EZGO Technologies Ltd. (NASDAQ: EZGO)

Sector: Consumer Cyclical Industry: Recreational Vehicles CIK: 0001806904
Market Cap 366,709.68
P/B 0.01
P/E -0.04
P/S 0.02
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 11.43 Mn
Debt/Equity (Qtr) 0.24
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About

EZGO Technologies Ltd., known by its stock symbol EZGO, is a company that operates within the short-distance transportation solutions industry. Incorporated in the British Virgin Islands (BVI), the company conducts its business primarily in China through subsidiaries such as the Wholly Foreign-Owned Enterprise (WFOE), a Variable Interest Entity (VIE), and its subsidiaries. EZGO's primary business activities revolve around the design, manufacturing, rental, and sale of e-bicycles and e-tricycles, along with the sale of lithium batteries and smart...

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Investment thesis

Bull case

  • Strong tangible asset base of 67.44M provides 5.90x coverage of total debt 11.43M, indicating robust asset backing and low credit risk.
  • Tangible assets of 67.44M provide robust 10.54x coverage of other current liabilities 6.40M, indicating strong asset backing.
  • Long-term investments of 11M provide solid 1.71x coverage of long-term debt 6.43M, indicating strategic financial planning.
  • Cash reserves of 517338 exceed inventory value of 381144 by 1.36x, indicating strong liquidity and inventory management.
  • Cash reserves of 517338 provide comfortable 4.94x coverage of tax obligations 104808, showing strong fiscal management.

Bear case

  • Operating cash flow of (2.21M) barely covers its investment activities of (3.50M), with a coverage ratio of 0.63, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (3.50M) provide weak support for R&D spending of 954177, which is -3.66x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 517338 provide limited coverage of acquisition spending of 2.77M, which is 0.19x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • The company's operating cash flow of (2.21M) shows concerning coverage of stock compensation expenses of 148750, with a -14.84 ratio indicating potential earnings quality issues.
  • High receivables of 28.91M relative to inventory of 381144 (75.84 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Recreational Vehicles
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 THO Thor Industries Inc 6.02 Bn 23.47 1.31 0.98 Bn
2 BC Brunswick Corp 5.79 Bn -42.13 1.08 2.25 Bn
3 HOG Harley-Davidson, Inc. 4.54 Bn 6.22 0.77 5.21 Bn
4 LCII Lci Industries 3.86 Bn 29.02 1.80 1.20 Bn
5 PII Polaris Inc. 3.76 Bn -8.07 0.53 1.54 Bn
6 WGO Winnebago Industries Inc 1.38 Bn 106.02 0.46 0.58 Bn
7 MBUU Malibu Boats, Inc. 0.62 Bn 43.18 0.76 0.02 Bn
8 MCFT MasterCraft Boat Holdings, Inc. 0.38 Bn 24.66 1.30 0.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.17 0.70
EV to Cash from Ops. EV/CFO -5.17 6.55
EV to Debt EV to Debt 1.00 3.14
EV to EBIT EV/EBIT -1.51 -18.45
EV to EBITDA EV/EBITDA -4.24 10.49
EV to Free Cash Flow [EV/FCF] EV/FCF -2.66 12.72
EV to Market Cap EV to Market Cap 31.11 -21.47
EV to Revenue EV/Rev 0.56 0.65
Price to Book Value [P/B] P/B 0.01 1.89
Price to Earnings [P/E] P/E -0.04 18.23
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.48
Dividend Payout Ratio % Dividend Payout Ratio % 0.00 17.83
Dividend per Basic Share Div per Share (Qtr) 0.00 0.91
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 20.02
Interest Coverage Interest Coverage -57.77 11.87
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 49.67 55.44
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -88.25 -6.35
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -1.69
EBIAT Growth (1y) % EBIAT Growth (1y) % -18.51 21.79
EBITDA Growth (1y) % EBITDA Growth (1y) % -61.35 2.46
EBIT Growth (1y) % EBIT Growth (1y) % 5.62 80.41
EBT Growth (1y) % EBT Growth (1y) % 4.98 119.88
EPS Growth (1y) % EPS Growth (1y) % 45.05 23.97
FCF Growth (1y) % FCF Growth (1y) % 70.33 548.19
Gross Profit Growth (1y) % Gross Profit Growth (1y) % -21.31 93.02
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Utilization Ratio 0.30 0.93
Cash Payout Ratio Cash Payout Ratio 0.00 0.15
Cash Ratio Cash Ratio (Qtr) 0.04 0.54
Current Ratio Curr Ratio (Qtr) 3.21 2.54
Debt to Equity Ratio Debt/Equity (Qtr) 0.24 1.02
Interest Cover Ratio Interest Cover Ratio -57.77 11.87
Times Interest Earned Times Interest Earned -57.77 11.87
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % -33.60 -5.77
EBIT Margin % EBIT Margin % -36.80 -12.97
EBT Margin % EBT Margin % -37.44 -10.90
Gross Margin % Gross Margin % 6.50 21.59
Net Profit Margin % Net Profit Margin % -42.40 -11.85