The company has aggressively reduced total debt from $615.0M in 2021Q4 to $50.1M in 2025Q4, though this appears to be a forced deleveraging amidst a broader asset base reduction to $316.2M.
| Total Current Assets | 222.32M | 278.25M | 406.18M | 578.55M | 694.79M | 279.09M | 172.6M |
| Cash & Short-Term Investments | 42.66M | 72.72M | 159.65M | 290.94M | 460.78M | 88.35M | 23.84M |
| Cash Only | 38.66M | 72.72M | 89.85M | 162.85M | 292.24M | 88.35M | 23.84M |
| Short-Term Investments | 4M | 0 | 69.8M | 128.08M | 168.55M | 0 | 0 |
| Accounts Receivable | 60.97M | 75.12M | 86.12M | 108.13M | 80.55M | 106.35M | 58.3M |
| Days Sales Outstanding | 47.46 | 38.65 | 28.78 | 33.27 | 29.08 | 50.4 | 26.47 |
| Inventory | 40.08M | 55.19M | 81.05M | 109.92M | 91.55M | 63.06M | 69.37M |
| Days Inventory Outstanding | 39.72 | 35.43 | 34.46 | 42.51 | 40.57 | 37.64 | 42.24 |
| Other Current Assets | 16.88M | 15.75M | 54.14M | 15.91M | 7.24M | 4.41M | 4.82M |
| Total Non-Current Assets | 93.84M | 104.96M | 134.62M | 199.75M | 185.78M | 178.1M | 62.91M |
| Property, Plant & Equipment | 7.33M | 12.05M | 27.85M | 46.35M | 37.62M | 19.93M | 26.99M |
| Fixed Asset Turnover | 63.94x | 58.85x | 39.22x | 25.60x | 26.87x | 38.64x | 29.78x |
| Goodwill | 0 | 0 | 0 | 40.68M | 40.18M | 40.18M | 494K |
| Intangible Assets | 14.67M | 17.91M | 21.59M | 25.54M | 29.54M | 33.54M | 1.99M |
| Long-Term Investments | 64.99M | 65.89M | 75.61M | 82.32M | 74.33M | 73.43M | 27.34M |
| Other Non-Current Assets | 6.85M | 9.11M | 6.59M | 4.86M | 4.11M | 11.02M | 6.09M |
| Total Assets | 316.17M | 383.21M | 540.8M | 778.31M | 880.57M | 457.19M | 235.51M |
| Asset Turnover | 1.48x | 1.85x | 2.02x | 1.52x | 1.15x | 1.68x | 3.41x |
| Asset Growth % | -17.5% | -29.14% | -30.52% | -11.61% | 92.6% | 94.13% | - |
| Total Current Liabilities | 45.87M | 72.04M | 196.14M | 315.86M | 216.61M | 311.89M | 294.48M |
| Accounts Payable | 19.56M | 24.28M | 56.02M | 94.22M | 71.85M | 88M | 105.98M |
| Days Payables Outstanding | 19.39 | 15.58 | 23.82 | 36.44 | 31.84 | 52.53 | 64.53 |
| Short-Term Debt | 9.06M | 15.21M | 86.26M | 161.13M | 85.57M | 151.47M | 92.14M |
| Deferred Revenue (Current) | 3.91M | 4.25M | 7.55M | 10.78M | 7.4M | 15.53M | 9.07M |
| Other Current Liabilities | 3.6M | 10.3M | 17.64M | 14.72M | 16.25M | 20.06M | 39.7M |
| Current Ratio | 4.85x | 3.86x | 2.07x | 1.83x | 3.21x | 0.89x | 0.59x |
| Quick Ratio | 3.97x | 3.10x | 1.66x | 1.48x | 2.78x | 0.69x | 0.35x |
| Cash Conversion Cycle | 67.8 | 58.49 | 39.42 | 39.34 | 37.81 | 35.5 | 4.18 |
| Total Non-Current Liabilities | 41.92M | 50.29M | 119.71M | 214.11M | 536.27M | 2.1B | 1.56B |
| Long-Term Debt | 38.44M | 42.44M | 101.33M | 179.56M | 501.37M | 218.92M | 50.35M |
| Capital Lease Obligations | 851K | 3.12M | 12.74M | 28.2M | 20M | 5.38M | 5.1M |
| Deferred Tax Liabilities | 2.43M | 3.23M | 4.14M | 4.85M | 8.96M | 10.59M | 1.81M |
| Other Non-Current Liabilities | 200K | 1.5M | 1.5M | 1.5M | 5.95M | 1.87B | 1.5B |
| Total Liabilities | 87.79M | 122.33M | 315.85M | 529.96M | 752.88M | 2.42B | 1.85B |
| Total Debt | 50.06M | 66.38M | 209.55M | 380.39M | 614.99M | 383.74M | 162.58M |
| Net Debt | 11.4M | -6.34M | 119.7M | 217.53M | 322.76M | 295.39M | 138.74M |
| Debt / Equity | 0.22x | 0.25x | 0.93x | 1.53x | 4.82x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | -8.13x | -8.54x | -7.00x | -5.46x | -5.99x | -1.97x | -11.42x |
| Total Equity | 228.38M | 260.88M | 224.95M | 248.34M | 127.69M | -1.96B | -1.62B |
| Equity Growth % | -12.46% | 15.97% | -9.42% | 94.49% | 106.52% | -21.05% | - |
| Book Value per Share | 189.45 | 852.37 | 734.97 | 812.83 | 425.36 | -6402.14 | -5289.01 |
| Total Shareholders' Equity | 189.81M | 218.68M | 178.28M | 199.18M | 82.67M | -2B | -1.62B |
| Common Stock | 3.2M | 1.04M | 455K | 454K | 446K | 139K | 130K |
| Retained Earnings | -3.12B | -3.06B | -2.99B | -2.89B | -2.76B | -2.02B | -1.63B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -33.89M | -35.6M | -33.31M | -42.64M | -17.13M | 13.83M | 7.62M |
| Minority Interest | 38.57M | 42.2M | 46.67M | 49.17M | 45.02M | 43.74M | 4.63M |
Liquidity and solvency pressure
According to historical balance sheet data, total assets have plummeted from $880.6M in 2021Q4 to $316.2M by 2025Q4, signaling a significant reduction in the company's operational footprint and a potential loss of scale as the business struggles to maintain its market position in China.
The consistent decline in total assets suggests that the company is shedding value or failing to reinvest in its core operations. This downward trajectory appears to mirror the broader revenue contraction, implying that the business model is currently unable to sustain its previous size.
Based on reported financial figures, Boqii has aggressively reduced its total debt from $615.0M in 2021Q4 to $50.1M in 2025Q4, which may indicate a forced deleveraging process rather than a strategic choice to optimize the company's capital structure for future growth.
While the lower debt-to-equity ratio of 0.22 suggests reduced interest burden, the concurrent decline in assets warrants caution regarding the company's ability to access new financing. Investors should monitor whether this deleveraging is a precursor to further operational downsizing or a necessary response to limited credit availability.
As reported in recent filings, cash reserves have dwindled from $292.2M in 2021Q4 to $38.7M in 2025Q4, indicating that the company's liquidity buffer is rapidly depleting as it continues to fund operations through its existing cash pile rather than through sustainable internal cash generation.
Although the current ratio of 4.85 appears high, it may be misleading if the underlying current assets are not easily convertible to cash. The consistent burn rate suggests that the company's runway is becoming increasingly constrained, necessitating a potential pivot or capital injection to ensure long-term survival.
Financial statements reveal that retained earnings have remained deeply negative at -$3.1B, a figure that underscores the cumulative impact of years of operating losses and suggests that shareholder equity is being eroded by the company's inability to achieve a profitable business model.
The persistent negative retained earnings indicate that the company has failed to generate value for shareholders over the long term. This structural deficit in equity quality suggests that the company may face significant challenges in restoring its balance sheet health without a fundamental change in its core economics.
Quick answers to the most common questions about buying BQ stock.
As of 2025, Boqii Holding Limited (BQ) had total assets of $316.2M including $222.3M in current assets.
Boqii Holding Limited (BQ) carries total debt of $50.1M, offset by $42.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Boqii Holding Limited (BQ) has total shareholders' equity (book value) of $189.8M ($189.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Boqii Holding Limited (BQ) reported a current ratio of 4.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.