olivLaw · US equity research
Multi Ways Holdings Ltd MWG
Miscellaneous Manufacturing Industries · SIC 3990 · Vertical: Miscellaneous Manufacturing Industries (SIC 3990)
Multi Ways Holdings Ltd supplies heavy construction equipment for sale and rental from Singapore to customers across the region, positioning itself as a one-stop supplier of used and new machinery. Revenue grew strongly in fiscal 2025, led by equipment sales, but the company remains small and dependent on a few large customers.
At the close of 05 Nov 2026, Multi Ways Holdings Ltd (MWG) stock was 1.33 USD (−5.67% on the day), with market capitalisation 44.3 m USD, dividend yield 25.66%, beta 0.42, 52-week range 1.14–3.79 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)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- 1.37 – 1.55
- below the lower band · %B -0.19 · band width 12.9%
- SMA 50 / 200
- 1.37 / 1.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.02
- 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 | −2.2% | −1.1% | −1.1 pp | — |
| 3 months | +15.7% | −0.5% | +16.1 pp | — |
| 6 months | −28.1% | +4.4% | −32.5 pp | — |
| Year to date | −50.0% | +12.3% | −62.3 pp | — |
| 1 year | −51.1% | +13.5% | −64.6 pp | +1.6% |
| 3 years | −44.1% | +76.4% | −120.5 pp | +41.8% |
| 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 29.9 m | 33.4 m | 38.4 m | 36.0 m | 31.1 m | 44.8 m |
| Revenue YoY | unavailable | +11.8% | +14.8% | −6.1% | −13.7% | +44.1% |
| Net income | 1.3 m | 1.8 m | 978.0 k | 1.8 m | -2.9 m | -433.0 k |
| Net income YoY | unavailable | +36.5% | −45.7% | +82.9% | −259.5% | unavailable |
| Diluted EPS | 0.05 | 0.07 | 0.04 | 0.59 | -0.90 | -0.11 |
| Diluted EPS YoY | unavailable | +40.0% | −42.9% | +1,375.0% | −252.5% | unavailable |
| net % | 4.4% | 5.4% | 2.5% | 5.0% | -9.2% | -1.0% |
| Free cash flow | 1.0 m | unavailable | 93.0 k | -1.9 m | -13.5 m | 6.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 22.7 m USD
- Total assets
- 61.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.57x
- ROE
- -2.0%
- ROA
- -0.7%
- FCF margin
- 13.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 29.9 m | 33.4 m | 38.4 m | 36.0 m | 31.1 m | 44.8 m | SEC (XBRL)· 08 May 2026verified |
| Cost of revenue | 23.0 m | 24.0 m | 28.6 m | 27.4 m | 21.4 m | 33.7 m | SEC (XBRL)· 08 May 2026verified |
| Gross profit | 6.8 m | 9.4 m | 9.7 m | 8.7 m | 9.7 m | 11.1 m | SEC (XBRL)· 08 May 2026verified |
| Operating income | -605.0 k | 1.6 m | 1.5 m | -3.1 m | -1.9 m | 772.0 k | SEC (XBRL)· 08 May 2026verified |
| Interest expense | 858.0 k | 716.0 k | 748.0 k | 1.1 m | 1.5 m | 1.7 m | SEC (XBRL)· 08 May 2026verified |
| Pre-tax income | 1.3 m | 2.0 m | 1.6 m | 1.7 m | -3.2 m | -433.0 k | SEC (XBRL)· 08 May 2026verified |
| Income tax | 3.0 k | 230.0 k | 529.0 k | -53.0 k | -310.0 k | — | SEC (XBRL)· 23 May 2025verified |
| Net income | 1.3 m | 1.8 m | 978.0 k | 1.8 m | -2.9 m | -433.0 k | SEC (XBRL)· 08 May 2026verified |
| Diluted EPS | 0.05 | 0.07 | 0.04 | 0.59 | -0.90 | -0.11 | SEC (XBRL)· 08 May 2026verified |
| Weighted average diluted shares | — | 24.8 m | 24.8 m | 2.9 m | 3.2 m | 3.8 m | SEC (XBRL)· 08 May 2026verified |
| Dividend per share | — | — | 0.00 | 0.34 | — | — | SEC (XBRL)· 15 May 2024derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 1.5 m | 1.0 m | 7.1 m | 3.3 m | 1.9 m | SEC (XBRL)· 08 May 2026verified |
| Receivables | — | 5.7 m | 8.0 m | 5.3 m | 6.2 m | 7.0 m | SEC (XBRL)· 08 May 2026verified |
| Inventories | — | 32.9 m | 31.4 m | 36.7 m | 45.1 m | 42.4 m | SEC (XBRL)· 08 May 2026verified |
| Current assets | — | 45.1 m | 44.1 m | 52.4 m | 65.0 m | 57.0 m | SEC (XBRL)· 08 May 2026verified |
| Property, plant & equipment, net | — | 7.7 m | 7.2 m | 1.8 m | 1.6 m | 1.4 m | SEC (XBRL)· 08 May 2026verified |
| Total assets | — | 54.6 m | 52.8 m | 58.0 m | 69.6 m | 61.9 m | SEC (XBRL)· 08 May 2026verified |
| Accounts payable | — | 4.4 m | 4.8 m | 4.8 m | 6.9 m | 5.7 m | SEC (XBRL)· 08 May 2026verified |
| Current liabilities | — | 40.7 m | 41.2 m | 31.5 m | 44.8 m | 36.3 m | SEC (XBRL)· 08 May 2026verified |
| Total liabilities | — | 49.3 m | 46.5 m | 36.2 m | 49.5 m | 39.3 m | SEC (XBRL)· 08 May 2026verified |
| Equity | 15.7 m | 5.4 m | 6.3 m | 21.8 m | 20.1 m | 22.7 m | SEC (XBRL)· 08 May 2026verified |
| Shares outstanding at year end | — | — | 24.8 m | 30.8 m | 33.3 m | — | SEC (XBRL)· 23 May 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.7 m | 5.6 m | 910.0 k | 55.0 k | -12.9 m | 6.4 m | SEC (XBRL)· 08 May 2026verified |
| Capex | 637.0 k | — | 817.0 k | 2.0 m | 598.0 k | 202.0 k | SEC (XBRL)· 08 May 2026verified |
| Free cash flow | 1.0 m ≈ | — | 93.0 k ≈ | -1.9 m ≈ | -13.5 m ≈ | 6.2 m ≈ | SEC (XBRL)· 08 May 2026derived |
| Investing cash flow | -565.0 k | 343.0 k | -1.1 m | 6.8 m | 26.0 k | -235.0 k | SEC (XBRL)· 08 May 2026verified |
| Financing cash flow | -899.0 k | -4.8 m | -296.0 k | -875.0 k | 9.2 m | -7.3 m | SEC (XBRL)· 08 May 2026verified |
| Dividends paid | — | — | 77.0 k | 10.5 m | — | — | SEC (XBRL)· 15 May 2024verified |
≈ 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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 44.3 m USD
Key indicators
Coverage and freshness
Score by group
33% · 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: 4.48 – 6.03 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 · 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)4.48 – 6.03 (Mid 5.14)
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.0% | 38 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.3% | 44 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.9% | 100 (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 sheet26/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
Multi Ways Holdings Limited (MWG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 44.8 m USD in 2025; YoY growth 44.1%; net margin -1.0%; ROE -2.0%.
The estimated value range is 4.48–6.03 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.14 USD, the price of 1.33 USD leaves a potential of 286.7% (value / price − 1) and a margin of safety of 74.1% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 13.9%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 0.5x
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
Miscellaneous Manufacturing Industries (SIC 3990) · same industry (4-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| AMCRAmcor PLC | 22.4 bn | 20.4 | 9.4% | 4.7% | +56.6% | +14% / +2% |
| DAKTDaktronics, Inc. | 925.3 m | 19.6 | 16.2% | 5.7% | +10.9% | +2% / +84% |
| HCAIHuachen AI Parking Management Technology Holding Co., Ltd | 85.8 m | — | -402.1% | -642.6% | −83.9% | −75% / unavailable |
| MWGMulti Ways Holdings Limited | 44.3 m | — | -2.0% | -1.0% | +44.1% | −51% / −44% |
| VTSIVirTra, Inc. | 30.6 m | — | -6.1% | — | unavailable | −46% / −63% |
| DOGZDogness (International) Corporation | 8.7 m | — | -32.0% | -173.9% | −23.3% | −95% / −81% |
| JCSEJe Cleantech Holdings Limited | 8.1 m | 3.2 | 18.3% | 15.9% | +11.8% | +36% / +66% |
| WFFWF Holding Ltd | 5.7 m | — | -127.3% | -64.4% | +61.9% | −63% / unavailable |
| ODCOil-Dri Corporation of America | — | — | 20.5% | 11.5% | +1.7% | +26% / +142% |
| BRCBrady Corp | — | — | 16.1% | 12.4% | +9.8% | +2% / +42% |
1- and 3-year price returns: for MWG 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
Multi Ways Holdings Ltd supplies heavy construction equipment for sale and rental from Singapore to customers across the region, positioning itself as a one-stop supplier of used and new machinery. Revenue grew strongly in fiscal 2025, led by equipment sales, but the company remains small and dependent on a few large customers 1.
SWOT
Strengths
- Long experience in the field, a broad range of equipment and complementary services that support its position as a full-service supplier 1.
- Exclusive dealership agreements and relationships with regional suppliers, which can secure access to equipment in demand 1.
- Revenue growth in fiscal 2025 and a broader customer base across several countries 1.
Weaknesses
Opportunities
- Expansion into new regional markets and development of the services segment could add revenue 1.
- New dealerships with Chinese manufacturers could open access to modern equipment for local customers 1.
- Demand from infrastructure and construction sectors could support sales in coming years if projects proceed 1.
Risks
- Customer concentrationhigh
A small number of customers generates an important part of revenue, making the company sensitive to losing one of them 1.
- Volatile purchase costshigh
Increases in the price of finished goods could reduce margins if they are not passed on to customers 1.
- Recent net lossesmedium
The company reported net losses in several recent periods, and results could remain fragile 1.
- Dependence on dealership agreementsmedium
Exclusive arrangements may be limited in time and could be renewed on different terms 1.
- Capital structure and dilutionmedium
Share issuances, warrants and the reverse share split could dilute existing shareholders and affect liquidity 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in sales in fiscal 2025 and geographic diversification suggest the business model can support expansion 1.
- New dealerships with major manufacturers could bring competitive products and new customers in Singapore 1.
- Complementary services and long experience could deepen customer relationships and support margins over the long term 1.
What would break the thesis
What to watch
- Trend in margins and in the cost of finished goodsnext 10-K
- Concentration of revenue among large customers2027
- Renewal or extension of exclusive dealership agreements2027
- Return to net profitabilitynext 10-K
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 supplies a wide range of heavy construction equipment for sale and rental in Singapore and the surrounding region, with more than two decades of experience in the business 1. Most of its fleet is used equipment bought from long-standing suppliers, and customers come from Singapore, Canada, Taiwan, Malaysia, Australia, the UAE, the Maldives, Indonesia and the Philippines 1. It also offers complementary services such as maintenance, repair, transport, machinery cleaning and crane operators, positioning itself as a one-stop shop for customers 1.
Revenue is split into three components: equipment sales, rental and services, with equipment sales making up the largest part of the top line 1. The company listed on NYSE American in April 2023 and has since adjusted its capital structure through a reverse share split and a dual-class share re-designation 1.
Over recent years the company has widened its product range from generators and compressors to earth-moving, material-handling and road-building equipment, and in 2025 it entered exclusive dealership arrangements with Chinese manufacturers 1. These arrangements could strengthen its local position, but their value depends on the terms of each agreement 1.
Segments
Equipment sales
This is the largest source of revenue, making up most of the fiscal 2025 top line and showing the largest increase over the prior year 1. Revenue depends on customer purchases from construction, mining and oil and gas sectors, and purchase costs from suppliers influence margins 1.
Market context
The heavy equipment market in Singapore and the region depends on construction, infrastructure, mining and oil and gas activity, sectors that react to investment cycles 1. The company operates in an environment of intense price competition and inflationary pressure on purchase costs 1.
Demand from Singapore customers rose in fiscal 2025, while Taiwan and other countries added new revenue, pointing to geographic diversification 1. If demand in these markets holds, the company could keep growing, but it remains exposed to swings from a few large customers 1.
Trends
- Rising demand for equipmenttailwind
Equipment sales grew significantly in fiscal 2025, indicating stronger demand from construction and mining customers 1.
- Pressure on purchase costsheadwind
The cost of finished goods rose because of inflation, labour shortages and supply chain disruption, and the company expects continued fluctuations in margins 1.
- Exclusive dealerships with Chinese manufacturersmixed
Agreements with Shantui, SANY and Sinotruk open access to new products but are limited in time and depend on contract terms 1.
- Customer concentrationheadwind
Revenue is concentrated in a few large customers, and losing one of them could materially affect results 1.
Competitive position
The company competes with other distributors and rental providers of heavy equipment in Singapore and the region, on price, availability and delivery speed 1. The sources do not explicitly identify US-listed competitors, and its main advantage lies in its long experience and broad equipment range 1.
Differentiation rests on complementary services, the ability to offer a one-stop solution and relationships with regional suppliers 1. If competitors offer better prices or faster delivery, the company's position could be affected 1.
- Local heavy equipment distributors in Singapore
Competitors in the same regional market, referred to in general terms in the source without detailed financial data.
- Chinese manufacturers and dealers (Shantui, SANY, Sinotruk)
Suppliers with which the company has agreements, but which could also become direct alternatives for customers.
- Regional crane and equipment rental providers
Competitors in the rental segment, where the company has relatively stable revenue.
- Maintenance and transport service providers
Competitors in the services component, which contributes a smaller part of revenue.
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
- Annual report (foreign issuer)08 May 2026
- Current report (foreign issuer)12 Feb 2026
- Current report (foreign issuer)23 Dec 2025
- Current report (foreign issuer)04 Dec 2025
- Current report (foreign issuer)27 Oct 2025
- Current report (foreign issuer)10 Oct 2025
- Current report (foreign issuer)26 Sept 2025
- Current report (foreign issuer)15 Sept 2025
- Current report (foreign issuer)16 Jun 2025
- Current report (foreign issuer)29 May 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Multi Ways Holdings Ltd · 08 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.