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LSE, Leishen Energy Holding Co. Ltd.
Revenue is led by Saleof Clean Energy Equipment (46%) and Saleof New Energy (40%), with 2 more segments behind.
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.
- What it is
- A capital-goods maker, whose demand swings with its customers' own spending.
- What moves the needle
- Gross margin has run about 24% and operating margin about 14% 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 −3.4% to 18% over the years, so the cost line is where the needle moves. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run in the teens (median 18%, above 15% in 2 of 3 years). Owner earnings, the cash-based check, have been thin too. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 4 segments, the largest Saleof Clean Energy Equipment at 46%.
- Saleof Clean Energy Equipment46%$22M
- Saleof New Energy40%$20M
- Delivery Of Oil And Gas Engineering Technical Services8%$4M
- Saleof Digitalization And Integration Equipment6%$3M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMSep 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $47M | $73M | $69M | $48M | $48M | RevenueRevenue |
| $14M | $18M | $16M | $9M | $9M | Gross profitGross prof. |
| 29% | 25% | 23% | 18% | 18% | Gross marginGross mgn |
| $8M | $12M | $8M | ($2M) | ($2M) | Operating incomeOp. inc. |
| 17.6% | 16.3% | 10.9% | −3.4% | −3.4% | Operating marginOp. mgn |
| $6M | $12M | $8M | $1M | $1M | Net incomeNet inc. |
| 26% | 6% | 2% | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||
| ($4M) | $4M | $15M | ($4M) | ($4M) | Operating cash flowOp. cash |
| $293K | $421K | $519K | $486K | $486K | DepreciationDeprec. |
| ($10M) | ($8M) | $7M | ($5M) | ($5M) | Working capital & otherWC & other |
| $3M | $741K | $681K | $171K | $171K | CapexCapex |
| 6.1% | 1.0% | 1.0% | 0.4% | 0.4% | Capex / revenueCapex/rev |
| ($7M) | $4M | $14M | ($4M) | ($4M) | Owner earningsOwner earn. |
| −15.5% | 5.0% | 20.8% | −7.6% | −7.6% | Owner earnings marginOE mgn |
| ($7M) | $4M | $14M | ($4M) | ($4M) | Free cash flowFCF |
| −15.5% | 5.0% | 20.8% | −7.6% | −7.6% | Free cash flow marginFCF mgn |
| — | 35% | 18% | -4% | -3% | ROICROIC |
| — | 38% | 20% | 3% | 3% | Return on equityROE |
| — | 38% | 20% | 3% | 3% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $7M | $18M | $19M | $19M | Cash & investmentsCash+inv |
| — | $31M | $22M | $15M | $15M | ReceivablesReceiv. |
| — | $8M | $5M | $4M | $4M | InventoryInvent. |
| — | $12M | $11M | $8M | $8M | Accounts payablePayables |
| — | $27M | $16M | $11M | $11M | Operating working capitalOper. WC |
| — | $59M | $62M | $59M | $59M | Current assetsCur. assets |
| — | $32M | $27M | $23M | $23M | Current liabilitiesCur. liab. |
| — | 1.8× | 2.3× | 2.5× | 2.5× | Current ratioCurr. ratio |
| — | $4M | $4M | $3M | $3M | Net PP&ENet PP&E |
| — | $65M | $70M | $69M | $69M | Total assetsAssets |
| — | $1M | $1M | — | $2M | Total debtDebt |
| — | ($6M) | ($17M) | — | ($16M) | Net debt / (cash)Net debt |
| 193.0× | 175.0× | 132.4× | -23.4× | -23.4× | Interest coverageInt. cov. |
| — | $31M | $40M | $45M | $45M | Shareholders’ equityEquity |
| Per share | |||||
| 15.5M | 15.5M | 15.5M | 16.7M | 17.0M | Shares out (diluted)Shares |
| $3.01 | $4.72 | $4.46 | $2.90 | $2.84 | Revenue / shareRev/sh |
| $0.37 | $0.75 | $0.52 | $0.08 | $0.08 | EPS (diluted)EPS |
| $-0.47 | $0.24 | $0.93 | $-0.22 | $-0.22 | Owner earnings / shareOE/sh |
| $-0.47 | $0.24 | $0.93 | $-0.22 | $-0.22 | Free cash flow / shareFCF/sh |
| $0.18 | $0.05 | $0.04 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| — | $1.99 | $2.57 | $2.72 | $2.67 | Book value / shareBVPS |
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −1.3%/yr | −1.3%/yr (3-yr) |
| EPS | −40.9%/yr | −40.9%/yr (3-yr) |
| Capital spending / share | −61.8%/yr | −61.8%/yr (3-yr) |
| Book value / share | +17.1%/yr (2-yr) | +17.1%/yr (2-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 reported $1M of profit but ($4M) of owner earnings: $5M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Reported net income | $1M | $8M | $12M | $6M |
| Depreciation & amortizationnon-cash charge added back | +$486K | +$519K | +$421K | +$293K |
| Working capital & othertiming of cash in and out, other non-cash items | −$5M | +$7M | −$8M | −$10M |
| Cash from operations | ($4M) | $15M | $4M | ($4M) |
| Capital expenditurecash put back in to keep running and to grow | −$171K | −$681K | −$741K | −$3M |
| Owner earnings | ($4M) | $14M | $4M | ($7M) |
| Owner-earnings marginowner earnings ÷ revenue | -8% | 21% | 5% | -15% |
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 .
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
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? -23.4×Does not cover its interestOperating income ($2M) ÷ interest expense $71K
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 $0 + ST investments $19M − debt $2M
What this means
Cash and short-term investments exceed every dollar of debt by $16M, 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.
- Long (60+ days)DSO 116 + DIO 33 − DPO 69 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?
- High through the cycle3-yr median, range -4%–35%; -3% latest = NOPAT ($2M) ÷ invested capital $48MIndustry peers: median -1%
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. The headline is the median of the last 3 years (it ran -3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle4-yr median margin, range -15%–21%; latest ($4M) = operating cash ($4M) − maintenance capex $171KIndustry peers: median 6%
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 -8% of revenue this year, a -1% median across 4 years.
- Are earnings backed by cash? -2.75×Thinly cash-backedCash from ops ($4M) ÷ net income $1M
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 7% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.35×HarvestingCapex $171K ÷ depreciation $486K
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 3 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 · $48M
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 PassCurrent ratio ≥ 2× · 2.54×
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 $36M 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.
- 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 $0.41/share (latest year $0.08), the averaged base the calculator's gate runs on, and book value is $2.67/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, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 4
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 17% → 4% (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 17% early to 4% lately, median 11% — 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 · −3.4% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +2.5%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Sep 30, 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$19M
- Receivables$15M
- Inventory$4M
- Other current assets$21M
- Debt due within a year$1M
- Accounts payable$8M
- Other current liabilities$15M
From the company's latest filing.
How the cash was used, 2022–2025
Over the record, the business generated $12M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$4M · 39%
- Retained (debt / cash)$7M · 61%
- Net change in share count9.8%
The diluted count rose from 16M to 17M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained4%
Of the earnings it kept rather than paid out ($27M over the span), annual owner earnings (first three years vs last three) grew $1M, so each retained $1 added about 0.04 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.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$21M · 43% of revenue on the largest customers (TTM)
“During the fiscal years ended September 30, 2025 and 2024, we had a high concentration of customer revenue and our three largest customers accounted for 42.6% and 45.3% of our total operating revenue respectively.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Oilfield Services & Equipment
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 |
|---|---|---|---|---|---|
| WHDCactus | $1.1B | 37%4y | 24.7% | 41% | — |
| INVXInnovex International Inc. | $978M | 30% | 4.1% | 3% | 6% |
| FETForum Energy Technologies Inc. | $791M | 25% | -14.0% | -7% | 0% |
| FLOCFlowco Holdings Inc. | $760M | 54% | 21.8% | 18%1y | 17% |
| OISOil States International Inc. | $669M | 22% | -10.5% | -5% | 6% |
| OMSEOMS Energy Technologies Inc. | $204M | 31%2y | 24.9%2y | 83%1y | 24%2y |
| LSELeishen Energy Holding Co. Ltd. | $48M | 24% | 13.6% | 18% | -1% |
| STAKSTAK Inc. | $25M | 31% | 14.8% | 2%2y | -12% |
| Group median | — | 30% | 14.2% | 10% | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Leishen Energy Holding Co. Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Leishen Energy Holding Co. Ltd. has delivered.
Leishen Energy Holding Co. Ltd.’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
—
9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 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 (4.65%, as of Aug 19, 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 ($4M) on 17M shares outstanding, per the 20-F/A cover, as of 2025-09-30; net cash $16M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. 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: ← LPL its page in the Manual LSPD →
Industry order: ← LBRT the Oilfield Services & Equipment chapter NBR →