olivLaw · US equity research
Uni-Fuels Holdings Ltd UFG
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) · SIC 5172 · Vertical: Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172)
Uni-Fuels Holdings Ltd supplies marine fuels to shipping companies from Singapore, operating both as a seller and as a broker. In 2025 the company expanded its sales volume, with total revenues reaching 263.9 million USD, yet a thin margin and a net loss show how sensitive the model is to competitive pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Uni-Fuels Holdings Ltd (UFG) stock was 3.40 USD (+1.19% on the day), with market capitalisation 13.6 m USD, beta 0.85, 52-week range 0.31–3.40 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)
- 84.3
- overbought (≥ 70)
- Bollinger (20, 2)
- -1.36 – 3.76
- in the upper half of the band · %B 0.93 · band width 428.0%
- SMA 50 / 200
- 0.80 / 0.85
- mixed trend
- MACD (12, 26, 9)
- 0.71 / 0.39
- 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 | +739.5% | −1.1% | +740.6 pp | — |
| 3 months | +553.8% | −0.5% | +554.3 pp | — |
| 6 months | +304.8% | +4.4% | +300.4 pp | — |
| Year to date | +400.0% | +12.3% | +387.7 pp | — |
| 1 year | +198.2% | +13.5% | +184.7 pp | −15.5% |
| 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
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 30.8 m | 70.8 m | 155.2 m | 263.9 m |
| Revenue YoY | unavailable | +129.7% | +119.2% | +70.0% |
| Net income | 2.0 m | 1.2 m | 171.6 k | -1.8 m |
| Net income YoY | unavailable | −38.7% | −85.8% | −1,120.2% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 6.4% | 1.7% | 0.1% | -0.7% |
| Free cash flow | unavailable | -1.4 m | 322.8 k | -2.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.5 m USD
- Financial debt
- 4.2 m USD
- Net debt
- -8.3 m USD
- Equity
- 10.5 m USD
- Total assets
- 39.5 m USD
- Debt / equity
- 0.40x
- Current ratio
- 1.35x
- ROE
- -23.3%
- ROA
- -6.2%
- FCF margin
- -0.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 30.8 m | 70.8 m | 155.2 m | 263.9 m | SEC (XBRL)· 22 Apr 2026verified |
| Cost of revenue | 28.4 m | 68.5 m | 152.0 m | 259.2 m | SEC (XBRL)· 22 Apr 2026verified |
| Gross profit | 2.4 m | 2.3 m | 3.2 m | 4.7 m | SEC (XBRL)· 22 Apr 2026verified |
| Operating income | 2.4 m | 1.4 m | 214.6 k | -1.6 m | SEC (XBRL)· 22 Apr 2026verified |
| Interest expense | — | 18.3 k | 75.1 k | 166.0 k | SEC (XBRL)· 22 Apr 2026verified |
| Pre-tax income | 2.4 m | 1.4 m | 269.7 k | -1.6 m | SEC (XBRL)· 22 Apr 2026verified |
| Income tax | 386.3 k | 194.4 k | 98.1 k | 134.0 k | SEC (XBRL)· 22 Apr 2026verified |
| Net income | 2.0 m | 1.2 m | 171.6 k | -1.8 m | SEC (XBRL)· 22 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 3.3 m | 2.6 m | 4.3 m | 12.5 m | SEC (XBRL)· 22 Apr 2026verified |
| Receivables | — | 12.8 m | 11.5 m | 26.3 m | SEC (XBRL)· 22 Apr 2026verified |
| Current assets | — | 17.0 m | 16.0 m | 39.1 m | SEC (XBRL)· 22 Apr 2026verified |
| Property, plant & equipment, net | — | 395.1 k | 329.6 k | 285.0 k | SEC (XBRL)· 22 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 50.2 k | 40.4 k | — | SEC (XBRL)· 22 Apr 2025verified |
| Total assets | — | 17.7 m | 17.0 m | 39.5 m | SEC (XBRL)· 22 Apr 2026verified |
| Accounts payable | — | 11.2 m | 10.1 m | 23.3 m | SEC (XBRL)· 22 Apr 2026verified |
| Short-term debt | — | 1.2 m | 1.5 m | 4.2 m | SEC (XBRL)· 22 Apr 2026verified |
| Current liabilities | — | 13.2 m | 12.4 m | 29.0 m | SEC (XBRL)· 22 Apr 2026verified |
| Total liabilities | — | 13.4 m | 12.4 m | 29.0 m | SEC (XBRL)· 22 Apr 2026verified |
| Equity | 2.4 m † | 4.4 m † | 4.5 m † | 10.5 m † | SEC (XBRL)· 22 Apr 2026verified |
† 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 | 3.0 m | -965.8 k | 331.8 k | -2.3 m | SEC (XBRL)· 22 Apr 2026verified |
| Capex | — | 427.3 k | 9.0 k | 36.2 k | SEC (XBRL)· 22 Apr 2026verified |
| Free cash flow | — | -1.4 m ≈ | 322.8 k ≈ | -2.4 m ≈ | SEC (XBRL)· 22 Apr 2026derived |
| Investing cash flow | — | -427.3 k | -9.0 k | -36.2 k | SEC (XBRL)· 22 Apr 2026verified |
| Financing cash flow | — | 2.2 m | -62.7 k | 10.6 m | SEC (XBRL)· 22 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% 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: 13.6 m USD
Key indicators
Coverage and freshness
Score by group
44% · 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 base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- 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: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -67.9% | 0 (on a fixed band) | 24% |
| Net margin · Quality | -0.7% | 50 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 104.6% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -17.4% | 0 (on a fixed band) | 19% |
| 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 sheet18/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
Uni-Fuels Holdings Ltd (UFG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 263.9 m USD in 2025; YoY growth 70.0%; net margin -0.7%; ROE -23.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% 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
- Revenue CAGR 3Y: 104.6%
What contradicts it
- ROIC: -67.9%
- Interest coverage: -9.5x
- FCF yield: -17.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% | −30% / 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% | +198% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for UFG 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 22 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (28 Sept 2026), 6-K (09 Sept 2026).
In brief
Uni-Fuels Holdings Ltd supplies marine fuels to shipping companies from Singapore, operating both as a seller and as a broker. In 2025 the company expanded its sales volume, with total revenues reaching 263.9 million USD, yet a thin margin and a net loss show how sensitive the model is to competitive pressure.
SWOT
Strengths
- A presence in a global marine fuels hub, with a scalable operating model that allows growth without large additional investment.
- A management team with long industry experience and a global supplier network covering ports across multiple time zones.
- The ability to offer trade credit, flexible pricing and market intelligence to customers, which supports customer retention.
Weaknesses
- Very thin gross margins, leaving little room to absorb rising operating expenses.
- Heavy reliance on fuel sales without meaningful revenue diversification, while brokerage remains negligible.
- A net loss in fiscal 2025 driven by higher general and administrative costs, showing the fragility of profitability.
Opportunities
- Expansion into further fuel hubs around the world, where the company has already opened offices in recent years.
- Offering bio marine fuel and compliance services for emissions rules, which could raise value added for customers.
- Gaining market share in Asia-Pacific if regional maritime traffic keeps expanding.
Threats
- Price competition from physical suppliers and other resellers, which could squeeze margins further.
- Fuel price volatility, which could affect demand and customers' ability to pay on time.
- Customer credit risk, which the company bears in direct sales transactions.
Risks
- Thin margins and price pressurehigh
A very small gross margin means that any fall in selling price or rise in purchase cost can quickly affect profitability.
- Customer credit riskhigh
In direct sales the company extends trade credit and could suffer losses if a customer fails to pay its debts.
- Net losses and rising costsmedium
General and administrative costs grew faster than gross profit, and the net result turned negative in fiscal 2025.
- Dependence on a single hubmedium
Operations are concentrated mainly in Singapore, so any local disruption to supply or regulation could affect the whole business.
- Short-term financinglow
The company has used short-term borrowing and private-market financing instruments, which can make working-capital funding more sensitive to market conditions.
Investment thesis
What would need to be true (bull case)
- If volumes keep growing in Singapore and across Asia-Pacific, the company could turn network expansion into faster profit growth, because its model needs few extra investments for each new market.
- The management team's experience and the global supplier network could allow the company to win share from smaller competitors, especially when customers seek coverage across several ports.
- If margins stabilise after a period of aggressive expansion, revenue growth could begin to convert more clearly into net profit.
What would break the thesis
- Very thin margins leave little room for error, and if competitive pressure persists, revenue growth may not be enough to cover operating costs.
- The net loss in fiscal 2025 shows that costly expansion can outweigh volume gains, and if administrative costs do not fall, losses could continue.
- Credit risk and reliance on a few short-term funding sources could amplify the impact of a slowdown in demand or a liquidity squeeze.
What to watch
- Trend in gross margin versus the fiscal 2025 levelQ1 2027
- Pace of growth in general and administrative expenses2027
- Quality of trade receivables and any credit lossesnext 10-K
- Opening of new offices and expansion into new ports2027
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 22 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (28 Sept 2026), 6-K (09 Sept 2026).
The business
Uni-Fuels Holdings Ltd is a global provider of marine fuel solutions headquartered in Singapore, integrating supply logistics and tailored solutions for shipping customers. The company runs two models: sales of marine fuels, in which it buys and resells products as a principal, and brokerage, in which it earns a commission from sellers for transactions it refers. Its stated vision is to deliver sustainable fuel solutions for the world's shipping fleet, and it listed on the Nasdaq Capital Market in January 2025 under the symbol UFG.
In fiscal 2025 the company supplied 758 vessels through 1,179 transactions, with a total volume of about 535 thousand metric tons across 156 ports worldwide. Revenue is dominated by marine fuel sales, which account for almost all of turnover, while brokerage commissions remained negligible. Representation through offices in Dubai, Shanghai, Limassol and Bangkok supports the expansion of its supply network.
The company was set up in 2021 as subsidiary Uni-Fuels Pte Ltd in Singapore and reorganised in 2024 under a Cayman Islands holding company ahead of its listing. In 2025 and early 2026 it raised funding through commercial paper and tokenised series offerings on the ADDX platform, each of 3 million USD.
Segments
Sales of marine fuels
The main segment, which generated 263.9 million USD of revenue in fiscal 2025. The company buys fuels (VLSFO, HSFO, MGO and bio marine fuel) and resells them with a sales margin added to the purchase cost, assuming the trade credit risk of its customers and financing the gap between receivables and payables.
Fuel brokerage
A small segment that links fuel sellers and buyers for a commission negotiated per transaction. Brokerage commissions were only 14,237 USD in fiscal 2025, up on the prior year but immaterial to the revenue mix.
Market context
Singapore is the largest marine fuels hub in the world, with a total supply volume of 56.2 million metric tons in 2025 according to official Maritime Port Authority data cited by the company. Asia-Pacific hosts five of the world's top ten marine fuels ports, giving the company direct access to rising regional demand.
The market is characterised by very thin margins and price competition, and the underlying fuel price is passed through fully to the customer, so commodity price risk largely stays off the company's balance sheet. As an asset-light distributor, growth depends mainly on winning new customers and ports.
Trends
- Rising supply volumes in Asiatailwind
Demand for marine fuels in Asia-Pacific grows with regional maritime traffic, and Singapore remains the focal point of that demand. If traffic keeps rising, the company could more easily convert network expansion into volume.
- Pressure on marginsheadwind
Gross margin fell in 2025 amid competition and a policy of gaining market share, which limits the benefit of higher volumes. If price pressure persists, margins could stay below the level needed to cover operating costs.
- Low-sulphur fuel regulationmixed
Compliance requirements and new fuel specifications can shift demand between product types, and the company can use them as an advantage through its bio fuel offering and market intelligence. The impact, however, depends on how quickly the rules are applied.
- Costs of running a listed companyheadwind
Higher personnel and listed-company compliance costs raised general and administrative expenses in 2025. If these costs grow faster than revenue, they could prevent a return to profitability.
Competitive position
Competition includes physical fuel suppliers, distributors and other resellers operating in the same ports. The company differentiates through global port coverage and access to several suppliers, but with a fragmented market no clearly dominant position is evident.
The company attributes its low margin to market competition and its strategy of expanding share. Other marine fuel resellers that are not listed in the US also hold positions in Singapore and Asian ports, and price pressure could rise if more players enter the market.
- Physical fuel suppliers and distributors
Operators that deliver fuel directly from depots and barges at ports, not listed in the US, against which the company competes on price and product availability.
- Other marine fuel resellers in Singapore
Companies using the same resale and brokerage model in the Singapore hub, competing for the same shipping customers.
- Major oil companies
Producers and sellers of commodities that supply fuel at source and can compete directly with resellers for end-customer sales.
- Regional suppliers in Asia-Pacific
Operators in ports such as Busan, Hong Kong or Shanghai that compete for the same fleets and maritime routes in the region.
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)29 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)21 Aug 2026
- Current report (foreign issuer)31 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Uni-Fuels Holdings Ltd · 22 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.