A Business at a Glance
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Leatt Corp
LEAT
$83M
Mkt Cap
$12.91
+0.08%
Leatt Corp (LEAT) has a 5-year average return on invested capital (ROIC) of 21.0%. This indicates strong capital allocation and a potential competitive advantage.
Leatt Corp (LEAT) has a market capitalization of $83M. It is classified as a small-cap stock.
Leatt Corp (LEAT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.31%.
Leatt Corp (LEAT) operates in the Motorcycles, Bicycles & Parts industry, within the Industrials sector.
Leatt Corp (LEAT) reported annual revenue of $62 million in its most recent fiscal year, based on SEC EDGAR filings.
Leatt Corp (LEAT) has a net profit margin of 5.3%. This is a modest margin.
Leatt Corp (LEAT) generated $726 thousand in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PART I Business Overview Leatt designs, develops, markets and distributes personal protective equipment for participants in all forms of motor sports and leisure activities, including riders of motorcycles, bicycles, snowmobiles and ATVs. The Company sells its products to customers worldwide through a global network of distributors, retailers, and direct to end consumers through digital channels. Leatt also acts as the original equipment manufacturer for personal protective equipment sold by other international brands. The Company's flagship products are based on the Leatt-Brace® system, a patented injection molded neck protection system owned by Xceed Holdings, designed to prevent potentially devastating injuries to the cervical spine and neck.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 62M | 62M | 44M | 47M | 76M | 72M |
| Net Income | 3.3M | 3.3M | -2.2M | 803K | 10.0M | 13M |
| EPS | $0.51 | $0.51 | $-0.34 | $0.13 | $1.62 | $2.07 |
| Free Cash Flow | 726K | 726K | 1.6M | 4.7M | 1.9M | 1.6M |
| ROIC | 9.8% | 10.4% | -5.6% | 2.6% | 33.8% | 63.5% |
| Gross Margin | 44.0% | 44.0% | 40.2% | 41.9% | 40.8% | 43.4% |
| Debt/Equity | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.10 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | 4.0M | 4.0M | -3.0M | 1.4M | 13M | 17M |
| Operating Margin | 6.5% | 6.5% | -6.8% | 3.0% | 17.1% | 22.9% |
| ROE | 7.7% | 8.1% | -5.6% | 2.0% | 29.2% | 57.2% |
| Shares Outstanding | 6M | 6M | 6M | 6M | 6M | 6M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 18M | 18M | 16M | 20M | 24M | 28M | 39M | 72M | 76M | 47M | 44M | 62M | 62M |
| Gross Margin | 53.2% | 52.3% | 50.2% | 47.0% | 47.4% | 45.9% | 45.0% | 43.4% | 40.8% | 41.9% | 40.2% | 44.0% | 44.0% |
| R&D | 1.2M | 1.2M | 1.4M | 1.4M | 1.4M | 1.5M | 1.5M | 1.8M | 2.2M | 2.5M | 2.5M | 2.7M | 2.7M |
| SG&A | 2.1M | 1.8M | 1.9M | 1.7M | 1.9M | 2.0M | 1.9M | 2.5M | 3.3M | 3.4M | 3.9M | 4.4M | 4.4M |
| EBIT | 641K | 928K | -732K | 226K | 1.5M | 2.0M | 5.8M | 17M | 13M | 1.4M | -3.0M | 4.0M | 4.0M |
| Op. Margin | 3.5% | 5.1% | -4.5% | 1.1% | 6.1% | 7.0% | 15.1% | 22.9% | 17.1% | 3.0% | -6.8% | 6.5% | 6.5% |
| Net Income | 418K | 575K | -455K | 237K | 1.2M | 1.4M | 4.4M | 13M | 10.0M | 803K | -2.2M | 3.3M | 3.3M |
| Net Margin | 2.3% | 3.1% | -2.8% | 1.2% | 4.9% | 4.9% | 11.5% | 17.3% | 13.0% | 1.7% | -5.0% | 5.3% | 5.3% |
| Non-Recurring | 4K | 27K | 0 | 3K | 26K | 82K | 75K | 34K | 371K | 380K | 0 | 262K | 262K |
| Returns on Capital | |||||||||||||
| ROIC | 5.8% | 7.9% | -8.7% | 3.6% | 14.7% | 14.7% | 37.0% | 63.5% | 33.8% | 2.6% | -5.6% | 10.4% | 9.8% |
| ROE | 5.9% | 7.9% | -6.2% | 3.2% | 14.2% | 13.9% | 33.9% | 57.2% | 29.2% | 2.0% | -5.6% | 8.1% | 7.7% |
| ROA | 4.0% | 5.1% | -4.2% | 2.0% | 9.4% | 8.9% | 19.9% | 33.4% | 19.7% | 1.6% | -4.7% | 6.6% | 6.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 759K | 1.2M | 320K | 1.7M | 1.1M | 846K | 2.3M | 2.8M | 3.1M | 6.7M | 2.8M | 1.8M | 1.8M |
| Free Cash Flow | 296K | 426K | 81K | 357K | 161K | -28K | 870K | 1.6M | 1.9M | 4.7M | 1.6M | 726K | 726K |
| Owner Earnings | 448K | 867K | -247K | 1.0M | 262K | -111K | 1.3M | 890K | 830K | 5.4M | 1.3M | -9K | -9K |
| CapEx | 463K | 814K | 239K | 1.4M | 978K | 874K | 1.5M | 1.1M | 1.1M | 2.0M | 1.2M | 1.1M | 1.1M |
| Maint. CapEx | 305K | 371K | 410K | 477K | 696K | 760K | 832K | 1.0M | 1.1M | 1.2M | 1.2M | 1.3M | 1.3M |
| Growth CapEx | 158K | 443K | 0 | 885K | 283K | 114K | 645K | 114K | 46K | 825K | 0 | 0 | 0 |
| D&A | 305K | 371K | 410K | 477K | 696K | 760K | 832K | 1.0M | 1.1M | 1.2M | 1.2M | 1.3M | 1.3M |
| CapEx/OCF | 61.0% | 65.7% | 74.7% | 79.2% | 85.9% | 103.4% | 62.9% | 40.9% | 37.1% | 30.0% | 44.0% | N/A | 59.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 255K | 255K |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.3% |
| Stock-Based Comp | 7K | 1K | 157K | 218K | 181K | 197K | 242K | 867K | 1.2M | 100K | 243K | 490K | 490K |
| Debt Repayment | 208K | 33K | 116K | 24K | 64K | 6K | 101K | 297K | 55K | 0 | 402K | 66K | 66K |
| Balance Sheet | |||||||||||||
| Net Debt | -99K | -396K | -560K | -1.0M | -1.1M | -1.2M | -1.8M | -2.3M | -5.7M | -10.0M | -11M | -12M | -12M |
| Cash & Equiv. | 725K | 1.1M | 1.1M | 1.5M | 1.7M | 2.1M | 3.0M | 5.0M | 7.1M | 11M | 12M | 13M | 13M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 300K | 211K | 273K | 250K | 144K | 31K | 2K | 2K |
| Debt/Equity | 0.09 | 0.09 | 0.08 | 0.07 | 0.06 | 0.08 | 0.08 | 0.10 | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 |
| Interest Coverage | 59.1 | 28.7 | -7.5 | 23.8 | 38.0 | 51.7 | 1235.5 | 101937.1 | 960.7 | 36.2 | -10.8 | 10.1 | 10.1 |
| Equity | 7.2M | 7.5M | 7.2M | 7.8M | 9.1M | 11M | 15M | 29M | 40M | 40M | 38M | 42M | 42M |
| Total Assets | 11M | 11M | 11M | 13M | 13M | 18M | 26M | 49M | 52M | 48M | 46M | 52M | 52M |
| Total Liabilities | 4.0M | 3.7M | 3.6M | 5.0M | 3.7M | 7.5M | 11M | 21M | 12M | 7.3M | 8.2M | 9.8M | 9.8M |
| Intangibles | 81K | 61K | 69K | 76K | 40K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 108K | 683K | 228K | 465K | 1.7M | 3.0M | 7.5M | 20M | 30M | 31M | 29M | 32M | 32M |
| Working Capital | 6.0M | 5.9M | 5.9M | 5.6M | 6.9M | 8.2M | 12M | 26M | 36M | 36M | 33M | 38M | 38M |
| Current Assets | 9.9M | 9.5M | 9.5M | 11M | 10M | 15M | 23M | 45M | 48M | 42M | 41M | 48M | 48M |
| Current Liabilities | 3.9M | 3.6M | 3.6M | 5.0M | 3.4M | 7.1M | 11M | 19M | 11M | 6.8M | 7.9M | 9.8M | 9.8M |
| Per Share Data | |||||||||||||
| EPS | 0.08 | 0.10 | -0.08 | 0.04 | 0.22 | 0.25 | 0.74 | 2.07 | 1.62 | 0.13 | -0.34 | 0.51 | 0.51 |
| Owner EPS | 0.09 | 0.15 | -0.04 | 0.17 | 0.05 | -0.02 | 0.21 | 0.15 | 0.13 | 0.87 | 0.20 | -0.00 | -0.00 |
| Book Value | 1.37 | 1.30 | 1.27 | 1.31 | 1.66 | 1.95 | 2.57 | 4.71 | 6.46 | 6.52 | 5.90 | 6.60 | 6.60 |
| Cash Flow/Share | 0.15 | 0.22 | 0.06 | 0.29 | 0.21 | 0.15 | 0.39 | 0.46 | 0.50 | 1.08 | 0.43 | 0.28 | 0.72 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 5.2M | 5.7M | 5.7M | 5.9M | 5.4M | 5.5M | 6.0M | 6.1M | 6.1M | 6.2M | 6.5M | 6.4M | 6.4M |
| Valuation | |||||||||||||
| P/E Ratio | 16.2 | 40.0 | N/A | 62.5 | 10.4 | 8.8 | 9.9 | 15.1 | 11.5 | 73.8 | N/A | N/A | 25.3 |
| P/FCF | 22.9 | 54.0 | 161.2 | 41.5 | 77.2 | N/A | 50.2 | 115.3 | 58.7 | 12.7 | 29.7 | N/A | 113.8 |
| EV/EBIT | 10.4 | 24.3 | N/A | 61.3 | 7.6 | 5.4 | 7.1 | 11.2 | 8.3 | 34.6 | N/A | N/A | 17.7 |
| Price/Book | 0.9 | 3.1 | 1.8 | 1.9 | 1.4 | 1.1 | 2.8 | 6.6 | 2.9 | 1.5 | 1.2 | N/A | 2.0 |
| Price/Sales | 0.3 | 1.0 | 1.0 | 0.6 | 0.4 | 0.4 | 0.6 | 1.6 | 1.9 | 1.7 | 1.2 | N/A | 1.3 |
| FCF Yield | 4.4% | 1.9% | 0.6% | 2.4% | 1.3% | -0.2% | 2.0% | 0.9% | 1.7% | 7.9% | 3.4% | N/A | 0.9% |
| Market Cap | 6.8M | 23M | 13M | 15M | 12M | 12M | 44M | 190M | 114M | 59M | 46M | 0 | 83M |
| Avg. Price | 0.99 | 3.11 | 2.85 | 2.19 | 1.97 | 2.12 | 3.69 | 18.50 | 23.35 | 13.15 | 7.92 | 0.00 | 12.91 |
| Year-End Price | 1.30 | 4.00 | 2.29 | 2.50 | 2.28 | 2.20 | 7.30 | 31.20 | 18.55 | 9.59 | 7.15 | 0.00 | 12.91 |
Leatt Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 53.6x vs a median of 45.8x. The company's 5-year average ROIC is 21.0% with a gross margin of 42.1%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +58.8%.
Leatt Corp (LEAT) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
Leatt Corp (LEAT) reported earnings per share (EPS) of $0.51 in its most recent fiscal year.
Leatt Corp (LEAT) has a return on equity (ROE) of 8.1%. This indicates moderate shareholder returns.
Leatt Corp (LEAT) has a 5-year average gross margin of 42.1%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for Leatt Corp (LEAT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Leatt Corp (LEAT) has a book value per share of $6.60, based on its most recent annual SEC filing.