MFI (MFI) financial statements

· Market cap $469M

MFI reported revenue of 34M HKD in fiscal 2025, up 1.2% a year over 4 years.

Net income was 79M HKD and the operating margin -143.7%, against 32.7% in 2021.

Free cash flow was -18M HKD.

The diluted share count rose 301% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (HKD).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/MFI/financials">MFI financials</a> on Investingly</p>

Income statement

Fiscal years, in HKD, from MFI's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Revenue	32M HKD	35M HKD	32M HKD	26M HKD	34M HKD
Cost of revenue	16M HKD	17M HKD	14M HKD	14M HKD	24M HKD
Gross profit	16M HKD	18M HKD	18M HKD	12M HKD	10M HKD
Research and development	29,478 HKD	80,012 HKD	11,373 HKD	172,810 HKD	45,967 HKD
Selling, general and admin	5M HKD	11M HKD	11M HKD	32M HKD	44M HKD
Operating income	11M HKD	8M HKD	7M HKD	-19M HKD	-49M HKD
Interest expense	479,904 HKD	443,577 HKD	353,002 HKD	-101,148 HKD	-255,969 HKD
Pre-tax income	11M HKD	7M HKD	7M HKD	-19M HKD	76M HKD
Income tax	431,630 HKD	387,845 HKD	148,309 HKD	781,759 HKD	-3M HKD
Net income	10M HKD	7M HKD	7M HKD	-20M HKD	79M HKD
EPS (diluted)	7.14 HKD	4.71 HKD	4.58 HKD	-12.72 HKD	—
Diluted shares	1M	1M	1M	2M	6M
Gross margin	49.5%	52.7%	56.2%	47.2%	29.6%
Operating margin	32.7%	21.6%	20.9%	-74.3%	-143.7%
Net margin	32.1%	19.5%	20.7%	-77.5%	232.8%

Balance sheet

Fiscal years, in HKD, from MFI's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Cash and short-term investments	10M HKD	12M HKD	7M HKD	20M HKD	223M HKD
Receivables	—	1M HKD	3M HKD	1M HKD	224,396 HKD
Total current assets	—	16M HKD	10M HKD	34M HKD	4.0B HKD
Property, plant and equipment	—	123,305 HKD	36,511 HKD	403,107 HKD	286,725 HKD
Total assets	—	35M HKD	34M HKD	58M HKD	4.0B HKD
Total current liabilities	—	12M HKD	12M HKD	17M HKD	25M HKD
Long-term debt	—	10M HKD	6M HKD	2M HKD	0 HKD
Total liabilities	—	24M HKD	22M HKD	22M HKD	26M HKD
Shareholders' equity	7M HKD	10M HKD	12M HKD	36M HKD	4.0B HKD
Net debt	-10M HKD	2M HKD	3M HKD	-14M HKD	-223M HKD

Cash flow

Fiscal years, in HKD, from MFI's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Operating cash flow	13M HKD	13M HKD	11M HKD	-22M HKD	-16M HKD
Capital spending	7M HKD	6M HKD	7M HKD	8M HKD	2M HKD
Free cash flow	6M HKD	7M HKD	4M HKD	-30M HKD	-18M HKD
Dividends paid	—	—	5M HKD	0 HKD	0 HKD
Free cash flow margin	17.1%	21.4%	12.5%	-116.2%	-54.2%
Dividends per share	—	—	3.68 HKD	—	—

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Questions

What was MFI's revenue in 2025?

34M HKD in fiscal 2025, from its 10-K filing.

How much free cash flow does MFI generate?

-18M HKD in fiscal 2025 (operating cash flow minus capital spending).

From MFI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.