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GCT, GigaCloud Technology Inc

GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $1,576.8 million, $1,341.4 million and $794.4 million of GMV transacted in our marketplace in 2025, 2024 and 2023, respectively.

We are a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise.

Our B2B ecommerce platform, which we refer to as the "GigaCloud Marketplace," integrates everything from product discovery to payments to logistics tools into one easy-to-use platform.

Latest annual: FY2025 10-K

GCT · GigaCloud Technology Inc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.3B

+11.1% YoY · 33% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.4B 5-yr avg $812M

Operating margin 11.6% 5-yr avg 11.0%

ROIC 75% 5-yr avg 84%

Owner-earnings margin 11% 5-yr avg 11%

Free cash flow margin 11% 5-yr avg 11%

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: Revenue is led by Products (67%) and Last-mile delivery service (19%), with 5 more lines behind.
What moves the needle: Operating margin has run about 11% through the cycle, a solid margin the cost base and competition set as much as the price does. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. 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 high across the record (median 84%, above 15% in 5 of 5 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 13% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Products is 67% of revenue, with Last-mile delivery service the other meaningful line at 19%.

Revenue by product line, FY2025

Products67%$862M
Last-mile delivery service19%$245M
Warehousing service5%$58M
Ocean transportation service3%$37M
Packaging service3%$34M
Others2%$21M
Other2%$32M

From the segment footnote of the company's own 10-K. 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, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
						Income statement
$414M	$490M	$704M	$1.2B	$1.3B	$1.4B	RevenueRevenue
6%	5%	4%	6%	4%	3%	SG&A / revenueSG&A/rev
0%	0%	1%	1%	1%	1%	R&D / revenueR&D/rev
$39M	$35M	$110M	$131M	$145M	$159M	Operating incomeOp. inc.
9.5%	7.1%	15.6%	11.3%	11.2%	11.6%	Operating marginOp. mgn
$29M	$24M	$94M	$126M	$137M	$148M	Net incomeNet inc.
22%	23%	18%	11%	15%	15%	Effective tax rateTax rate
						Cash flow & returns
$9M	$50M	$133M	$158M	$191M	$159M	Operating cash flowOp. cash
$775K	$1M	$3M	$9M	$8M	$9M	DepreciationDeprec.
($31M)	$15M	$34M	$7M	$40M	($1M)	Working capital & otherWC & other
$2M	$709K	$4M	$16M	$8M	$10M	CapexCapex
0.4%	0.1%	0.6%	1.3%	0.6%	0.7%	Capex / revenueCapex/rev
$8M	$49M	$131M	$150M	$183M	$150M	Owner earningsOwner earn.
1.9%	10.0%	18.6%	12.9%	14.2%	10.9%	Owner earnings marginOE mgn
$7M	$49M	$129M	$143M	$183M	$150M	Free cash flowFCF
1.6%	10.0%	18.3%	12.3%	14.2%	10.9%	Free cash flow marginFCF mgn
$0	$0	$87M	$0	$0	$13M	AcquisitionsAcquis.
86%	52%	84%	80%	117%	75%	ROICROIC
29%	12%	32%	31%	28%	29%	Return on equityROE
29%	12%	32%	31%	28%	29%	Retained to equityRetained/eq
						Balance sheet
$64M	$144M	$183M	$302M	$416M	$363M	Cash & investmentsCash+inv
—	$27M	$59M	$57M	$66M	$84M	ReceivablesReceiv.
—	$78M	$132M	$172M	$188M	$240M	InventoryInvent.
—	$32M	$70M	$78M	$105M	$99M	Accounts payablePayables
—	$74M	$121M	$152M	$149M	$225M	Operating working capitalOper. WC
—	$258M	$393M	$548M	$691M	$709M	Current assetsCur. assets
—	$103M	$206M	$264M	$342M	$343M	Current liabilitiesCur. liab.
—	2.5×	1.9×	2.1×	2.0×	2.1×	Current ratioCurr. ratio
—	$0	$13M	$13M	$13M	$13M	GoodwillGoodwill
—	$419M	$847M	$1.1B	$1.2B	$1.2B	Total assetsAssets
—	$207K	$0	—	—	$0	Total debtDebt
—	($143M)	($183M)	—	—	($363M)	Net debt / (cash)Net debt
127.4×	61.7×	88.8×	510.2×	724.9×	535.8×	Interest coverageInt. cov.
$99M	$195M	$290M	$405M	$486M	$510M	Shareholders’ equityEquity
2.3%	1.9%	0.4%	1.4%	0.4%	0.3%	Stock comp / revenueSBC/rev
						Per share
10.2M	24.4M	40.9M	41.2M	38.2M	36.8M	Shares out (diluted)Shares
$40.42	$20.07	$17.20	$28.18	$33.74	$37.46	Revenue / shareRev/sh
$2.85	$0.98	$2.30	$3.05	$3.59	$4.03	EPS (diluted)EPS
$0.76	$2.01	$3.19	$3.63	$4.78	$4.07	Owner earnings / shareOE/sh
$0.66	$2.01	$3.15	$3.46	$4.78	$4.07	Free cash flow / shareFCF/sh
$0.18	$0.03	$0.11	$0.38	$0.21	$0.27	Cap. spending / shareCapex/sh
$9.68	$7.99	$7.10	$9.84	$12.71	$13.88	Book value / shareBVPS

The diluted share count moved ×2.38 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.68 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	−4.4%/yr	−4.4%/yr (4-yr)
Owner earnings / share	+58.4%/yr	+58.4%/yr (4-yr)
EPS	+5.9%/yr	+5.9%/yr (4-yr)
Capital spending / share	+3.7%/yr	+3.7%/yr (4-yr)
Book value / share	+7.0%/yr	+7.0%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

38Mpeak FY2024

ROIC

117%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$183Mowner earningsvs.$137Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 $137M of profit into $183M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$137M

Owner earnings$183M · 14% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$137M	$126M	$94M	$24M	$29M
Depreciation & amortizationnon-cash charge added back	+$8M	+$9M	+$3M	+$1M	+$775K
Stock-based compensationreal costnon-cash, but a real cost	+$5M	+$17M	+$3M	+$9M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	+$40M	+$7M	+$34M	+$15M	−$31M
Cash from operations	$191M	$158M	$133M	$50M	$9M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$8M	−$9M	−$3M	−$709K	−$775K
Owner earnings	$183M	$150M	$131M	$49M	$8M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$7M	−$2M	—	−$1M
Free cash flow	$183M	$143M	$129M	$49M	$7M
Owner-earnings marginowner earnings ÷ revenue	14%	13%	19%	10%	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 . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $5M), owner earnings is nearer $178M.

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 724.9×

Comfortable

Operating income $145M ÷ interest expense $200K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$416M

Net cash, debt-free

Cash $380M + ST investments $36M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $416M, 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.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 84%

Very high (≥25%) through the cycle

5-yr median, range 52%–117%; 117% latest = NOPAT $124M ÷ invested capital $106M

Industry peers: median -8%

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 5 years (it ran 117% 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.
Owner-earnings margin 13%

Solid through the cycle

5-yr median margin, range 2%–19%; latest $183M = operating cash $191M − maintenance capex $8M

Industry peers: median 3%

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 14% of revenue this year, a 13% median across 5 years. Treating stock comp as the real expense it is (less $5M of SBC) leaves $178M.
Are earnings backed by cash? 1.39×

Cash-backed

Cash from ops $191M ÷ net income $137M

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?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.94×

Maintaining

Capex $8M ÷ depreciation $8M

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 · 3 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 Near

Revenue ≥ $2B · $1.3B

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 Pass

Current ratio ≥ 2× · 2.02×

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 Pass

Debt ≤ working capital · $0 vs $348M 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 Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

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 $3.25/share (latest year $3.74), the averaged base the calculator's gate runs on, and book value is $13.24/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 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 8% → 11% (2-yr avg ends)

What this means
Through the cycle the operating margin widened — about 8% early to 11% lately, median 11% — pricing power intact or improving.
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.
Owner earnings growth +56%/yr

What this means
Owner earnings grew about 56% a year over the record.
Worst year 2022 · 7.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Such additional regulations may impact our ability to develop, use, procure and commercialize our AI software or other AI technologies in the future and require us to expend significant resources to modify our products, services, or operations to ensure compliance or remain competitive.…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can 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.

Current assets$709M

Cash & short-term investments$363M
Receivables$84M
Inventory$240M
Other current assets$22M

Current liabilities$343M

Accounts payable$99M
Other current liabilities$244M

Current ratio2.07×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.37×stricter: inventory excluded

Cash ratio1.06×strictest: cash alone against what's due

Working capital$366Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+32.2%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 2.1×

Deeper floors

Tangible book value$492Mequity stripped of goodwill & intangibles

Net current asset value($11M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$474M$474M of it operating leases; with finance leases, “total fixed claims” below reaches $470M (annual-report basis)

Deferred revenue$6Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$116M

'27$117M

'28$110M

'29$79M

'30$42M

later$53M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$116Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$517Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$470Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$0

Lease obligations (present value)$470M

Total fixed claims on the business$470M

Counting the leases the way Buffett does, the fixed claims on this business come to $470M, of which the leases are 100%, more than the debt itself. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2021–2025

Over the record, the business generated $540M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$30M · 6%
Retained (debt / cash)$510M · 94%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $299M.
Net change in share count258.8%
The diluted count rose from 10M to 37M: 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 retained22%
Of the earnings it kept rather than paid out ($411M over the span), annual owner earnings (first three years vs last three) grew $92M, so each retained $1 added about 0.22 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.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Larry Lei Wu	$163k	$163k	$49M
2023	Mr. Larry Lei Wu	$287k	$287k	$131M
2024	Mr. Larry Lei Wu	$3.5M	$3.5M	$150M
2025	Mr. Larry Lei Wu	$1.9M	$1.9M	$183M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership4.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$5M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why GigaCloud Technology Inc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?258.8%
Diluted shares grew 258.8% over 2021–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PTRNPattern Group Inc. Series A	$2.5B	44%	3.9%	—	3%
GCTGigaCloud Technology Inc	$1.3B	—	11.2%	84%	13%
EZPWEZCORP Inc. Class A Non Voting	$1.3B	79%	7.7%	6%	7%
SFIXStitch Fix Inc.	$1.3B	44%	-3.0%	-35%	3%
LESLLeslie's	$1.2B	41%	13.1%	38%	3%
RVLVRevolve Group	$1.2B	53%	6.6%	39%	4%
BBBYBed Bath & Beyond Inc.	$1.0B	23%	-4.3%	-201%	-3%
HNSTThe Honest Company Inc.	$371M	33%	-11.3%	-23%	-4%
Group median	—	—	5.3%	6%	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what GigaCloud Technology Inc has delivered.

Today’s price $

Through the cycle, GigaCloud Technology Inc earns about $166M on its 12.9% median owner-earnings margin. This year’s 14.2% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($166M) Net of stock comp (−$4M) Steady-state · maintenance capex ($152M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+55%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

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.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 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.

Free cash flow $150M on 37M shares outstanding (a weighted basic average, the only count this filer tags); net cash $363M. 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. Capex ($10M) runs well above depreciation ($9M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $152M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GCT against another business →

Cite: Owner Scorecard, "GigaCloud Technology Inc (GCT), the owner's record," https://ownerscorecard.com/c/GCT, data as of 2026-07-09.

Manual order: ← GCO its page in the Manual GD →

Industry order: ← DDL the E-Commerce & Marketplaces chapter GRPN →