olivLaw · US equity research
PTL Limited PTLE
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) · SIC 5172 · Vertical: Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172)
PTL Limited is a marine fuel bunkering facilitator in Hong Kong that supplies commercial vessels across the Asia Pacific region. For fiscal 2025 revenue fell 27.0% from the prior year, driven by lower fuel volumes delivered, and the company still posted a net loss, so its trajectory is worth watching closely.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PTL Limited (PTLE) stock was 9.57 USD (+1.27% on the day), with market capitalisation 121.4 m USD, beta 0.32, 52-week range 4.27–19.20 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)
- 65.5
- strong (55–70)
- Bollinger (20, 2)
- 6.96 – 10.56
- in the upper half of the band · %B 0.72 · band width 41.1%
- SMA 50 / 200
- 7.84 / 7.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.52 / 0.48
- 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 | +35.6% | −1.1% | +36.7 pp | — |
| 3 months | −7.9% | −0.5% | −7.4 pp | — |
| 6 months | +70.9% | +4.4% | +66.5 pp | — |
| Year to date | +19.6% | +12.3% | +7.3 pp | — |
| 1 year | −57.6% | +13.5% | −71.1 pp | +24.1% |
| 3 years | unavailable | +76.4% | unavailable | −14.6% |
| 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 74.8 m | 102.1 m | 98.1 m | 71.6 m |
| Revenue YoY | unavailable | +36.5% | −3.9% | −27.0% |
| Net income | 391.1 k | 936.1 k | -5.0 m | -1.2 m |
| Net income YoY | unavailable | +139.4% | −631.6% | unavailable |
| Diluted EPS | 0.03 | 0.08 | -0.43 | -0.04 |
| Diluted EPS YoY | unavailable | +144.1% | −619.3% | unavailable |
| net % | 0.5% | 0.9% | -5.1% | -1.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.9 m USD
- Total assets
- 12.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.60x
- ROE
- -24.8%
- ROA
- -9.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 74.8 m | 102.1 m | 98.1 m | 71.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 73.7 m | 100.2 m | 95.7 m | 70.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 1.1 m | 1.9 m | 2.4 m | 908.0 k | SEC (XBRL)· 30 Apr 2026verified |
| SG&A | 746.2 k | 828.3 k | 1.4 m | 2.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 367.1 k | 1.1 m | -4.8 m | -443.2 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 397.7 k | 1.1 m | -4.7 m | -1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 6.6 k | 159.3 k | 227.1 k | — | SEC (XBRL)· 15 May 2025verified |
| Net income | 391.1 k | 936.1 k | -5.0 m | -1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.03 | 0.08 | -0.43 | -0.04 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 11.3 m | 11.3 m | 11.5 m | 33.7 m | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 92.0 k | 1.1 m | 4.8 m | 1.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 7.9 m | 7.7 m | 5.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 11.0 m | 12.5 m | 8.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 11.0 m | 12.6 m | 12.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 9.3 m | 11.4 m | 3.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 9.7 m | 12.0 m | 3.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 9.7 m | 12.0 m | 3.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 413.9 k † | 1.4 m † | 614.1 k † | 8.9 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 12.7 m | — | SEC (XBRL)· 15 May 2025verified |
† 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 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -642.3 k | 1.1 m | -764.8 k | -12.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | -103.1 k | -39.6 k | 4.4 m | 8.5 m | SEC (XBRL)· 30 Apr 2026verified |
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: 3 of at least 6
- score weight coverage: 18.8% 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: 121.4 m USD
Key indicators
Coverage and freshness
Score by group
19% · 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 · input data missing
- 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.6% | 17 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.4% | 0 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
PTL Limited (PTLE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 71.6 m USD in 2025; YoY growth -27.0%; net margin -1.6%; ROE -24.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- Current ratio: 2.6x
What contradicts it
- Net margin: -1.6%
- Revenue CAGR 3Y: -1.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172) · 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 | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −58% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| DLXYDelixy Holdings Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +49% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for PTLE 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 (21 Sept 2026), 6-K (18 Aug 2026).
In brief
PTL Limited is a marine fuel bunkering facilitator in Hong Kong that supplies commercial vessels across the Asia Pacific region. For fiscal 2025 revenue fell 27.0% from the prior year, driven by lower fuel volumes delivered, and the company still posted a net loss, so its trajectory is worth watching closely.
SWOT
Strengths
- The company has declared relationships with major fuel suppliers in Asia Pacific, which support access to supply during market disruptions.
- A strong presence in Hong Kong and a delivery network across several regional ports give customers flexibility.
- Economies of scale from aggregating customer orders help negotiate favorable terms with suppliers.
Weaknesses
- A very thin gross margin leaves little room to absorb rising fuel or other costs.
- The company has posted net losses in recent years and operating cash flow was negative in 2025.
- Dependence on a small number of large customers increases revenue concentration risk.
Opportunities
- Expanding operations in Singapore and other regional locations could attract new customers in Southeast Asia and the Middle East.
- Acquiring its own vessels could let the company become an integrated physical supplier with more competitive prices.
- The Hong Kong money lending activity could generate additional revenue and strengthen customer relationships.
Threats
- Volatile fuel prices can directly affect margins, especially if costs cannot be passed on to customers.
- Competitive pressure from other suppliers and facilitators could reduce prices or volumes.
- Repeated share issuances could significantly dilute existing shareholders and weigh on investor confidence.
Risks
- Concentration in Hong Kongmedium
Most revenue comes from a single market, exposing the company to regulatory or local demand changes.
- Net losses and negative operating cash flowhigh
The company reported a loss and negative operating cash flow in fiscal 2025, which could affect its ability to fund operations.
- Dilution from share issuanceshigh
Recent issuances at very low prices could significantly dilute existing shareholders and reduce the value of their shares.
- Customer credit riskmedium
Prior-year provisions and an uncollected receivable show that some customers can run into financial difficulty, and credit losses could recur.
- Listing compliancemedium
The company had compliance issues with Nasdaq listing requirements on market value and minimum bid price, and exchange rules could bring added costs and restrictions.
Investment thesis
What would need to be true (bull case)
- If delivered volumes recover, the company's thin margin could improve, since its cost structure is directly linked to sales.
- Expansion in Singapore and the acquisition of the money lending activity could diversify revenue sources and open new markets.
- Supplier relationships and aggregated purchasing power could continue to offer a competitive edge over customers buying individually.
What would break the thesis
- A continued decline in delivered volume could keep revenue below earlier levels and deepen losses.
- The very thin gross margin leaves little room for error, and a rise in fuel costs could quickly turn profitability into losses.
- Repeated share issuances could keep diluting existing shareholders if capital needs remain high.
What to watch
- Trend in delivered fuel volume and quarterly revenueQ1 2027
- Gross margin and general and administrative expenses compared with the prior year2027
- Results of the Hong Kong money lending activity after the Twocap Limited acquisitionnext 10-K
- Status of Nasdaq listing compliance and any further share issuances2027
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 (21 Sept 2026), 6-K (18 Aug 2026).
The business
PTL Limited, through its operating subsidiary Petrolink Energy Limited, buys marine fuel including low sulfur and high sulfur fuel oil and low sulfur marine gas oil from suppliers and arranges direct delivery to customers. It offers an integrated vessel refueling service including trade credit to customers, handling of unforeseen circumstances, and resolution of disputes on fuel quality or quantity. Operations are concentrated in Hong Kong, which generated 94.9% of revenue in fiscal 2025.
In February 2026 the company acquired Twocap Limited, whose subsidiary holds a Hong Kong money lender license, and began financing activities such as trade finance, accounts receivable financing and factoring. Several registered direct offerings of ordinary shares were also completed around the turn of the year, with proceeds used for vessel acquisition, working capital and general corporate purposes.
Segments
Marine fuel supply
This is the core segment, covering the purchase of fuel from integrated oil companies and independent refiners in Asia Pacific and its delivery to ships. Most revenue comes from Hong Kong ports, with the balance from deliveries in Singapore and ports in mainland China.
Financing and money lending
This segment was added after the Twocap Limited acquisition and provides trade finance, accounts receivable financing and factoring under a Hong Kong money lender license. No separate revenue data for fiscal 2025 is available, as the activity started after the fiscal year ended.
Market context
The company operates in the marine fuel supply market of Asia Pacific, where Singapore is described as a key region of marine fuel consumption. The company views its presence there as a stepping stone to regional expansion, although the Singapore subsidiary had not yet commenced operations at the report date.
The market depends on maritime transport volumes and fuel prices, which directly influence margins. The drop in volume sold in 2025 suggests that demand or competition in the core market could be weaker than in earlier years.
Trends
- Lower delivered volumeheadwind
Fuel volume delivered fell in 2025, which drove the revenue decline. If the trend continues, pressure on revenue could persist.
- Singapore expansiontailwind
The company intends to relocate management personnel to Singapore to serve the Southeast Asia and Middle East market, which could open new customers.
- Rising administrative costsheadwind
Selling, general and administrative expenses rose sharply in 2025 due to share-based compensation and professional fees, and the company expects these costs to keep growing.
- Equity financingmixed
The company raised capital through several registered direct offerings in December 2025 and early 2026. If these funds prove insufficient, further financing could dilute existing shareholders.
Competitive position
The company operates in a competitive market where fuel suppliers and other bunkering facilitators compete for the same marine transport customers. Its stated advantage rests on supplier relationships and economies of scale from aggregated volumes.
The company argues that aggregated purchasing power lets it negotiate better terms with suppliers than individual customers could obtain. If other suppliers offer lower prices or better credit terms, its competitive position could be affected.
- Integrated oil companies in Asia Pacific
Major fuel suppliers from which PTL purchases product; these relationships are an important part of its business model.
- Independent refiners in Asia Pacific
Alternative fuel suppliers whose terms contribute to the company's purchase cost.
- Other marine fuel bunkering facilitators
Companies competing for the same marine transport customers in the region, not identified in the source.
- Marine transport and vessel operators
Partners and potential customers who can choose between different fuel suppliers.
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)21 Sept 2026
- Current report (foreign issuer)18 Aug 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)16 Mar 2026
- Current report (foreign issuer)27 Feb 2026
- Current report (foreign issuer)24 Feb 2026
- Current report (foreign issuer)06 Feb 2026
- Current report (foreign issuer)22 Jan 2026
- Current report (foreign issuer)16 Jan 2026
- Current report (foreign issuer)12 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / PTL Limited · 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.