Leishen Energy Holding Co., Ltd. (NASDAQ: LSE)

Sector: Energy Industry: Oil & Gas Equipment & Services CIK: 0001985139
Market Cap 72.60 Mn
P/B 1.60
P/E 57.88
P/S 1.50
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 3.78 Mn
Debt/Equity (Qtr) 0.08
Add ratio to table...

About

Investment thesis

Bull case

  • Healthy cash reserves of 10.16M provide 3.22x coverage of short-term debt 3.15M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 69.21M provides 18.32x coverage of total debt 3.78M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of (2.99M) exceeds capital expenditure of (534115) by 5.59x, indicating strong organic growth funding capability.
  • Retained earnings of 38.21M provide full 61.01x coverage of long-term debt 626291, indicating strong internal capital position.
  • Cash position of 10.16M provides exceptional 420.76x coverage of minority interest expenses 24148, indicating strong liquidity.

Bear case

  • Investment activities of (405666) provide weak support for R&D spending of 247216, which is -1.64x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • High receivables of 19.63M relative to inventory of 3.65M (5.37 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating earnings of 816603 show weak coverage of depreciation charges of 559541, with a 1.46 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (2.99M) represents just -1.58x of debt issuance 1.89M, suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of (3.52M) barely covers operating expenses of 2.98M with a -1.18 ratio, suggesting thin operational efficiency margins and limited flexibility.

Customer Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Oil & Gas Equipment & Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SLB Slb Limited/Nv 59.56 Bn 20.77 2.67 11.64 Bn
2 BKR Baker Hughes Co 59.13 Bn 22.85 2.13 6.09 Bn
3 FTI TechnipFMC plc 28.99 Bn 127.65 1.96 1.34 Bn
4 HAL Halliburton Co 28.83 Bn 22.47 1.30 8.13 Bn
5 WFRD Weatherford International plc 7.39 Bn 17.15 1.50 1.64 Bn
6 NOV NOV Inc. 7.09 Bn 48.90 0.81 2.34 Bn
7 VAL Valaris Ltd 6.32 Bn 15.83 2.61 1.09 Bn
8 KGS Kodiak Gas Services, Inc. 4.56 Bn 91.00 3.58 2.66 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.84 1.17
EV to Cash from Ops. EV/CFO -16.55 -3.30
EV to Debt EV to Debt 15.44 10.99
EV to EBIT EV/EBIT 71.40 4.49
EV to EBITDA EV/EBITDA -52.70 6.54
EV to Free Cash Flow [EV/FCF] EV/FCF -19.51 31.31
EV to Market Cap EV to Market Cap 0.80 1.36
EV to Revenue EV/Rev 1.21 2.02
Price to Book Value [P/B] P/B 1.60 1.73
Price to Earnings [P/E] P/E 57.88 20.20
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.42
Dividend Payout Ratio % Dividend Payout Ratio % 0.00 5.49
Dividend per Basic Share Div per Share (Qtr) 0.00 0.26
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 6.68
Interest Coverage Interest Coverage 11.47 -10.19
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 178.41 -37.90
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 39.17 1,334.16
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 4.06
EBIAT Growth (1y) % EBIAT Growth (1y) % -83.14 -12.71
EBITDA Growth (1y) % EBITDA Growth (1y) % -113.60 19.66
EBIT Growth (1y) % EBIT Growth (1y) % -90.21 -26.68
EBT Growth (1y) % EBT Growth (1y) % -91.00 39.97
EPS Growth (1y) % EPS Growth (1y) % -84.62 27.30
FCF Growth (1y) % FCF Growth (1y) % -120.77 -867.31
Gross Profit Growth (1y) % Gross Profit Growth (1y) % -46.83 5.49
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Utilization Ratio 0.70 0.74
Cash Payout Ratio Cash Payout Ratio 0.00 0.10
Cash Ratio Cash Ratio (Qtr) 0.44 0.62
Current Ratio Curr Ratio (Qtr) 2.54 2.25
Debt to Equity Ratio Debt/Equity (Qtr) 0.08 0.88
Interest Cover Ratio Interest Cover Ratio 11.47 -10.19
Times Interest Earned Times Interest Earned 11.47 -10.19
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 2.80 16.47
EBIT Margin % EBIT Margin % 1.69 -0.62
EBT Margin % EBT Margin % 1.54 4.39
Gross Margin % Gross Margin % 17.60 30.41
Net Profit Margin % Net Profit Margin % 2.60 2.67