Jowell Global Ltd.
JWEL · Retail-Nonstore Retailers · EDGAR filings ↗
Grade
D47Loss-making China e-commerce VIE with strong top-line growth but negative returns and an extreme related-party supplier concentration.
Strengths
- Revenue growth 24% (78th pct) and low reported debt (D/E ~0.0)
- Adequate current ratio (1.68, 88th pct) and modest 14-quarter runway
Risks
- Negative profitability (net margin -3.8%, ROE -54.8%, ROIC -34.6% at 12th pct)
- 89% of FY2025 purchases from a related party controlled by a major shareholder — severe concentration/conflict
- China VIE structure, dual-class control and thinly traded micro-cap shares
Notable findings
- Net lossNet loss (net margin -3.8%)
- Cash burnNegative free cash flow (-1.5M)
- Customer concentration~81% of revenue from one customer/distributor — 1 million, or 81
Key metrics
Operating margin
-3.0%
Net margin
-3.8%
Return on equity
-54.8%
Return on assets
-28.7%
ROIC
-34.6%
Revenue growth (QoQ)
24.1%
Debt / equity
0.0×
Current ratio
1.7×
Free cash flow
-$2M
EBITDA
-$5M
Tangible book value
$10M
Cash & investments
$6M
Cash runway
14q
Stock comp / revenue
0.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001213900-26-050429 ↗ |
| 20-F | 2025-05-09 | 2024-12-31 | 0001213900-25-041556 ↗ |
| 20-F | 2024-05-13 | 2023-12-31 | 0001213900-24-042346 ↗ |
| 20-F | 2023-05-15 | 2022-12-31 | 0001213900-23-039801 ↗ |
| 20-F | 2022-04-25 | 2021-12-31 | 0001213900-22-021408 ↗ |
| 20-F | 2021-05-10 | 2020-12-31 | 0001213900-21-025290 ↗ |