GigaCloud Technology

GCT · Nasdaq · Consumer Discretionary · Financials, fiscal 2020 to 2025

GCT · Last close · November 6, 2026

$58.37

GigaCloud Technology's revenue rose 11.1% to $1.3 billion in fiscal 2025. Its operating margin was 11.2%, about the same as 11.2% a year earlier. Free cash flow was $183 million, up 28.2%. It paid out $67 million in dividends and buybacks, 37% of free cash flow. The diluted share count fell 7.2%.

GIGACLOUD TECHNOLOGY INC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001857816-26-000018 Updated November 9, 2026

Revenue

$1.3B

11.1%

Operating margin

11.2%

0.0 pts

Net income

$137M

9.2%

Free cash flow

$183M

28.2%

Return on equity

30.8%

5.3 pts

Market cap

$2.1B

Nov 6 close

P/E

12.6x

On $4.64 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful.

Charts show fiscal years, from the 10-K filings.

What GigaCloud Technology does

GigaCloud runs the GigaCloud Marketplace, an online business-to-business platform for large, bulky goods. It connects manufacturers, mostly in Asia, with resellers, mostly in the U.S., Europe and Japan, and covers everything from finding products to payment and shipping. It launched in January 2019 with furniture and has added home appliances and fitness equipment.

It earns money in two ways. It sells its own products, which it calls 1P products, through the marketplace and on third-party sites such as Amazon, Walmart, Home Depot, Overstock and Wayfair in the U.S., Rakuten in Japan and OTTO in Germany. These sales were 66.8% of total revenues in 2025. The rest comes mainly from the marketplace, including services such as fulfillment and shipping. Goods sold on the marketplace reached over $1,576.8 million in 2025, measured as GMV, the total value of goods sold.

It has bought other companies: Noble House, a home furnishings distributor, and Wonder, a digital signage software company, in 2023, and New Classic Home Furnishings on January 1, 2026.

Its biggest risks, as it describes them

Weak economic conditions that cut demand for large bulky goods sold online.
Relying on third-party platforms, sellers and buyers to keep the marketplace growing.
Trade restrictions and international risks, since its products come mostly from Asia.
Depending on trucking and freight companies, and managing its own inventory and fulfillment network.
Not getting the expected benefits from its acquisitions.

From GigaCloud Technology's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2025, earnings per share grew 21.4% a year and net income 29.7% a year, as new shares raised the share count by 302% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	63	144	183	302	416
Debt incl. finance leases	5	4	2	0	1
Net debt (negative means net cash)	−58	−140	−182	−302	−415
Net debt to EBITDA	−1.4x	−3.8x	−1.6x	−2.2x	−2.7x
Debt to equity	0.1x	0.0x	0.0x	0.0x	0.0x
Interest coverage	127.4x	61.7x	88.8x	510.2x	724.9x
Current ratio	3.0x	2.5x	1.9x	2.1x	2.0x
Quick ratio	1.6x	1.8x	1.3x	1.4x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project GigaCloud Technology's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open GigaCloud Technology's projections

What GigaCloud Technology says to expect

Third quarter 2026: total revenuesThe Company expects its total revenues to be betwe en $375 million and $400 million in t he third quarter of 2026.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 6, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of GigaCloud Technology reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	4 of 9	4 of 9
Rule of 40	62.0%	77.2%	25.3%
Altman Z''	3.55	4.11	4.51
Accruals ratio	−6.2%	−3.4%	−4.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	6 of 9	4 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put GigaCloud Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
GigaCloud Technology	FY25	11.1%	11.2%	14.2%	—	−2.7x	4
Stitch Fix	FY26	6.4%	−1.6%	1.5%	—	—	—	Compare
Revolve Group	FY25	8.5%	6.1%	3.9%	—	—	—	Compare
Newegg Commerce	FY25	16.9%	−0.7%	−2.0%	—	—	—	Compare
Pattern Group	FY25	39.3%	1.0%	3.2%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	276	414	490	704	1,161	1,290
Revenue growth	—	50.4%	18.3%	43.6%	65.0%	11.1%
Gross profit	75	90	83	189	285	301
Research and development	0	0	1	4	10	11
Operating income	44	39	35	110	131	145
Net income	38	29	24	94	126	137
Diluted EPS (US$)	1.36	0.88	0.60	2.30	3.05	3.59
Diluted shares (millions)	10	10	24	41	41	38
Cash flow
Cash from operations	33	9	50	134	158	191
Capital expenditure	1	2	1	4	16	8
Free cash flow	33	7	49	129	143	183
Dividends paid	0	0	0	0	0	0
Share buybacks	2	0	0	2	23	67
Acquisitions	0	0	0	87	0	0
Stock-based compensation	0	10	9	2	17	5
Balance sheet at fiscal year end
Cash and short-term investments	62	63	144	183	302	416
Debt incl. finance leases	—	5	4	2	0	1
Total assets	—	187	419	847	1,070	1,202
Total liabilities	—	61	223	556	665	717
Shareholders' equity	62	99	195	290	405	486
Margins and ratios
Gross margin	27.3%	21.6%	17.0%	26.8%	24.6%	23.3%
Operating margin	16.0%	9.5%	7.2%	15.6%	11.2%	11.2%
Net margin	13.6%	7.1%	4.9%	13.4%	10.8%	10.7%
Free cash flow margin	11.8%	1.6%	10.0%	18.3%	12.3%	14.2%
Rule of 40 (growth + FCF margin)	—	52.0%	28.3%	62.0%	77.2%	25.3%
Return on capital	—	—	55.6%	109.5%	110.1%	—
Return on equity	—	—	16.3%	38.8%	36.2%	30.8%
Return on assets	—	—	7.9%	14.9%	13.1%	12.1%
Net debt to EBITDA	—	−1.4x	−3.8x	−1.6x	−2.2x	−2.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: GigaCloud Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with GigaCloud Technology.