The company's financial position remains strained, with retained earnings deteriorating to -$645.9M by 2025Q4 and a debt-to-equity ratio that has fluctuated up to 0.24 in recent periods.
| Total Current Assets | 433.29M | 334.02M | 363.68M | 3.84B | 5.27B | 1.01B | 940.81M | 1.37B | 1.18B |
| Cash & Short-Term Investments | 80.78M | 96.49M | 96.15M | 723.92M | 2.68B | 453.53M | 527.61M | 258.94M | 266.5M |
| Cash Only | 80.78M | 96.49M | 96.15M | 695.83M | 2.68B | 59.94M | 516.61M | 258.94M | 176.5M |
| Short-Term Investments | 0 | 0 | 0 | 22.98M | 0 | 62.36M | 10.89M | 0 | 91.13M |
| Accounts Receivable | 19.29M | 114.66M | 58.4M | 496.1M | 274.66M | 100.4M | 2.84M | 22.55M | 1.31M |
| Days Sales Outstanding | 13.29 | 155.39 | 100.8 | 40.56 | 20.42 | 81.88 | 0 | 3.2 | 0.36 |
| Inventory | 180.82M | 94.62M | 142.29M | 1.46B | 812.35M | 225.44M | 196.07M | 585.67M | 259.85M |
| Days Inventory Outstanding | 135.08 | 97.66 | 114.83 | 184.73 | 141.01 | 200.81 | 36.91 | 97.29 | 134.78 |
| Other Current Assets | 52.7M | 7.26M | 16.82M | 1.15B | -279.16M | 3.28M | 1.02B | 490.25M | 651.91M |
| Total Non-Current Assets | 169.59M | 128.99M | 129.62M | 892.11M | 358.79M | 29.16M | 50.62M | 34.27M | 23.66M |
| Property, Plant & Equipment | 46.91M | 43.66M | 31.16M | 618.45M | 216.48M | 26.61M | 45.37M | 27.93M | 18.4M |
| Fixed Asset Turnover | 11.29x | 6.17x | 6.79x | 7.22x | 22.68x | 16.82x | 31358.79x | 92.22x | 71.97x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 689K | 901K | 7.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 121.32M | 2.78M | 2.82M | 19.82M | 20M | 24.98K | 989 | 1K | 0 |
| Other Non-Current Assets | 679.48K | 81.35M | 21.28M | 253.83M | 122.31M | 2.53M | 5.25M | 6.34M | 5.26M |
| Total Assets | 602.88M | 463.01M | 493.3M | 4.73B | 5.63B | 1.04B | 991.43M | 1.4B | 1.2B |
| Asset Turnover | 0.88x | 0.58x | 0.43x | 0.94x | 0.87x | 0.43x | 1434.93x | 1.84x | 1.10x |
| Asset Growth % | 30.21% | -6.14% | -89.57% | -16.06% | 443.65% | 4.5% | -29.32% | 16.58% | - |
| Total Current Liabilities | 131.09M | 178.57M | 135.19M | 515.65M | 2.09B | 592.26M | 285.23M | 1.11B | 350.32M |
| Accounts Payable | 25.6M | 13.97M | 6.25M | 114.45M | 143.26M | 37.36M | 97.99M | 6.87M | 7.75M |
| Days Payables Outstanding | 19.12 | 14.42 | 5.04 | 14.47 | 24.87 | 33.28 | 18.45 | 1.14 | 4.02 |
| Short-Term Debt | 28.52M | 84.77M | 1.22M | 15.89M | 14.8M | 48.66M | 18.2M | 1.05B | 0 |
| Deferred Revenue (Current) | 0 | 37.11M | 19.61M | 4.54M | 0 | 0 | 0 | 6.91M | 204.85M |
| Other Current Liabilities | 9.32M | 6M | 84.96M | -24.48M | 1.11B | 413.62M | 166.56M | 33.6M | 55.03M |
| Current Ratio | 3.31x | 1.87x | 2.69x | 7.44x | 2.53x | 1.70x | 3.30x | 1.24x | 3.37x |
| Quick Ratio | 1.93x | 1.34x | 1.64x | 4.61x | 2.14x | 1.32x | 2.61x | 0.71x | 2.63x |
| Cash Conversion Cycle | 129.25 | 238.63 | 210.59 | 210.82 | 136.57 | 249.41 | 18.47 | 99.35 | 131.12 |
| Total Non-Current Liabilities | 34.43M | 18.19M | 9.92M | 13.97M | 88.46M | 11.34M | 13.4M | 7 | 0 |
| Long-Term Debt | 23.73M | 7.28M | 0 | 0 | 0 | 0 | 13.4B | 0 | 0 |
| Capital Lease Obligations | 948K | 1.7M | 210K | 9.87M | 16.27M | 3.32M | 1.92M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 153K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.75M | 0 | 516K | 4.1M | 72.38M | 8.01M | -13.39B | 7 | 0 |
| Total Liabilities | 165.52M | 196.76M | 145.11M | 529.62M | 2.17B | 603.6M | 298.63M | 1.16B | 345.98M |
| Total Debt | 54.9M | 94.99M | 1.43M | 25.73M | 31.07M | 61.34B | 13.42B | 1.05B | 0 |
| Net Debt | -25.88M | -1.5M | -94.73M | -670.1M | -2.7B | 61.28B | 12.9B | 790.07M | -176.5M |
| Debt / Equity | 0.13x | 0.36x | 0.00x | 0.01x | 0.01x | 141.86x | 19.37x | 4.35x | - |
| Debt / EBITDA | - | - | - | 0.05x | 0.02x | - | - | 3.94x | - |
| Net Debt / EBITDA | - | - | - | -1.27x | -1.49x | - | - | 2.97x | -2.52x |
| Interest Coverage | -52.58x | -329.65x | - | - | - | -70.78x | -50.63x | 32.76x | - |
| Total Equity | 437.37M | 266.25M | 348.19M | 4.16B | 3.46B | 432.4M | 692.79M | 240.98M | 857.24M |
| Equity Growth % | 64.27% | -23.53% | -91.64% | 20.39% | 699.87% | -37.59% | 187.49% | -71.89% | - |
| Book Value per Share | 0.93 | 0.98 | 2.02 | 24.23 | 20.14 | 2.77 | 4.83 | 1.83 | 6.52 |
| Total Shareholders' Equity | 437.37M | 266.25M | 348.19M | 4.16B | 3.46B | 432.4M | 685.66M | 229.4M | 867.98M |
| Common Stock | 1K | 0 | 0 | 986 | 997 | 1K | 990 | 952 | 1.01K |
| Retained Earnings | -645.87M | -450.49M | -219.63M | 1.33B | 802.3M | -1.19B | -874.18M | 143.97M | 439.03M |
| Treasury Stock | -37.17M | -57.05M | -57.05M | -390.94M | -231.76M | -23.91M | 0 | 0 | 0 |
| Accumulated OCI | -56.65M | -42.56M | -28.99M | -150.89M | -101.92M | 17.51M | -54.97M | -62.1M | -1.01K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory obsolescence and liquidity
According to reported financial statements, Canaan's retained earnings have deteriorated significantly to -$645.9M by 2025Q4, signaling a persistent inability to generate internal capital and suggesting that the company's long-term value creation trajectory remains heavily dependent on external financing rather than organic operational success.
The consistent decline in retained earnings highlights the structural difficulty the firm faces in achieving profitability within the volatile ASIC manufacturing sector. This trend suggests that the business model may be fundamentally misaligned with the capital intensity required to maintain a competitive edge in semiconductor R&D.
As indicated by recent balance sheet data, Canaan's debt-to-equity ratio reached 0.24 in 2025Q3 before moderating to 0.13 in 2025Q4, a fluctuation that suggests management is utilizing debt as a tactical stopgap to manage liquidity during periods of intense operational cash burn.
While the current debt levels appear manageable in isolation, the reliance on debt to bridge operational gaps warrants caution given the company's negative net income. Investors should monitor whether this leverage is being used to fund essential R&D or merely to sustain basic working capital requirements.
Based on the provided quarterly figures, Canaan's current ratio has fluctuated wildly from 3.84 in 2023Q3 to 3.31 in 2025Q4, indicating that the company's ability to cover short-term obligations is highly sensitive to inventory turnover and the timing of customer payments for mining hardware.
The volatility in the current ratio suggests that liquidity is not stable, but rather subject to the cyclical nature of Bitcoin mining hardware demand. This lack of consistency in liquidity management may leave the firm exposed to sudden market downturns where inventory becomes difficult to liquidate.
As reported in financial filings, the company's reliance on hardware sales creates a significant risk where inventory valuation may not reflect true market demand, potentially overstating asset quality and masking the underlying liquidity constraints inherent in the ASIC manufacturing business model.
The rapid pace of technological obsolescence in SHA-256 mining chips implies that the asset base could be subject to sudden, material write-downs. Investors should consider that the reported total assets may be less liquid than they appear, complicating the firm's ability to pivot during industry-wide contractions.
Quick answers to the most common questions about buying CAN stock.
As of 2025, Canaan Inc. (CAN) had total assets of $602.9M including $433.3M in current assets.
Canaan Inc. (CAN) carries total debt of $54.9M, offset by $80.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Canaan Inc. (CAN) has total shareholders' equity (book value) of $437.4M ($0.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Canaan Inc. (CAN) reported a current ratio of 3.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.