The company maintains a fortress-like balance sheet with $6.6B in cash against $3.8B in total liabilities, resulting in a current ratio of 3.37 and a low debt-to-equity ratio of 0.17.
Chagee Holdings Limited American Depositary Shares (CHA) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 9.15B | 8.86B | 5.44B | 2.65B | 275.69M |
| Cash & Short-Term Investments | 8.2B | 8B | 4.85B | 2.42B | 200.75M |
| Cash Only | 6.57B | 7.64B | 4.75B | 2.32B | 200.75M |
| Short-Term Investments | 1.63B | 359.33M | 100M | 100M | 0 |
| Accounts Receivable | 91.85M | 148.09M | 196.51M | 126.14M | 26.09M |
| Days Sales Outstanding | 4 | 4.19 | 5.78 | 9.92 | 19.37 |
| Inventory | 301.57M | 228.16M | 132.07M | 41.49M | 33.19M |
| Days Inventory Outstanding | 10.52 | 11.91 | 7.17 | 5.67 | 33.78 |
| Other Current Assets | 552.46M | 482.23M | 114.71M | 8.46M | 1.44M |
| Total Non-Current Assets | 3.05B | 2.61B | 1.16B | 294.93M | 118.28M |
| Property, Plant & Equipment | 2.14B | 1.86B | 804.2M | 150.34M | 77.61M |
| Fixed Asset Turnover | 7.94x | 6.94x | 15.43x | 30.86x | 6.34x |
| Goodwill | 167.84M | 98.05M | 11.84M | 0 | 0 |
| Intangible Assets | 12.04M | 12.09M | 8.44M | 0 | 0 |
| Long-Term Investments | 7.87M | 2.11M | 2.4M | 2M | 945K |
| Other Non-Current Assets | 296.89M | 238.24M | 76.35M | 16.25M | 9.16M |
| Total Assets | 12.2B | 11.47B | 6.6B | 2.94B | 393.96M |
| Asset Turnover | 1.11x | 1.13x | 1.88x | 1.58x | 1.25x |
| Asset Growth % | 312.87% | 73.9% | 124.12% | 647.06% | - |
| Total Current Liabilities | 2.72B | 2.85B | 2.3B | 1.45B | 297.65M |
| Accounts Payable | 791.65M | 630.21M | 597.09M | 448.32M | 64.3M |
| Days Payables Outstanding | 30.95 | 32.9 | 32.41 | 61.32 | 65.45 |
| Short-Term Debt | 508.61M | 424.64M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 965.85M | 293.9M | 265.34M | 205.82M | 26.29M |
| Other Current Liabilities | 1.15B | 1.33B | 259.34M | 110.42M | 46.31M |
| Current Ratio | 3.37x | 3.11x | 2.37x | 1.82x | 0.93x |
| Quick Ratio | 3.25x | 3.03x | 2.31x | 1.79x | 0.81x |
| Cash Conversion Cycle | -16.43 | -16.8 | -19.46 | -45.72 | -12.3 |
| Total Non-Current Liabilities | 1.04B | 1.04B | 1.54B | 1.08B | 403.66M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.94B | 850.5M | 352.62M | 56.24M | 31.06M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 933.78M | 885.78M | 352.37M |
| Total Liabilities | 3.76B | 3.89B | 3.84B | 2.53B | 701.31M |
| Total Debt | 1.41B | 1.28B | 548.06M | 108.84M | 63.45M |
| Net Debt | -5.16B | -6.36B | -4.21B | -2.21B | -137.29M |
| Debt / Equity | 0.17x | 0.17x | 0.20x | 0.27x | - |
| Debt / EBITDA | 1.08x | 0.85x | 0.19x | 0.10x | - |
| Net Debt / EBITDA | -3.96x | -4.26x | -1.43x | -2.04x | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 8.44B | 7.58B | 2.75B | 410.14M | -307.35M |
| Equity Growth % | 609.93% | 175.27% | 571.59% | 233.45% | - |
| Book Value per Share | 43.73 | 46.03 | 15.01 | 2.23 | -1.67 |
| Total Shareholders' Equity | 8.22B | 7.35B | 2.65B | 408.81M | -307.42M |
| Common Stock | 143.05K | 142 | 76K | 76K | 78K |
| Retained Earnings | 4.79B | 3.89B | 2.75B | 334.96M | -406.16M |
| Treasury Stock | -301.11M | -210.22M | -210.08M | 0 | 0 |
| Accumulated OCI | -74.7M | -65.9M | 21.03M | -8.88M | 0 |
| Minority Interest | 225.03M | 235.45M | 100.57M | 1.33M | 73K |
Quick answers to the most common questions about buying CHA stock.
As of 2025, Chagee Holdings Limited American Depositary Shares (CHA) had total assets of $11.47B including $8.86B in current assets.
Chagee Holdings Limited American Depositary Shares (CHA) carries total debt of $1.28B, offset by $8.00B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Chagee Holdings Limited American Depositary Shares (CHA) has total shareholders' equity (book value) of $7.35B ($46.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Chagee Holdings Limited American Depositary Shares (CHA) reported a current ratio of 3.11x. 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
Margin compression eroding cash conversion
Asset Base Doubles Amid Equity Surge
Total assets have expanded from $2.9B in 2023Q4 to $12.2B in 2026Q2, driven by a massive equity increase from $408.8M to $8.2B, suggesting the balance sheet has been fundamentally transformed by capital raises and retained earnings.
The balance sheet has undergone a dramatic strengthening, with equity now comprising 67% of total assets, up from just 14% in 2023Q4. This shift indicates the company has moved from a highly leveraged, growth-stage profile to a well-capitalized position, likely following its IPO and subsequent profitability. However, the recent deceleration in asset growth from 2025Q3 to 2026Q2 may signal that the initial capital infusion phase is concluding.
Cash Fortress Provides Substantial Buffer
With $6.6B in cash against $3.8B in total liabilities as of 2026Q2, the company holds a cash position that is 1.7x its total liabilities, providing an exceptionally strong liquidity buffer against operational shocks.
The current ratio of 3.37 and the sheer scale of the cash balance relative to liabilities suggest the company is in a position of significant financial strength. This liquidity appears to be a direct result of capital raises and retained earnings, creating a substantial cushion. However, the cash balance has declined from a peak of $8.9B in 2025Q3, which warrants monitoring to understand if this represents strategic deployment or a shift in cash generation dynamics.
Retained Earnings Drive Equity Quality
Retained earnings have surged from $335.0M in 2023Q4 to $4.8B in 2026Q2, now constituting 59% of total equity, indicating that recent profitability is the primary driver of the balance sheet's strengthening.
The quality of the equity base appears high, as it is predominantly funded by accumulated profits rather than external capital or intangible assets. This trend aligns with the company's reported net income over the period. However, the prior income statement analysis noted significant volatility in net income and the impact of stock-based compensation, which suggests the sustainability of this retained earnings growth is contingent on stabilizing the recently strained profitability.
Asset-Light Model with Growing PPE
PPE net has grown from $150.3M in 2023Q4 to $2.1B in 2026Q2, yet still represents only 17% of total assets, indicating an asset-light model that is becoming more capital-intensive as it scales.
The asset mix reveals a business that is not heavily reliant on fixed assets, with the majority of the balance sheet composed of cash and other current assets. The rapid growth in PPE suggests significant investment in store openings or manufacturing capacity to support expansion. The minimal goodwill balance implies growth has been organic rather than through acquisitions, which reduces integration risk but may also indicate a more deliberate, slower expansion strategy.
Deferred Revenue Decline Signals Demand Shift
Deferred revenue has fallen from a peak of $522.6M in 2024Q4 to $288.5M in 2026Q2, a 45% decline that may indicate weakening customer prepayments or a shift in business model dynamics.
This trend is a critical counterpoint to the strong headline balance sheet metrics. A sustained decline in deferred revenue, which represents cash collected for services not yet delivered, could signal reduced customer willingness to prepay or a change in the company's sales terms. This warrants further investigation as it may be an early indicator of future revenue recognition challenges or a shift in the company's competitive position, especially given the prior analysis of decelerating growth and margin compression.