BingEx Ltd

FLX

BingEx Limited, through its subsidiaries, provides on-demand dedicated courier services under the FlashEx brand name in the People's Republic of China. The company offers Flash-Riders as service who provides the courier services. It serves individual and business customers, including local merchants, small and medium sized enterprises, restaurants, and logistics players through its mobile platform and website. The company was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China.

About the company

Country: ChinaPrice: $1.53Market Cap: $111.9M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 10

NEUTRAL / FAIL

Median fair value

$0.56

-63.1% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

Models split on FLX at $1.53 — fair values range $0.06–$0.95

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	BUY · Rank #33 (Top 1.1%)	NEUTRAL	PASS	FAIL	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A	N/A		N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+46.3%	N/A	N/A	-750.0%	N/A	N/A	+8.9%	N/A	N/A	N/A	+10.5%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-24 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-24 Score computed: 2026-11-14

Where It Passes

Valuation models75% pass✓ 3✗ 1▾
Models split on FLX at $1.53 — fair values range $0.06–$0.95
Graham fair value$0.95
✓Graham+46.3% margin vs $1.53
Greenblatt fair value$0.06
✗Greenblatt-750.0% margin vs $1.53
Munger fair value$0.56
✓Munger+8.9% margin vs $1.53
Ackman fair value$0.57
✓Ackman+10.5% margin vs $1.53
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Piotroski and Oshaughnessy object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$14.1M
✓LynchPositive and growing
Operating Cash Flow$14.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=7.69%, ROA=8.49%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)7.9x
✓Dreman< 8x
P/E or FCF YieldP/E=6.9x, FCF Yield=12.6%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive3/4 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap12.6%
✓Ackman>= 4%
Price / FCF per Share7.9x
✓Ackman<= 25
Positive Operating Cash Flow frequency3/4 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$14.1M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+12.63%; #524/4519 (top 11.6%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation54% pass✓ 18✗ 10▾
7 of 13 pass — Graham, Lynch, Marks +3 more object
Price / Book Value per Share0.9x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.9x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 6.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value20.9%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=20.9%, ROC=133.7%
✓GreenblattBoth EY > 10% and ROC > 25%
Price / EPS6.9x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)7.9x
✓Dreman< 8x
Valuation ReasonablenessP/E=6.9x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=6.9x, FCF Yield=12.6%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=6.9x, P/B=0.9x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share7.9x
✓Ackman<= 25
Price vs. Trailing Low105% of trailing low ($0.49)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+13.98%; #402/6340 (top 6.3%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.0672; #1372/6449 (top 21.3%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS6.9x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.94x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+5.0998; #530/5247 (top 10.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+12.63%; #524/4519 (top 11.6%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-37.80%; #4721/6202 (top 76.1%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 6.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency2/4 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-3.9%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 8.7% -> 11.8%, operating margin 0.2% -> 1.2%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Debt & Leverage8% pass✓ 3✗ 12▾
11 of 12 flag FLX's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.35
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDA
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)
✗AsnessTop 30% of eligible cross-section
Verdicts17% pass✓ 2✗ 10▾
Split decision: 10 FAIL · 5 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✓GreenblattRank #33•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (5/11)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Profitability19% pass✓ 13✗ 22▾
13 of 16 flag FLX's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)1/5 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)2/5 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-3.3%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)1.2% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 6.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE13.1%
✗Lynch> 15%
EBIT / Enterprise Value20.9%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=20.9%, ROC=133.7%
✓GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets8.49%
✓PiotroskiROA > 0
ROA Change YoY-11.86% -> 8.49% (delta: +20.35%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=7.69%, ROA=8.49%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY11.0% -> 11.8%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue2.7%
✗Dreman>= 8%
Net Income / Shareholders' Equity13.1%
✓Dreman> 12%
Margin of SafetyP/E=6.9x, P/B=0.9x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-3.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency2/4 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue1.2%
✗Ackman>= 15%
Net Income / Shareholders Equity13.1%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend0.2% (2023) -> 1.2% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 8.7% -> 11.8%, operating margin 0.2% -> 1.2%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+13.98%; #402/6340 (top 6.3%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+36.41%; #1108/3702 (top 29.9%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+13.10%; #1367/5226 (top 26.2%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.1025; #3512/5884 (top 59.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag FLX's efficiency — Buffett, Piotroski, Munger +2 more
Current Ratio2.35
✓Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)133.7%
✓Greenblatt> 25%
Current Ratio Change YoY1.87 -> 2.35
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY3.62x -> 3.10x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.35
✓Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Transportation

SIC Sector: Motor Freight & Warehousing

Size: Micro Cap($111.9M)

Revenue: $570.6M-6.8% YoY

Net Income: $15.6M+177.9% YoY

Financial Snapshot

Operating Margin1.2%

Return on Equity13.1%

Debt / Equity--

Current Ratio2.35

EPS (Diluted)$0.07

Buybacks (1y)$7.8M

Shares Retired−111.6%

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Shareholder Return

Fiscal 2025

Issued 111.6% of shares last year.

Buybacks: $7.8M
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-24	FY 2024 Sources 20-F · 2025-04-25	FY 2023 Sources 20-F · 2025-04-25	FY 2022 Sources 20-F · 2025-04-25	FY 2021 Sources 20-F · 2025-04-25
Market Cap	$111.9Mcurrent	$797.4Mest.	$931.7Mest.	--	--
Revenue	$570.6M↓7%	$612.2M↓4%	$637.2M↑11%	$574.8M	--
Operating Income	$6.6M↑287%	-$3.5M↓336%	$1.5M↑105%	-$29.1M	--
Net Income	$15.6M↑178%	-$20.1M↓229%	$15.5M↑160%	-$25.9M	--
EPS (Diluted)	$0.07↑122%	$-0.34↓389%	$-0.07	--	--
Gross Margin	11.8%↑7%	11.0%↑26%	8.7%↑35%	6.5%	—
Operating Margin	1.2%↑301%	-0.6%↓345%	0.2%↑105%	-5.1%	—
ROE	13.1%↑167%	-19.6%↓331%	-4.5%↓159%	7.7%	—
Total Debt	--	--	--	--	--
Shareholders' Equity	$119.4M↑17%	$102.4M↑130%	-$342.2M↓1%	-$338.2M↓15%	-$294.2M
Current Ratio	2.35↑26%	1.87↑33%	1.41	—	—
Debt / Equity	—	—	—	—	—
Operating Cash Flow	$14.2M↑4619%	$299.9K↓95%	$6.4M↑152%	-$12.5M	--
Free Cash Flow	$14.1M↑9744%	$143.6K↓98%	$6.0M↑146%	-$13.0M	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

FLX vs Peers — Financial Grading

Revenue$570.6MBottom 25%

Net Income$15.6MBottom 25%

ROE13.1%Bottom 25%

D/E—

Op. Margin1.2%Bottom 25%

Curr. Ratio2.35Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
UNION PACIFIC CORPUNP	$179.7B	$302.44	$24.5B	$7.1B	38.7%	1.72	40.2%	0.91	2/9	4/9	4/7	0/3	F-Score 7	3/11
CSX CORPCSX	$95.9B	$52.05	$14.1B	$2.9B	22.0%	1.43	32.1%	0.81	2/9	4/9	3/7	0/3	F-Score 5	3/11
ROYAL CARIBBEAN CRUISES LTDRCL	$86.5B	$323.27	$17.9B	$4.3B	42.5%	2.13	27.4%	0.18	1/9	1/9	1/7	0/3	F-Score 7	3/11
CANADIAN NATIONAL RAILWAY COCNI	$76.3B	$127.18	—	—	—	—	—	—	—	—	—	—	—	—
NORFOLK SOUTHERN CORPNSC	$73.6B	$327.88	$12.2B	$2.9B	18.5%	1.10	35.8%	0.85	3/9	6/9	3/7	0/3	F-Score 6	5/11
MPLX LPMPLX	$58.0B	$57.25	$13.0B	$5.0B	34.6%	1.79	45.7%	1.23	2/9	4/9	4/7	1/3	F-Score 6	8/11
Carnival Corp Ltd.CCL	$39.3B	$29.23	$26.6B	$2.8B	22.5%	2.17	16.8%	0.32	1/9	1/9	2/7	0/3	F-Score 7	4/11
OLD DOMINION FREIGHT LINE, INC.ODFL	$36.0B	$174.54	$5.5B	$1.0B	23.7%	0.01	24.8%	1.44	3/9	7/9	5/7	1/3	F-Score 6	5/11