SHENGFENG DEVELOPMENT Ltd

SFWL
About the company

Shengfeng Development Limited, through its subsidiaries, provides contract logistics services in the People's Republic of China. The company offers business-to-business freight transportation services, such as full truckload and less than truckload; and cloud storage services, including warehouse management, pick and pack, order fulfillment, kitting and assembly, delivery process management, in-warehouse processing, and inventory optimization management services.

Country: ChinaPrice: $4.93Market Cap: $27.1M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

$1.60

-67.5% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 8 pass — Lynch objects

Key risk

SFWL overvalued: all 3 models price fair value below $4.93 (median $1.60)

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILBUY · Rank #362 (Top 11.7%)NEUTRALFAILPASSFAILFAILFAILPASSFAILNEUTRALBUYFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/A-152.8%N/AN/AN/A-228.7%N/A-208.1%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Where It Passes

  • Growth88% pass✓ 12✗ 1▾

    7 of 8 pass — Lynch objects

    EPS Growth (3-yr avg, 10-yr window)52.9%
    ✓Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR17.6%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.08 (2020) -> $0.13 (2023)
    ✓DremanPositive over recent years
    EPS CAGR17.6% CAGR over 3 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency6/6 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth13.6%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency3/3 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR17.6% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 11.5% -> 9.3%, operating margin 3.4% -> 2.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR14.8%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR17.6% over 3 years
    ✓Neff7%-20% annualized
  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Piotroski, Dreman, Asness +1 more object

    LT Debt vs Net Current AssetsLT Debt $33.8M vs NCA $46.0M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.28, IC: 6.2x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.28
    ✓Lynch< 0.33
    Cash - Long-term Debt$1.5M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change5.28% -> 9.75%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.27
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.28
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.28
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=6.2x, D/EBITDA=1.6x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.28
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.2775; #1939/4210 (top 46.1%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation models0% pass✗ 3▾

    SFWL overvalued: all 3 models price fair value below $4.93 (median $1.60)

    Dreman fair value$1.95
    ✗Dreman-152.8% margin vs $4.93
    Marks fair value$1.50
    ✗Marks-228.7% margin vs $4.93
    Templeton fair value$1.60
    ✗Templeton-208.1% margin vs $4.93
  • Valuation8% pass✓ 7✗ 21▾

    12 of 13 flag SFWL's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS37.9x
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value59.4%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=59.4%, ROC=20.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-10.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-152.8% (IV=$1.95 vs Price=$4.93)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low554% of trailing low ($0.89)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+43.98%; #152/6340 (top 2.4%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+4.8652; #292/6449 (top 4.5%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗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 Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+25.1%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+21.1136; #208/5247 (top 4.0%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-10.62%; #3255/4519 (top 72.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+397.98%; #92/6202 (top 1.5%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag SFWL's efficiency — Graham, Buffett, Greenblatt +4 more

    Current Ratio1.27
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)8.0%
    ✗Buffett> 10%
    ROIC - WACC-2.0%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)20.2%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.26 -> 1.27
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.63x -> 1.65x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.27
    ✗Dreman> 1.5
    Return on Invested Capital7.9%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=7.6%; FY2024: ROIC=6.7%; FY2025: ROIC=7.9%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC7.9% (RR=100% x ROIC=7.9%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 7.9%)
    ✗SleepROIC > 12% in a majority of years
  • Profitability19% pass✓ 15✗ 20▾

    13 of 16 flag SFWL's profitability — Graham, Buffett, Lynch +10 more

    Positive EPS (10 years)4/7 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)52.9%
    ✓Graham>= 33% growth
    Net Income Positive (10+ years)6/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)8.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)2.9% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$7.7M
    ✓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)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR17.6%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE9.0%
    ✗Lynch> 15%
    EBIT / Enterprise Value59.4%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=59.4%, ROC=20.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets3.44%
    ✓PiotroskiROA > 0
    ROA Change YoY3.51% -> 3.44% (delta: -0.07%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=4.64%, ROA=3.44%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY9.2% -> 9.3%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue2.5%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity9.0%
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity9.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-152.8% (IV=$1.95 vs Price=$4.93)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency6/6 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue2.9%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity9.0%
    ✗Ackman>= 15%
    5-Year EPS CAGR17.6% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend3.4% (2023) -> 2.9% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 11.5% -> 9.3%, operating margin 3.4% -> 2.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+43.98%; #152/6340 (top 2.4%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+15.30%; #2410/3702 (top 65.1%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+9.04%; #1951/5226 (top 37.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0038; #400/5884 (top 6.8%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR17.6% over 3 years
    ✓Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 10 FAIL · 3 NEUTRAL · 2 PASS · 1 BUY

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (3/9)✗LynchFAIL (4/7)✓GreenblattRank #362•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)•SleepNEUTRAL (4/6)✓AsnessBUY (Rank #8/2370 (Top 0.3%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow30% pass✓ 4✗ 8▾

    7 of 10 flag SFWL's cash flow — Lynch, Dreman, Pabrai +4 more

    Free Cash Flow Proxy$7.7M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-2.9M
    ✗LynchPositive and growing
    Operating Cash Flow$16.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=4.64%, ROA=3.44%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-10.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive1/6 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency6/6 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-2.9M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-10.62%; #3255/4519 (top 72.0%)
    ✗OshaughnessyTop 10% of eligible cross-section

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($27.1M)
Revenue: $572.5M+13.6% YoY
Net Income: $11.9M+9.6% YoY

Financial Snapshot

Operating Margin2.9%
Return on Equity9.0%
Debt / Equity0.28
Current Ratio1.27

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
11.1% = 17.2% + −5.2%
FY23
30.0% = 32.2% + −1.7%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

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.

MetricFY 2025
Sources
  • 20-F · 2026-03-27
FY 2024
Sources
  • 20-F · 2025-03-28
FY 2023
Sources
  • 20-F · 2024-03-29
FY 2022
Sources
  • 20-F · 2023-05-01
FY 2021
Sources
  • 20-F · 2023-05-01
Market Cap$27.1Mcurrent--$129.3Mest.$321.6Mest.--
Revenue$572.5M↑14%$504.2M↑25%$404.1M↑9%$370.3M↑7%$346.7M
Operating Income$16.9M↑15%$14.7M↑5%$13.9M↑41%$9.8M↑15%$8.6M
Net Income$11.9M↑10%$10.9M↑6%$10.3M↑32%$7.8M↑17%$6.6M
EPS (Diluted)----$0.13↑30%$0.10↑11%$0.09
Gross Margin9.3%↑1%9.2%↓20%11.5%↑3%11.2%↓6%11.9%
Operating Margin2.9%↑1%2.9%↓15%3.4%↑29%2.7%↑7%2.5%
ROE9.0%↓3%9.3%↓3%9.5%↑12%8.5%↑18%7.3%
Total Debt$36.6M↓34%$55.8M↑54%$36.1M↓24%$47.7M↑4%$46.0M
Shareholders' Equity$131.9M↑13%$117.1M↑9%$107.9M↑18%$91.2M$91.6M
Current Ratio1.27↑1%1.26↑15%1.09↑5%1.04↑7%0.97
Debt / Equity0.28↓42%0.48↑42%0.33↓36%0.52↑4%0.50
Operating Cash Flow$16.1M↑7%$15.0M↑6%$14.1M↑194%$4.8M↓76%$20.4M
Free Cash Flow-$2.9M↑80%-$14.5M↓531%$3.4M↑260%-$2.1M↑4%-$2.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

SFWL vs Peers — Financial Grading

Revenue$572.5MBottom 25%
Net Income$11.9MBottom 25%
ROE9.0%Bottom 25%
D/E0.28Top 25%
Op. Margin2.9%Bottom 25%
Curr. Ratio1.27Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
UNION PACIFIC CORPUNP$179.7B$302.44$24.5B$7.1B38.7%1.7240.2%0.912/94/94/70/3F-Score 73/11
CSX CORPCSX$95.9B$52.05$14.1B$2.9B22.0%1.4332.1%0.812/94/93/70/3F-Score 53/11
ROYAL CARIBBEAN CRUISES LTDRCL$86.5B$323.27$17.9B$4.3B42.5%2.1327.4%0.181/91/91/70/3F-Score 73/11
CANADIAN NATIONAL RAILWAY COCNI$76.3B$127.18————————————
NORFOLK SOUTHERN CORPNSC$73.6B$327.88$12.2B$2.9B18.5%1.1035.8%0.853/96/93/70/3F-Score 65/11
MPLX LPMPLX$58.0B$57.25$13.0B$5.0B34.6%1.7945.7%1.232/94/94/71/3F-Score 68/11
Carnival Corp Ltd.CCL$39.3B$29.23$26.6B$2.8B22.5%2.1716.8%0.321/91/92/70/3F-Score 74/11
OLD DOMINION FREIGHT LINE, INC.ODFL$36.0B$174.54$5.5B$1.0B23.7%0.0124.8%1.443/97/95/71/3F-Score 65/11