olivLaw · US equity research
MKDWELL Tech Inc. MKDW
Electronic & Other Electrical Equipment (No Computer Equip) · SIC 3600 · Vertical: Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600)
MKDWELL Tech Inc. designs and manufactures automotive electronics for passenger cars, modified commercial vehicles, camper vans and logistics vehicles, with a focus on AIoT systems. The company grew sales in 2025 but remains unprofitable, which matters for investors following the shift toward intelligent vehicle electronics.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MKDWELL Tech Inc. (MKDW) stock was 0.16 USD (−2.42% on the day), with market capitalisation 22.7 m USD, beta 0.02, 52-week range 0.15–12.00 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)
- 20.5
- oversold (≤ 30)
- Bollinger (20, 2)
- -0.10 – 1.21
- in the lower half of the band · %B 0.20 · band width 237.6%
- SMA 50 / 200
- 3.67 / 6.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.87 / -1.08
- 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 | −88.3% | −1.1% | −87.2 pp | — |
| 3 months | −98.6% | −0.5% | −98.2 pp | — |
| 6 months | −97.8% | +4.4% | −102.2 pp | — |
| Year to date | −96.6% | +12.3% | −109.0 pp | — |
| 1 year | −96.9% | +13.5% | −110.5 pp | +0.1% |
| 3 years | −99.9% | +76.4% | −176.4 pp | −7.0% |
| 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 | 3.2 m | 3.7 m | 2.0 m | 3.0 m |
| Revenue YoY | unavailable | +16.4% | −45.5% | +51.6% |
| Net income | -1.2 m | -2.1 m | -3.2 m | -3.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.09 | -3.33 | -4.50 | -0.66 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -38.6% | -56.3% | -157.9% | -104.0% |
| Free cash flow | -563.4 k | -2.1 m | -3.1 m | -1.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.1 k USD
- Financial debt
- 5.6 m USD
- Net debt
- 5.6 m USD
- Equity
- 4.9 m USD
- Total assets
- 18.4 m USD
- Debt / equity
- 1.15x
- Current ratio
- 1.23x
- ROE
- unavailable
- ROA
- -23.1%
- FCF margin
- -56.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 3.2 m | 3.7 m | 2.0 m | 3.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 2.1 m | 3.0 m | 1.8 m | 2.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 1.0 m | 673.7 k | 165.7 k | 188.4 k | SEC (XBRL)· 30 Apr 2026verified |
| Research & development | 721.3 k | 780.1 k | 705.7 k | 998.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | -900.3 k | -1.8 m | -2.8 m | -2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 299.6 k | 348.5 k | 459.1 k | 519.9 k | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | -600.7 k ≈ | -1.5 m ≈ | -2.4 m ≈ | -2.1 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | 390.0 k | 244.4 k | 398.0 k | 548.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | -1.2 m | -2.1 m | -3.2 m | -3.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | -1.2 m | -2.1 m | -3.2 m | -3.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | -0.09 | -3.33 | -4.50 | -0.66 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 14.8 m | 477.6 k | 559.6 k | 3.9 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 417.0 k | 924.4 k | 542.6 k | 24.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | — | 640.8 k | 820.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 363.0 k | 291.0 k | 250.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 2.7 m | 3.1 m | 12.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 3.7 m | 5.1 m | 4.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 299.8 k | 523.8 k | 487.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 9.2 m | 8.9 m | 18.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 304.7 k | 409.1 k | 812.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | 2.7 m | 2.6 m | 2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | 2.4 m | 2.8 m | 2.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 6.1 m | 10.9 m | 10.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 8.8 m | 14.1 m | 13.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 1.5 m | 334.6 k | -5.2 m | 4.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 18.6 m | 141.0 m | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -129.9 k | -1.3 m | -3.1 m | -1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 433.6 k | 752.9 k | 34.0 k | 528.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -563.4 k ≈ | -2.1 m ≈ | -3.1 m ≈ | -1.7 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -428.1 k | -1.3 m | -834.9 k | -10.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 605.7 k | 3.1 m | 3.6 m | 10.7 m | SEC (XBRL)· 30 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
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 10 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 22.7 m USD
Key indicators
Coverage and freshness
Score by group
- Quality0
- Growth28
- Valuation0
- Balance sheet25
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: 0.05 – 0.09 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 · the base of the ratio is not positive
- Peers: EV/Sales0.05 – 0.09 (Mid 0.07)4 companies used · median multiple 5.2x · quartiles 4.1x – 5.9xEMR, GE, GEV, OTIS
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
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
Unattractive profile · Score 10/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 6.2% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -88.0% | 0 (on a fixed band) | 10% |
| FCF margin · Quality | -56.8% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -1.3% | 0 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 51.6% | 83 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 25 (on a fixed band) | 7% |
| EV/Sales · Valuation | 9.3x | 0 (vs peers) | 19% |
| FCF yield · Valuation | -7.6% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial25/100 · 1/2 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality0/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation0/100 · 2/2 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
MKDWELL Tech Inc. (MKDW). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.0 m USD in 2025; YoY growth 51.6%; net margin -104.0%; ROE -401.0%.
The estimated value range is 0.05–0.09 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.07 USD, the price of 0.16 USD leaves a potential of -55.9% (value / price − 1) and a margin of safety of -126.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 10/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 51.6%
What contradicts it
- Gross margin: 6.2%
- EBIT margin: -88.0%
- FCF margin: -56.8%
- Revenue CAGR 3Y: -1.3%
- Current ratio: 1.2x
- EV/Sales: 9.3x
- FCF yield: -7.6%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600) · 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 | |
|---|---|---|---|---|---|---|
| GEGeneral Electric Company | 340.4 bn | 38.0 | 50.1% | 17.3% | +18.5% | +10% / +239% |
| GEVGE Vernova Inc. | 220.4 bn | 21.8 | 103.5% | 23.5% | +9.0% | +39% / unavailable |
| EMREmerson Electric Co. | 95.1 bn | 37.3 | 12.8% | 13.8% | +3.0% | +28% / +92% |
| OTISOtis Worldwide Corporation | 30.4 bn | 19.8 | — | 10.3% | +1.2% | −10% / −7% |
| MKDWMKDWELL Tech Inc. | 22.7 m | — | -401.0% | -104.0% | +51.6% | −97% / −100% |
| FXHOUTime Limited | 11.0 m | — | -328.7% | -14.2% | −17.7% | −89% / −100% |
| TRNRInteractive Strength Inc. | 2.0 m | — | -336.8% | -159.3% | +114.3% | −99% / −100% |
1- and 3-year price returns: for MKDW 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 (02 Nov 2026), 6-K (11 Sept 2026), 6-K (08 Sept 2026), 6-K (19 Aug 2026), 6-K (22 Jul 2026), 6-K (17 Jul 2026).
In brief
MKDWELL Tech Inc. designs and manufactures automotive electronics for passenger cars, modified commercial vehicles, camper vans and logistics vehicles, with a focus on AIoT systems. The company grew sales in 2025 but remains unprofitable, which matters for investors following the shift toward intelligent vehicle electronics.1
SWOT
Strengths
- Long experience in automotive electronics and internationally recognised quality certifications are strengths.1
- The ability to offer customised ODM and OEM solutions may attract customers needing diversified products.1
- In-house product development and the design centre in Hsinchu support technical innovation.1
Weaknesses
Opportunities
Risks
- Low profitabilityhigh
Very thin gross margins and repeated net losses show the current business model does not yet generate profit.1
- Customer concentrationhigh
Dependence on a few large customers could cause sudden revenue drops if they reduce orders.1
- Dilution from debt conversionsmedium
Debt-to-equity conversions and convertible notes have increased the number of shares outstanding.1
- Supply chainmedium
Shortages of chips and components could interrupt production and raise raw material costs.1
- Nasdaq compliancelow
The company has received past notices on share value and minimum bid price, and rules could require further measures.1
Investment thesis
What would need to be true (bull case)
- If the sales growth of 2025 holds and margins improve, the company could turn higher volumes into better results.
- Long-term contracts with existing customers could provide a steadier base for production planning.
- Expansion into smart home electronics and AIoT solutions could diversify revenue sources.
What would break the thesis
- If margins stay close to zero, sales growth may not translate into profit, and losses could continue.
- Dependence on a few large customers could make revenue unstable if they shift orders to other suppliers.
- Funding through conversions and dilution could limit value for existing shareholders.
What to watch
- Trend in gross margin compared with the 2025 levelQ1 2027
- Share of the largest customers in total revenue2027
- Trend in net loss and research and development costsnext 10-K
- Status of long-term cooperation agreements with existing customers2027
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 (02 Nov 2026), 6-K (11 Sept 2026), 6-K (08 Sept 2026), 6-K (19 Aug 2026), 6-K (22 Jul 2026), 6-K (17 Jul 2026).
The business
The MKD Group, founded in 2006 and headquartered in Hsinchu Science Park in Taiwan, develops and produces automotive electronics, including intelligent camper van control systems, LiDAR sensors, intelligent container control systems for logistics vehicles and vehicle seat control systems.1 Products are mainly manufactured in Jiaxing, Zhejiang province, China, and supplied to customers through customized ODM and OEM services.1 The company describes its business model as selling hardware installed with cloud software services.1
The structure is a holding company incorporated in the British Virgin Islands, with operations run through MKD Taiwan, MKD Jiaxing and MKD Shanghai.1 The company became listed on Nasdaq after its business combination with Cetus Capital, completed on July 31, 2024, and moved to the Nasdaq Capital Market in March 2025.1
Main customers are based in mainland China and Taiwan and include automobile and automotive component manufacturers, as well as industrial and consumer electronics manufacturers.1 Sales are concentrated on a few large customers, with which the company entered long-term cooperation agreements in 2025.1
Segments
Sales of manufactured electronic products
This is the largest segment and grew strongly in 2025, driven by larger orders from existing customers under long-term cooperation agreements.1 It is the main driver of revenue growth.1
Commissioned processing services
Revenue from this segment declined slightly in 2025, as the company focused its resources on selling manufactured products to expand total sales.1
Market context
The automotive industry increasingly integrates electronics, from traditional systems to hybrid and new energy vehicles, and both the pre-installation and aftermarket offer significant opportunities.1 Competition has intensified, with homogeneous suppliers and joint ventures involving automobile factories.1 The company also notes that chip and component supply chains can be disrupted, which could affect raw material costs.1
The camper van and logistics vehicle segments depend on end-customer demand and market dynamics, and market saturation or price reduction demands from customers could limit revenue growth.1
Trends
- Advanced automotive electronicstailwind
Rising electronic content in vehicles supports demand for the control systems and sensors the company produces.1
- Intensifying competitionheadwind
The emergence of homogeneous suppliers and automaker joint ventures could pressure prices and margins.1
- Supply chain risksheadwind
Shortages of chips and components and rising raw material costs could affect deliveries and profitability.1
- Long-term contracts with existing customersmixed
Long-term cooperation agreements signed in 2025 offer a more stable base for volumes, but they concentrate revenue.1
Competitive position
The company operates in a competitive market where automotive electronics suppliers compete on price, technology and production capacity.1 Direct competitors are not named in the source, and competitive pressure is described as increasing.1
Stated strengths include certifications such as IATF 16949 and ISO 9001, but competition from automakers building their own capabilities could reduce the company's market share.1
- Homogeneous automotive electronics suppliers
The source does not identify the firms but mentions suppliers with similar products competing directly.
- Automaker joint ventures
Partnerships between automakers and suppliers can take over electronics activity, narrowing the company's market space.
- Industrial electronics manufacturers
Competition also comes from industrial and consumer electronics suppliers in China and Taiwan.
- Camper and logistics system suppliers
Specialised firms in camper vans and logistics may offer similar solutions to the same customer segments.
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)02 Nov 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)17 Jul 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)30 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / MKDWELL Tech Inc. · 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.