olivLaw · US equity research
Big Tree Cloud Holdings Limited DSY
Converted Paper & Paperboard Prods (No Contaners/Boxes) · SIC 2670 · Vertical: Paper and allied products (SIC 267x)
Big Tree Cloud Holdings Limited, listed on Nasdaq under the symbol DSY, built its business on feminine hygiene and personal care products sold in China, but sales in that segment collapsed in fiscal 2026 and the company is trying to pivot toward artificial intelligence technical services. Revenue from continuing operations fell to US$0.6 million from US$1.3 million the year before, and the company remains loss-making at the operating level.
At the close of 04 Nov 2026, Big Tree Cloud Holdings Limited (DSY) stock was 3.27 USD (−1.30% on the day), with market capitalisation 284.1 m USD, beta 0.09, 52-week range 1.77–12.12 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)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 3.14 – 3.54
- in the lower half of the band · %B 0.31 · band width 11.8%
- SMA 50 / 200
- 3.55 / 3.38
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.07
- 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 | −7.5% | −1.1% | −6.4 pp | — |
| 3 months | −2.2% | −0.5% | −1.7 pp | — |
| 6 months | +55.2% | +4.4% | +50.8 pp | — |
| Year to date | −40.2% | +12.3% | −52.5 pp | — |
| 1 year | −73.1% | +13.5% | −86.6 pp | −0.3% |
| 3 years | −98.5% | +76.4% | −174.9 pp | −12.1% |
| 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 | 2022 | 2023 | 2024 | ⚠ 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | 1.9 m | 6.3 m | 7.3 m | 1.3 m | 644.8 k |
| Revenue YoY | unavailable | +224.3% | +16.4% | — | −49.3% |
| Net income | -1.9 m | 279.6 k | 640.5 k | -32.5 m | -3.6 m |
| Net income YoY | unavailable | unavailable | +129.1% | — | unavailable |
| Diluted EPS | -0.04 | 0.01 | 0.25 | -8.00 | -0.77 |
| Diluted EPS YoY | unavailable | unavailable | +4,300.0% | — | unavailable |
| net % | -97.5% | 4.4% | 8.7% | -2,559.0% | -551.3% |
| Free cash flow | -1.9 m | 4.2 m | -1.8 m | -7.0 m | -3.4 m |
The series breaks before 2025: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 3.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.0 m USD
- Total assets
- 10.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.96x
- ROE
- -171.1%
- ROA
- -33.6%
- FCF margin
- -532.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 1.9 m | 6.3 m | 7.3 m | 1.3 m | 644.8 k | SEC (XBRL)· 26 Oct 2026verified |
| Cost of revenue | 846.3 k | 2.7 m | 2.4 m | 587.3 k | 599.5 k | SEC (XBRL)· 26 Oct 2026verified |
| Gross profit | 1.1 m | 3.6 m | 4.9 m | 683.9 k | 45.3 k | SEC (XBRL)· 26 Oct 2026verified |
| Research & development | — | — | 90.0 k | 30.0 k | 48.6 k | SEC (XBRL)· 26 Oct 2026verified |
| Operating income | -1.9 m | 670.8 k | -26.3 k | -38.2 m | -3.7 m | SEC (XBRL)· 26 Oct 2026verified |
| Depreciation & amortisation | 56.8 k | 705.8 k | 936.5 k | 645.6 k | 761.6 k | SEC (XBRL)· 26 Oct 2026verified |
| EBITDA | -1.9 m ≈ | 1.4 m ≈ | 910.2 k ≈ | -37.6 m ≈ | -3.0 m ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Interest expense | 1.8 k | 10.6 k | 75.4 k | 65.7 k | 257.4 k | SEC (XBRL)· 26 Oct 2026verified |
| Pre-tax income | -2.0 m | 308.3 k | 589.0 k | -32.3 m | -4.2 m | SEC (XBRL)· 26 Oct 2026verified |
| Income tax | -130.3 k | 28.8 k | -51.5 k | 228.9 k | -562.6 k | SEC (XBRL)· 26 Oct 2026verified |
| Net income | -1.9 m | 279.6 k | 640.5 k | -32.5 m | -3.6 m | SEC (XBRL)· 26 Oct 2026verified |
| Diluted EPS | -0.04 | 0.01 | 0.25 | -8.00 | -0.77 | SEC (XBRL)· 26 Oct 2026verified |
| Weighted average diluted shares | 50.0 m | 2.5 k | 2.6 m | 4.1 m | 4.6 m | SEC (XBRL)· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 363.5 k | 3.2 m | 748.1 k | 264.0 k | 3.1 m | SEC (XBRL)· 26 Oct 2026verified |
| Receivables | — | 211.4 k | 47.8 k | 175.1 k | — | SEC (XBRL)· 26 Oct 2026verified |
| Inventories | — | 626.2 k | 600.9 k | 13.4 k | — | SEC (XBRL)· 26 Oct 2026verified |
| Current assets | — | 6.3 m | 2.0 m | 3.8 m | 3.6 m | SEC (XBRL)· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 4.0 m | 3.6 m | 2.6 m | 2.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 2.5 k | 2.4 m | 2.0 m | 1.8 m | SEC (XBRL)· 26 Oct 2026verified |
| Total assets | — | 12.1 m | 9.0 m | 11.0 m | 10.2 m | SEC (XBRL)· 26 Oct 2026verified |
| Accounts payable | — | 683.4 k | 430.5 k | 186.0 k | 5.1 k | SEC (XBRL)· 26 Oct 2026verified |
| Current liabilities | — | 6.2 m | 7.1 m | 3.4 m | 3.8 m | SEC (XBRL)· 26 Oct 2026verified |
| Total liabilities | — | 11.5 m | 13.5 m | 9.9 m | 7.1 m | SEC (XBRL)· 26 Oct 2026verified |
| Equity | 453.2 k | 587.8 k | -4.6 m | 1.1 m | 3.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Shares outstanding at year end | — | — | 57.1 m | 87.0 m | — | SEC (XBRL)· 30 Oct 2025verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -1.9 m | 8.8 m | -1.5 m | -6.5 m | -3.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Capex | 24.2 k | 4.6 m | 288.7 k | 508.0 k | 11.4 k | SEC (XBRL)· 26 Oct 2026verified |
| Free cash flow | -1.9 m ≈ | 4.2 m ≈ | -1.8 m ≈ | -7.0 m ≈ | -3.4 m ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Investing cash flow | -24.2 k | -4.6 m | -2.5 m | 931.4 k | 1.9 m | SEC (XBRL)· 26 Oct 2026verified |
| Financing cash flow | 925.2 k | -1.2 m | 1.6 m | 5.1 m | 4.6 m | SEC (XBRL)· 26 Oct 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
1 indicators that do not apply to the sector.
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: 284.1 m USD
Key indicators
Coverage and freshness
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 | -551.3% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -53.2% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -14.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.2% | 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 sheet5/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 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
BIG TREE CLOUD HOLDINGS LIMITED (DSY). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 644.8 k USD in 2026; YoY growth -49.3%; net margin -551.3%; ROE -232.8%.
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: -551.3%
- Revenue CAGR 3Y: -53.2%
- Interest coverage: -14.5x
- Current ratio: 1.0x
- FCF yield: -1.2%
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
Paper and allied products (SIC 267x) · same industry group (3-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| KMBKimberly-Clark Corporation | 36.2 bn | 18.5 | 129.4% | 11.8% | −2.1% | −0% / −12% |
| AVYAvery Dennison Corporation | 14.5 bn | 20.8 | 30.8% | 7.6% | +1.1% | +12% / −1% |
| REYNReynolds Consumer Products Inc. | 5.3 bn | 16.4 | 14.3% | 8.5% | +0.7% | +1% / −4% |
| PACKRanpak Holdings Corp. | 288.2 m | — | -6.6% | -8.3% | +7.1% | −32% / −18% |
| DSYBig Tree Cloud Holdings Limited | 284.1 m | — | -232.8% | -551.3% | −49.3% | −73% / −98% |
| ITPIt Tech Packaging, Inc. | 2.1 m | — | -6.9% | -13.9% | −12.4% | −45% / −57% |
1- and 3-year price returns: for DSY 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.
In brief
Big Tree Cloud Holdings Limited, listed on Nasdaq under the symbol DSY, built its business on feminine hygiene and personal care products sold in China, but sales in that segment collapsed in fiscal 2026 and the company is trying to pivot toward artificial intelligence technical services. Revenue from continuing operations fell to US$0.6 million from US$1.3 million the year before, and the company remains loss-making at the operating level.
SWOT
Strengths
- The company owns a brand in the feminine hygiene category with several product series and a sterilization process that differentiates it, according to the annual report.
- The asset-light model removes the need to run its own factories and may reduce fixed costs, allowing the company to focus on the brand and on development.
- The company has already secured its first corporate clients for AI platform development services, which provides a starting point for expanding that activity.
Weaknesses
- Revenue from continuing operations is very small and has declined for two consecutive years, while the company reports a significant operating loss.
- Gross margin has fallen sharply, which shows that the cost and pricing structure no longer supports the core business in its current form.
- The company has had past Nasdaq listing compliance issues tied to market value and share price, and has relied on share issuances for financing.
Opportunities
- Artificial intelligence services for enterprises and for professional training could become a new growth driver if the company wins recurring clients.
- Consolidating the portfolio and focusing on the strongest products could improve operating efficiency and margins if the reorganization meets its goals.
- China's hygiene and personal care market remains large, and a brand with differentiated products could regain share if demand stabilizes.
Threats
- If AI revenue does not grow enough, the company could be left with a very small revenue base and operating costs it struggles to cover.
- Intense competition in the feminine product industry and supply chain pressures could prevent margins from returning to earlier levels.
- Risks tied to doing business in China and to the local regulatory framework could affect operations and access to financing.
Risks
- Going concern and financinghigh
Repeated operating losses and falling revenue could force the company to raise additional capital, which could dilute existing shareholders.
- Dependence on the new AI businesshigh
Revenue from AI services comes from a very small number of clients, and if those clients are not retained the company could lack a credible growth engine.
- Margin pressuremedium
The drop in gross margin shows the current model's exposure to costs and pricing, and without correction the business could remain unprofitable.
- Compliance with listing requirementsmedium
The company has received Nasdaq non-compliance notices in recent years, and if market value or the share price falls again, the risk of delisting could return.
- Risks from operating in Chinalow
All operations run through PRC subsidiaries, and regulatory changes or geopolitical tensions could affect access to customers, suppliers and capital.
Investment thesis
What would need to be true (bull case)
- If AI services attract recurring clients and grow over time, the company could turn a niche activity into a new revenue engine.
- The asset-light model and a smaller portfolio could lead to a more flexible cost structure that improves longer-term results.
- The brand and differentiated product processes could support a recovery in feminine hygiene sales if demand stabilizes.
What would break the thesis
- Core revenue has almost disappeared over two years, and the new AI business is still at an early stage and does not offset the decline.
- The gross margin and operating loss show that the current model is not profitable, and a recovery could require time and additional capital.
- A history of Nasdaq compliance issues and share issuances points to persistent financial pressure that could continue.
What to watch
- Development of AI services revenue and the number of clientsFiscal 2027
- Recovery of gross margin after the portfolio reorganizationNext annual report
- Need for additional capital and any new share issuances2027
- Progress on launching AI training services for graduates and e-commerce product-selection toolsNext annual report
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.
The business
The company is a Cayman Islands exempted company that carries out its business in China through operating subsidiaries and describes itself as a consumer-oriented, mission-driven and technology-empowered company that develops, produces, distributes and promotes personal care products under a consumer to manufacturer and merchant model, or C2M. Its flagship brand is Big Tree Cloud, under which it sells sterilized feminine pads and menstrual pants, while the sub-brand Yaluota targets a younger group. According to the annual report, the company sold its Dongguan manufacturing subsidiary in September 2024 and moved to an asset-light model in which products are made to order by third parties. The company is also in a transition phase, having entered AI technical services in 2026 with still modest revenue.
Segments
Feminine hygiene and personal care products
This is the company's historical core, covering sterilized feminine pads that use an ethylene oxide sterilization process, menstrual pants, and body and oral care products. Its share of revenue fell sharply: it represented 75.1% of net revenue in fiscal 2025 and only 0.6% in fiscal 2026, as sales volumes declined and the company scaled back this line.
Artificial intelligence technical services
A new segment launched at the start of 2026 that generated revenue from developing customized AI platforms for two enterprise clients. It accounted for 18.3% of net revenue from continuing operations in fiscal 2026. The company intends to develop AI training services for graduates and AI-powered product-selection tools for cross-border e-commerce, but these remain under development and have not generated material revenue.
Market context
The company operates in China's feminine hygiene and personal care market, a large arena in which it competes with local manufacturers and established brands. Its revenue from continuing operations contracted sharply over the last two years, from US$7.3 million in fiscal 2024 to US$1.3 million in fiscal 2025 and US$0.6 million in fiscal 2026. The market for AI services that the company is now entering is still forming, and demand for such services from a small player remains uncertain.
Trends
- Shrinking volumes and a narrower portfolioheadwind
Feminine product sales declined considerably, and the company exited accessory products and scaled back non-core lines. If this reorganization leads to a better-positioned product base, it could support margins over the longer term, but in the short term the lower volumes have weighed heavily on revenue.
- Pivot toward artificial intelligencemixed
The company is extending into AI services for corporate clients and individual users. If these services reach commercial scale they could become a new growth driver, but so far they have produced limited revenue and lack a consolidated operating history.
- Asset-light manufacturing modelmixed
After selling the Dongguan facility, the company produces through third parties on a make-per-order basis. This could reduce fixed costs and capital needs, but it gives suppliers more influence over product quality and delivery timing.
- Margin and cost pressureheadwind
Gross margin dropped from 53.8% in fiscal 2025 to 7.0% in fiscal 2026, which the company attributes partly to selling inventory with lower margins. Upstream supply chain pressures and intense competition had already weighed on margins, and a recovery depends on the success of the reorientation.
Competitive position
The sources reviewed do not identify the company's competitors in detail or provide a market share comparison. The annual report does note intensifying competition in China's feminine product industry, which contributed to the gross margin decline in fiscal 2025. In the AI services segment the company is at an early stage and competes for clients on technical capabilities it is still developing.
- Local Chinese manufacturers and brands of feminine hygiene products
The source cites intensifying competition in the Chinese feminine product market without naming individual firms.
- Independent contract manufacturers making products to order
The company now produces through third parties, implying it competes with a network of manufacturers for capacity.
- Providers of AI platform development for enterprises
The new AI services business enters a market with many providers, none of which are named in the source.
- AI skills assessment and training platforms
AI training services for graduates target an audience served by many education platforms, none identified in the source.
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)26 Oct 2026
- Annual report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)09 Apr 2026
- Current report (foreign issuer)06 Apr 2026
- Current report (foreign issuer)20 Mar 2026
- Current report (foreign issuer)10 Mar 2026
- Current report (foreign issuer)19 Feb 2026
- Current report (foreign issuer)12 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / Big Tree Cloud Holdings Limited · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.