local petroleum trading service providers, some with longer operating histories, larger customer bases and greater financial resources. Its advantages lie in the financial flexibility it offers customers, the diversity of its products and its presence in Singapore.
New entrants with innovative business models could pressure margins and market share. If the company does not sustain its financing advantage, its competitive position could be weakened.
- International crude oil and petroleum product traders
Larger firms with longer operating histories and greater financial resources, referred to generically in the source document.
- Local petroleum product traders in Southeast and East Asia
Regional rivals that may have established relationships with local suppliers and customers.
- Logistics and storage service providers
Competitors or partners in transport and storage that affect costs and the supply chain.
- New entrants with innovative business models
New companies that could reshape the competitive landscape, as described in the source document's risk discussion.
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)14 Oct 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)30 Jul 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)25 Feb 2026
- Current report (foreign issuer)21 Jan 2026
- Current report (foreign issuer)05 Jan 2026
- Current report (foreign issuer)30 Dec 2025
- Current report (foreign issuer)10 Jul 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Delixy Holdings Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.