Share count
57Mpeak FY2025
← All companies ← YI Manual YMM → ← XRX Technology Hardware
YIBO, Planet Image International Limited
Revenue is Offline sales to dealers (47%), Offline sales to ODM customers (43%) and Online sales to retail customers (10%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$155M
+3.6% YoY · 2% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $155M 5-yr avg $148M
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
- A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
- Situation
- Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 35% and operating margin about 4.6% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −7.3% to 8.5% — on a steadier 35% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. 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 in the teens (median 19%, above 15% in 2 of 3 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 3% of revenue reaches owners as cash, though it swings. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.
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 3 lines, the largest Offline sales to dealers at 47%.
Revenue by product line, FY2025
- Offline sales to dealers47%$73M
- Offline sales to ODM customers43%$67M
- Online sales to retail customers10%$15M
By geographyNorth America56%Europe30%Asia12%Others2%
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, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $142M | $142M | $150M | $150M | $155M | $155M | RevenueRevenue |
| 34% | 39% | 39% | 35% | 29% | 29% | Gross marginGross mgn |
| $3M | $11M | $13M | $7M | ($11M) | ($11M) | Operating incomeOp. inc. |
| 2.2% | 8.0% | 8.5% | 4.6% | −7.3% | −7.3% | Operating marginOp. mgn |
| $5M | $7M | $8M | $7M | ($8M) | ($8M) | Net incomeNet inc. |
| 0% | 2% | 10% | 5% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| $6M | $7M | $18M | ($2M) | ($2M) | ($2M) | Operating cash flowOp. cash |
| $1M | $1M | $1M | $1M | $1M | $1M | DepreciationDeprec. |
| $211K | ($995K) | $9M | ($10M) | $4M | $4M | Working capital & otherWC & other |
| $2M | $1M | $995K | $1M | $825K | $825K | CapexCapex |
| 1.3% | 0.8% | 0.7% | 0.8% | 0.5% | 0.5% | Capex / revenueCapex/rev |
| $5M | $6M | $17M | ($3M) | ($3M) | ($3M) | Owner earningsOwner earn. |
| 3.2% | 4.4% | 11.3% | −2.2% | −2.1% | −2.1% | Owner earnings marginOE mgn |
| $5M | $6M | $17M | ($3M) | ($3M) | ($3M) | Free cash flowFCF |
| 3.2% | 4.4% | 11.3% | −2.2% | −2.1% | −2.1% | Free cash flow marginFCF mgn |
| 19% | — | — | 47% | -66% | -66% | ROICROIC |
| 30% | 29% | 23% | 13% | -14% | -14% | Return on equityROE |
| 30% | 29% | 23% | 13% | −14% | −14% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | $37M | $45M | $49M | $54M | $54M | Cash & investmentsCash+inv |
| — | $25M | $31M | $32M | $51M | $51M | ReceivablesReceiv. |
| — | $21M | $17M | $21M | $15M | $15M | InventoryInvent. |
| — | $18M | $23M | $26M | $27M | $27M | Accounts payablePayables |
| — | $28M | $26M | $26M | $38M | $38M | Operating working capitalOper. WC |
| — | $106M | $119M | $116M | $127M | $127M | Current assetsCur. assets |
| — | $78M | $82M | $80M | $81M | $81M | Current liabilitiesCur. liab. |
| — | 1.4× | 1.4× | 1.4× | 1.6× | 1.6× | Current ratioCurr. ratio |
| — | $119M | $130M | $139M | $154M | $154M | Total assetsAssets |
| 2.6× | 9.5× | 23.6× | 39.4× | — | -21.0× | Interest coverageInt. cov. |
| $16M | $25M | $33M | $57M | $58M | $58M | Shareholders’ equityEquity |
| Per share | ||||||
| 42.1M | 42.1M | 42.1M | 52.9M | 57.0M | 57.0M | Shares out (diluted)Shares |
| $3.36 | $3.38 | $3.57 | $2.83 | $2.72 | $2.72 | Revenue / shareRev/sh |
| $0.12 | $0.17 | $0.18 | $0.13 | $-0.14 | $-0.14 | EPS (diluted)EPS |
| $0.11 | $0.15 | $0.40 | $-0.06 | $-0.06 | $-0.06 | Owner earnings / shareOE/sh |
| $0.11 | $0.15 | $0.40 | $-0.06 | $-0.06 | $-0.06 | Free cash flow / shareFCF/sh |
| $0.04 | $0.03 | $0.02 | $0.02 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| $0.39 | $0.60 | $0.79 | $1.08 | $1.02 | $1.02 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | −5.1%/yr | −5.1%/yr (4-yr) |
| Capital spending / share | −24.5%/yr | −24.5%/yr (4-yr) |
| Book value / share | +27.2%/yr | +27.2%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−66%low FY2025
Gross margin
29%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.
($3M)owner earningsvs.($8M)net incomelow FY2024
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2023
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 a $8M loss into ($3M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($8M) | $7M | $8M | $7M | $5M |
| Depreciation & amortizationnon-cash charge added back | +$1M | +$1M | +$1M | +$1M | +$1M |
| Working capital & othertiming of cash in and out, other non-cash items | +$4M | −$10M | +$9M | −$995K | +$211K |
| Cash from operations | ($2M) | ($2M) | $18M | $7M | $6M |
| Capital expenditurecash put back in to keep running and to grow | −$825K | −$1M | −$995K | −$1M | −$2M |
| Owner earnings | ($3M) | ($3M) | $17M | $6M | $5M |
| Owner-earnings marginowner earnings ÷ revenue | -2% | -2% | 11% | 4% | 3% |
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?
- Can it pay its interest? -21.0×Does not cover its interestOperating income ($11M) ÷ interest expense $540K
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 cashCash $53M + ST investments $1M − debt $8M
What this means
Cash and short-term investments exceed every dollar of debt by $46M, 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.
- Long (60+ days)DSO 119 + DIO 48 − DPO 91 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?
- High through the cycle3-yr median, range -66%–47%; -66% latest = NOPAT ($9M) ÷ invested capital $13MIndustry peers: median 4%
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 3 years (it ran -66% 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.
- Thin through the cycle5-yr median margin, range -2%–11%; latest ($3M) = operating cash ($2M) − maintenance capex $825KIndustry peers: median 10%
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 -2% of revenue this year, a 3% median across 5 years.
- Loss, and burning cashNet income ($8M) · cash from operations ($2M)
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? 0.58×HarvestingCapex $825K ÷ depreciation $1M
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 · 1 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 MissRevenue ≥ $2B · $155M
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 NearCurrent ratio ≥ 2× · 1.57×
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 PassDebt ≤ working capital · $8M vs $46M 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 NearA profit every year (5-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted 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 $0.04/share (latest year $-0.14), the averaged base the calculator's gate runs on, and book value is $1.02/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 4 of 5
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 5% → −1% (2-yr avg ends)
In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.
What this means
Through the cycle the operating margin slipped — about 5% early to −1% lately, median 5% — competition or costs are biting in.
- 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.
- Worst year 2025 · −7.3% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +7.9%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
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$127M
- Cash & short-term investments$54M
- Receivables$51M
- Inventory$15M
- Other current assets$8M
Current liabilities$81M
- Debt due within a year$143K
- Accounts payable$27M
- Other current liabilities$53M
Current ratio1.57×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.39×stricter: inventory excluded
Cash ratio0.67×strictest: cash alone against what's due
Working capital$46Mthe cushion left after near-term bills
Debt due this year vs. cash$143K due · $54M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway16.6 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$58Mequity stripped of goodwill & intangibles
Net current asset value$31MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$11M$2M of it operating leases
Deferred revenue$524Kcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2021–2025
Over the record, the business generated $27M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$6M · 22%
- Retained (debt / cash)$21M · 78%
- Net change in share count35.3%
The diluted count rose from 42M to 57M: 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 retained−31%
Of the earnings it kept rather than paid out ($19M over the span), annual owner earnings (first three years vs last three) fell $6M, so each retained $1 gave back about 0.31 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.
Inverting the record
Invert: instead of why Planet Image International Limited 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.
2 of the 3 tests turned up something to look into; the other 1 came back clean.
- Look hereIs it less profitable than it was?−2.1% vs 3.8%
The owner-earnings margin averaged 3.8% early in the record and −2.1% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
- Look hereDid the share count rise anyway?35.3%
Diluted shares grew 35.3% 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
- 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, Technology Hardware
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 |
|---|---|---|---|---|---|
| NTGRNETGEAR Inc. | $700M | 30% | 3.1% | 4% | 3% |
| PARPAR Technology Corporation | $456M | 22% | -15.1% | -8% | -8% |
| DGIIDigi International Inc. | $430M | 53% | 6.7% | 5% | 11% |
| ATENA10 Networks Inc. | $291M | 78% | 10.6% | 38% | 16% |
| QMCOQuantum Corporation | $280M | 41% | -2.6% | — | -4% |
| MITKMitek Systems Inc. | $180M | — | 7.3% | 4% | 20% |
| YIBOPlanet Image International Limited | $155M | 35% | 4.6% | 19% | 3% |
| EVLVEvolv Technologies Holdings Inc. | $146M | 34% | -154.2% | -81% | 10% |
| Group median | — | 35% | 3.9% | 4% | 7% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Planet Image International Limited 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.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Planet Image International Limited has delivered.
Planet Image International Limited’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Planet Image International Limited earns about $5M on its 3.2% median owner-earnings margin. This year’s −2.1% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
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.
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.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
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.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($3M) on 57M shares outstanding (a weighted average, the only count this filer tags); net cash $46M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Planet Image International Limited (YIBO), the owner's record," https://ownerscorecard.com/c/YIBO, data as of 2026-07-09.
Manual order: ← YI its page in the Manual YMM →
Industry order: ← XRX the Technology Hardware chapter