The company maintains a conservative 0.61% debt-to-equity ratio, though this appears to be a necessity for survival rather than a strategic choice given the lack of retained earnings.
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Total Current Assets | 4.42M | 7.62M | 7.71M | 7.52M | 6.33M |
| Cash & Short-Term Investments | 1.67M | 31.97K | 2.4M | 134.49K | 302.84K |
| Cash Only | 1.67M | 31.97K | 2.4M | 134.49K | 302.84K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.69M | 6.5M | 4.4M | 6.87M | 5.61M |
| Days Sales Outstanding | 48.12 | 205.09 | 122.09 | 120.35 | 176.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 893.66K | 673.2K | 466.21K | 285.23K | 146.5K |
| Total Non-Current Assets | 528.03K | 6.39K | 165.49K | 364.08K | 212.36K |
| Property, Plant & Equipment | 51.23K | 6.39K | 159.51K | 361.1K | 212.36K |
| Fixed Asset Turnover | 250.04x | 1811.97x | 82.51x | 57.67x | 54.55x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 476.8K | 0 | 0 | 0 | 0 |
| Total Assets | 4.95M | 7.62M | 7.88M | 7.88M | 6.54M |
| Asset Turnover | 2.59x | 1.52x | 1.67x | 2.64x | 1.77x |
| Asset Growth % | -35.05% | -3.24% | -0.04% | 20.54% | - |
| Total Current Liabilities | 4.36M | 6.91M | 6.12M | 4.62M | 4.95M |
| Accounts Payable | 1.66M | 2.84M | 1.77M | 2.25M | 3.21M |
| Days Payables Outstanding | 53.22 | 96.09 | 55.6 | 45.22 | 125.33 |
| Short-Term Debt | 281.74K | 623.88K | 710.97K | 0 | 0 |
| Deferred Revenue (Current) | 29.68K | 30.5K | 31.41K | 56.81K | 99 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.02x | 1.10x | 1.26x | 1.63x | 1.28x |
| Quick Ratio | 1.02x | 1.10x | 1.26x | 1.63x | 1.28x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 43.97K | 116.89K | 53.85K | 15.1K | 37.92K |
| Long-Term Debt | 0 | 87.71K | 53.85K | 0 | 0 |
| Capital Lease Obligations | 43.97K | 1.02K | 0 | 15.1K | 28.77K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 9.15K |
| Other Non-Current Liabilities | 0 | 28.16K | 0 | 0 | 0 |
| Total Liabilities | 4.4M | 7.03M | 6.18M | 4.64M | 4.99M |
| Total Debt | 334.14K | 722.27K | 787.11K | 49.12K | 211.69K |
| Net Debt | -1.33M | 690.3K | -1.62M | -85.36K | -91.15K |
| Debt / Equity | 0.61x | 1.22x | 0.46x | 0.02x | 0.14x |
| Debt / EBITDA | 4.37x | - | - | 0.09x | 0.19x |
| Net Debt / EBITDA | -17.44x | - | - | -0.15x | -0.08x |
| Interest Coverage | 2.04x | -29.92x | -25.20x | - | - |
| Total Equity | 550.06K | 594.32K | 1.7M | 3.25M | 1.55M |
| Equity Growth % | -7.45% | -65.09% | -47.55% | 109.36% | - |
| Book Value per Share | 0.04 | 0.05 | 0.13 | 0.25 | 0.12 |
| Total Shareholders' Equity | 500.27K | 556.39K | 1.62M | 3.08M | 1.47M |
| Common Stock | 1K | 1K | 1K | 1K | 1K |
| Retained Earnings | -1.46M | -1.39M | -340.91K | 955.11K | 829.65K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 159.76K | 171.79K | 181.61K | 353.04K | 195.04K |
| Minority Interest | 49.8K | 37.92K | 86.02K | 162.32K | 77.53K |
Liquidity and receivables concentration
With only $1.6M in cash relative to $12.8M in annual revenue, BIYA maintains a thin liquidity buffer that, according to recent financial disclosures, leaves the firm highly susceptible to payment delays from its SME client base within the competitive Shenzhen labor dispatching and consulting market.
The company's limited cash position suggests that any disruption in accounts receivable turnover could immediately constrain operational flexibility. Investors should monitor whether the current cash balance is sufficient to cover short-term liabilities without requiring external financing, which could be difficult to secure given the firm's thin operating margins.
Based on reported figures, the company maintains a low debt-to-equity ratio of 0.61%, which suggests that management has avoided significant external borrowing, though this conservative capital structure appears to be a necessity for survival rather than a strategic choice to optimize the firm's cost of capital.
While the low leverage profile reduces interest rate sensitivity, it also indicates that the company lacks the financial capacity to leverage its balance sheet for aggressive growth or to weather prolonged economic downturns. The absence of significant debt may reflect limited access to credit markets rather than a robust financial position.
As indicated by the company's business model, the reliance on labor dispatching suggests that the balance sheet may be heavily weighted toward accounts receivable, which, according to industry standards for similar firms, warrants further investigation into the collectability and aging of these critical current assets.
The headline balance sheet figures may be misleading if a significant portion of assets is tied up in uncollected receivables from smaller, potentially credit-constrained clients. This concentration risk implies that the company's actual liquidity could be lower than the cash balance suggests if collection cycles lengthen unexpectedly.
According to historical financial trends, the company's balance sheet trajectory appears to be in a state of stagnation, as the lack of meaningful net profit prevents the accumulation of retained earnings necessary to strengthen the firm's equity base over the long term for future expansion.
The inability to generate consistent bottom-line growth suggests that the balance sheet will likely remain vulnerable to external shocks. Without a shift toward higher-margin software revenue, the company may continue to struggle with maintaining a stable financial foundation in the face of rising labor costs.
Quick answers to the most common questions about buying BIYA stock.
As of 2024, Baiya International Group Inc. Ordinary Shares (BIYA) had total assets of $5.0M including $4.4M in current assets.
Baiya International Group Inc. Ordinary Shares (BIYA) carries total debt of $0.3M, offset by $1.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Baiya International Group Inc. Ordinary Shares (BIYA) has total shareholders' equity (book value) of $0.5M ($0.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Baiya International Group Inc. Ordinary Shares (BIYA) reported a current ratio of 1.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.