KULR Technology Group, Inc. (NYSE: KULR)

Sector: Technology Industry: Electronic Components CIK: 0001662684
Market Cap 95.02 Mn
P/B 0.64
P/E -4.27
P/S 5.70
ROIC (Qtr) -21.38
Div Yield % 0.00
Rev 1y % (Qtr) 116.11
Total Debt (Qtr) 5.39 Mn
Debt/Equity (Qtr) 0.04
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About

KULR Technology Group, Inc. (KULR), a company operating in the energy storage systems and recycling, thermal management solutions, and rotary system vibration reduction markets, is dedicated to the development and commercialization of thermal management technologies, battery design and production capabilities, and vibration reduction solutions. The company's main business activities encompass the creation of cutting-edge thermal management solutions, battery design and production capabilities, and vibration reduction solutions, which are then commercialized...

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Investment thesis

Bull case

  • Healthy cash reserves of 20.59M provide 4.88x coverage of short-term debt 4.22M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 155.59M provides 28.85x coverage of total debt 5.39M, indicating robust asset backing and low credit risk.
  • Tangible assets of 155.59M provide exceptional 7240.56x coverage of deferred revenue 21489, showing strong service capability backing.
  • Operating cash flow of (35.88M) fully covers other non-current liabilities (21489) by 1669.80x, showing strong long-term stability.
  • Long-term investments of 120.52M provide solid 102.48x coverage of long-term debt 1.18M, indicating strategic financial planning.

Bear case

  • Operating cash flow of (35.88M) barely covers its investment activities of (106.88M), with a coverage ratio of 0.34, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (106.88M) provide weak support for R&D spending of 8.46M, which is -12.64x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (35.88M) provides insufficient coverage of deferred revenue obligations of 21489, which is -1669.80x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (35.88M) shows concerning coverage of stock compensation expenses of 5.39M, with a -6.66 ratio indicating potential earnings quality issues.
  • High receivables of 5.13M relative to inventory of 784609 (6.54 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.

Timing of Transfer of Good or Service Breakdown of Revenue (2024)

Timing of Transfer of Good or Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Electronic Components
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 APH Amphenol Corp /De/ 180.75 Bn 42.33 7.83 15.50 Bn
2 GLW Corning Inc /Ny 111.40 Bn 69.80 7.13 8.43 Bn
3 TEL TE Connectivity plc 69.66 Bn 33.75 3.85 5.71 Bn
4 CLS Celestica Inc 33.17 Bn 47.38 2.94 0.78 Bn
5 JBL Jabil Inc 27.80 Bn 39.54 0.89 3.37 Bn
6 FLEX Flex Ltd. 24.18 Bn 28.38 0.90 5.02 Bn
7 FN Fabrinet 17.82 Bn 47.27 4.58 0.06 Bn
8 TTMI Ttm Technologies Inc 9.30 Bn 70.47 3.34 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.49 3.02
EV to Cash from Ops. EV/CFO -2.12 -590.38
EV to Debt EV to Debt 14.13 107.94
EV to EBIT EV/EBIT -3.45 20.68
EV to EBITDA EV/EBITDA -2.59 -27.60
EV to Free Cash Flow [EV/FCF] EV/FCF -2.06 -537.03
EV to Market Cap EV to Market Cap 0.80 -1.14
EV to Revenue EV/Rev 4.57 96.65
Price to Book Value [P/B] P/B 0.64 6.99
Price to Earnings [P/E] P/E -4.27 -8.83
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 1.07
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 20.91
Dividend per Basic Share Div per Share (Qtr) 0.00 0.26
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.42
Interest Coverage Int. cover (Qtr) -135.89 14.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -289.74 -43.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 2,156.49 125.88
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.04
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -24.64 -176.07
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -109.52 14.38
EBIT Growth (1y) % EBIT 1y % (Qtr) -24.64 15.28
EBT Growth (1y) % EBT 1y % (Qtr) -23.00 7.50
EPS Growth (1y) % EPS 1y % (Qtr) 31.63 2.30
FCF Growth (1y) % FCF 1y % (Qtr) -166.79 9.29
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -8.26 15.57
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.11 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 2.97 1.48
Current Ratio Curr Ratio (Qtr) 4.12 3.80
Debt to Equity Ratio Debt/Equity (Qtr) 0.04 0.68
Interest Cover Ratio Int Coverage (Qtr) -135.89 14.05
Times Interest Earned Times Interest Earned (Qtr) -135.89 14.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -122.10 21.48
EBIT Margin % EBIT Margin % (Qtr) -132.50 -42.60
EBT Margin % EBT Margin % (Qtr) -133.47 -10.39
Gross Margin % Gross Margin % (Qtr) 22.10 31.37
Net Profit Margin % Net Margin % (Qtr) -133.50 -11.50