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NASDAQ · LEATHER & LEATHER PRODUCTS · SMALL CAP

Kandal M Venture Ltd. FMFC

3 fiscal years on record · USD · FY2024 reported · SEC filings only
$17.2M
▲ 23.0% YoY
$209,673
▼ 81.3% YoY
$2.1M
▼ 32.0% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF. On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States. On June 26, 2025, the Company completed its IPO of 2,000,000 Class A ordinary shares at a public offering price of US$4.00 per share.

Written from the business description in Kandal M Venture Ltd's annual report to the U.S. Securities and Exchange Commission, filed 30 July 2026. Every sentence was checked against that document before publication.

Growth

USD 17.2M
Revenue, FY2024 · full 3-year series below
Revenue $M Net income $M
FY2024 · Revenue 17.2 · Net income 0.2
10M20M
202220232024
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

1 cents
of every revenue dollar became profit
Operating margin Net margin
FY2024 · Operating 2.2% · Net 1.2%
5%10%
202220232024
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.

Each USD of equity produced 77 cents of profit this year.

Cash & shareholders

·
returned in FY2024 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF 2.1
2M3M
202220232024

Total assetsUSD 10.1M
CashUSD 102,697.00
Gross debtUSD 5.1M
Net debtUSD 5.0M
Current ratio0.98×

Net debt stands at 1319% of equity.

The 3-year record

3 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
FMFC, 3-year financial record
Metric 202420232022
Revenue $B0.00.00.0
Operating income $B0.00.00.0
EBITDA $B0.00.0◌
Income tax $B0.00.00.0
Net income $B0.00.00.0
Free cash flow $B0.00.00.0
EPS, diluted $0.010.070.05
Dividend / sh $◌◌◌
Payout % — not applicable: no dividend———
ROE %76.7——

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 13 reconciliationsAUDITED

Reconciled in 3 of the 3 fiscal years we could check. 32 checks were skipped: the balance sheet is not tagged before 2023. 15 checks were skipped: EPS is not tagged before 2022. 15 checks were skipped: revenue is not tagged before 2022.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityLeather & Leather Products
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsnot stated in the filings
SEC categoryemerging growth company
Data on record since2022

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