Akso Health Group (NASDAQ: AHG)

Sector: Healthcare Industry: Medical Distribution CIK: 0001702318
Market Cap 367.96 Mn
P/B 1.86
P/E -2.71
P/S 24.79
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 63,053.00
Debt/Equity (Qtr) 0.00
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About

Akso Health Group, also known as Hexindai Inc., operates in the healthcare industry, specifically focusing on social e-commerce platform business, healthcare equipment and products trading, and radiation oncology services. The company was established in April 2016 and has since expanded its operations to include various business activities. Akso Health Group's main business activity is its social e-commerce platform, Xiaobai Maimai, which offers high-quality and affordable branded products to customers. The platform sources goods and services from...

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Investment thesis

Bull case

  • Strong operating cash flow of 7.26M provides robust 115.08x coverage of total debt 63053, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 11.13M provide 266.98x coverage of short-term debt 41683, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 194.15M provides 3079.11x coverage of total debt 63053, indicating robust asset backing and low credit risk.
  • Tangible assets of 194.15M provide exceptional 24.30x coverage of deferred revenue 7.99M, showing strong service capability backing.
  • Strong free cash flow of (168.43M) provides 4.49x coverage of acquisition spending (37.50M), indicating disciplined M&A strategy.

Bear case

  • Operating cash flow of 7.26M barely covers its investment activities of (215.95M), with a coverage ratio of -0.03, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 11.13M provide limited coverage of acquisition spending of (37.50M), which is -0.30x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 7.26M provides insufficient coverage of deferred revenue obligations of 7.99M, which is 0.91x, raising concerns about future service delivery capabilities.
  • High receivables of 3.17M relative to inventory of 193922 (16.35 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Free cash flow of (168.43M) provides weak coverage of capital expenditures of 175.69M, with a -0.96 ratio suggesting additional external financing needs for growth initiatives.

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Medical Distribution
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MCK Mckesson Corp 117.90 Bn 27.17 0.30 8.62 Bn
2 CAH Cardinal Health Inc 80.96 Bn 103.48 0.82 9.03 Bn
3 COR Cencora, Inc. 79.51 Bn 93.02 0.52 7.92 Bn
4 HSIC Henry Schein Inc 9.46 Bn 24.20 0.73 3.44 Bn
5 AHG Akso Health Group 0.37 Bn -2.71 24.79 0.00 Bn
6 EDAP Edap Tms Sa 0.17 Bn -7.47 2.30 0.01 Bn
7 QIPT Quipt Home Medical Corp. 0.17 Bn -15.61 0.63 0.11 Bn
8 EMPG Empro Group Inc. 0.12 Bn 157.82 21.62 -

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.90 1.06
EV to Cash from Ops. EV/CFO 26.43 13.08
EV to Debt EV to Debt 3,042.02 282.28
EV to EBIT EV/EBIT -1.15 6.31
EV to EBITDA EV/EBITDA -1.17 12.22
EV to Free Cash Flow [EV/FCF] EV/FCF -1.14 15.66
EV to Market Cap EV to Market Cap 0.52 1.21
EV to Revenue EV/Rev 12.92 1.87
Price to Book Value [P/B] P/B 1.86 11.46
Price to Earnings [P/E] P/E -2.71 34.37
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 2.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 5.88
Dividend per Basic Share Div per Share (Qtr) 0.00 0.67
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 2.23
Interest Coverage Int. cover (Qtr) 0.00 60.87
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % -134,861.98 -12,260.13
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -87.82 27.05
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.21
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -1,959.37 -177.28
EBITDA Growth (1y) % EBITDA Growth (1y) % -2,295.83 368.76
EBIT Growth (1y) % EBIT 1y % (Qtr) -2,444.70 -206.06
EBT Growth (1y) % EBT 1y % (Qtr) -2,444.70 -173.08
EPS Growth (1y) % EPS 1y % (Qtr) -666.67 -21.54
FCF Growth (1y) % FCF Growth (1y) % -4,254.55 -218.00
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -46.18 15.84
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.07 1.93
Cash Payout Ratio Cash Payout Ratio 0.00 0.06
Cash Ratio Cash Ratio (Qtr) 0.93 0.22
Current Ratio Curr Ratio (Qtr) 1.53 1.54
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 -0.33
Interest Cover Ratio Int Coverage (Qtr) 0.00 60.87
Times Interest Earned Times Interest Earned (Qtr) 0.00 60.87
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % -1,100.70 -94.80
EBIT Margin % EBIT Margin % (Qtr) -1,122.78 -102.39
EBT Margin % EBT Margin % (Qtr) -1,122.78 -105.05
Gross Margin % Gross Margin % (Qtr) 1.00 23.37
Net Profit Margin % Net Margin % (Qtr) -914.10 -86.72