PHOE Industrials

Phoenix Asia Holdings Limited

$18.59+11.15%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Engineering & Construction
Country: Hong Kong
Market cap: 401.7M USD
Enterprise value: 397.0M USD
Full-time employees: 32

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: growth

Ranks #1,681 of 2,308 industrials companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Phoenix Asia made a loss per share in its latest year after a profit the year before.
Operating margin at a 4-year low. -17% in FY Mar 2026, the weakest of the last 4 years.
Phoenix Asia's operating margin fell to -17% in FY Mar 2026, its lowest in the 4 years of filings we have.
Not profitable yet. Reported a loss in the 12 months to March 2026.
Phoenix Asia reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 2.2% in the 12 months to March 2026 vs the 12 months before.
Phoenix Asia's revenue fell 2.2% in the 12 months to March 2026 vs the 12 months before.

StockQuotient Score

39/ 100

Oct 5 39 → Nov 4 39

Valuation

Is the price right?

0/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.3%

SEC filings · 12 months to Mar 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-0.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield1.5%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 3-yr revenue
▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.21Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth47.9%

SEC filings · 3 years to Mar 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth-2.2%

SEC filings · 12 months to Mar 2026Reported value33% base weight · Z-score -0.87Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Turned to a loss over the last 12 months
Operating margin fell 27.5 points to -16.8%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-16.8%

SEC filings · 12 months to Mar 2026Reported value33% base weight · Z-score -4.84Sector median: 0.0773 · MAD: 0.0507

Return on assets-16.4%

SEC filings · 12 months to Mar 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-18.2%

SEC filings · 12 months to Mar 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin4.6%

SEC filings · 12 months to Mar 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-19.5%

SEC filings · 12 months to Mar 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

Operating profit now covers interest only 0.0x

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6440 · MAD: 0.2745

Current ratio5.46×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.16Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Phoenix Asia

Is Phoenix Asia getting weaker?: Its latest SEC filing (Aug 14, 2026) got weaker in some ways: turned to a loss over the last 12 months; operating margin fell 27.5 points to -16.8%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Phoenix Asia valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 2,459 industrials peers. Earnings yield -0.3% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.3% vs peers 3.8% (weaker than 100% of peers).
Is Phoenix Asia growing?: At about the same pace as its peers. Growth scores 55/100 against 2,459 industrials peers. 3-year revenue growth 47.9% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 47.9% vs peers 4.2% (stronger than 95% of peers). Revenue growth -2.2% vs a peer median of 4.4% (weaker than 73% of peers).Revenue growth -2.2% vs peers 4.4% (weaker than 73% of peers).
How profitable is Phoenix Asia?: Less profitable than most of its peers. Profitability scores 3/100 against 2,459 industrials peers. Return on assets -16.4% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -16.4% vs peers 3.1% (weaker than 100% of peers).
How risky is Phoenix Asia?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 5.46× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 5.46× vs peers 1.62× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Mar 31, 2026 · filed Aug 14, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

Turned to a loss over the last 12 months
Operating margin fell 27.5 points to -16.8%
Operating profit now covers interest only 0.0x

Worth watching: Phoenix Asia is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	7.1M USD	7.2M USD	+1.6%
Net income (12 months)	593,213 USD	−1.2M USD	turned negative
Operating margin	10.8%	-16.8%	−27.5 pts
Cash	1.5M USD	892,525 USD	−41.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Mar 2023	FY Mar 2024	FY Mar 2025	FY Mar 2026	Change
Gross margin	25.4%	25.8%	29.5%	4.6%	▼ 25 pts
Operating margin	16.9%	21.4%	17.6%	-16.8%	▼ 34 pts
Net margin	15.8%	18.4%	13.9%	-16.7%	▼ 31 pts
Return on assets (ROA)	—	28.5%	19.1%	-16.4%	▼ 36 pts
Return on equity (ROE)	53.8%	61.8%	33.0%	-19.5%	▼ 52 pts
Free cash flow margin	-3.6%	—	15.5%	—	—
Current ratio	—	1.76×	2.24×	5.46×	▲ 144%
Interest coverage	331.38×	1503.27×	1770.34×	-487.67×	▼ 128%

PHOE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: growth

Ranks #1,681 of 2,308 industrials companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Phoenix Asia made a loss per share in its latest year after a profit the year before.

Operating margin at a 4-year low. -17% in FY Mar 2026, the weakest of the last 4 years.

Phoenix Asia's operating margin fell to -17% in FY Mar 2026, its lowest in the 4 years of filings we have.

Not profitable yet. Reported a loss in the 12 months to March 2026.

Phoenix Asia reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 2.2% in the 12 months to March 2026 vs the 12 months before.

Phoenix Asia's revenue fell 2.2% in the 12 months to March 2026 vs the 12 months before.

Questions investors ask about Phoenix Asia

Is Phoenix Asia getting weaker?

Its latest SEC filing (Aug 14, 2026) got weaker in some ways: turned to a loss over the last 12 months; operating margin fell 27.5 points to -16.8%. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Phoenix Asia valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 2,459 industrials peers. Earnings yield -0.3% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.3% vs peers 3.8% (weaker than 100% of peers).

Is Phoenix Asia growing?

At about the same pace as its peers. Growth scores 55/100 against 2,459 industrials peers. 3-year revenue growth 47.9% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 47.9% vs peers 4.2% (stronger than 95% of peers). Revenue growth -2.2% vs a peer median of 4.4% (weaker than 73% of peers).Revenue growth -2.2% vs peers 4.4% (weaker than 73% of peers).

How profitable is Phoenix Asia?

Less profitable than most of its peers. Profitability scores 3/100 against 2,459 industrials peers. Return on assets -16.4% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -16.4% vs peers 3.1% (weaker than 100% of peers).

How risky is Phoenix Asia?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 5.46× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 5.46× vs peers 1.62× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

7.1M USD

7.2M USD

+1.6%

Net income (12 months)

593,213 USD

−1.2M USD

turned negative

Operating margin

10.8%

-16.8%

−27.5 pts

Cash

1.5M USD

892,525 USD

−41.3%

Key ratios

FY Mar 2023

FY Mar 2024

FY Mar 2025

FY Mar 2026

Change

Gross margin

25.4%

25.8%

29.5%

4.6%

▼ 25 pts

Operating margin

16.9%

21.4%

17.6%

-16.8%

▼ 34 pts

Net margin

15.8%

18.4%

13.9%

-16.7%

▼ 31 pts

Return on assets (ROA)

—

28.5%

19.1%

-16.4%

▼ 36 pts

Return on equity (ROE)

53.8%

61.8%

33.0%

-19.5%

▼ 52 pts

Free cash flow margin

-3.6%

—

15.5%

—

Current ratio

—

1.76×

2.24×

5.46×

▲ 144%

Interest coverage

331.38×

1503.27×

1770.34×

-487.67×

▼ 128%