olivLaw · US equity research
Springview Holdings Ltd SPHL
General Bldg Contractors - Residential Bldgs · SIC 1520 · Vertical: General Bldg Contractors - Residential Bldgs (SIC 1520)
Springview Holdings designs and builds residential and commercial buildings in Singapore through its subsidiary Springview Enterprises. The company reported total revenue of S$7,808,860 in 2025, down 11.4% from the prior year as new construction projects slowed while reconstruction work grew sharply. Its listing and governance position, marked by frequent changes in leadership, remains a point to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Springview Holdings Ltd (SPHL) stock was 2.42 USD (+7.56% on the day), with market capitalisation 27.8 m USD, beta 0.17, 52-week range 1.98–17.41 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)
- 49.0
- neutral
- Bollinger (20, 2)
- 1.83 – 3.08
- in the lower half of the band · %B 0.47 · band width 51.1%
- SMA 50 / 200
- 2.46 / 2.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / 0.00
- 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 | −1.2% | −1.1% | −0.1 pp | — |
| 3 months | −8.7% | −0.5% | −8.2 pp | — |
| 6 months | −14.2% | +4.4% | −18.6 pp | — |
| Year to date | +16.3% | +12.3% | +4.0 pp | — |
| 1 year | −34.4% | +13.5% | −47.9 pp | −12.2% |
| 3 years | unavailable | +76.4% | unavailable | +56.4% |
| 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 | unavailable | unavailable | 6.4 m | 6.1 m |
| Revenue YoY | unavailable | unavailable | unavailable | −5.8% |
| Net income | unavailable | unavailable | -754.8 k | -1.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.04 | -0.16 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -11.7% | -30.1% |
| 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
- 3.0 m USD
- Financial debt
- 727.8 k USD
- Net debt
- -2.2 m USD
- Equity
- 5.4 m USD
- Total assets
- 8.2 m USD
- Debt / equity
- 0.14x
- Current ratio
- 3.37x
- ROE
- -36.4%
- ROA
- -22.0%
- 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 | — | — | 6.4 m | 6.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | — | — | 5.8 m | 5.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | — | — | 661.8 k | 830.3 k | SEC (XBRL)· 28 Apr 2026verified |
| SG&A | — | — | — | 2.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | — | — | -822.9 k | -1.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Depreciation & amortisation | — | — | 3.2 k | 2.5 k | SEC (XBRL)· 28 Apr 2026verified |
| EBITDA | — | — | -819.7 k ≈ | -1.9 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Interest expense | — | — | 79.5 k | 74.3 k | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | — | — | -876.2 k | -1.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | — | — | -121.5 k | -93.4 k | SEC (XBRL)· 28 Apr 2026verified |
| Net income | — | — | -754.8 k | -1.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | — | — | -0.04 | -0.16 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 20.0 m | 20.0 m | 11.4 m | 11.5 m | SEC (XBRL)· 28 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 | — | 511.0 k | 2.6 m | 3.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | — | — | 33.3 k | — | SEC (XBRL)· 28 Apr 2025verified |
| Current assets | — | — | 7.9 m | 7.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | — | — | 2.6 k | 228 | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | — | — | 8.4 m | 8.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | — | — | 1.2 m | 647.9 k | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | — | — | 611.8 k | 448.5 k | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | — | — | 423.9 k | 279.2 k | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | — | — | 2.9 m | 2.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | — | — | 3.8 m | 2.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | — | — | 4.7 m † | 5.4 m † | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | — | — | 11.5 m | — | SEC (XBRL)· 28 Apr 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 | — | — | -388.9 k | -1.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 7.8 k | 4.9 k | — | — | SEC (XBRL)· 28 Apr 2025verified |
| Investing cash flow | — | — | -1.9 m | 1.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | — | — | 4.1 m | 1.1 m | SEC (XBRL)· 28 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% 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: 27.8 m USD
Key indicators
Coverage and freshness
Score by group
27% · 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 · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -52.1% | 0 (on a fixed band) | 38% |
| Net margin · Quality | -30.1% | 0 (vs peers) | 23% |
| 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 | -26.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 15% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 2/3 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
Springview Holdings Ltd (SPHL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.1 m USD in 2025; YoY growth -5.8%; net margin -30.1%; ROE -36.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 3.4x
What contradicts it
- ROIC: -52.1%
- Net margin: -30.1%
- Interest coverage: -26.0x
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, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
General Bldg Contractors - Residential Bldgs (SIC 1520) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| IBPInstalled Building Products, Inc. | 6.3 bn | 25.3 | 38.5% | 8.5% | +1.0% | −12% / +56% |
| GEOThe GEO Group, Inc. | 3.6 bn | 13.0 | 20.1% | 10.3% | +8.6% | +75% / +171% |
| FBGLFBS Global Limited | 28.5 m | — | -23.6% | -7.9% | +84.3% | −68% / unavailable |
| SPHLSpringview Holdings Ltd | 27.8 m | — | -36.4% | -30.1% | −5.8% | −34% / unavailable |
| ONEGOneConstruction Group Limited | 22.4 m | — | -212.7% | -26.8% | −7.2% | +17% / unavailable |
| LENLennar Corp | — | — | 5.9% | 4.1% | −3.5% | −30% / −26% |
1- and 3-year price returns: for SPHL 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 28 Apr 2026; since then the company filed 6-K (23 Sept 2026).
In brief
Springview Holdings designs and builds residential and commercial buildings in Singapore through its subsidiary Springview Enterprises. The company reported total revenue of S$7,808,860 in 2025, down 11.4% from the prior year as new construction projects slowed while reconstruction work grew sharply. Its listing and governance position, marked by frequent changes in leadership, remains a point to watch.
SWOT
Strengths
- A well-regarded reputation in the local market, built on client relationships and referrals, and more than two decades of operating history.
- Ability to cover a project end to end, acting both as architect and main contractor, which offers clients a simplified model.
- A portfolio spanning four types of work, which reduces dependence on a single project type.
Weaknesses
- Revenue highly concentrated among a few clients, so losing one major client could significantly affect results.
- Operating and net losses in 2025, with administrative expenses rising while revenue fell.
- Dependence on subcontractors and suppliers without long-term agreements, which limits control over costs and quality.
Opportunities
- Rising demand for reconstruction and renovation work could offset the decline in new construction if the trend holds.
- Growing the commercial segment could reduce reliance on individual residential clients.
- Winning new contracts through tenders and referrals could restore the volume of new projects.
Threats
- Intense competition from larger firms that may offer aggressive pricing or additional services in tenders.
- Inflation and higher labour costs could hit margins if they cannot be passed on to clients.
- Policy changes in Singapore on immigration or taxation could influence housing demand.
Risks
- Client concentrationhigh
A very large share of revenue comes from a small number of individual clients, and losing one of them could have a material impact on results.
- Operating losseshigh
The company reported operating and net losses in 2025, and if these losses continue they could reduce its capacity to fund projects.
- Nasdaq listing compliancehigh
The company went through a minimum bid price compliance process and is now under a discretionary monitoring period, where a new non-compliance could lead directly to a delisting determination.
- Frequent leadership changesmedium
Several changes in the finance chief and independent directors within a short period could affect the continuity of governance and internal controls.
- Dependence on subcontractorsmedium
The lack of long-term contracts with subcontractors and suppliers could lead to delays or costs above budget.
Investment thesis
What would need to be true (bull case)
- If the growth in reconstruction and A&A work holds, the company could restore a stable revenue base even without new construction returning to earlier levels.
- A solid reputation built on client referrals could support winning new contracts without heavy marketing spending.
- The dual model of design and build or contractor-only offers flexibility across different client requests.
What would break the thesis
- If the decline in new construction continues, revenue could fall further and losses could persist.
- Extreme client concentration means each lost project could have an outsized effect on results.
- Inflation pressure and reliance on subcontractors without stable contracts could limit profit margins.
What to watch
- Trend in new construction revenue and the volume of newly signed contractsQ1 2027
- Compliance with Nasdaq continued listing requirements during the monitoring period2026
- Stability of the finance leadership and the audit committee2026
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 28 Apr 2026; since then the company filed 6-K (23 Sept 2026).
The business
Through its indirect wholly owned subsidiary, Springview Enterprises Pte. Ltd., the company designs and constructs residential and commercial buildings in Singapore, with an operating history dating back to 2002. Its work covers four main types: new construction, reconstruction, additions and alterations (A&A), and other general contracting services such as renovation and design consultation. Projects are carried out either in a design and build mode, where the company also provides design input and acts as main contractor, or in construction mode, where it works as contractor alongside external architects. Clients are mainly individual homeowners, and contracts are generally non-recurring and project-based.
Segments
New construction
New construction, which involves demolishing an existing house and rebuilding it, was the largest revenue category in earlier years. Its share fell to 53.8% of total revenue in 2025 from 86.3% in 2024, reflecting a slower pace of new project starts.
Reconstruction and A&A
Reconstruction, which replaces a substantial part of a house, rose to 29.1% of revenue in 2025 from a very small share in 2024. A&A work reached 16.3% of revenue, pointing to a more diversified project mix.
Market context
Activity depends on Singapore's economic stability, tax and immigration policies, and overall property market sentiment. The company has noted that inflation has raised material and labour costs, and heavier inflationary pressure could raise project costs further.
Trends
- Reconstruction recoverytailwind
The growth in reconstruction work in 2025 suggests that demand for major home renovations could partly offset the decline in new construction, if this segment keeps attracting projects.
- Decline in new constructionheadwind
Fewer new projects signed, particularly in new construction, explained most of the revenue decline, so a slow contracting pace remains a risk.
- Cost inflationheadwind
Rising material prices and wages could compress margins if they cannot be passed on fully to clients, and long-running contracts make rapid price adjustments harder.
- Shift toward commercial clientsmixed
Higher revenue from commercial clients points to a broader client base, but residential clients remain dominant, so the benefit would depend on this trend continuing.
Competitive position
The company notes intense competition in Singapore's construction industry, where some rivals have greater financial resources and workforce, a more established reputation, or more aggressive pricing in tenders. It relies on its reputation for quality projects and on relationships with clients, subcontractors and external consultants to remain competitive.
As a smaller provider that relies on subcontractors without long-term agreements, the company could lose contracts if it fails to keep quality and delivery timelines. Competition for individual residential projects is largely local and is hard to measure from the company's own disclosures.
- Local general contractors in Singapore
Construction firms in Singapore that compete for the same residential and commercial projects, referred to generically in the company's filing.
- Associated architectural firms
Architecture practices the company works with under its contractor model, which in some cases could also take on design and build roles.
- Specialised subcontractors
Firms carrying out specialised work such as wiring networks or ventilation systems, which could also take on smaller projects directly.
- Local building material suppliers
Suppliers the company has no long-term contracts with, which gives them some bargaining power over costs.
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)23 Sept 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)27 Mar 2026
- Current report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)16 Jan 2026
- Current report (foreign issuer)13 Jan 2026
- Current report (foreign issuer)05 Jan 2026
- Current report (foreign issuer)30 Dec 2025
- Current report (foreign issuer)22 Dec 2025
- Current report (foreign issuer)26 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Springview Holdings Ltd · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.