Total debt has surged to $19.3 million as of 2025Q4, reflecting a shift toward debt-funded operations that has contributed to the erosion of total equity to $31.4 million.
| Total Current Assets | 54.97M | 61.42M | 40.08M | 33.76M | 22.4M | 13.05M | 8.67M |
| Cash & Short-Term Investments | 178.32K | 2.97M | 1.63M | 1.91M | 3.44M | 1.14M | 257.08K |
| Cash Only | 178.32K | 2.97M | 1.51M | 1.71M | 3.03M | 1.07M | 220.45K |
| Short-Term Investments | 0 | 0 | 120.48K | 197K | 407.5K | 65.11K | 36.62K |
| Accounts Receivable | 42.53M | 46.58M | 31.49M | 24.76M | 12.45M | 8.23M | 4.56M |
| Days Sales Outstanding | 688.83 | 459.03 | 365.42 | 257.58 | 163.89 | 165.78 | 136.28 |
| Inventory | 1.09M | 1.3M | 1.14M | 1.29M | 3.06M | 810.07K | 709.47K |
| Days Inventory Outstanding | 108.48 | 107.97 | 98.65 | 66.91 | 245.44 | 117.75 | 199.41 |
| Other Current Assets | 628.04K | 295.75K | 120.48K | 197K | 304.29K | 620.89K | 3.05M |
| Total Non-Current Assets | 14.73M | 16.55M | 16.63M | 8.85M | 3.72M | 3.97M | 3.09M |
| Property, Plant & Equipment | 6.55M | 7.62M | 7M | 2.73M | 3.33M | 2.84M | 1.66M |
| Fixed Asset Turnover | 3.44x | 4.86x | 4.49x | 12.86x | 8.34x | 6.37x | 7.35x |
| Goodwill | 60.3K | 57.77K | 59.38K | 61.14K | 66.17K | 64.65K | 60.61K |
| Intangible Assets | 8.63K | 16.53K | 25.48K | 49.48K | 62.77K | 107.23K | 143.62K |
| Long-Term Investments | 0 | 0 | -814.37K | -206.22K | -108.14K | 0 | 0 |
| Other Non-Current Assets | 7.35M | 8.14M | 10.36M | 5.81M | 190.08K | 951.01K | 1.23M |
| Total Assets | 69.7M | 77.96M | 56.71M | 42.62M | 26.12M | 17.02M | 11.76M |
| Asset Turnover | 0.32x | 0.48x | 0.55x | 0.82x | 1.06x | 1.06x | 1.04x |
| Asset Growth % | -10.6% | 37.48% | 33.06% | 63.15% | 53.51% | 44.71% | - |
| Total Current Liabilities | 32.36M | 34.62M | 18.98M | 16.02M | 9.77M | 9.25M | 33.61M |
| Accounts Payable | 1.81M | 1.25M | 550.19K | 215.86K | 340.21K | 61.12K | 100.25K |
| Days Payables Outstanding | 180.34 | 104.31 | 47.5 | 11.17 | 27.33 | 8.88 | 28.18 |
| Short-Term Debt | 13.07M | 17.03M | 8.17M | 6.23M | 2.04M | 2.45M | 28.09M |
| Deferred Revenue (Current) | 793.41K | 792.1K | 499.9K | 692.51K | 701.53K | 0 | 0 |
| Other Current Liabilities | 8.76K | 45.24K | 93.39K | 20.32K | 29.91K | 5.41M | 3.33M |
| Current Ratio | 1.70x | 1.77x | 2.11x | 2.11x | 2.29x | 1.41x | 0.26x |
| Quick Ratio | 1.66x | 1.74x | 2.05x | 2.03x | 1.98x | 1.32x | 0.24x |
| Cash Conversion Cycle | 616.97 | 462.69 | 416.57 | 313.32 | 382.01 | 274.65 | 307.52 |
| Total Non-Current Liabilities | 6.11M | 3.58M | 2.03M | 816.88K | 494.12K | 1M | 728.29K |
| Long-Term Debt | 6.09M | 3.44M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 27.64K | 136.68K | 412.12K | 816.88K | 494.12K | 974.29K | 692.38K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1.61M | 0 | 0 | 26.81K | 35.9K |
| Total Liabilities | 38.48M | 38.2M | 21M | 16.84M | 10.26M | 10.25M | 34.33M |
| Total Debt | 19.3M | 20.88M | 9.9M | 7.44M | 2.93M | 4.05M | 28.94M |
| Net Debt | 19.12M | 17.91M | 8.39M | 5.73M | -97.6K | 2.98M | 28.72M |
| Debt / Equity | 0.62x | 0.53x | 0.28x | 0.29x | 0.61x | 0.60x | - |
| Debt / EBITDA | - | 1.24x | 0.77x | 0.49x | 0.22x | 0.39x | 4.86x |
| Net Debt / EBITDA | - | 1.06x | 0.65x | 0.38x | -0.01x | 0.28x | 4.82x |
| Interest Coverage | -34.77x | 25.43x | 41.73x | 49.52x | 82.90x | 60.65x | 61.33x |
| Total Equity | 31.22M | 39.76M | 35.71M | 25.78M | 4.85M | 6.76M | -22.58M |
| Equity Growth % | -21.47% | 11.35% | 38.52% | 431.86% | -28.34% | 129.96% | - |
| Book Value per Share | 1.12 | 1.55 | 4.71 | 3.59 | 0.67 | 0.94 | -3.14 |
| Total Shareholders' Equity | 31.37M | 39.66M | 35.75M | 25.93M | 5.2M | 7.21M | -21.89M |
| Common Stock | 3.08K | 2.56K | 2.94K | 2.94K | 11.64K | 0 | 0 |
| Retained Earnings | -515.41K | 26.76M | 14.39M | 3.96M | -7.13M | -9.62M | -15.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.22M | 1.45M | 2.5M | 3.12M | 3.31M | 16.83M | -6.22M |
| Minority Interest | -144.09K | 101.34K | -43.39K | -155.59K | -356.73K | -448.7K | -683.77K |
Existential liquidity and solvency
As reported in recent financial filings, BDMD's cash reserves have plummeted to a precarious $178,321 as of 2025Q4, representing a near-total exhaustion of liquid assets that leaves the company with virtually no buffer to absorb further operational shocks or fund ongoing working capital requirements.
The current cash position is alarmingly low relative to the company's scale, suggesting that the firm may be unable to meet short-term obligations without immediate external financing. Investors should monitor the company's ability to secure capital, as the current liquidity profile appears insufficient to support the business through its current contraction phase.
Based on the latest balance sheet data, BDMD's total debt has climbed to $19.3 million in 2025Q4, a significant increase from the $802,500 reported in 2023Q2, which indicates a shift toward debt-funded operations despite the company's inability to generate consistent positive cash flow from its core business.
The rise in debt-to-equity to 0.62 suggests that the company is increasingly reliant on leverage to sustain its operations. This trend warrants further investigation, as the combination of rising debt and declining revenue may indicate a deteriorating credit profile that could limit future financing flexibility.
According to the company's 2025Q4 balance sheet, total equity has declined to $31.4 million from a peak of $39.7 million in 2024Q4, a trend primarily driven by the accumulation of significant losses that have severely impacted the company's book value over the past year.
The erosion of equity suggests that the company's business model is currently value-destructive, as operating losses continue to outpace any potential capital contributions. This trend may indicate that shareholders face significant dilution risk if the company is forced to raise equity to address its ongoing liquidity crisis.
As indicated by the discrepancy between reported revenue and the minimal cash balance, BDMD's reliance on accounts receivable appears to be a major distortion, with the company's liquidity position failing to reflect the high-margin nature of its medical device sales reported in recent financial statements.
The disconnect between top-line figures and actual cash on hand suggests that the company may be experiencing significant delays in collecting payments from distributors. This implies that the reported revenue may not be translating into the cash flow necessary to sustain operations, which poses a substantial risk to the company's going-concern status.
Quick answers to the most common questions about buying BDMD stock.
As of 2025, Baird Medical Investment Holdings Limited (BDMD) had total assets of $69.7M including $55.0M in current assets.
Baird Medical Investment Holdings Limited (BDMD) carries total debt of $19.3M, offset by $0.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Baird Medical Investment Holdings Limited (BDMD) has total shareholders' equity (book value) of $31.4M ($1.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Baird Medical Investment Holdings Limited (BDMD) reported a current ratio of 1.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.