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Neo-Concept International Group Holdings Limited

Rank #111DeclineWatchlistCompare with other stocks

NCI · Nasdaq · Consumer Cyclical

Neo-Concept International Group Holdings Limited (NCI) — Rank #111 by gross profitability (GP/assets 0.44) · ROE 0.6% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · 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

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

24

Industry

Apparel Manufacturing

Exchange

Nasdaq

7/11

Flags passed

NCI fails 3 critical flags

Passes 7 of 11 quality flags, 1 caution

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • FAIL
    Valuation convergence

    EPS declining, shares diluting, and revenue growth decelerating simultaneously

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat

No data SBC and margin — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.44
Return on equity
0.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.04
Current ratio
2.61×
Net cash
-$2.42M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
—

Growth

0/2 pass
Revenue growth
-41.8%
Piotroski F-Score
6 / 9
Share dilution
3.7%

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining, Revenue declining YoY · GP/assets 0.44

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.

PASS

Operating Leverage

2022202320242025
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)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 5136% above net income

Free cash flow

$17.37M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

5136.0%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

—

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net debt $2.42M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.04

Current ratio

2.61×

Quick ratio

0.48×

Net cash

-$2.42M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

Warning: Valuation convergence

Capital allocation quality

Composite score

3.0 / 5

Good
Share count trend
3.7%1/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
13.7%5/5 Strong

Lifecycle Phase History

20212025
Decline
Hypergrowth

Price History

NCI-96.3% · -74.7% CAGRSPY+55.1% · +20.0% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports