olivLaw · US equity research
Primech Holdings Ltd PMEC
Services-To Dwellings & Other Buildings · SIC 7340 · Vertical: Services-To Dwellings & Other Buildings (SIC 7340)
Primech Holdings Ltd is a technology-driven facilities services provider operating mainly in Singapore, offering cleaning, maintenance and stewarding services to public and private clients. The company reported revenue of 78,0 million USD in fiscal 2026 alongside a net loss, which makes it relevant whether its expansion into robotics and the North American market can translate into profitability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Primech Holdings Ltd (PMEC) stock was 0.30 USD (−2.94% on the day), with market capitalisation 11.6 m USD, beta 0.27, 52-week range 0.30–1.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.26 – 0.59
- in the lower half of the band · %B 0.12 · band width 77.8%
- SMA 50 / 200
- 0.49 / 0.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- 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 | −49.0% | −1.1% | −47.9 pp | — |
| 3 months | −33.1% | −0.5% | −32.7 pp | — |
| 6 months | −54.1% | +4.4% | −58.5 pp | — |
| Year to date | −70.5% | +12.3% | −82.8 pp | — |
| 1 year | −76.7% | +13.5% | −90.2 pp | +19.3% |
| 3 years | −88.9% | +76.4% | −165.3 pp | +39.6% |
| 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 69.0 m | 72.5 m | 74.3 m |
| Revenue YoY | unavailable | +5.1% | +2.5% |
| Net income | -2.5 m | -3.2 m | -1.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.08 | -0.10 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.7% | -4.5% | -2.6% |
| Free cash flow | -5.2 m | -10.0 m | 6.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 10.1 m USD
- Financial debt
- 12.8 m USD
- Net debt
- 2.7 m USD
- Equity
- 14.7 m USD
- Total assets
- 41.2 m USD
- Debt / equity
- 0.87x
- Current ratio
- 1.39x
- ROE
- -13.1%
- ROA
- -4.5%
- FCF margin
- 8.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 69.0 m | 72.5 m | 74.3 m | SEC (XBRL)· 24 Jul 2025verified |
| Cost of revenue | 58.4 m | 59.9 m | 56.8 m | SEC (XBRL)· 24 Jul 2025verified |
| Gross profit | 10.6 m ≈ | 12.6 m ≈ | 17.5 m ≈ | SEC (XBRL)· 24 Jul 2025derived |
| Operating income | -2.1 m | -2.8 m | -948.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Interest expense | 723.0 k | 1.1 m | 789.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Pre-tax income | -2.6 m | -3.7 m | -1.8 m | SEC (XBRL)· 24 Jul 2025verified |
| Income tax | -10.0 k | -493.0 k | 456.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Net income | -2.5 m | -3.2 m | -1.9 m | SEC (XBRL)· 24 Jul 2025verified |
| Diluted EPS | -0.08 | -0.10 | -0.05 | SEC (XBRL)· 24 Jul 2025verified |
| Weighted average diluted shares | 32.5 m | 33.9 m | 37.6 m | SEC (XBRL)· 24 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.1 m | 7.6 m | 10.1 m | SEC (XBRL)· 24 Jul 2025verified |
| Receivables | 15.4 m | 18.5 m | 15.6 m | SEC (XBRL)· 24 Jul 2025verified |
| Inventories | 141.0 k | 55.0 k | 44.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Current assets | 27.4 m | 31.3 m | 29.0 m | SEC (XBRL)· 24 Jul 2025verified |
| Property, plant & equipment, net | 10.9 m | 10.1 m | 9.7 m | SEC (XBRL)· 24 Jul 2025verified |
| Goodwill | 693.0 k | 667.0 k | 391.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Intangibles (excl. goodwill) | 93.0 k | 21.0 k | 2.0 k | SEC (XBRL)· 24 Jul 2025verified |
| Total assets | 42.8 m | 45.5 m | 41.2 m | SEC (XBRL)· 24 Jul 2025verified |
| Accounts payable | 10.9 m | 9.4 m | 10.3 m | SEC (XBRL)· 24 Jul 2025verified |
| Short-term debt | — | 11.3 m | 8.5 m | SEC (XBRL)· 24 Jul 2025verified |
| Long-term debt | — | 5.7 m | 4.3 m | SEC (XBRL)· 24 Jul 2025verified |
| Current liabilities | 24.5 m | 22.7 m | 20.9 m | SEC (XBRL)· 24 Jul 2025verified |
| Total liabilities | 34.0 m | 30.5 m | 26.5 m | SEC (XBRL)· 24 Jul 2025verified |
| Equity | 8.8 m | 15.1 m | 14.7 m | SEC (XBRL)· 24 Jul 2025verified |
| Shares outstanding at year end | — | 35.6 m | 38.4 m | SEC (XBRL)· 24 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.2 m | -9.1 m | 7.4 m | SEC (XBRL)· 24 Jul 2025verified |
| Capex | 2.0 m | 909.0 k | 1.1 m | SEC (XBRL)· 24 Jul 2025verified |
| Free cash flow | -5.2 m ≈ | -10.0 m ≈ | 6.3 m ≈ | SEC (XBRL)· 24 Jul 2025derived |
| Investing cash flow | -1.1 m | -807.0 k | -1.0 m | SEC (XBRL)· 24 Jul 2025verified |
| Financing cash flow | 8.0 m | 8.2 m | -4.4 m | SEC (XBRL)· 24 Jul 2025verified |
| Dividends paid | 317.0 k | — | — | SEC (XBRL)· 23 Jul 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: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.6 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 3.04 – 5.88 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)3.04 – 5.88 (Mid 4.00)WACC 7.1% · starting FCFF 6.9 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.8% | 0 (on a fixed band) | 29% |
| Net margin · Quality | -2.6% | 17 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.4x | 49 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 54.4% | 100 (on a fixed band) | 24% |
| 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 sheet20/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality6/100 · 2/3 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
PRIMECH HOLDINGS LTD. (PMEC). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 74.3 m USD in 2025; YoY growth 2.5%; net margin -2.6%; ROE -13.0%.
The estimated value range is 3.04–5.88 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.00 USD, the price of 0.30 USD leaves a potential of 1,228.1% (value / price − 1) and a margin of safety of 92.5% (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: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 54.4%
- The price is below the estimated value range
What contradicts it
- ROIC: -3.8%
- Net margin: -2.6%
- Interest coverage: -1.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-To Dwellings & Other Buildings (SIC 7340) · 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 | |
|---|---|---|---|---|---|---|
| APGAPi Group Corporation | 18.7 bn | 54.4 | 10.9% | 4.1% | +12.7% | +11% / +118% |
| ROLRollins, Inc. | 18.3 bn | 35.2 | 36.0% | 13.2% | +11.0% | −38% / −6% |
| FTDRFrontdoor, Inc. | 6.4 bn | 24.6 | 101.9% | 12.8% | +13.6% | +72% / +170% |
| ABMAbm Industries Incorporated | 3.2 bn | 19.7 | 9.2% | 1.8% | +4.6% | +27% / +34% |
| PMECPrimech Holdings Ltd. | 11.6 m | — | -13.0% | -2.6% | +2.5% | −77% / −89% |
| ARAIArrive AI Inc. | 5.4 m | — | — | -52,935.3% | unavailable | −97% / unavailable |
| ABNBAirbnb, Inc. | — | — | 34.5% | 20.4% | +10.3% | +51% / +40% |
1- and 3-year price returns: for PMEC 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 29 Jul 2026; since then the company filed 6-K (27 Oct 2026), 6-K (16 Oct 2026), 6-K (14 Oct 2026), 6-K (24 Sept 2026), 6-K (01 Sept 2026), 6-K (26 Aug 2026).
In brief
Primech Holdings Ltd is a technology-driven facilities services provider operating mainly in Singapore, offering cleaning, maintenance and stewarding services to public and private clients. The company reported revenue of 78,0 million USD in fiscal 2026 alongside a net loss, which makes it relevant whether its expansion into robotics and the North American market can translate into profitability.
SWOT
Strengths
- The company has a long track record, high-grade registrations for public tenders and a stable base of institutional clients.
- A broad service range lets it offer a bundled package to clients, which reduces reliance on any single contract.
- The management team has long experience in project delivery and in cost estimation for tenders.
Weaknesses
- The company reported net losses in both periods reviewed and expects expenses to rise with its public company status.
- Operations are concentrated almost entirely in Singapore, and one large customer accounts for a significant share of revenue.
- Heavy reliance on labour makes costs sensitive to wage increases.
Opportunities
- Cleaning robots and digital platforms could expand capacity and open new types of contracts.
- The US subsidiary could provide access to a larger market for institutional cleaning automation.
- Converting HomeHelpy users into long-term contracts could diversify revenue from the residential segment.
Threats
- Tender competition could reduce prices and margins, particularly in stewarding.
- A recession or epidemic in Singapore could delay or cancel contracts, as occurred during 2020.
- Failure to renew the class 1 licence in 2028 could breach existing contracts and exclude the company from tenders.
Risks
- Recurring net losseshigh
The company has reported losses in the last two fiscal years and expects higher administrative costs. If revenue does not grow enough, profitability could remain negative.
- Customer concentrationhigh
One customer accounted for a significant share of revenue and two customers held a large share of receivables. Losing or reducing such a contract could materially affect revenue.
- Wage pressuremedium
Personnel costs make up most direct expenses, and the reduction in government subsidies has increased pressure on margins. If contract prices cannot be adjusted, profitability could decline.
- Class 1 licencemedium
The main licence expires in May 2028, and a 2019 incident could complicate renewal. Non-renewal could cut off access to public tenders.
- US and robotics expansionmedium
Entering new markets and selling robots requires investment and carries execution risk. The company acknowledges it cannot assure success of these plans, and costs could outweigh benefits.
Investment thesis
What would need to be true (bull case)
- If technology and cleaning robots lower labour costs, margins could improve as contract volumes stabilise.
- A high-grade licence position and long history could help the company win large public contracts, which could support revenue.
- Diversification across facilities, stewarding and office cleaning could reduce the impact of a decline in any one segment.
What would break the thesis
- Repeated net losses suggest the current model does not yet generate profit, and listing and expansion costs could deepen the deficit.
- Dependence on a few large clients and on Singapore leaves the company exposed to budget changes or a local downturn.
- Rising wages and tender competition could limit the company's ability to protect margins over the medium term.
What to watch
- Contribution of robots and the US subsidiary to revenue2027
- Renewal or change of contracts with main clients2027
- Renewal process for the class 1 licence2028
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 29 Jul 2026; since then the company filed 6-K (27 Oct 2026), 6-K (16 Oct 2026), 6-K (14 Oct 2026), 6-K (24 Sept 2026), 6-K (01 Sept 2026), 6-K (26 Aug 2026).
The business
Primech Holdings Ltd is a Singapore facilities services company with a technology focus that serves both public institutions and private clients. The group was assembled through acquisitions by its major shareholder Sapphire Universe from 2018, the holding company was incorporated in December 2020, and it listed in October 2023. Its stated mission is to support businesses through sound practices and ethics, and operations are concentrated almost entirely in Singapore, which generated 99.7% of fiscal 2026 revenue 1.
The model relies on its own workforce, with the group employing 3,117 people as of June 30, 2026 1. Subcontracting is limited to services such as external façade cleaning, waste management and pest control, and the company says it maintains standards through certifications and government licensing registers. The parent owns 100% of Primech A&P and Maint-Kleen, which hold high-grade registrations for public tenders.
In parallel, Primech launched its Primech AI subsidiary in 2024 focused on autonomous cleaning robots and set up Primech USA Inc. in 2025 as a step into North America. The HomeHelpy online platform, through which individual customers book services, had more than 1,500 registered members in March 2026, but revenue from residential services and from product and robot sales remained insignificant in the periods reviewed 1.
Segments
Stewarding services
The segment covers cleaning of kitchen facilities at healthcare facilities, hotels and restaurants, and supplying customer service officers and F&B crew. Revenue fell to 6,2 million USD in fiscal 2026 from 8,4 million USD, which the company attributes to heightened marketing competition in this segment 1.
Office cleaning
Office cleaning services rose slightly to 7,6 million USD in fiscal 2026 as businesses encouraged staff to return to the office rather than work remotely. The segment is smaller but draws on the same workforce and client base as the rest of the group 1.
Market context
The Singapore cleaning services market is highly fragmented, with more than 1,850 cleaning companies licensed by NEA as of June 29, 2026 1. Demand comes largely from public and institutional clients, and access to large projects depends on government registry grades and reputation. The company says it is among the top facilities providers in the country, but its precise market share is not stated in the source.
Trends
- Digitisation and automation of cleaningtailwind
The Singapore government supports technology adoption through industry transformation programmes, and the company is investing in autonomous cleaning robots and digital platforms. If these solutions reduce labour costs or raise service capacity, they could support margins over the longer term.
- Rising wage costsheadwind
New minimum wage thresholds under the Progressive Wage Model have raised personnel costs, which make up most direct expenses. If contract prices cannot be adjusted enough, margins could remain under pressure.
- Return to office and institutional demandmixed
Staff returning to offices has boosted demand for office cleaning, and new institutional clients have contributed to growth in facilities revenue. Whether this demand lasts depends on employers' work policies.
- Licensing regulationmixed
The shift to NEA's revised licensing framework ended the Clean Mark Gold programme, and the main subsidiary's class 1 licence expires in May 2028. Regulatory changes could limit access to public contracts if licences are not renewed.
Competitive position
The company competes with a large number of licensed cleaning firms in Singapore, which makes tenders contested and puts pressure on pricing. The company argues it differentiates itself through its track record, accreditations and the breadth of services it can offer a single client 1.
Competitive advantage rests on reputation, management experience and the ability to bid for public tenders with high-grade licences. If other providers invest faster in automation, pressure on market share could grow, particularly in stewarding, where competition has already reduced revenue 1.
- Other licensed cleaning providers in Singapore
The source does not name individual competitors but notes a market of more than 1,850 fragmented, tender-competing licensed firms.
- Stewarding and catering service firms
The company cites intensified competition in stewarding without naming specific firms.
- Building maintenance providers
Competition also comes from firms offering integrated maintenance bundles, which Primech covers through its in-house pest control and cleaning services.
- Cleaning robot companies
As the company expands its robot line and US presence, it will compete with cleaning technology providers that the source does not identify.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Annual report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)24 Jul 2026
- Current report (foreign issuer)09 Jul 2026
- Current report (foreign issuer)30 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Primech Holdings Ltd · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.