GigaCloud Technology Inc (GCT)

Price$51.75Cached quoteAs of 2026-09-05 00:44 UTC

AI: Undervalued

Price checkValuation looks modest for current growth, though the stock already trades near its yearly high.

GigaCloud trades at about 12.3 times trailing earnings, 11.5 times forward earnings and 11.8 times trailing free cash flow. Price-to-earnings compares the equity value with annual profit; free cash flow is cash left after capital spending. Trailing revenue is about $1.47 billion, up roughly 23%, while trailing net income is about $156 million. Those multiples look modest for double-digit growth. The offset is that the shares have risen sharply and sit near their 52-week high, so recent execution improvement is no longer ignored.

Big pictureProfits are growing, but working capital is absorbing cash faster than last year.

First-half 2026 revenue reached $771.1 million and net income $80.5 million, both around 30% above the prior year. Yet operating cash flow was only $26.7 million, down from $48.0 million, because receivables, inventory and prepayments consumed cash as the business expanded. That gap matters: accounting profit can look healthy before cash is collected. Trailing free cash flow was about $158 million, while cash, restricted cash and investments totaled about $378.6 million, leaving a substantial buffer if working-capital conversion improves.

Business strengthMarketplace activity is broadening, liquidity is strong, and conventional borrowing remains very limited.

Marketplace GMV, meaning the value of goods ordered rather than company revenue, grew 21.3% year over year to $1.74 billion, with third-party seller GMV growing 27.0%. Active sellers and buyers also increased. The balance sheet carried $334.5 million of cash plus $43.3 million of investments and no material long-term obligations beyond leases. Warehouse operating-lease liabilities were about $505 million, which are future rent commitments rather than typical bank debt. Customer concentration and discretionary furniture demand still add cyclicality.

What could change the storySustained growth and normalized cash conversion support upside; tariffs or a demand slowdown could erase it.

The bull case assumes revenue keeps growing near 20%, margins remain around recent levels, and working-capital outflows normalize, making the current earnings multiple look cheap. The bear case assumes growth falls to single digits as furniture and other discretionary demand weakens, while tariffs, customs delays or higher logistics costs compress margins and keep inventory elevated. Buybacks are shareholder-friendly and shares outstanding have been shrinking, but stock-based compensation still creates dilution pressure. The new $120 million repurchase authorization helps only if management buys at attractive prices.

AI: News

Record second-quarter resultsAugust earnings showed strong growth, wider gross margin, and continued marketplace expansion.

On August 6, GigaCloud reported second-quarter revenue of $411.6 million, up 27.6% year over year, while net income rose 22.3% to $42.3 million. Gross margin improved to 25.6%. Marketplace GMV grew 21.3% over the trailing year, and third-party seller GMV grew faster at 27.0%. Management guided third-quarter revenue to $375 million to $400 million, indicating continued growth but some moderation from the second quarter's pace.

Larger buyback authorizedThe board replaced its prior plan with a new three-year $120 million repurchase authorization.

Also effective August 6, the company launched a new $120 million share repurchase program and terminated the older authorization. It had spent about $30 million buying shares during the second quarter and another $17.7 million after quarter-end through August 5. Repurchases reduce the share count when shares are retired, which can increase each remaining shareholder's percentage ownership and earnings per share. The program is discretionary, so actual purchases depend on price, liquidity needs and market conditions.

CEO transaction extendedAn August filing updated the chief executive's previously disclosed variable-forward liquidity arrangement.

On August 10, GigaCloud said an affiliate of CEO Larry Lei Wu had completed a prepaid variable forward on 286,058 of up to 700,000 covered shares, leaving 413,942 shares for possible execution by September 30. The company stressed that the arrangement is personal diversification and liquidity planning, not a company share issuance. That distinction matters for dilution: it can create market supply or sentiment pressure, but it does not itself increase the company's shares outstanding.

New Classic acquisition closedThe January acquisition added an established U.S. furniture distributor and brick-and-mortar retailer relationships.

On January 2, GigaCloud completed its acquisition of New Classic Home Furnishings for $18 million on a debt-free basis, including a post-closing earn-out. New Classic brings more than 1,000 retailer customers and over 2,000 product SKUs, extending GigaCloud beyond ecommerce into traditional wholesale channels. The deal was funded from existing cash. The opportunity is broader distribution and cross-selling; the risk is that integration adds working-capital needs and increases exposure to the cyclical home-furnishings market.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$1.29B	$1.16B	$703.8M	$490.1M	$414.2M	$275.5M
Gross profit	$300.7M	$285.2M	$188.6M	$83.1M	$89.6M	$75.1M
Gross margin	23.31%	24.57%	26.80%	16.96%	21.63%	27.27%
Research & development	$10.8M	$9.8M	$3.9M	$1.4M	$0	$0
Operating expenses	$155.7M	$154.6M	$78.6M	$48.1M	$50.2M	$30.9M
Operating income	$145.0M	$130.6M	$110.1M	$35.0M	$39.4M	$44.2M
Operating margin	11.24%	11.25%	15.64%	7.15%	9.50%	16.04%
EBITDA	$153.3M	$139.1M	$113.0M	$36.4M	$40.1M	$44.4M
EBITDA margin	11.89%	11.98%	16.05%	7.43%	9.69%	16.12%
Net income	$137.4M	$125.8M	$94.1M	$24.0M	$29.3M	$37.5M
Net profit margin	10.65%	10.84%	13.37%	4.89%	7.06%	13.60%
Basic EPSper basic share	$3.60	$3.06	$2.31	$0.60	$0.88	$1.36
Diluted EPSper diluted share	$3.59	$3.05	$2.30	$0.60	$0.88	$1.36

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.15%of listed shares

FMR LLC4.44M shares · Jun 30, 2026

View holders

Top 20 reported holders of GCT
Holder	% owned
FMR LLC	15.15%4.44M shares
BlackRock, Inc.	7.46%2.19M shares
Bonner Matthew C. / DCM Investment Management IX, L.P. / DCM Affiliates Fund IX, L.P. / DCM IV L P / DCM International IX, Ltd. / DCM International IV, Ltd / DCM Investment Management IV, L.P. / DCM IX, L.P. / Lin Frank Hurst / DCM Affiliates Fund IV L P	≈4.80%1.41M shares
LSV ASSET MANAGEMENT	4.79%1.41M shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	4.19%1.23M shares
AMERICAN CENTURY COMPANIES INC	3.09%906.56K shares
DIMENSIONAL FUND ADVISORS LP	2.84%833.1K shares
GEODE CAPITAL MANAGEMENT, LLC	2.59%759.54K shares
WAN XIN / FAITHFUL WINNER HOLDINGS LTD	≈2.50%733.14K shares
STATE STREET CORP	2.11%619.42K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.82%534.21K shares
MORGAN STANLEY	1.68%493.14K shares
UBS Group AG	1.58%463.83K shares
SHAN LAO HU TONG LLC / Wu Lei / JI XIANG HU TONG HOLDINGS LTD	≈1.52%446.06K shares
GOLDMAN SACHS GROUP INC	1.47%430.46K shares
Qube Research & Technologies Ltd	1.40%411.28K shares
FRANKLIN RESOURCES INC	1.30%381.92K shares
ICEBERY LTD / Hao Xinyan	≈1.28%374.99K shares
MACKENZIE FINANCIAL CORP	1.23%360.03K shares
FIRST TRUST ADVISORS LP	1.15%336.74K shares

Percentages use 29.33M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$87.5K disclosed value

Sells (SEC code S)108$124.74M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 20, 2026Form 4 · 10b5-1	JI XIANG HU TONG HOLDINGS LTD +2Chief Executive Officer	SellClass A Ordinary Shares, par value $0.05 per share · indirect	4.4K	$41.29	$179.7K	60.0K
Mar 20, 2026Form 4 · 10b5-1	JI XIANG HU TONG HOLDINGS LTD +2Chief Executive Officer	SellClass A Ordinary Shares, par value $0.05 per share · indirect	25.6K	$40.06	$1.03M	64.4K
Mar 20, 2026Form 4 · 10b5-1	JI XIANG HU TONG HOLDINGS LTD +2Chief Executive Officer	SellClass A Ordinary Shares, par value $0.05 per share · indirect	2.5K	$42.54	$105.5K	90.0K
Mar 19, 2026Form 4 · 10b5-1	JI XIANG HU TONG HOLDINGS LTD +2Chief Executive Officer	SellClass A Ordinary Shares, par value $0.05 per share · indirect	10.8K	$41.69	$448.4K	92.5K
Mar 19, 2026Form 4 · 10b5-1	JI XIANG HU TONG HOLDINGS LTD +2Chief Executive Officer	SellClass A Ordinary Shares, par value $0.05 per share · indirect	16.8K	$40.98	$686.9K	103.2K