Share count
363Mpeak FY2025
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PLBL, Polibeli Group Ltd
As Polibeli launched the Polibeli App in 2022 and Polisales App in 2023 specifically for the Indonesian market, which together operate as one Polibeli Platform, it has a limited operating history and limited experience in providing digital solutions, intelligence services and warehousing, logistics and fulfillment services in Indonesia.
Our Supply Chain Services Platform — Polibeli Platform ."), will depend on its ability to expand its marketing and sales operations.
Polibeli's business and results of operations will be harmed if its sales and marketing efforts do not generate a corresponding increase in revenue.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$24M
−16.8% YoY
Vital signs · TTM, with 3-yr average
Revenue $24M 3-yr avg $25M
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 Household appliances (32%) and Skincare products (16%), with 8 more lines behind.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Operating margin has run around −31% through the cycle on a −0.1% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on cyclicality & demand, 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.
Where the money comes from
read the 20-F →Revenue spreads across 7 lines, the largest Household appliances at 32%.
Revenue by product line, FY2025
- Household appliances32%$8M
- Skincare products16%$4M
- Maternity and baby products14%$3M
- Consumer electronic accessories14%$3M
- Oral-care products11%$3M
- Health-care products5%$1M
- Other9%$2M
By geographyJapan45%Indonesia24%Hong Kong SAR China20%Europe18%Others3%
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, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $22M | $29M | $24M | $24M | RevenueRevenue |
| 1% | −0% | −1% | −1% | Gross marginGross mgn |
| ($6M) | ($10M) | ($8M) | ($8M) | Operating incomeOp. inc. |
| −28.8% | −33.0% | −31.3% | −31.3% | Operating marginOp. mgn |
| ($7M) | ($11M) | ($6M) | ($6M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($5M) | ($6M) | ($6M) | ($6M) | Operating cash flowOp. cash |
| $120K | $251K | $178K | $178K | DepreciationDeprec. |
| $2M | $5M | ($563K) | ($563K) | Working capital & otherWC & other |
| $2M | $119K | $155K | $155K | CapexCapex |
| 9.1% | 0.4% | 0.6% | 0.6% | Capex / revenueCapex/rev |
| ($5M) | ($6M) | ($7M) | ($7M) | Owner earningsOwner earn. |
| −22.1% | −19.5% | −27.0% | −27.0% | Owner earnings marginOE mgn |
| ($7M) | ($6M) | ($7M) | ($7M) | Free cash flowFCF |
| −30.7% | −19.5% | −27.0% | −27.0% | Free cash flow marginFCF mgn |
| Balance sheet | ||||
| — | $5M | $8M | $8M | ReceivablesReceiv. |
| — | $4M | $3M | $3M | InventoryInvent. |
| — | $760K | $2M | $2M | Accounts payablePayables |
| — | $9M | $9M | $9M | Operating working capitalOper. WC |
| — | $19M | $17M | $17M | Current assetsCur. assets |
| — | $13M | $19M | $19M | Current liabilitiesCur. liab. |
| — | 1.5× | 0.9× | 0.9× | Current ratioCurr. ratio |
| — | $21M | $18M | $18M | Total assetsAssets |
| — | $522K | $18K | $36K | Total debtDebt |
| — | $522K | $18K | $36K | Net debt / (cash)Net debt |
| — | ($25M) | ($45M) | ($45M) | Shareholders’ equityEquity |
| Per share | ||||
| 360M | 360M | 363M | 363M | Shares out (diluted)Shares |
| $0.06 | $0.08 | $0.07 | $0.07 | Revenue / shareRev/sh |
| $-0.02 | $-0.03 | $-0.02 | $-0.02 | EPS (diluted)EPS |
| $-0.01 | $-0.02 | $-0.02 | $-0.02 | Owner earnings / shareOE/sh |
| $-0.02 | $-0.02 | $-0.02 | $-0.02 | Free cash flow / shareFCF/sh |
| $0.01 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| — | $-0.07 | $-0.13 | $-0.13 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
−1%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($7M)owner earningsvs.($6M)net incomelow FY2025
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 a $6M loss but ($7M) of owner earnings: $540K less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($6M) | ($11M) | ($7M) |
| Depreciation & amortizationnon-cash charge added back | +$178K | +$251K | +$120K |
| Working capital & othertiming of cash in and out, other non-cash items | −$563K | +$5M | +$2M |
| Cash from operations | ($6M) | ($6M) | ($5M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$155K | −$119K | −$120K |
| Owner earnings | ($7M) | ($6M) | ($5M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −$2M |
| Free cash flow | ($7M) | ($6M) | ($7M) |
| Owner-earnings marginowner earnings ÷ revenue | -27% | -20% | -22% |
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
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- Net debt against an operating lossCash $0 − debt $36K
What this means
Netting $0 of cash and short-term investments against $36K of debt leaves $36K owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. 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 120 + DIO 39 − DPO 25 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?
- Not meaningful hereInvested capital ($45M) = debt $36K + equity ($45M) − cashIndustry peers: median 8%
What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
- Consumes cash through the cycle3-yr median margin, range -27%–-20%; latest ($7M) = operating cash ($6M) − maintenance capex $155KIndustry 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 -27% of revenue this year, a -22% median across 3 years.
- Loss, and burning cashNet income ($6M) · cash from operations ($6M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
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? 0.87×MaintainingCapex $155K ÷ depreciation $178K
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 · 0 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 · $24M
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 MissCurrent ratio ≥ 2× · 0.88×
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 MissDebt ≤ working capital · $36K vs ($2M) 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 $-0.02/share (latest year $-0.02), the averaged base the calculator's gate runs on, and book value is $-0.13/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.
Does AI threaten the moat?
Moderate contestabilityAI 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.
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 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.
Current assets$17M
- Receivables$8M
- Inventory$3M
- Other current assets$6M
Current liabilities$19M
- Debt due within a year$18K
- Accounts payable$2M
- Other current liabilities$17M
Current ratio0.88×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.74×stricter: inventory excluded
Cash ratio0.00×strictest: cash alone against what's due
Working capital($2M)the cushion left after near-term bills
Debt due this year vs. cash$18K due · $0 cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book value($45M)equity stripped of goodwill & intangibles
Net current asset value($46M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$341K$306K of it operating leases
Deferred revenue$104Kcustomer cash collected before delivery; operating float
From the company's latest filing.
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 |
|---|---|---|---|---|---|
| MSMMSC Industrial Direct Company Inc. | $3.8B | 42% | 12.0% | 15% | 8% |
| SCSCScanSource | $3.0B | 12% | 2.8% | 8% | 2% |
| BXCBluelinx Holdings Inc. | $3.0B | 15% | 2.2% | 11% | 2% |
| DSGRDistribution Solutions Group Inc. | $2.0B | 35% | 2.9% | 6% | 3% |
| GICGlobal Industrial Company | $1.4B | 34% | 7.0% | 38% | 5% |
| FSTRL.B. Foster Company | $540M | 20% | 3.9% | 3% | 4% |
| ASPNAspen Aerogels Inc. | $271M | 17% | -21.1% | -22% | -11% |
| PLBLPolibeli Group Ltd | $24M | -0% | -31.3% | — | -22% |
| Group median | — | 18% | 2.8% | — | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Polibeli Group Ltd 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.
Polibeli Group Ltd is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−27%
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.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Polibeli Group Ltd (PLBL), the owner's record," https://ownerscorecard.com/c/PLBL, data as of 2026-07-09.
Manual order: ← PKX its page in the Manual PLGO →
Industry order: ← NSIT the E-Commerce & Marketplaces chapter PTRN →