olivLaw · US equity research
BingEx Limited FLX
Trucking & Courier Services (No Air) · SIC 4210 · Vertical: Trucking & Courier Services (No Air) (SIC 4210)
BingEx (FlashEx) is a pioneer of on-demand dedicated courier services in China, delivering documents and goods with one dedicated courier per order. It returned to profit in fiscal 2025 after a loss the year before, while revenue eased from the prior year, which keeps margin trends in focus. The company has been listed on Nasdaq since October 2024 under the symbol FLX.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BingEx Limited (FLX) stock was 1.51 USD (+0.67% on the day), with market capitalisation 331.3 m USD, P/E 21.6 on diluted EPS of 0.07 USD over the last 12 months, beta 0.06, 52-week range 0.80–4.16 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)
- 52.4
- neutral
- Bollinger (20, 2)
- 1.44 – 1.55
- in the upper half of the band · %B 0.65 · band width 6.9%
- SMA 50 / 200
- 1.48 / 2.23
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- 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 | −0.7% | −1.1% | +0.4 pp | — |
| 3 months | −27.1% | −0.5% | −26.6 pp | — |
| 6 months | −43.0% | +4.4% | −47.4 pp | — |
| Year to date | −52.5% | +12.3% | −64.8 pp | — |
| 1 year | −58.7% | +13.5% | −72.3 pp | −0.4% |
| 3 years | unavailable | +76.4% | unavailable | −19.9% |
| 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.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 45.4, median 45.4, max 45.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | 612.1 m | 570.9 m |
| Revenue YoY | unavailable | unavailable | unavailable | −6.7% |
| Net income | unavailable | unavailable | -20.1 m | 15.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -3.3% | 2.7% |
| Free cash flow | unavailable | unavailable | 144.0 k | 14.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 80.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 119.5 m USD
- Total assets
- 184.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- 14.1%
- ROA
- 8.9%
- FCF margin
- 2.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 612.1 m | 570.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Cost of revenue | 544.9 m | 503.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Gross profit | 67.2 m | 67.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | 19.7 m | 12.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Operating income | -3.5 m | 6.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | -20.1 m | 15.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | 9.0 k | 40.0 k | SEC (XBRL)· 24 Apr 2026verified |
| Net income | -20.1 m | 15.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | — | 0.07 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 103.7 m | 208.6 m | SEC (XBRL)· 24 Apr 2026verified |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 81.2 m | 80.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | 2.3 m | 5.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | 117.6 m | 147.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | 505.0 k | 278.0 k | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | 169.3 m | 184.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | 30.6 m | 32.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | 62.9 m | 62.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | 66.9 m | 64.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Equity | 102.3 m † | 119.5 m † | SEC (XBRL)· 24 Apr 2026verified |
| Shares outstanding at year end | 213.4 m | 219.4 m | SEC (XBRL)· 24 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 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 300.0 k | 14.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | 156.0 k | 19.0 k | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | 144.0 k ≈ | 14.1 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | -68.2 m | -15.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | 59.4 m | -8.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Share repurchases | — | 7.8 m | SEC (XBRL)· 24 Apr 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 331.3 m USD
Key indicators
Coverage and freshness
Score by group
42% · 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: 0.69 – 1.63 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/E0.69 – 1.63 (Mid 1.22)4 companies used · median multiple 17.4x · quartiles 9.8x – 23.2xHXHX, TFII, UPS, ZTO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.7% | 43 (vs peers) | 15% |
| FCF conversion · Quality | 90.4% | 86 (on a fixed band) | 15% |
| 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 | 2.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 21.6x | 38 (on a fixed band) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 53 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation45/100 · 2/3 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
BingEx Limited (FLX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 570.9 m USD in 2025; YoY growth -6.7%; net margin 2.7%; ROE 14.1%.
The estimated value range is 0.69–1.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.22 USD, the price of 1.51 USD leaves a potential of -19.2% (value / price − 1) and a margin of safety of -23.8% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 90.4%
- Current ratio: 2.3x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Trucking & Courier Services (No Air) (SIC 4210) · same industry (4-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc. | 16.3 bn | 12.9 | 14.4% | 18.5% | +15.7% | −0% / −8% |
| TFIITfi International Inc. | 8.5 bn | 26.9 | 11.6% | 3.9% | −6.1% | +15% / −15% |
| FLXBingEx Limited | 331.3 m | 21.6 | 14.1% | 2.7% | −6.7% | −59% / unavailable |
| ETSElite Express Holding Inc. | 85.7 m | — | -31.2% | -169.2% | unavailable | +214% / unavailable |
| TOPPToppoint Holdings Inc. | 2.8 m | — | -58.6% | -35.7% | +3.2% | −91% / unavailable |
| UPSUnited Parcel Service, Inc. | — | 22.0 | 28.7% | 4.8% | −2.6% | +19% / −25% |
| SFWLShengfeng Development Limited | — | — | 9.6% | 2.1% | +13.6% | −71% / −98% |
| HXHXHaoxin Holdings Limited | — | 0.6 | 17.3% | 12.0% | +29.2% | −69% / unavailable |
1- and 3-year price returns: for FLX 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 | 0.82 Total return -46% · Per year -46% | 1.46 Total return -3% · Per year -3% | 2.21 Total return 46% · Per year 46% |
| 3 years | 0.65 Total return -57% · Per year -24% | 1.32 Total return -13% · Per year -4% | 2.21 Total return 46% · Per year 14% |
| 5 years | 0.52 Total return -66% · Per year -19% | 1.19 Total return -21% · Per year -5% | 2.21 Total return 46% · Per year 8% |
- Exit P/E± 0.33
- Net margin± 0.23
- Annual revenue growth± 0.21
- Annual dilution± 0.02
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 24 Apr 2026; since then the company filed 6-K (20 Aug 2026), 6-K (21 May 2026), 6-K (19 May 2026).
In brief
BingEx (FlashEx) is a pioneer of on-demand dedicated courier services in China, delivering documents and goods with one dedicated courier per order. It returned to profit in fiscal 2025 after a loss the year before, while revenue eased from the prior year, which keeps margin trends in focus. The company has been listed on Nasdaq since October 2024 under the symbol FLX.
SWOT
Strengths
- A recognized brand in its category, with a large rider network and coverage across hundreds of cities.
- A dedicated-courier model with very low loss rates and short delivery times.
- A flexible, pay-per-order cost structure that allows rapid expansion.
Weaknesses
- Reliance on a large base of independent contractors, with thin margins.
- Uneven profitability, with a loss in the past and only a small profit in the latest year.
- High selling and R&D spending that weighs on profitability.
Opportunities
- Expansion into new cities and growth in the business-customer segment.
- Further improvement of dispatch technology and route efficiency.
- Tailored services for manufacturers and e-commerce platforms.
Threats
- Intense competition from better-funded players and possible new entrants.
- The risk that the independent status of couriers is legally challenged.
- Slower consumer spending and regulatory change in China.
Risks
- Reliance on independent couriershigh
If authorities reclassified courier status, costs and the business model could be significantly affected.
- VIE structurehigh
Investors hold equity in a Cayman holding company. If Chinese authorities judge the contractual arrangements non-compliant, the company could lose control of its operations.
- Price competitionmedium
Pricing changes could reduce competitiveness or customer acquisition, especially in a market with well-funded rivals.
- Reputational riskmedium
Incidents involving couriers or service quality can spread quickly through social media and damage the brand.
- ADS price volatilitylow
The ADS trading price is described as likely to be volatile, which could cause substantial losses for investors.
Investment thesis
What would need to be true (bull case)
- If gross margin keeps rising, profitability could become more solid as order volume grows.
- The FlashEx brand and dedicated-courier model could support premium pricing and customer loyalty.
- A pay-per-order cost structure could allow expansion into new cities with modest investment.
What would break the thesis
- If order volume keeps falling, revenue could remain under pressure and weigh on profitability.
- Reclassification of couriers could raise costs and fundamentally change the business model.
- The VIE structure carries legal risks that could limit investor access to operations in China.
What to watch
- Order volume and revenue trendsQ1 2027
- Gross margin and rider cost as a share of revenue2027
- Any change in the legal status of couriersnext 10-K
- Competitive dynamics and pricing policy2027
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 24 Apr 2026; since then the company filed 6-K (20 Aug 2026), 6-K (21 May 2026), 6-K (19 May 2026).
The business
The company provides on-demand dedicated courier services to individual and business customers under the 'FlashEx' brand. Each order is picked up and delivered by one courier without being combined with other orders, which supports its promise of time certainty and safety. Operations cover 298 cities in China, with approximately 3.1 million registered riders 1.
The business model relies on a crowd-sourced rider force: couriers are independent service providers paid per order, which keeps fixed costs low and allows fast expansion into new cities. The average price per order was RMB16.0 in fiscal 2025 1. A proprietary pricing and dispatch system adjusts fees based on distance, weight and real-time demand 1.
The company organizes control through entities in the Cayman Islands, Hong Kong and China, with a PRC operating company (the VIE) holding the internet services licence 1. For ADS investors, this means they hold equity in a Cayman holding company rather than in the operating entities in China 1.
Segments
Individual customers
Individuals use the service for urgent, high-value deliveries such as cakes, flowers or documents. The source describes this group as relatively young, well educated and tech-savvy 1.
Business customers
Local merchants, SMEs, fine dining restaurants and e-commerce platforms use the service for expedited shipping. The company states it does not rely on any large business customer, as its base is diversified 1.
Market context
China's on-demand courier market is described as new and rapidly evolving, and demand depends on individual consumption and local retail. The company notes that economic slowdowns and shifts in consumer spending could affect order volumes 1. Competition is intense, with several established players and possible new entrants 1.
Operating efficiency is a key lever: average local delivery time fell to 26 minutes in fiscal 2025, while rider remuneration remained about 84.5% of revenue 1. Gross margin rose from 8.7% to 11.8% over three years, showing progress on this front 1.
Trends
- Gross margin expansiontailwind
Gross margin has grown steadily in recent years, suggesting that route and rider-cost optimization is working. If the trend holds, profitability could become more predictable.
- Lower order volumeheadwind
Order count fell in fiscal 2025 compared with earlier years, which could signal demand pressure or tougher competition. If the decline continues, revenue could stay under pressure.
- Individual consumption in Chinamixed
Demand depends on consumer purchasing power and local retail sales. Macroeconomic shifts could influence customer behaviour in either direction.
- Sector regulationmixed
Government policy and delivery regulation can change market conditions. The company notes that how new rules will shape the industry is uncertain, which could bring both constraints and opportunities.
Competitive position
The company says it operates in a highly competitive market with several on-demand delivery providers, some with greater financial and marketing resources than its own 1. To keep margins and market share, it must monitor competitor pricing, adjust its own offers and control costs 1.
The company differentiates on dedicated couriers, time certainty and delivery safety, including a passcode verification step for recipients 1. The source does not name competitors listed on US exchanges, so no ticker symbols are given.
- Local on-demand delivery providers in China
The source mentions several players in on-demand delivery without naming them.
- Order-merge delivery platforms
The company contrasts its model with providers that merge multiple orders, without naming any.
- Established players with larger marketing budgets
The source says some rivals can devote more financial and marketing resources, without identifying them.
- New market entrants
The risk of new entrants is mentioned as possible, with no names given 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)20 Aug 2026
- Current report (foreign issuer)21 May 2026
- Current report (foreign issuer)19 May 2026
- Annual report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)19 Nov 2025
- Current report (foreign issuer)19 Aug 2025
- Current report (foreign issuer)22 May 2025
- Annual report (foreign issuer)25 Apr 2025
- Current report (foreign issuer)12 Mar 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / BingEx Limited · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.