APEX Global Solutions Ltd
APEX · Coating, Engraving & Allied Services · EDGAR filings ↗
Grade
B77Singapore marine corrosion-prevention specialist with top-decile returns, positive FCF and low leverage, tempered by small scale and an earnings dip.
Strengths
- ROIC 25.7% (94.2nd), ROA 13.9% (93.1st), ROE 34.3% (86.5th); net margin 11.2% (73.7th)
- Positive FCF (14.9% margin, 76.6th) and low debt/equity 0.30
Risks
- Net income down 26% on rising operating costs; revenue growth only 3% (39th)
- Customer concentration (top three at 36%/30%/11%) and small ~S$9M revenue base
Notable findings
- Customer concentration~36% of revenue from one customer/distributor — These customers accounted for 36%, 30%, and 11% of the Company’s total revenues, respectively
Key metrics
Gross margin
50.2%
Operating margin
13.8%
Net margin
11.2%
Return on equity
34.3%
Return on assets
13.9%
ROIC
25.7%
Revenue growth (QoQ)
9.2%
Net-income growth
-21.8%
Debt / equity
0.3×
Net debt / EBITDA
-0.2×
Current ratio
1.6×
Free cash flow
$1M
EBITDA
$1M
Tangible book value
$2M
Cash & investments
$880K
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-05-12 | 2025-12-31 | 0001213900-26-054917 ↗ |