Neo-Concept International Group Holdings Limited
Rank #112DeclineNCI · Nasdaq · Consumer Cyclical
Neo-Concept International Group Holdings Limited (NCI) — Rank #112 by gross profitability (GP/assets 0.44) · ROE 0.6% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001916331 · all metrics point-in-time as of the filing date.
About
Neo-Concept International Group Holdings Limited provides one-stop apparel solutions in the United States, Canada, the United Kingdom, and internationally.
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The company offers a suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management services. It also sells knitwear and apparel products under the les 100 ciels brand through digital and physical retail stores, as well as third-party online platforms. The company serves brand owners, apparel sourcing agents, and online fashion retailers.
Neo-Concept International Group Holdings Limited was incorporated in 2021 and is based in Kwun Tong, Hong Kong.
- Industry
- Apparel Manufacturing
- Sector
- Consumer Cyclical
- State
- K3
- Filer Category
- Non-accelerated filerEmerging growth company
- Fiscal Year End
- December 31
- Website
- neo-ig.com
Price History
Company Snapshot
P/E, P/B, and dividend yield matter most — book value provides a floor.
Market Cap
$32.99M
P/E (annual)
159.9
P/S (annual)
0.2
P/B
0.6
P/OCF (annual)
1.5
Shareholder Yield
-3.7%
Employees
24
Industry
Apparel Manufacturing
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
0/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-20.8%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 3.7% — per-share value needs a total required return of -17.1% once share-count change is priced in.
vs. own 6-year median revenue growth: -49.9%
Cost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-23.2%
r = 10% (base)
-20.8%
r = 12%
-18.6%
Net debt / market cap: 4.7%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / GP
Price / gross profit per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.44
Primary signal (Novy-Marx).
Return on equity
0.6%
Gross margin
36.9%
Revenue growth (YoY)
-41.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-26.6%
Revenue CAGR (5Y)
—
Earnings CAGR (3Y)
-70.1%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.04
Current ratio
2.61×
Quick ratio
0.48×
Net cash
-$2.42M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$17.37M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
51.36
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
—
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Fast grower deceleration
Revenue growth decelerated to -41.8% after being classified hypergrowth as of 2024-12-31 -- Lynch's fast-grower rule: sell once growth slows below the pace that justified the label, not on price weakness.