# Nam Tai Property (NTPIF.US)

Canonical: https://gigainvestors.com/s/NTPIF

Analysis as of: 2026-10-15T06:36:26.772Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.30 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 6

- Operating margin variation: 2.21×

Chart: Operating margin; fiscal year observations.

- FY2016: -2.63×

- FY2017: -4.11×

- FY2018: -42.18×

- FY2019: -5.81×

- FY2020: 0.29×

- FY2021: 0.16×

- FY2022: -0.31×

- FY2023: -0.51×

- FY2024: -0.67×

- FY2025: -0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 41.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -6.1%

- ROIC, second-lowest year: -13.9%

- Typical minus recent gross margin: 41.1 pp

- Typical gross margin (annual median): 57.2%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: -9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -6.9%

- FY2017: -9.3%

- FY2018: -13.9%

- FY2019: -7.4%

- FY2020: 8.8%

- FY2021: 2.6%

- FY2022: -5.0%

- FY2023: -13.9%

- FY2024: -5.4%

- FY2025: -2.3%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$269M

- Net income, five-year total: -$127M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 476.6 pp

- Working capital / revenue, change between three-year averages: 5984.3 pp

- Working capital / revenue, final three-year average: 15.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$54M

- FY2022: -$53M

- FY2023: -$45M

- FY2024: -$121M

- FY2025: $3.8M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -9.3% vs -5.4%

- Per-share earnings: -0.26 to 0.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.2%

- Ordinary dilution, 5-year annual growth: 9.3%

- Market cap gain: -$9.4M

- Cumulative retained earnings: -$145M

- Diluted shares, 10-year annual growth: 4.2%

- Diluted shares, 5-year annual growth: 9.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.26

- Per-share value, starting three-year median: -$0.26

- Per-share value, ending three-year median: $0.00

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.4%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: $14M

- Cumulative net income, 10 years: -$144M

- ROIC, first three-year median: -9.3%

- ROIC, last three-year median: -5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.26

- FY2017: $0.11

- FY2018: -$0.35

- FY2019: -$0.35

- FY2020: $0.40

- FY2021: -$1.36

- FY2022: -$1.34

- FY2023: -$0.97

- FY2024: $0.49

- FY2025: $0.00

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 5.1%

- Receivables to sales index (DSRI): 0.34×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -217.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: 0.6%

- FY2018: -1.4%

- FY2019: -16.3%

- FY2020: 20.9%

- FY2021: 1.6%

- FY2022: -6.1%

- FY2023: -3.1%

- FY2024: 31.8%

- FY2025: 5.1%

## Holders

## Price story

Down 83% since Oct 2021 · sales +64.5%

Story as of 2026-10-16T09:59:17.067Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +64.5%; source https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm; observed 2026-04-29.

- FY2016: $2.5M 

- FY2017: $1.9M 

- FY2018: $493K 

- FY2019: $3.0M 

- FY2020: $71M 

- FY2021: $62M 

- FY2022: $50M 

- FY2023: $83M 

- FY2024: $29M 

- FY2025: $48M 

### Gross margin · FY2025

gross margin 16.1%; source https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm; observed 2026-04-29.

- FY2016: 70.5% 

- FY2018: 85.2% 

- FY2019: 54.3% 

- FY2020: 61.5% 

- FY2021: 60.1% 

- FY2022: 40.0% 

- FY2023: 7.5% 

- FY2024: 42.9% 

- FY2025: 16.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are USD 48 million.

- Source: https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm (filed 2026-04-29); FY2025: revenue 48001000; grossProfit 7735000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 7.5% to 42.9% during 2023–25; it lost 6.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 7.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 42.9%.

- Source: https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,-0.06917708485565106],[2017,-0.0926537828446016],[2018,-0.13918655584644452],[2019,-0.07380596165417203],[2020,0.08849362662683832],[2021,0.026203429403902873],[2022,-0.04998357137392439],[2023,-0.13850638668271492],[2024,-0.05363623096248267],[2025,-0.022805977559216956]]; median -0.06140665790906687. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 6 years; bought back USD 1.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 13377000; owner earnings 17000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 2189000; owner earnings 5845000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 0; upkeep 864000; owner earnings 5870000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 892000; owner earnings 3817000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,2936000],[2017,10266000],[2018,10565000],[2019,0],[2020,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm (filed 2026-04-29); FY2025: cash repurchases 1121000 USD.

### Are managers owners

Insiders own 22.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); NTPIF.US SharesStats.PercentInsiders = 22.692 percentage points; cache date 2026-10-05.

### What the price says

The price is 5.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 4.3 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.7882118800760609; price multiple 5.455385929459802. FY2025 cash earnings/share 0.0626779597560535. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.10 per share

- 2016-11: $7.70 per share

- 2016-12: $7.40 per share

- 2017-01: $7.40 per share

- 2017-02: $7.20 per share

- 2017-03: $6.90 per share

- 2017-04: $7.85 per share

- 2017-05: $8.00 per share

- 2017-06: $8.00 per share

- 2017-07: $9.75 per share

- 2017-08: $10.40 per share

- 2017-09: $10.85 per share

- 2017-10: $12.10 per share

- 2017-11: $12.00 per share

- 2017-12: $12.55 per share

- 2018-01: $13.10 per share

- 2018-02: $13.70 per share

- 2018-03: $12.45 per share

- 2018-04: $12.15 per share

- 2018-05: $12.25 per share

- 2018-06: $10.95 per share

- 2018-07: $10.70 per share

- 2018-08: $9.90 per share

- 2018-09: $9.85 per share

- 2018-10: $9.23 per share

- 2018-11: $9.01 per share

- 2018-12: $8.68 per share

- 2019-01: $8.71 per share

- 2019-02: $9.49 per share

- 2019-03: $9.85 per share

- 2019-04: $9.98 per share

- 2019-05: $9.95 per share

- 2019-06: $9.75 per share

- 2019-07: $10.75 per share

- 2019-08: $9.01 per share

- 2019-09: $9.00 per share

- 2019-10: $9.01 per share

- 2019-11: $9.17 per share

- 2019-12: $8.61 per share

- 2020-01: $8.94 per share

- 2020-02: $6.80 per share

- 2020-03: $5.50 per share

- 2020-04: $4.98 per share

- 2020-05: $5.87 per share

- 2020-06: $6.25 per share

- 2020-07: $8.40 per share

- 2020-08: $9.21 per share

- 2020-09: $9.36 per share

- 2020-10: $4.96 per share

- 2020-11: $5.02 per share

- 2020-12: $5.85 per share

- 2021-01: $8.21 per share

- 2021-02: $9.08 per share

- 2021-03: $12.33 per share

- 2021-04: $12.94 per share

- 2021-05: $27.18 per share

- 2021-06: $27.71 per share

- 2021-07: $20.53 per share

- 2021-08: $25.95 per share

- 2021-09: $23.25 per share

- 2021-10: $24.66 per share

- 2021-11: $17.91 per share

- 2021-12: $10.09 per share

- 2022-01: $8.99 per share

- 2022-02: $7.64 per share

- 2022-03: $6.25 per share

- 2022-04: $6.21 per share

- 2022-05: $4.22 per share

- 2022-11: $1.45 per share

- 2022-12: $1.33 per share

- 2023-01: $1.41 per share

- 2023-02: $1.35 per share

- 2023-03: $2.10 per share

- 2023-04: $2.85 per share

- 2023-05: $3.20 per share

- 2023-06: $5.50 per share

- 2023-07: $5.25 per share

- 2023-08: $4.59 per share

- 2023-09: $4.75 per share

- 2023-10: $3.90 per share

- 2023-11: $4.75 per share

- 2023-12: $4.75 per share

- 2024-01: $4.95 per share

- 2024-02: $4.50 per share

- 2024-03: $4.29 per share

- 2024-04: $4.48 per share

- 2024-05: $4.35 per share

- 2024-06: $4.00 per share

- 2024-07: $3.50 per share

- 2024-08: $3.24 per share

- 2024-09: $2.50 per share

- 2024-10: $1.98 per share

- 2024-11: $1.50 per share

- 2024-12: $4.75 per share

- 2025-01: $5.88 per share

- 2025-02: $6.30 per share

- 2025-03: $5.73 per share

- 2025-04: $4.50 per share

- 2025-05: $4.10 per share

- 2025-06: $4.20 per share

- 2025-07: $4.10 per share

- 2025-08: $4.25 per share

- 2025-09: $4.29 per share

- 2025-10: $4.10 per share

- 2025-11: $4.15 per share

- 2025-12: $4.30 per share

- 2026-01: $5.00 per share

- 2026-02: $5.80 per share

- 2026-03: $5.18 per share

- 2026-04: $5.05 per share

- 2026-05: $4.75 per share

- 2026-06: $4.75 per share

- 2026-07: $4.30 per share

- 2026-08: $4.45 per share

- 2026-09: $4.31 per share

- 2026-10: $4.43 per share

## Annual estimated value (USD per share)

- FY2019: low $3.40 per share, central $3.40 per share, high $3.41 per share

- FY2020: low $10.74 per share, central $11.47 per share, high $12.46 per share

- FY2021: low $6.92 per share, central $7.56 per share, high $8.42 per share

- FY2022: low $5.08 per share, central $5.59 per share, high $6.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/829365/000119312526190806/ntpif-20251231.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# NTPIF — Nam Tai Property Inc.

Held by 1 investor · USD 203,986 total · 2025 Q1 · reported price USD 5.66 (split-adjusted).
Page: https://gigainvestors.com/s/NTPIF

## Holders (2025 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 203,986 | <0.1% | hold |

## Total held by quarter

- 2008 Q2: USD 326,000 · 1 holder · USD 24.72
- 2008 Q3: USD 204,000 · 1 holder · USD 15.47
- 2008 Q4: USD 138,000 · 1 holder · USD 10.47
- 2009 Q1: USD 93,000 · 1 holder · USD 7.05
- 2009 Q2: USD 106,000 · 1 holder · USD 8.04
- 2009 Q3: USD 135,000 · 1 holder · USD 10.24
- 2009 Q4: USD 130,000 · 1 holder · USD 9.86
- 2010 Q1: USD 125,000 · 1 holder · USD 9.48
- 2010 Q2: USD 103,000 · 1 holder · USD 7.81
- 2010 Q3: USD 162,050 · 1 holder · USD 8.78
- 2010 Q4: USD 222,950 · 1 holder · USD 12.08
- 2011 Q1: USD 225,050 · 1 holder · USD 12.19
- 2011 Q2: USD 192,850 · 1 holder · USD 10.45
- 2011 Q3: USD 171,150 · 1 holder · USD 9.27
- 2011 Q4: USD 185,150 · 1 holder · USD 10.03
- 2012 Q1: USD 16,465,975 · 2 holders · USD 11.34
- 2012 Q2: USD 17,990,840 · 2 holders · USD 12.44
- 2012 Q3: USD 31,346,538 · 2 holders · USD 20.33
- 2012 Q4: USD 40,301,142 · 2 holders · USD 26.22
- 2013 Q1: USD 47,000,730 · 2 holders · USD 25.79
- 2013 Q2: USD 21,122,735 · 2 holders · USD 10.62
- 2013 Q3: USD 20,396,922 · 2 holders · USD 14.73
- 2013 Q4: USD 19,868,242 · 2 holders · USD 13.54
- 2014 Q1: USD 22,489,969 · 2 holders · USD 13.54
- 2014 Q2: USD 28,723,758 · 2 holders · USD 14.30
- 2014 Q3: USD 22,857,953 · 2 holders · USD 11.51
- 2014 Q4: USD 14,145,255 · 2 holders · USD 9.01
- 2015 Q1: USD 11,711,107 · 2 holders · USD 7.53
- 2015 Q2: USD 14,224,108 · 2 holders · USD 9.14
- 2015 Q3: USD 22,256,700 · 2 holders · USD 11.58
- 2015 Q4: USD 21,105,760 · 1 holder · USD 10.98
- 2016 Q1: USD 22,323,315 · 1 holder · USD 11.64
- 2016 Q2: USD 17,664,137 · 1 holder · USD 10.18
- 2016 Q3: USD 25,801,785 · 1 holder · USD 15.28
- 2016 Q4: USD 14,212,884 · 1 holder · USD 14.03
- 2017 Q1: USD 13,215,294 · 1 holder · USD 13.08
- 2017 Q2: USD 15,832,480 · 1 holder · USD 15.17
- 2017 Q3: USD 15,825,870 · 1 holder · USD 15.11
- 2017 Q4: USD 23,283,450 · 1 holder · USD 23.79
- 2018 Q1: USD 22,662,175 · 1 holder · USD 23.61
- 2018 Q2: USD 19,877,042 · 1 holder · USD 20.76
- 2018 Q3: USD 18,749,700 · 1 holder · USD 16.13
- 2018 Q4: USD 16,484,622 · 1 holder · USD 16.46
- 2019 Q1: USD 18,483,811 · 1 holder · USD 18.68
- 2019 Q2: USD 21,768,874 · 1 holder · USD 18.49
- 2019 Q3: USD 19,778,445 · 1 holder · USD 17.06
- 2019 Q4: USD 18,146,117 · 1 holder · USD 16.32
- 2020 Q1: USD 10,829,467 · 1 holder · USD 10.43
- 2020 Q2: USD 11,774,338 · 1 holder · USD 11.85
- 2020 Q3: USD 16,140,796 · 1 holder · USD 17.75
- 2020 Q4: USD 8,265,722 · 1 holder · USD 11.09
- 2021 Q1: USD 16,221,891 · 1 holder · USD 23.38
- 2021 Q2: USD 1,411,825 · 1 holder · USD 52.54
- 2021 Q3: USD 878,065 · 1 holder · USD 44.10
- 2021 Q4: USD 382,032 · 1 holder · USD 19.11
- 2022 Q1: USD 535,000 · 1 holder · USD 11.85
- 2022 Q2: USD 364,186 · 1 holder · USD 8.00
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 116,109 · 1 holder · USD 2.52
- 2023 Q1: USD 180,579 · 1 holder · USD 3.98
- 2023 Q2: USD 472,395 · 1 holder · USD 10.43
- 2023 Q3: USD 407,978 · 1 holder · USD 9.01
- 2023 Q4: USD 406,268 · 1 holder · USD 9.01
- 2024 Q1: USD 366,066 · 1 holder · USD 8.13
- 2024 Q2: USD 341,320 · 1 holder · USD 7.58
- 2024 Q3: USD 212,075 · 1 holder · USD 4.74
- 2024 Q4: USD 170,830 · 1 holder · USD 4.74
- 2025 Q1: USD 203,986 · 1 holder · USD 5.66
- 2025 Q2: USD 0 · 0 holders