Latest Ratios: P/E Ratio 0.2x · EV/EBITDA -0.4x · ROE 7.1%. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $9M | $35M | $194M | — | — | — | — |
| Enterprise Value | $-5931105 | $1M | $26M | $174M | — | — | — | — |
| P/E Ratio → | 0.19 | 0.86 | 3.02 | 30.67 | — | — | — | — |
| P/S Ratio | 0.02 | 0.10 | 0.36 | 1.88 | — | — | — | — |
| P/B Ratio | 0.01 | 0.06 | 0.24 | 1.40 | — | — | — | — |
| P/FCF | 0.14 | 0.65 | — | — | — | — | — | — |
| P/OCF | 0.14 | 0.65 | 15.57 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.01 | 0.27 | 1.68 | — | — | — | — |
| EV / EBITDA | -0.40 | 0.10 | 1.71 | 15.30 | — | — | — | — |
| EV / EBIT | -0.41 | 0.09 | 1.69 | 15.69 | — | — | — | — |
| EV / FCF | — | 0.10 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4% | 34.4% | 34.1% | 36.9% | 38.3% | 41.7% | 40.5% | 42.1% |
| Operating Margin | 14.8% | 14.8% | 15.1% | 10.5% | 25.2% | 26.3% | 24.3% | 25.3% |
| Net Profit Margin | 11.2% | 11.2% | 12.0% | 6.0% | 20.1% | 21.4% | 19.4% | 20.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 8.1% | 5.1% | 21.9% | 26.4% | 29.6% | 34.8% |
| ROA | 6.1% | 6.1% | 6.9% | 4.2% | 17.2% | 21.2% | 22.8% | 24.8% |
| ROIC | 7.4% | 7.4% | 8.6% | 7.3% | 21.3% | 27.7% | 37.3% | 45.4% |
| ROCE | 9.4% | 9.4% | 10.3% | 8.7% | 27.3% | 32.5% | 37.2% | 43.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 |
| Debt / EBITDA | 0.53 | 0.53 | 0.48 | 0.60 | 0.19 | 0.13 | 0.13 | 0.10 |
| Net Debt / Equity | — | -0.05 | -0.07 | -0.14 | -0.03 | -0.05 | -0.23 | -0.29 |
| Net Debt / EBITDA | -0.54 | -0.54 | -0.63 | -1.75 | -0.11 | -0.17 | -0.68 | -0.65 |
| Debt / FCF | — | -0.55 | — | — | — | — | -37.76 | -1.08 |
| Interest Coverage | 9.50 | 9.50 | 58.52 | 55.49 | 145.29 | 171.09 | 198.26 | — |
Net cash position: cash ($16M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.26 | 5.26 | 5.27 | 5.60 | 3.34 | 3.17 | 3.88 | 2.78 |
| Quick Ratio | 5.21 | 5.21 | 5.21 | 5.55 | 3.30 | 3.11 | 3.81 | 2.68 |
| Cash Ratio | 0.59 | 0.59 | 0.68 | 1.11 | 0.28 | 0.34 | 1.18 | 0.82 |
| Asset Turnover | — | 0.52 | 0.56 | 0.63 | 0.76 | 0.84 | 1.09 | 1.21 |
| Inventory Turnover | 45.12 | 45.12 | 39.58 | 58.15 | 51.33 | 39.14 | 46.26 | 23.76 |
| Days Sales Outstanding | — | 433.13 | 373.95 | 321.51 | 303.41 | 239.98 | 162.33 | 159.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 115.9% | 33.1% | 3.3% | — | — | — | — |
| FCF Yield | 100.0% | 153.5% | — | — | — | — | — | — |
| Buyback Yield | 9.6% | 2.1% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 9.6% | 2.1% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $273717 | $239400 | $234111 | $236000 | $241400 | $241400 | $200000 |
Volume-Based Procurement Price Erosion
According to current market data, MHUA trades at a P/S ratio of 0.02 and a P/E of 0.19, suggesting that investors are heavily discounting the firm's future earnings potential due to persistent revenue contraction and the looming threat of centralized government procurement mandates on medical device pricing.
The extreme valuation multiples appear to reflect a market consensus that the company's historical earnings power is unsustainable in the current regulatory environment. Investors should monitor whether this deep discount represents a genuine mispricing of the firm's niche manufacturing moat or a rational adjustment to the risk of permanent margin erosion.
Based on reported financial statements, MHUA's ROIC has steadily declined from 11.3% in 2021Q4 to 1.6% in 2025Q2, indicating that the company is struggling to generate meaningful returns on its invested capital as the post-pandemic demand environment normalizes and competitive pressures intensify within the Chinese healthcare sector.
The consistent decay in return metrics suggests that the company's capital allocation strategy may be failing to adapt to a more challenging pricing landscape. This trend warrants further investigation into whether management can pivot toward higher-margin Class III devices or if the current asset base is becoming increasingly unproductive.
As indicated by the latest quarterly data, MHUA's cash conversion cycle has ballooned to 983 days in 2025Q2, primarily driven by a massive increase in days sales outstanding to 1131 days, which highlights significant friction in collecting payments from public hospital clients across the Chinese healthcare system.
The extreme duration of the cash conversion cycle suggests that the company possesses limited leverage over its customers, effectively acting as a financing arm for the public hospital system. This structural inefficiency creates a persistent drag on liquidity that may necessitate external funding if collection cycles do not improve.
While the company reports a robust current ratio of 5.71 as of 2025Q2, this metric is frequently misapplied to MHUA, as it obscures the reality that a significant portion of current assets consists of slow-moving receivables rather than liquid cash available for immediate operational needs.
Analysts should prioritize the quick ratio or cash-to-current-liabilities metric to better assess the firm's actual ability to meet short-term obligations. Relying on the standard current ratio may lead to an overestimation of the company's financial flexibility in a period of deteriorating cash flow.
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Quick answers to the most common questions about buying MHUA stock.
Meihua International Medical Technologies Co., Ltd.'s current P/E ratio is 0.2x. The historical average is 11.5x.
Meihua International Medical Technologies Co., Ltd.'s current EV/EBITDA is -0.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.7x.
Meihua International Medical Technologies Co., Ltd.'s return on equity (ROE) is 7.1%. The historical average is 19.0%.
Based on historical data, Meihua International Medical Technologies Co., Ltd. is trading at a P/E of 0.2x. Compare with industry peers and growth rates for a complete picture.
Meihua International Medical Technologies Co., Ltd. has 34.4% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
Meihua International Medical Technologies Co., Ltd.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.