mF International Limited

MFI

Software - Application · Technology

Price

$9.65

+1.09 (+12.73%)

Market Cap

$16.0M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+250.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.7M (2021) → 5.8M (2025)

Winston Score History

The full picture

mF International Limited is a small technology company that provides software and IT services, primarily focused on the Chinese market. The company offers application software, system integration, and related technical services to businesses and government clients in China. It operates in the competitive enterprise software space, where it competes against both domestic Chinese firms and larger global players.

The company generates revenue mainly through software licensing, project-based system integration contracts, and maintenance services. It is a very small company with a market capitalization near zero, and its operating margin is deeply negative, meaning it spends far more than it earns. The thin gross margin of around 25% and heavy losses suggest the business is struggling to scale efficiently, and the primary risk it faces is running out of cash before it can reach profitability — a challenge common to small software firms competing in a crowded and rapidly changing market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+121.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

HK$45,967/ year

↓ Declining (-73% vs prior year)

0.1% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

HK$3.9B cash & investments at current burn rate

Revenue accelerating

mF International Limited grew revenue 37% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

16.2%

Thin — 16.2% gross margin

Profit after running costs

Operating Margin

-108.1%

Losing money on operations — -108.1%

Return on the money invested

ROCE

-0.9%

Weak — -0.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+29.5%

Fast-growing sales (+29.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-20%

Weak — only -20% of profit becomes cash

Spare cash per sale

FCF Margin

-47.3%

Burning cash (-47.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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