BingEx Ltd. ADR (FLX)
NASDAQ:FLX
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BingEx Ltd. ADR
(NASDAQ:FLX)
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Rating:62Neutral
Price Target:
$2.50
▼(-21.88% Downside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by improving financial performance (profitability and cash-flow rebound with low leverage) and attractive low P/E valuation. These positives are moderated by weak technical momentum (below major moving averages with negative MACD) and a mixed earnings-call outlook where competitive pressure and margin compression weigh on near-term results despite operational/AI progress.
Positive Factors
Stronger cash generation
A sharp cash-flow rebound in 2025 provides durable funding for strategic priorities (AI, drone rollout and buybacks), reduces near-term refinancing risk and increases optionality for investments. Improved cash conversion also underpins a more resilient ability to absorb cyclical swings in orders or working capital.
Negative Factors
Revenue decline trend
Consecutive annual revenue declines signal structural demand or competitive-share pressure in on‑demand delivery. Persisting top-line weakness limits leverage over fixed costs, constrains reinvestment capacity and raises execution risk for initiatives that depend on scale, such as higher‑margin merchant services.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger cash generation
A sharp cash-flow rebound in 2025 provides durable funding for strategic priorities (AI, drone rollout and buybacks), reduces near-term refinancing risk and increases optionality for investments. Improved cash conversion also underpins a more resilient ability to absorb cyclical swings in orders or working capital.
Read all positive factors
BingEx Ltd. ADR (FLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$164.25M
Dividend YieldN/A
Average Volume (3M)108.67K
Price to Earnings (P/E)5.7
Beta (1Y)2.04
Revenue Growth-10.54%
EPS GrowthN/A
CountryUS
Employees1,046
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)4.74
Shares Outstanding57,937,317
10 Day Avg. Volume167,686
30 Day Avg. Volume108,667
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.61
Price to Sales (P/S)0.13
P/FCF Ratio5.17
Enterprise Value/Market Cap-1.15
Enterprise Value/Revenue-0.05
Enterprise Value/Gross Profit-0.40
Enterprise Value/Ebitda-4.00
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.8
Revenue Forecast (FY)$4.20B
BingEx Ltd. ADR Business Overview & Revenue Model
Company Description
BingEx Limited, through its subsidiaries, engages in the provision of on-demand dedicated courier services under the FlashEx brand name in the People's Republic of China. The company offers Flash-Riders as service who provides the courier services...
BingEx Ltd. ADR Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: strong operational progress (order scale, faster delivery times, AI-driven efficiency gains, tech integrations, and early commercial validation of drone delivery) and a healthy cash position offset by near-term financial pressures (revenue decline, gross margin compression, and a swing to non-GAAP net loss). Management is focused on AI deployment, cost discipline and scaling low-altitude logistics to drive medium- to long-term growth, but near-term profitability and competitive headwinds temper the outlook.Positive Updates
Order Volume and Rider Base
Fulfilled 57.9 million orders in Q1 2026 and maintained a registered rider base of 3.1 million, demonstrating platform scale and operational resilience.
Negative Updates
Non-GAAP Profitability Deterioration
Non-GAAP income from operations decreased to RMB 21.6 million from RMB 26.6 million year-over-year (down ~18.8%), and the company reported a non-GAAP net loss of RMB 11.1 million versus a non-GAAP net income of RMB 49.6 million in the prior year—an unfavorable swing of ~RMB 60.7 million.
Read all updates
Q1-2026 Updates
Positive
Negative
Order Volume and Rider Base
Fulfilled 57.9 million orders in Q1 2026 and maintained a registered rider base of 3.1 million, demonstrating platform scale and operational resilience.
Read all positive updates
Company Guidance
Management guided a disciplined near-term strategy focused on three priorities—deeper AI deployment to drive efficiency, accelerated commercialization of low‑altitude (drone) logistics, and continued focus on high‑value merchant services—while tightening cost controls to boost margins. They will leverage a cash position of RMB 859.1 million and recent operational baselines (Q1 revenue RMB 935.3 million, total orders 57.9 million, gross margin 11.3%, gross profit RMB 105.8 million, income from operations RMB 11.0 million, non‑GAAP income from operations RMB 21.6 million, non‑GAAP net loss RMB 11.1 million, operating expenses RMB 94.8 million with S&M RMB 38.5M, G&A RMB 39.9M and R&D RMB 16.5M) and platform metrics (3.1 million registered riders, average delivery time 25.7 minutes) to drive order‑mix improvement—building on strong vertical performance such as cake orders >15.4 million and electronics +15.9% YoY—and to scale drone operations (5 takeoff/landing sites, 14 routes, ~3,500 paid drone orders, ~2,900 flights, +157% QoQ drone order growth and 20–30% faster delivery) while continuing to iterate on dispatch, routing and autonomous capabilities.BingEx Ltd. ADR Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
72
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.99B | 4.47B | 4.53B | 4.00B | 3.04B |
| Gross Profit | 469.10M | 490.56M | 394.56M | 259.26M | 189.11M |
| EBITDA | 48.08M | -22.81M | 15.54M | -197.02M | -296.23M |
| Net Income | 109.43M | -146.48M | 110.50M | -180.44M | -291.00M |
Balance Sheet | |||||
| Total Assets | 1.29B | 1.24B | 1.00B | 922.67M | 907.66M |
| Cash, Cash Equivalents and Short-Term Investments | 952.18M | 746.27M | 850.09M | 806.34M | 832.24M |
| Total Debt | 22.62M | 42.49M | 57.71M | 39.81M | 0.00 |
| Total Liabilities | 453.32M | 488.36M | 3.43B | 3.28B | 2.78B |
| Stockholders Equity | 835.96M | 747.06M | -2.43B | -2.35B | -1.87B |
Cash Flow | |||||
| Free Cash Flow | 98.90M | 1.05M | 42.62M | -90.24M | -200.14M |
| Operating Cash Flow | 99.03M | 2.19M | 45.71M | -86.82M | -194.91M |
| Investing Cash Flow | -111.46M | -498.04M | 26.05M | 461.38M | -624.88M |
| Financing Cash Flow | -59.21M | 433.51M | -359.00K | 0.00 | 743.38M |
BingEx Ltd. ADR Technical Analysis
Negative
3.20
Price Trends
2.59
Negative
2.78
Negative
3.03
Negative
Market Momentum
-0.07
Positive
36.09
Neutral
10.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLX, the sentiment is Negative. The current price of 3.2 is above the 20-day moving average (MA) of 2.64, above the 50-day MA of 2.59, and above the 200-day MA of 3.03, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 36.09 is Neutral, neither overbought nor oversold. The STOCH value of 10.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLX.
BingEx Ltd. ADR Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.07B | 7.49 | -23.14% | 2.82% | -18.48% | 288.14% | |
65 Neutral | $395.73M | 17.67 | 7.06% | ― | 0.60% | -5.90% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $164.25M | 5.71 | 13.49% | ― | -10.54% | ― | |
62 Neutral | $78.79M | 3.23 | 9.73% | ― | 13.55% | 9.71% | |
52 Neutral | $106.98M | -6.58 | -37.28% | ― | 23.86% | 25.24% | |
51 Neutral | $141.63M | -7.27 | -11.33% | ― | 27.63% | -209.88% |
* Industrials Sector Average
FLX
BingEx Ltd. ADR
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BingEx Ltd. ADR Corporate Events
BingEx Posts Q1 2026 Loss but Cuts Costs and Extends US$30 Million Buyback
May 21, 2026
On May 21, 2026, BingEx Limited reported unaudited results for the quarter ended March 31, 2026, showing revenue of RMB935.3 million, slightly down year-on-year amid intensifying competition, with gross margin narrowing to 11.3% and order volume r...
BingEx Gains HLID Investment to Speed Rollout of Drone Delivery in Hangzhou
May 19, 2026
On May 18, 2026, BingEx Limited announced that its FlashEx subsidiary signed a strategic investment agreement with Hangzhou Low-Altitude Industry Development Co., making FlashEx one of the first on-demand delivery firms in Hangzhou to receive back...
BingEx Swings to Profit in 2025 as FlashEx Boosts Margins and Extends Buyback
Mar 17, 2026
On March 17, 2026, BingEx Limited reported unaudited results for the fourth quarter and fiscal year ended December 31, 2025, showing revenue declines amid intensified market competition but a marked turnaround to profitability. Full-year revenue f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.