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ABLV, Able View Global Inc.
We are one of the largest comprehensive brand management partners of international beauty and personal care brands in China.
To purchase from global brand owners and conduct sales in China, our comprehensive brand management capabilities encompass all segments of the brand management value chain, including strategy, branding, digital and social marketing, omni-channel sales, customer service, overseas logistics, warehouse and fulfilment.
We generate revenue from the sales of the products of our brand partners.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Gross margin has run about 22% and operating margin about 7.0% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −0.5% to 9.5% over the years, so the cost line is where the needle moves. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $117M | $145M | $129M | $127M | $105M | $105M | RevenueRevenue |
| $26M | $33M | $30M | $15M | $12M | $12M | Gross profitGross prof. |
| 22% | 22% | 23% | 11% | 11% | 11% | Gross marginGross mgn |
| $11M | $10M | $11M | ($206K) | ($487K) | ($487K) | Operating incomeOp. inc. |
| 9.5% | 7.0% | 8.8% | −0.2% | −0.5% | −0.5% | Operating marginOp. mgn |
| $9M | $8M | $10M | ($7M) | $820K | $820K | Net incomeNet inc. |
| 14% | 16% | 3% | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| ($2M) | ($13M) | $24M | ($2M) | $1M | $1M | Operating cash flowOp. cash |
| $126K | $131K | $223K | $105K | $54K | $223K | DepreciationDeprec. |
| ($11M) | ($21M) | $14M | $5M | $322K | $153K | Working capital & otherWC & other |
| $175K | $196K | $67K | $66K | $27K | $27K | CapexCapex |
| 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | Capex / revenueCapex/rev |
| ($2M) | ($13M) | $24M | ($2M) | $1M | $1M | Owner earningsOwner earn. |
| −1.8% | −9.0% | 18.2% | −1.8% | 1.1% | 1.1% | Owner earnings marginOE mgn |
| ($2M) | ($13M) | $24M | ($2M) | $1M | $1M | Free cash flowFCF |
| −1.8% | −9.0% | 18.2% | −1.8% | 1.1% | 1.1% | Free cash flow marginFCF mgn |
| $3M | $7M | $57K | $58K | $58K | $58K | Dividends paidDiv. paid |
| 107% | — | — | — | -26% | -26% | ROICROIC |
| 96% | 330% | 85% | -105% | 11% | 11% | Return on equityROE |
| 67% | 40% | 85% | −105% | 10% | 10% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | $6M | $13M | $15M | $9M | $9M | Cash & investmentsCash+inv |
| — | $21M | $14M | $15M | $13M | $13M | ReceivablesReceiv. |
| — | $19M | $17M | $6M | $3M | $3M | InventoryInvent. |
| — | $842K | $4M | $2M | $2M | $2M | Accounts payablePayables |
| — | $39M | $28M | $19M | $14M | $14M | Operating working capitalOper. WC |
| — | $52M | $49M | $40M | $32M | $32M | Current assetsCur. assets |
| — | $31M | $16M | $17M | $20M | $20M | Current liabilitiesCur. liab. |
| — | 1.7× | 3.1× | 2.3× | 1.6× | 1.6× | Current ratioCurr. ratio |
| — | $374K | $677K | $139K | $118K | $118K | Net PP&ENet PP&E |
| — | $55M | $55M | $48M | $35M | $35M | Total assetsAssets |
| — | — | — | $2M | $2M | $2M | Total debtDebt |
| — | — | — | ($13M) | ($7M) | ($7M) | Net debt / (cash)Net debt |
| — | 16.6× | 13.6× | -0.5× | -0.7× | -0.7× | Interest coverageInt. cov. |
| $9M | $2M | $11M | $7M | $8M | $8M | Shareholders’ equityEquity |
| Per share | ||||||
| 37.7M | 37.7M | 39.5M | 42.6M | 49.4M | 49.4M | Shares out (diluted)Shares |
| $3.11 | $3.85 | $3.28 | $2.98 | $2.13 | $2.13 | Revenue / shareRev/sh |
| $0.23 | $0.21 | $0.25 | $-0.17 | $0.02 | $0.02 | EPS (diluted)EPS |
| $-0.05 | $-0.35 | $0.60 | $-0.05 | $0.02 | $0.02 | Owner earnings / shareOE/sh |
| $-0.05 | $-0.35 | $0.60 | $-0.05 | $0.02 | $0.02 | Free cash flow / shareFCF/sh |
| $0.07 | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | Dividends / shareDiv/sh |
| $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $0.24 | $0.06 | $0.29 | $0.17 | $0.16 | $0.16 | Book value / shareBVPS |
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | −9.0%/yr | −9.0%/yr (4-yr) |
| EPS | −48.2%/yr | −48.2%/yr (4-yr) |
| Dividends / share | −64.0%/yr | −64.0%/yr (4-yr) |
| Capital spending / share | −41.3%/yr | −41.3%/yr (4-yr) |
| Book value / share | −10.0%/yr | −10.0%/yr (4-yr) |
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $820K of profit into $1M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $820K | ($7M) | $10M | $8M | $9M |
| Depreciation & amortizationnon-cash charge added back | +$54K | +$105K | +$223K | +$131K | +$126K |
| Working capital & othertiming of cash in and out, other non-cash items | +$322K | +$5M | +$14M | −$21M | −$11M |
| Cash from operations | $1M | ($2M) | $24M | ($13M) | ($2M) |
| Capital expenditurecash put back in to keep running and to grow | −$27K | −$66K | −$67K | −$196K | −$175K |
| Owner earnings | $1M | ($2M) | $24M | ($13M) | ($2M) |
| Owner-earnings marginowner earnings ÷ revenue | 1% | -2% | 18% | -9% | -2% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? -0.7×Does not cover its interestOperating income ($487K) ÷ interest expense $672K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $9M − debt $2M
What this means
Cash and short-term investments exceed every dollar of debt by $7M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 44 + DIO 13 − DPO 8 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below averageNOPAT ($243K) ÷ invested capital $943K (debt + equity − cash)Industry peers: median 6%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Positive this year, negative across the cyclelatest $1M = operating cash $1M − maintenance capex $27K (positive this year), after an earlier loss stretch (5-yr median -2%)Industry peers: median 2%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a -2% median across 5 years.
- Cash-backedCash from ops $1M ÷ net income $820K
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $58K ÷ Owner Earnings $1M — this fiscal year
What this means
Of $1M Owner Earnings, $58K (5%) went back to shareholders, $58K dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does. This year's proportion is 5%; across the record (2021–2025) it is 152%, the capital-allocation section below.
- Investing or harvesting? 0.12×HarvestingCapex $27K ÷ depreciation $223K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $105M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.62×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $2M vs $12M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability NearA profit every year (5-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (5)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.02/share (latest year $0.02), the averaged base the calculator's gate runs on, and book value is $0.16/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 5
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 8% → −0% (2-yr avg ends)
In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.
What this means
Through the cycle the operating margin slipped — about 8% early to −0% lately, median 7% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2025 · −0.5% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +7.0%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record paid
What this means
Paid a dividend in 5 of the years on record.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$9M
- Receivables$13M
- Inventory$3M
- Other current assets$7M
- Accounts payable$2M
- Other current liabilities$18M
From the company's latest filing.
How the cash was used, 2021–2025
Over the record, the business generated $8M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$531K · 7%
- Dividends$10M · 125%
- Buybacks$1M · 17%
- Returned to owners$11M
152% of the owner earnings the business produced over the span, $10M as dividends and $1M as buybacks.
- Source of funding−$4M
Reinvestment and shareholder returns ran $4M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Average price paid for buybacks—
Buybacks ran $1M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count30.9%
The diluted count rose from 38M to 49M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.00/sh
Paid in 5 of the years on record, the per-share dividend shrinking about 64% a year. It was cut at least once along the way.
- Return on what it retained54%
Of the earnings it kept rather than paid out ($9M over the span), annual owner earnings (first three years vs last three) grew $5M, so each retained $1 added about 0.54 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Peers, Consumer Distributors
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| PFGCPerformance Food | $67.8B | 12% | 1.3% | 6% | 1% |
| UNFIUnited Natural Foods | $31.8B | 14% | 0.4% | 5% | 1% |
| LKQLKQ Corporation | $13.7B | 39% | 8.5% | 8% | 6% |
| CHEFChefs' Warehouse | $4.1B | 24% | 3.2% | 6% | 2% |
| WILCG. Willi-Food International Ltd. | $205M | 29% | 10.2% | 9% | 3% |
| ABLVAble View Global Inc. | $105M | 22% | 7.0% | 40%2y | -2% |
| Group median | — | 23% | 5.1% | 7% | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Able View Global Inc. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Able View Global Inc. has delivered.
—
9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner earnings $1M on 49M shares outstanding (a weighted average, the only count this filer tags); net cash $7M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← ABEV its page in the Manual ACB →
Industry order: the Consumer Distributors chapter CHEF →