olivLaw · US equity research
Wing Yip Food Holdings Group Ltd WYHG
Sausages & Other Prepared Meat Products · SIC 2013 · Vertical: Food products (SIC 201x)
Wing Yip Food Holdings Group Ltd is a meat processor in Guangdong, China, known for cured sausages and meat products under the Wing Yip brand, sold through distributors and online channels. Revenue fell 6.52% in fiscal 2025 to 135.19 million USD, and net income dropped nearly 30%, a context that matters for judging whether the company can sustain growth after its Nasdaq listing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Wing Yip Food Holdings Group Ltd (WYHG) stock was 3.98 USD (+24.76% on the day), with market capitalisation 200.3 m USD, P/E 24.9 on diluted EPS of 0.16 USD over the last 12 months, beta 0.08, 52-week range 1.59–9.83 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)
- 62.5
- strong (55–70)
- Bollinger (20, 2)
- 2.28 – 3.67
- above the upper band · %B 1.22 · band width 46.5%
- SMA 50 / 200
- 3.75 / 3.28
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.30
- 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 | +20.2% | −1.1% | +21.3 pp | — |
| 3 months | +19.1% | −0.5% | +19.6 pp | — |
| 6 months | +38.2% | +4.4% | +33.8 pp | — |
| Year to date | +80.9% | +12.3% | +68.6 pp | — |
| 1 year | −3.4% | +13.5% | −16.9 pp | −8.7% |
| 3 years | unavailable | +76.4% | unavailable | +13.5% |
| 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 13.8, median 59.0, max 104.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 130.8 m | 134.1 m | 144.6 m | 135.2 m |
| Revenue YoY | unavailable | +2.5% | +7.9% | −6.5% |
| Net income | 11.2 m | 14.0 m | 11.2 m | 7.9 m |
| Net income YoY | unavailable | +25.2% | −19.7% | −29.7% |
| Diluted EPS | 0.23 | 0.29 | 0.23 | 0.16 |
| Diluted EPS YoY | unavailable | +26.1% | −20.7% | −30.4% |
| net % | 8.6% | 10.4% | 7.8% | 5.9% |
| Free cash flow | -9.1 m | 17.4 m | 2.4 m | -17.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 85.3 m USD
- Financial debt
- 25.0 m USD
- Net debt
- -60.3 m USD
- Equity
- 171.9 m USD
- Total assets
- 215.3 m USD
- Debt / equity
- 0.15x
- Current ratio
- 4.77x
- ROE
- 4.8%
- ROA
- 3.9%
- FCF margin
- -13.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 130.8 m | 134.1 m | 144.6 m | 135.2 m | SEC (XBRL)· 14 May 2026verified |
| Cost of revenue | 86.4 m | 87.0 m | 99.8 m | 95.7 m | SEC (XBRL)· 14 May 2026verified |
| Gross profit | 44.3 m | 47.1 m | 44.8 m | 39.5 m | SEC (XBRL)· 14 May 2026verified |
| Research & development | 4.1 m | 4.3 m | 5.0 m | 4.1 m | SEC (XBRL)· 14 May 2026verified |
| Interest expense | 83.5 k | 995.3 k | 1.1 m | 1.1 m | SEC (XBRL)· 14 May 2026verified |
| Pre-tax income | 15.0 m | 16.5 m | 12.1 m | 9.1 m | SEC (XBRL)· 14 May 2026verified |
| Income tax | 3.8 m | 2.5 m | 850.6 k | 1.2 m | SEC (XBRL)· 14 May 2026verified |
| Net income | 11.2 m | 14.0 m | 11.2 m | 7.9 m | SEC (XBRL)· 14 May 2026verified |
| Diluted EPS | 0.23 | 0.29 | 0.23 | 0.16 | SEC (XBRL)· 14 May 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 67.4 m | 91.0 m | 87.9 m | 85.3 m | SEC (XBRL)· 14 May 2026verified |
| Receivables | — | 7.3 m | 7.8 m | 6.8 m | SEC (XBRL)· 14 May 2026verified |
| Inventories | — | 6.6 m | 8.5 m | 9.8 m | SEC (XBRL)· 14 May 2026verified |
| Current assets | — | 108.8 m | 112.8 m | 132.2 m | SEC (XBRL)· 14 May 2026verified |
| Property, plant & equipment, net | — | 70.5 m | 79.6 m | 78.8 m | SEC (XBRL)· 14 May 2026verified |
| Intangibles (excl. goodwill) | — | 56.1 k | 47.1 k | 47.6 k | SEC (XBRL)· 14 May 2026verified |
| Total assets | — | 181.0 m | 193.5 m | 215.3 m | SEC (XBRL)· 14 May 2026verified |
| Accounts payable | — | 7.8 m | 8.1 m | 10.0 m | SEC (XBRL)· 14 May 2026verified |
| Short-term debt | — | 6.5 m | 6.7 m | 11.0 m | SEC (XBRL)· 14 May 2026verified |
| Long-term debt | — | 16.7 m | 4.3 m | 14.0 m | SEC (XBRL)· 14 May 2026verified |
| Current liabilities | — | 19.4 m | 31.6 m | 27.7 m | SEC (XBRL)· 14 May 2026verified |
| Total liabilities | — | 38.0 m | 37.7 m | 43.4 m | SEC (XBRL)· 14 May 2026verified |
| Equity | 132.9 m † | 143.1 m † | 155.7 m † | 171.9 m † | SEC (XBRL)· 14 May 2026verified |
| Shares outstanding at year end | — | — | 50.0 m | 50.3 m | SEC (XBRL)· 14 May 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 | 8.9 m | 17.7 m | 12.5 m | -13.2 m | SEC (XBRL)· 14 May 2026verified |
| Capex | 18.1 m | 217.1 k | 10.1 m | 4.5 m | SEC (XBRL)· 14 May 2026verified |
| Free cash flow | -9.1 m ≈ | 17.4 m ≈ | 2.4 m ≈ | -17.7 m ≈ | SEC (XBRL)· 14 May 2026derived |
| Investing cash flow | -18.1 m | -222.2 k | -10.1 m | -4.5 m | SEC (XBRL)· 14 May 2026verified |
| Financing cash flow | 5.8 m | 6.1 m | 4.4 m | 7.5 m | SEC (XBRL)· 14 May 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 200.3 m USD
Key indicators
Coverage and freshness
Score by group
52% · 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: 1.38 – 5.80 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.38 – 5.80 (Mid 3.44)5 companies used · median multiple 21.5x · quartiles 8.6x – 36.2xHRL, JBS, PPC, SFD, TSN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.9% | 86 (vs peers) | 12% |
| FCF conversion · Quality | -223.6% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 1.1% | 9 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | -11.4% | 0 (on a fixed band) | 16% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 24.9x | 50 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.8% | 0 (on a fixed band) | 16% |
| 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
- Growth5/100 · 2/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation28/100 · 2/3 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
Wing Yip Food Holdings Group Limited (WYHG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 135.2 m USD in 2025; YoY growth -6.5%; net margin 5.9%; ROE 4.8%.
The estimated value range is 1.38–5.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.44 USD, the price of 3.98 USD leaves a potential of -13.5% (value / price − 1) and a margin of safety of -15.7% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.9%
- Current ratio: 4.8x
What contradicts it
- FCF conversion: -223.6%
- Revenue CAGR 3Y: 1.1%
- EPS CAGR 3Y: -11.4%
- FCF yield: -8.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food products (SIC 201x) · same industry group (3-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| SFDSmithfield Foods, Inc. | 7.8 bn | 8.6 | 13.4% | 5.9% | +9.8% | −9% / unavailable |
| PPCPilgrim’s Pride Corporation | 6.9 bn | 21.5 | 8.6% | 1.7% | +3.5% | −24% / +13% |
| MAMAMama’s Creations, Inc. | 629.4 m | 78.1 | 7.5% | 3.5% | +39.2% | +18% / +230% |
| WYHGWing Yip Food Holdings Group Limited | 200.3 m | 24.9 | 4.8% | 5.9% | −6.5% | −3% / unavailable |
| BRIDBridgford Foods Corporation | 49.3 m | — | -12.3% | -6.1% | +3.3% | −32% / −49% |
| JBSJbs N.V. | — | 6.9 | 25.6% | 2.3% | +11.7% | −12% / unavailable |
| TSNTyson Foods, Inc. | — | 37.0 | 3.2% | 1.0% | +2.1% | +3% / +28% |
| HRLHormel Foods Corporation | — | 36.2 | 4.3% | 2.8% | +1.6% | −2% / −26% |
1- and 3-year price returns: for WYHG 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 | 2.23 Total return -44% · Per year -44% | 3.95 Total return -1% · Per year -1% | 5.97 Total return 50% · Per year 50% |
| 3 years | 2.02 Total return -49% · Per year -20% | 4.04 Total return 2% · Per year 1% | 6.72 Total return 69% · Per year 19% |
| 5 years | 1.83 Total return -54% · Per year -14% | 4.13 Total return 4% · Per year 1% | 7.56 Total return 90% · Per year 14% |
- Exit P/E± 1.01
- Net margin± 0.71
- Annual revenue growth± 0.60
- Annual dilution± 0.06
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 14 May 2026; since then the company filed 6-K (08 Sept 2026), 6-K (31 Aug 2026), 6-K (07 Aug 2026), 6-K (06 Aug 2026), 6-K (22 Jul 2026), 6-K (29 Jun 2026).
In brief
Wing Yip Food Holdings Group Ltd is a meat processor in Guangdong, China, known for cured sausages and meat products under the Wing Yip brand, sold through distributors and online channels. Revenue fell 6.52% in fiscal 2025 to 135.19 million USD, and net income dropped nearly 30%, a context that matters for judging whether the company can sustain growth after its Nasdaq listing.
SWOT
Strengths
- The Wing Yip brand has a long history and regional recognition, and the company holds local awards for its reputation. Quality standards and ISO and HACCP certifications support trust among distributors and consumers.
- The distribution network covers several provinces and combines distributors, self-operated stores and online platforms. This mix reduces dependence on a single channel.
- The company launches new products regularly, backed by a dedicated research and development team, which lets it respond to changing consumer tastes.
Weaknesses
- Financial results declined in the latest year, with lower revenue, gross profit and net income. This shows the company's sensitivity to average prices and costs.
- Geographic concentration in Guangdong and reliance on the cured meat segment make the company vulnerable to regional shifts or changes in consumer preferences.
- The e-commerce share remains small, and general and administrative expenses rose in fiscal 2025, which limits operating efficiency.
Opportunities
- Offering customized products for restaurant chains and fast-food brands could open a new B2B sales channel.
- If demand for healthy foods continues, products with reduced sodium and high protein could grow their share of sales.
- Expanding on e-commerce platforms and setting up online sales could reduce dependence on traditional distributors.
Threats
- Pressure on selling prices and rising costs could continue to reduce the company's margins.
- Regional and national competition in processed meat could limit volume growth and bargaining power with distributors.
- Regulatory and compliance risks, including those tied to PCAOB audit inspections and SEC requirements for companies with China operations, could affect the listing and access to US markets.
Risks
- Declining revenue and profithigh
Revenue and net income fell in fiscal 2025. If the trend persists, the company's ability to fund investment could be affected.
- Geographic concentrationmedium
Operations are mainly concentrated in Guangdong, which exposes the company to regional economic or regulatory changes.
- Chinese regulatory riskhigh
Chinese authorities can change rules on the food industry, data security and foreign investment. Such changes could limit operations or the company's ability to offer securities to foreign investors.
- Audit and listing riskmedium
The company's auditor is subject to PCAOB inspections, but US law provides that if inspections become impossible, trading of the securities could be prohibited on US exchanges.
- Reliance on distributorsmedium
Sales depend on a limited number of third-party distributors. Losing key partners could quickly affect volumes.
Investment thesis
What would need to be true (bull case)
- If new healthy products and restaurant-customized offerings grow their share of sales, the company could return to a stronger growth pace.
- A consolidated brand in Guangdong and distribution across several provinces could support market share if price pressure eases.
- Production cost efficiencies visible in fiscal 2025 could improve margins if the trend continues.
What would break the thesis
- The simultaneous decline in revenue, gross profit and net income shows that the company has not yet offset the pressure on prices.
- Dependence on the Chinese market, on distributors and on one main segment makes the company vulnerable to rapid regulatory or preference changes.
- Risks tied to the US listing and to the auditor's inspections could bring extra costs or trading restrictions.
What to watch
- Trend in revenue and gross margin in quarterly reportingQ1 2027
- Share of new and healthier products in revenue2027
- Progress of the customized offering for restaurant chainsnext 20-F
- Status of PCAOB inspections of the auditor and delisting risk2027
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 14 May 2026; since then the company filed 6-K (08 Sept 2026), 6-K (31 Aug 2026), 6-K (07 Aug 2026), 6-K (06 Aug 2026), 6-K (22 Jul 2026), 6-K (29 Jun 2026).
The business
The company processes and distributes mainly cured meat products, snack products and frozen meat, under its flagship Wing Yip brand and the snack brands Jiangwang and Kuangke. Operations run through its China subsidiaries, and products are sold in 18 provinces through 7 self-operated stores, 87 distributors and 7 e-commerce platforms. The company has been listed on KOSDAQ since 2018 and on the Nasdaq Capital Market since November 2024 under the ticker WYHG.
The commercial strategy includes new product development, with 94 products launched in fiscal 2025, and a shift toward healthier foods such as low-sugar, low-salt sausages and chicken breast fillets. The company is also exploring customized Chinese-style pre-cooked meat products for offline dining chains and fast-food brands. Quality is backed by ISO 22000:2018 and HACCP certifications at its processing facilities.
Revenue is reported net of value-added tax and comes mostly from sales through third-party distributors, including supermarkets, retailers and wholesalers. E-commerce remains a small share of sales, about 1.56% of total revenue in fiscal 2025.
Segments
Cured meat products
This is the largest segment, covering cured pork sausages, cured pork meat and other cured products such as chicken, duck and fish. It accounted for 59.16% of revenue in fiscal 2025 and fell by 6.04 million USD that year, mainly on a lower average price per kilogram.
Snack products
This segment includes ready-to-eat sausages, jerky, duck necks, duck feet and claypot rice. It accounted for 35.13% of revenue in fiscal 2025 and was the second growth driver, expanding in fiscal 2024 on promotion through direct stores and e-commerce before declining in fiscal 2025.
Frozen meat products
This covers frozen sausages, frozen beef patties and frozen chicken breast fillets. It is the smallest segment, at 5.71% of revenue in fiscal 2025, and has introduced frozen plant-based meat patties.
Market context
The company operates in China's processed meat market, competing with regional and national producers for shelf space in supermarkets and online channels. Its geographic exposure is concentrated in Guangdong, where its production base and seven self-operated stores are located. Local market size and food processing rules shape the pace at which the company can grow.
Demand for healthier foods and ready-to-eat products could support the company's new launches. Pressure on selling prices and raw material costs, which weighed on margins in fiscal 2025, remains a key factor for results.
Trends
- Demand for healthier foodstailwind
Chinese consumers are paying more attention to products with less sodium, sugar and fat, and the company has launched low-sugar, low-salt sausages and high-protein products. If this trend extends, it could support sales of the new products.
- Pressure on average pricesheadwind
The average price per kilogram of cured products fell in fiscal 2025, reducing revenue even as volumes rose slightly. This limits the company's ability to pass costs on to consumers.
- Growth of e-commercemixed
Online platforms such as Tmall, JD.com and TikTok are an expanding channel, although their contribution remains small. If the online share grows, the company could diversify its distribution.
- Stricter food industry regulationheadwind
Chinese authorities may introduce stricter rules for the food industry, and data security and cybersecurity law is changing. These changes could raise compliance costs.
Competitive position
The company competes in China's processed meat market with regional and national producers, where brand, distribution network and product innovation are the main differentiators. Its stated advantage is the recognition of the Wing Yip brand in the Guangdong-Hong Kong-Macao region.
Competitive pressure shows up in pricing and in the pace of new product launches, which can affect sales volume and margins. The company does not hold a dominant national position, so its performance depends on strengthening its distributor network.
- Regional processed meat producers in China
Local companies competing for the same supermarket and distribution channels in Guangdong and other provinces.
- National meat product producers
Nationally scaled companies with broad distribution networks, competing in the sausage and cured meat segment.
- Meat snack producers
Companies specializing in meat snacks that compete with the company's snack products segment.
- Foodnamoo, Inc.
Korean company listed on KOSDAQ, which was a joint venture partner for healthy products; the joint venture was later dissolved.
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)08 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)29 May 2026
- Annual report (foreign issuer)14 May 2026
- Current report (foreign issuer)07 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Wing Yip Food Holdings Group Ltd · 14 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.