ROIC
62%low FY2024
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UFG, Uni-Fuels Holdings Limited
Refining & Marketing diversified
We are a global provider of marine fuel solutions to shipping companies headquartered in Singapore.
We integrate supply logistics and tailored solutions for our customers to optimize their marine fuel procurement covering all markets across all time zones.
We operate an integrated business model where we serve our customers through two operating models, sales of marine fuels solutions and brokerage (i.e. acting as intermediary between marine fuels suppliers and customers for a commission).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$264M
+70.0% YoY · 105% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $264M 4-yr avg $130M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 2.1% and operating margin about 0.1% 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 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 67%, above 15% in 3 of 3 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. 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.
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 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $31M | $71M | $155M | $264M | $264M | RevenueRevenue |
| 8% | 3% | 2% | 2% | 2% | Gross marginGross mgn |
| $2M | $1M | $215K | ($2M) | ($2M) | Operating incomeOp. inc. |
| 7.7% | 2.0% | 0.1% | −0.6% | −0.6% | Operating marginOp. mgn |
| $2M | $1M | $172K | ($2M) | ($2M) | Net incomeNet inc. |
| 16% | 14% | 36% | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||
| $3M | ($966K) | $332K | ($2M) | ($2M) | Operating cash flowOp. cash |
| — | $32K | $74K | $81K | $81K | DepreciationDeprec. |
| $1M | ($2M) | $86K | ($660K) | ($660K) | Working capital & otherWC & other |
| — | $427K | $9K | $36K | $36K | CapexCapex |
| — | 0.6% | 0.0% | 0.0% | 0.0% | Capex / revenueCapex/rev |
| — | ($998K) | $323K | ($2M) | ($2M) | Owner earningsOwner earn. |
| — | −1.4% | 0.2% | −0.9% | −0.9% | Owner earnings marginOE mgn |
| — | ($1M) | $323K | ($2M) | ($2M) | Free cash flowFCF |
| — | −2.0% | 0.2% | −0.9% | −0.9% | Free cash flow marginFCF mgn |
| 84% | 67% | 62% | — | — | ROICROIC |
| 84% | 28% | 4% | -17% | -17% | Return on equityROE |
| 84% | 28% | 4% | −17% | −17% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $3M | $4M | $13M | $13M | Cash & investmentsCash+inv |
| — | $13M | $11M | $26M | $26M | ReceivablesReceiv. |
| — | $11M | $10M | $23M | $23M | Accounts payablePayables |
| — | $2M | $1M | $3M | $3M | Operating working capitalOper. WC |
| — | $17M | $16M | $39M | $39M | Current assetsCur. assets |
| — | $13M | $12M | $29M | $29M | Current liabilitiesCur. liab. |
| — | 1.3× | 1.3× | 1.4× | 1.4× | Current ratioCurr. ratio |
| — | $18M | $17M | $39M | $39M | Total assetsAssets |
| — | ($3M) | ($4M) | ($13M) | ($13M) | Net debt / (cash)Net debt |
| — | 76.4× | 2.9× | -9.5× | -9.5× | Interest coverageInt. cov. |
| $2M | $4M | $5M | $11M | $11M | Shareholders’ equityEquity |
| Per share | |||||
| — | 4.0M | 4.0M | — | 4.0M | Shares out (diluted)Shares |
| — | $17.70 | $38.80 | — | $65.97 | Revenue / shareRev/sh |
| — | $0.30 | $0.04 | — | $-0.44 | EPS (diluted)EPS |
| — | $-0.25 | $0.08 | — | $-0.59 | Owner earnings / shareOE/sh |
| — | $-0.35 | $0.08 | — | $-0.59 | Free cash flow / shareFCF/sh |
| — | $0.11 | $0.00 | — | $0.01 | Cap. spending / shareCapex/sh |
| — | $1.09 | $1.14 | — | $2.63 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +119.2%/yr (1-yr) | +119.2%/yr (1-yr) |
| EPS | −85.8%/yr (1-yr) | −85.8%/yr (1-yr) |
| Capital spending / share | −97.9%/yr (1-yr) | −97.9%/yr (1-yr) |
| Book value / share | +3.9%/yr (1-yr) | +3.9%/yr (1-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
2%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.
($2M)owner earningsvs.($2M)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 $2M loss but ($2M) of owner earnings: $615K less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($2M) | $172K | $1M |
| Depreciation & amortizationnon-cash charge added back | +$81K | +$74K | +$32K |
| Working capital & othertiming of cash in and out, other non-cash items | −$660K | +$86K | −$2M |
| Cash from operations | ($2M) | $332K | ($966K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$36K | −$9K | −$32K |
| Owner earnings | ($2M) | $323K | ($998K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −$395K |
| Free cash flow | ($2M) | $323K | ($1M) |
| Owner-earnings marginowner earnings ÷ revenue | -1% | 0% | -1% |
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 →
Material weakness in financial controls
“We and our auditor have identified the following material weaknesses in our internal controls over financial reporting: (a) lack of appropriate levels of accounting knowledge and experience to address complex U.S.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -9.5×Does not cover its interestOperating income ($2M) ÷ interest expense $166K
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 cash, debt-freeCash $13M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $13M, 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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 6%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -1%–0%; latest ($2M) = operating cash ($2M) − maintenance capex $36KIndustry 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 -1% of revenue this year, a -1% median across 3 years.
- Loss, and burning cashNet income ($2M) · cash from operations ($2M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
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? 0.45×HarvestingCapex $36K ÷ depreciation $81K
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 2 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 · $264M
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× · 1.35×
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.
- 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 $-0.03/share (latest year $-0.44), the averaged base the calculator's gate runs on, and book value is $2.63/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 3 of 4
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 5% → −0% (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 5% early to −0% lately, median 0% — competition or costs are biting in.
- Worst year 2025 · −0.6% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +0.0%/yr
What this means
Roughly flat share count, little dilution, little buyback.
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$39M
- Cash & short-term investments$13M
- Receivables$26M
- Other current assets$316K
Current liabilities$29M
- Accounts payable$23M
- Other current liabilities$6M
Current ratio1.35×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio0.43×strictest: cash alone against what's due
Working capital$10Mthe cushion left after near-term bills
Cash runway5.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$11Mequity stripped of goodwill & intangibles
Net current asset value$10MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$78K$78K of it operating leases
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$34M · 13% of revenue on the largest customer (TTM)
“For the year ended December 31, 2024, there was one customer accounting for 10% or more of the Group's revenues and it accounted for 13% of the Group's total revenues for that year.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Refining & Marketing
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 |
|---|---|---|---|---|---|
| WKCWorld Kinect | $36.9B | 3% | 0.5% | 6% | 0% |
| CHSCOCHS Inc. | $35.5B | 3% | 1.2% | 4% | 2% |
| DPZDomino's Pizza Inc. | $4.9B | 39% | 18.0% | 91% | 12% |
| CHEFChefs' Warehouse | $4.1B | 24% | 3.2% | 6% | 2% |
| UVVUniversal Corporation | $2.9B | 18% | 7.6% | 8% | 3% |
| VSTSVestis Corporation | $2.7B | — | 6.4% | 6% | 6% |
| HWKNHawkins | $1.1B | 19% | 9.4% | 12% | 6% |
| UFGUni-Fuels Holdings Limited | $264M | 3% | 1.1% | 67% | -1% |
| Group median | — | 18% | 4.8% | 7% | 2% |
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. Uni-Fuels Holdings Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Uni-Fuels Holdings Limited 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.
$
The assumptions
Revenue, delivered106%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−1%
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, "Uni-Fuels Holdings Limited (UFG), the owner's record," https://ownerscorecard.com/c/UFG, data as of 2026-07-09.
Manual order: ← UCL its page in the Manual UGP →
Industry order: ← SUNC the Refining & Marketing chapter VLO →