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ValueScreener company report

Neo-Concept International Group Holdings Limited (NCI)

NASDAQ / Consumer Cyclical / Apparel - Manufacturers

Share price

0.69 USD Market dataClose of Oct 15, 2026

Market capitalisation

350.0K USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 30, 2026
Ratios computed
Oct 15, 2026
Filed years
5, FY2021 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

0.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

8.28x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

Read cash generation

Revenue and net income, by fiscal year

FY2020 Revenue: 182.6M HKDFY2020 Net income: -3.3M HKDFY2021 Revenue: 240.5M HKDFY2021 Net income: 5.5M HKDFY2022 Revenue: 347.5M HKDFY2022 Net income: 12.4M HKDFY2023 Revenue: 174.2M HKDFY2023 Net income: 4.4M HKDFY2024 Revenue: 235.7M HKDFY2024 Net income: 8.1M HKDFY2025 Revenue: 137.2M HKDFY2025 Net income: 331.7K HKD
Revenue Net income6 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 8.28x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Consumer Cyclical sector (302 companies), 8.28x sits at the 11th percentile; the middle half of that group runs from 12.87x to 31.26x.

Is it good

Return on invested capital was 0.3% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Cyclical sector (222 companies), 0.3% sits at the 15th percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Net debt to EBITDA was 13.80x in FY2025, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Neo-Concept International Group Holdings Limited's return on invested capital stayed above the median of the Consumer Cyclical sector, year by year. (FY2022 to FY2025, 4 fiscal years of Neo-Concept International Group Holdings Limited with a comparable figure)
The direction
Which way Neo-Concept International Group Holdings Limited's gross margin has moved, and how steadily. (FY2020 to FY2025, 6 filed years of Neo-Concept International Group Holdings Limited)
What could explain it
What in Neo-Concept International Group Holdings Limited's filed statements could explain the movements. (10 readings drawn from the statement lines Neo-Concept International Group Holdings Limited filed)
What to check next
What to check next on Neo-Concept International Group Holdings Limited, and where in its filings. (5 questions for Neo-Concept International Group Holdings Limited)
In one paragraph
One paragraph on Neo-Concept International Group Holdings Limited's returns, cash, balance sheet and price. (13 of sixteen figures read for Neo-Concept International Group Holdings Limited)

These are NCI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NCIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 30, 2026, accession 0001213900-26-050005.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Neo-Concept International Group Holdings Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax0.3% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Return on equity0.6% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Return on capital employed, pre-tax1.9% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Return on assets0.3% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Gross margin36.9% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Operating margin1.3% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Net margin0.2% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
NCI 0.2%
JL 6.6%XELB -353.5%CULP -5.0%
-353.5%6.6%
Net margin: NCI against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Neo-Concept International Group Holdings Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.90 ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Current ratio2.61 ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Quick ratio2.01 ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Altman Z-score1.00 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Net debt48.9M ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Total assets 115.6MTotal liabilities 59.0MShareholders' equity 56.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Neo-Concept International Group Holdings Limited owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 30, 2026, 0001213900-26-050005).

Neo-Concept International Group Holdings Limited: balance sheet position
Total assets115.6M FiledFY2025 20-F, filed Apr 30, 2026
Total liabilities59.0M FiledFY2025 20-F, filed Apr 30, 2026
Shareholders' equity56.6M FiledFY2025 20-F, filed Apr 30, 2026
Cash2.3M FiledFY2025 20-F, filed Apr 30, 2026
Total debt51.2M FiledFY2025 20-F, filed Apr 30, 2026
Net debt48.9M
Current ratio2.61
Debt to equity0.90
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Neo-Concept International Group Holdings Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings8.28x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.05x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Price to sales0.02x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Enterprise value to EBIT28.59x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Enterprise value to EBITDA14.58x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005

We publish no fair value or price target of our own. Value NCI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Neo-Concept International Group Holdings Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Neo-Concept International Group Holdings Limited: valuation
Share price0.69 USD
Market capitalisation350.0K USD
Enterprise value to EBITDA14.58x
Graham numbern/a
Diluted earnings per share, FY2020n/a

Diluted earnings per share, FY2020: Filed before the 1-for-5 split on 16 Jun 2025 and the 1-for-8 split on 19 May 2026, and the filing it was read from cannot be placed against them, so it is not put on today's share count and is not shown beside figures that are.

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Neo-Concept International Group Holdings Limited

  1. J-Long Group Limited (JL)Market cap 16.3M USD
  2. Xcel Brands, Inc. (XELB)Market cap 2.3M USD
  3. Culp, Inc. (CULP)Market cap 48.6M USD

Same industry (Apparel - Manufacturers) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Neo-Concept International Group Holdings Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Free cash flow17.4M HKD ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Free cash flow margin12.7% ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
FY2020 Free cash flow: 6.2M HKDFY2020 Net income: -3.3M HKDFY2021 Free cash flow: 10.2M HKDFY2021 Net income: 5.5M HKDFY2022 Free cash flow: -42.8M HKDFY2022 Net income: 12.4M HKDFY2023 Free cash flow: -50.3M HKDFY2023 Net income: 4.4M HKDFY2024 Free cash flow: -3.7M HKDFY2024 Net income: 8.1M HKDFY2025 Free cash flow: 17.4M HKDFY2025 Net income: 331.7K HKD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Neo-Concept International Group Holdings Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
8.28xFY2025Oct 15, 2026
0.05xFY2025Oct 15, 2026
28.59xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.3%FY2025Apr 30, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.90FY2025Apr 30, 2026
2.61FY2025Apr 30, 2026
0.02xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
1.00FY2025Oct 15, 2026
-3.67FY2025Apr 30, 2026
5/9FY2025Apr 30, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 5 filed fiscal years on record, FY2021 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

6 fiscal years, FY2020 to FY2025. 5 read from the annual reports Neo-Concept International Group Holdings Limited filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in HKD, as reported.

Neo-Concept International Group Holdings Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025137.2M1.8M331.7Kn/a17.4M1.3%0.6%20-F, Apr 30, 20260001213900-26-050005
FY2024235.7M11.6M8.1Mn/a-3.7M4.9%14.2%20-F, May 15, 20250001213900-25-043533
FY2023174.2M9.0M4.4Mn/a-50.3M5.2%n/m20-F, May 14, 20240001213900-24-042594
FY2022347.5M18.9M12.4Mn/a-42.8M5.5%n/m20-F, May 14, 20240001213900-24-042594
FY2021240.5M4.5M5.5Mn/a10.2M1.9%n/a20-F, May 14, 20240001213900-24-042594
FY2020182.6M-3.7M-3.3Mn/a6.2M-2.0%n/mMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2020 to FY2025: -5.5%
  • Earnings: Earnings was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2020 to FY2025: 23.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Neo-Concept International Group Holdings Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.67 ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Piotroski F-score5/9 ComputedFY2025 20-F, filed Apr 30, 2026, 0001213900-26-050005
Named tests met5 of 30 Computed
Beta-0.59 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 19 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not
Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Defensive investor (Benjamin Graham); High yield, low payout; Dividends and buybacks; P/E times P/B (Benjamin Graham); Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 5 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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