The company maintains a conservative debt-to-equity ratio of 0.01, yet total assets have shrunk by approximately 22% since 2025Q3 to $131.7M.
Alset Inc. (AEI) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Assets | 124.94M | 136.59M | 96.76M | 126.31M | 153.49M | 184.21M | 107.71M | 35.87M | 48.7M | 60.18M | 57.76M |
| Asset Growth % | 203.23% | 41.16% | -23.4% | -17.71% | -16.68% | 71.02% | 200.27% | -26.34% | -19.07% | 4.19% | - |
| Real Estate & Other Assets | 5.18M | 31.45M | 34.94M | 68.58M | 55.16M | 40.56M | 21.6M | 23.88M | -9.79M | 50.66M | 51.2M |
| PP&E (Net) | 29.59M | 972.87K | 2.06M | 2.21M | 2.91M | 923.54K | 660.12K | 226.34K | 103.42K | 122.57K | 136.09K |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 30.17M | 45.28M | 59.76M | 55.46M | 95.42M | 142.73M | 85.46M | 11.76M | 9.69M | 9.4M | 6.43M |
| Cash & Equivalents | 12.33M | 25.18M | 27.24M | 26.92M | 17.83M | 56.06M | 24.97M | 2.77M | 1.39M | 1.24M | 2.65M |
| Receivables | 1000K | 57K | 1000K | 1000K | 1000K | 1000K | 1000K | 852.12K | 564.76K | 905.86K | 193.38K |
| Other Current Assets | 103.04K | 5.35M | 939.94K | 967.57K | 694.52K | 4.74M | 8.06M | 4.59M | 4.2M | 2.93M | 2.67M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.81M | 6.92M | 6.56M | 9.07M | 4.83M | 13.92M | 9.72M | 13.65M | 19.5M | 25.43M | 36.24M |
| Total Debt | 858.69K | 1.88M | 2.96M | 1.67M | 1.82M | 1.82M | 3.92M | 5.69M | 10.49M | 17.1M | 25.2M |
| Net Debt | -11.47M | -23.3M | -24.29M | -25.25M | -16M | -54.24M | -21.05M | 2.91M | 9.1M | 15.86M | 22.55M |
| Long-Term Debt | 55.04K | 658.8K | 93.24K | 126.18K | 0 | 0 | 636.36K | 4.97M | 9.02M | 8.79M | 10.52M |
| Short-Term Borrowings | 71.81K | 312.4K | 1.34M | 47.61K | 194.51K | 1.15M | 2.71M | 567.11K | 1.47M | 8.31M | 14.68M |
| Capital Lease Obligations | 2.93M | 910.95K | 1.53M | 1.5M | 1.63M | 667.34K | 574.75K | 150.19K | 0 | 0 | 0 |
| Total Current Liabilities | 2.52M | 5.93M | 5.48M | 8.11M | 3.24M | 13.54M | 8.89M | 7.03M | 7.9M | 12.76M | 19.26M |
| Accounts Payable | 0 | 5.04M | 3.61M | 4.37M | 2.98M | 11.34M | 1.67M | 4M | 4.32M | 2.33M | 4.58M |
| Deferred Revenue | 0 | 0 | 0 | 2.1K | 21.2K | 728.34K | 0 | 258.59K | 85K | 114.11K | 0 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.46M |
| Total Equity | 122.13M | 129.66M | 90.2M | 117.25M | 148.66M | 170.29M | 97.99M | 22.22M | 29.2M | 34.75M | 21.52M |
| Equity Growth % | 220.68% | 43.75% | -23.07% | -21.13% | -12.7% | 73.77% | 340.95% | -23.9% | -15.96% | 61.46% | - |
| Shareholders Equity | 114.48M | 121.08M | 81.33M | 108.65M | 137.65M | 148.38M | 59.97M | 15.25M | 20.05M | 23.02M | 13.29M |
| Minority Interest | 7.65M | 8.59M | 8.87M | 8.6M | 11.01M | 21.91M | 38.02M | 6.98M | 9.16M | 11.72M | 8.23M |
| Common Stock | 39.4K | 39.4K | 9.23K | 20.47M | 7.42K | 87.37K | 8.57K | 10K | 10K | 10K | 10K |
| Additional Paid-in Capital | 424.76M | 421.14M | 334.02M | 332.46M | 322.53M | 296.18M | 102.73M | 54.26M | 53.72M | 51.32M | 40.67M |
| Retained Earnings | -309.06M | -299.27M | -251.85M | -247.89M | -188.72M | -148.23M | -44.91M | -40.49M | -35.26M | -32.24M | -28.54M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -28.92% | -40.64% | -3.56% | -42.13% | -23.98% | -70.79% | -4.39% | -12.37% | -9.17% | -7.31% | -10.97% |
| Return on Equity (ROE) | -29.9% | -43.13% | -3.82% | -44.34% | -25.39% | -77.03% | -5.24% | -20.34% | -15.61% | -15.32% | -29.46% |
| Debt / Assets | 0.69% | 1.38% | 3.06% | 1.32% | 1.19% | 0.99% | 3.64% | 15.86% | 21.54% | 28.42% | 43.63% |
| Debt / Equity | 0.01x | 0.01x | 0.03x | 0.01x | 0.01x | 0.01x | 0.04x | 0.26x | 0.36x | 0.49x | 1.17x |
| Net Debt / EBITDA | 0.78x | - | - | - | - | - | - | - | 0.51x | - | - |
| Book Value per Share | 3.14 | 6.07 | 9.77 | 12.97 | 22.82 | 121.71 | 234.65 | 44.44 | 58.40 | 69.48 | 43.03 |
Quick answers to the most common questions about buying AEI stock.
As of 2025, Alset Inc. (AEI) had total assets of $136.6M including $45.3M in current assets.
Alset Inc. (AEI) carries total debt of $1.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alset Inc. (AEI) has total shareholders' equity (book value) of $121.1M ($6.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alset Inc. (AEI) reported a current ratio of 7.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Operational scale and liquidity
Metrics are mathematically derived from official filings.
Asset Base Contraction Amidst Uncertainty
As reported in recent financial filings, Alset's total assets have declined from $169.1M in 2025Q3 to $131.7M in 2026Q1, reflecting a significant reduction in the company's footprint that suggests a pivot away from aggressive development toward capital preservation in a challenging macro environment.
The reduction in total assets appears to correlate with the company's struggle to maintain its development pipeline, potentially indicating asset liquidations or project cancellations. Investors should monitor whether this trajectory represents a strategic downsizing or a forced contraction due to the inability to secure new, viable real estate opportunities.
Minimal Debt Masks Operational Fragility
Based on the provided balance sheet data, Alset maintains a conservative debt-to-equity ratio of 0.01 as of 2026Q1, which, while providing a buffer against interest rate volatility, highlights a lack of institutional financing typically used to scale high-growth real estate development projects.
The company's reliance on equity rather than debt financing suggests that management may be avoiding the restrictive covenants associated with traditional property-level debt. However, this lack of leverage may also limit the company's capacity to execute large-scale acquisitions or accelerate development during periods of market recovery.
Cash Reserves Funding Operational Burn
According to historical balance sheet figures, cash reserves have fluctuated significantly, dropping from $48.6M in 2024Q4 to $30.7M in 2026Q1, which indicates that the company is actively consuming its liquidity to sustain operations across its disparate business segments.
The persistent decline in cash balances warrants close investigation, as the current burn rate appears to be outpacing the company's ability to generate internal cash flow. Without a clear path to profitability, the current liquidity position may only provide a finite runway for the existing corporate structure.
Equity Erosion Reflects Value Destruction
As indicated by the financial statements, equity has contracted from $155.7M in 2025Q3 to $119.4M in 2026Q1, a trend that appears to be driven by persistent net losses and the potential impairment of non-core assets within the company's diversified portfolio.
The erosion of shareholder equity suggests that the company's capital allocation strategy has not yet yielded the expected returns on invested capital. Investors should be wary of further dilution or asset write-downs if the current negative profitability trend continues to impact the book value of the firm.