BingEx Limited
- Open
- 1.86
- Day high
- 1.99
- Day low
- 1.86
- Prev close
- 1.96
- Volume
- 210K
- Mkt cap
- $145M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 0.3
- Yield
- —
- Per share
- —
BingEx Limited (FLX) is a Industrials company listed on NASDAQ. The stock is down 37% over the past year. Drillr has 1 published research article covering FLX.
BingEx Limited (FLX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 20, 2026 | — | $0.03 | — | $138M | — |
| May 21, 2026 | — | $-0.03 | — | $136M | — |
| Mar 17, 2026 | — | $0.10 | — | $141M | +11.5% |
| Nov 19, 2025 | — | $0.13 | — | $141M | +1.9% |
| Aug 19, 2025 | — | $0.11 | — | $143M | +3.4% |
| May 22, 2025 | — | $0.10 | — | $132M | — |
| Mar 12, 2025 | — | $0.08 | — | $141M | — |
| Nov 27, 2024 | — | $0.12 | — | $165M | — |
| Jun 30, 2024 | — | $0.34 | — | $162M | — |
| Mar 31, 2024 | — | $0.38 | — | $153M | — |
| Dec 31, 2023 | — | $0.20 | — | $171M | — |
| Sep 30, 2023 | — | $0.20 | — | $163M | — |
FLX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Tang Leofficer: Chief Financial Officer | Tax | 16 | $0.63 |
| Aug 26, 2026 | Tang Leofficer: Chief Financial Officer | Option | 62,500 | — |
| Aug 26, 2026 | Yu Hongjiandirector, officer: Executive President | Option | 125,000 | — |
| Aug 26, 2026 | Yu Hongjiandirector, officer: Executive President | Tax | 26 | $0.63 |
| May 26, 2026 | Tang Leofficer: Chief Financial Officer | Option | 62,500 | — |
| May 26, 2026 | Yu Hongjiandirector, officer: Executive President | Option | 125,000 | — |
| May 26, 2026 | Yu Hongjiandirector, officer: Executive President | Tax | 20 | $0.75 |
| May 26, 2026 | Tang Leofficer: Chief Financial Officer | Tax | 16 | $0.75 |
| Mar 23, 2026 | Tang Leofficer: Chief Financial Officer | Option | 62,500 | — |
| Mar 23, 2026 | Yu Hongjiandirector, officer: Executive President | Tax | 17 | $0.86 |
| Mar 23, 2026 | Yu Hongjiandirector, officer: Executive President | Option | 125,000 | — |
| Mar 23, 2026 | Tang Leofficer: Chief Financial Officer | Tax | 13 | $0.86 |
Source: FLX SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full FLX insider & 13F page →BingEx Limited company profile
Overview
BingEx Limited (FLX) is a Chinese logistics company founded in 2013 and headquartered in Beijing. The company operates under the FlashEx brand name, providing on-demand dedicated courier services throughout the People's Republic of China. BingEx has developed a mobile platform-based delivery network that connects individual and business customers with its fleet of Flash-Riders who perform the actual courier services. The company went public but has experienced significant financial challenges in recent years, with volatile profitability and substantial debt levels affecting its operations.
Business
BingEx operates in China's integrated freight and logistics industry, specifically focusing on last-mile delivery services. The logistics industry in China has experienced rapid growth due to the expansion of e-commerce and changing consumer expectations for faster delivery times. The company's core service revolves around its FlashEx brand, which provides on-demand courier services through a network of independent contractors called Flash-Riders. The FlashEx platform functions as a digital marketplace connecting customers who need items delivered with available couriers in their area. Customers can request delivery services through BingEx's mobile application or website, specifying pickup and delivery locations. The platform then matches these requests with nearby Flash-Riders who can complete the delivery. This model is similar to ride-sharing services but applied to package and document delivery. BingEx serves two primary customer segments. Individual consumers use the service for personal deliveries, such as sending documents, gifts, or purchased items. Business customers include local retailers who need to deliver products to customers, restaurants requiring food delivery services, and other logistics companies that outsource certain delivery routes. The company positions itself as providing faster, more flexible delivery options compared to traditional postal services or large logistics companies that may have longer delivery windows. The on-demand nature of BingEx's service means customers can typically expect same-day or even same-hour delivery within urban areas, depending on distance and availability of Flash-Riders. This speed advantage is particularly valuable in China's dense urban markets where traffic congestion can make traditional delivery methods slower and less reliable.
Competitive moat
BingEx's competitive moat appears to be relatively weak in the current market environment. The company's primary advantages stem from its established Flash-Rider network and local market knowledge in Chinese cities where it operates. Having a dense network of active couriers creates some network effects, as more riders can provide faster service times and better coverage, which attracts more customers, which in turn attracts more riders. However, these advantages are not particularly defensible. The on-demand delivery market has relatively low barriers to entry, as competitors can develop similar mobile applications and recruit their own courier networks. Unlike businesses with proprietary technology or exclusive partnerships, BingEx's platform can be replicated by well-funded competitors. Large established logistics companies like SF Express or Alibaba's logistics arm have significantly more resources and existing infrastructure that they can leverage to compete directly with BingEx's services. The company also faces competition from emerging technologies such as autonomous delivery vehicles and drones, which could potentially reduce the need for human couriers in the future. Additionally, major e-commerce platforms are increasingly developing their own logistics capabilities, potentially reducing demand for third-party courier services. BingEx's small size relative to industry giants puts it at a disadvantage in terms of pricing power and operational efficiency. The company lacks the scale economies that larger competitors enjoy, making it difficult to compete on price while maintaining profitability. The fragmented nature of the Flash-Rider workforce also creates challenges in maintaining consistent service quality, which is crucial for customer retention in a competitive market.
Risks & safety
BingEx's margin of safety appears concerning based on recent financial performance and balance sheet metrics. • Cash and Liquidity: The company maintains approximately $80.7 million in cash and short-term investments as of FY 2024, providing some operational cushion. Current ratio of 1.87 indicates adequate short-term liquidity. • Debt and Solvency: Total liabilities of $66.5 million against total assets of $168.4 million suggest manageable debt levels, with a debt-to-equity ratio of 0.057. • Profitability Concerns: Net loss of $20 million in FY 2024 and negative EBITDA of $3.1 million indicate operational challenges. The company has shown inconsistent profitability over recent periods. • Valuation Metrics: Negative EV/EBITDA ratio due to negative EBITDA makes traditional valuation difficult. Price-to-book ratio of 1.92 suggests the stock trades above book value despite losses. • Cash Flow: Operating cash flow of only $0.3 million and free cash flow of $0.14 million in FY 2024 show minimal cash generation capability. • Other Considerations: Small market capitalization of approximately $70 million makes the stock highly volatile and potentially illiquid.
Recent development
Based on the available financial data, BingEx has experienced significant operational challenges over the past few years. The company showed revenue volatility with annual revenues fluctuating between $580 million and $638 million from 2022 to 2024, suggesting difficulty in achieving consistent growth in a competitive market. The most concerning development has been the company's deteriorating profitability. After achieving a modest profit of $15.6 million in FY 2023, BingEx swung to a substantial loss of $20 million in FY 2024, accompanied by negative EBITDA of $3.1 million. This suggests the company is struggling to maintain operational efficiency and cost control. Cash flow generation has been inconsistent, with the company showing positive free cash flow in some quarters but minimal overall cash generation. The operating cash flow of only $0.3 million in FY 2024 indicates that the business is barely generating cash from its core operations. The company appears to be in a operational restructuring phase, as evidenced by the significant swings in profitability and the challenge of maintaining consistent service levels while managing costs. The balance sheet shows some improvement with reduced total liabilities, but the core business performance remains problematic. Without access to recent earnings call transcripts, it's difficult to assess specific strategic initiatives, but the financial performance suggests BingEx may be focusing on cost reduction and operational efficiency improvements rather than aggressive expansion, given the challenging competitive environment in China's logistics sector.
FLX company profile · for informational purposes only — not investment advice.
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