Northann Corp.
NCLX Consumer Cyclical Furnishings Fixtures & Appliances
Northann Corp.’s revenue for fiscal 2025 (year ended December 2025) was $13.6 million, down 11.4% from fiscal 2024. In the quarter to March 2026, revenue grew 44.3%, EPS fell 117.4%, free cash flow fell 39.0% and total debt fell 12.1%, each against the same quarter a year earlier.
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Northann Corp. (NCLX) Piotroski F-score
Northann Corp.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (68.03%) | (31.86%) | Fail | 0 |
| Positive operating cash flow | (5.68m) | (1.23m) | Fail | 0 |
| Rising return on assets | (68.03%) | (31.86%) | Fail | 0 |
| Cash flow above net income | 5.99m | 3.15m | Pass | 1 |
| Falling long-term leverage | 0.17 | 0.01 | Fail | 0 |
| Rising current ratio | 1.67 | 0.61 | Pass | 1 |
| No new shares issued | 14,304,700 | 3,283,500 | Fail | 0 |
| Rising gross margin | 26.30% | 25.93% | Pass | 1 |
| Rising asset turnover | 0.79 | 1.12 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | 8 |
| CRWS Crown Crafts, Inc. compare | 8 |
| PRPL PURPLE INNOVATION, INC. compare | 5 |
| EFOI Energy Focus, Inc. compare | 5 |
| FGI FGI Industries Ltd. compare | 4 |
| MWYN Marwynn Holdings, Inc. compare | 3 |
| AUVI Applied UV, Inc. compare | 3 |
| NCLX Northann Corp. | 3 |
| SNBRQ Sleep Number Corporation compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover