BingEx Ltd
FLX · Trucking & Courier Services (No Air) · EDGAR filings ↗
Grade
C66Profitable Chinese on-demand courier with a strong cash position but declining revenue and volatile earnings.
Strengths
- Strong balance sheet: $1.18B cash (86th pct), current ratio 2.35, positive FCF (~$99M)
- Returned to net income in 2025 with ROA at 88th pct and ROE 13.1% (63rd pct)
Risks
- Revenue fell 10.7% and order volume declined; net income growth at 8.6th pct shows earnings volatility (swung to loss in 2024)
- Thin operating margin (1.2%), rider-classification/labor risk and China-VIE/HFCAA exposure
Notable findings
- Strong balance sheetStrong balance sheet — $168M cash & investments
Key metrics
Gross margin
11.8%
Operating margin
1.2%
Net margin
2.7%
Return on equity
13.1%
Return on assets
8.5%
Revenue growth (QoQ)
-6.7%
Current ratio
2.3×
Free cash flow
$14M
Tangible book value
$119M
Cash & investments
$168M
Stock comp / revenue
1.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001493152-26-018831 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001641172-25-006073 ↗ |