The company maintains a robust liquidity position with $7.6 billion in cash and a current ratio of 3.11, though total assets have ballooned to $11.5 billion without commensurate revenue growth.
| Total Current Assets | 8.86B | 5.44B | 2.65B | 275.69M |
| Cash & Short-Term Investments | 8B | 4.85B | 2.42B | 200.75M |
| Cash Only | 7.64B | 4.75B | 2.32B | 200.75M |
| Short-Term Investments | 359.33M | 100M | 100M | 0 |
| Accounts Receivable | 148.09M | 196.51M | 126.14M | 26.09M |
| Days Sales Outstanding | 4.19 | 5.78 | 9.92 | 19.37 |
| Inventory | 228.16M | 132.07M | 41.49M | 33.19M |
| Days Inventory Outstanding | 11.91 | 7.17 | 5.67 | 33.78 |
| Other Current Assets | 482.23M | 114.71M | 8.46M | 1.44M |
| Total Non-Current Assets | 2.61B | 1.16B | 294.93M | 118.28M |
| Property, Plant & Equipment | 1.86B | 804.2M | 150.34M | 77.61M |
| Fixed Asset Turnover | 6.94x | 15.43x | 30.86x | 6.34x |
| Goodwill | 98.05M | 11.84M | 0 | 0 |
| Intangible Assets | 12.09M | 8.44M | 0 | 0 |
| Long-Term Investments | 2.11M | 2.4M | 2M | 945K |
| Other Non-Current Assets | 238.24M | 76.35M | 16.25M | 9.16M |
| Total Assets | 11.47B | 6.6B | 2.94B | 393.96M |
| Asset Turnover | 1.13x | 1.88x | 1.58x | 1.25x |
| Asset Growth % | 73.9% | 124.12% | 647.06% | - |
| Total Current Liabilities | 2.85B | 2.3B | 1.45B | 297.65M |
| Accounts Payable | 630.21M | 597.09M | 448.32M | 64.3M |
| Days Payables Outstanding | 32.9 | 32.41 | 61.32 | 65.45 |
| Short-Term Debt | 424.64M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 293.9M | 265.34M | 205.82M | 26.29M |
| Other Current Liabilities | 1.33B | 259.34M | 110.42M | 46.31M |
| Current Ratio | 3.11x | 2.37x | 1.82x | 0.93x |
| Quick Ratio | 3.03x | 2.31x | 1.79x | 0.81x |
| Cash Conversion Cycle | -16.8 | -19.46 | -45.72 | -12.3 |
| Total Non-Current Liabilities | 1.04B | 1.54B | 1.08B | 403.66M |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 850.5M | 352.62M | 56.24M | 31.06M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 933.78M | 885.78M | 352.37M |
| Total Liabilities | 3.89B | 3.84B | 2.53B | 701.31M |
| Total Debt | 1.28B | 548.06M | 108.84M | 63.45M |
| Net Debt | -6.36B | -4.21B | -2.21B | -137.29M |
| Debt / Equity | 0.17x | 0.20x | 0.27x | - |
| Debt / EBITDA | 0.85x | 0.19x | 0.10x | - |
| Net Debt / EBITDA | -4.26x | -1.43x | -2.04x | - |
| Interest Coverage | - | - | - | - |
| Total Equity | 7.58B | 2.75B | 410.14M | -307.35M |
| Equity Growth % | 175.27% | 571.59% | 233.45% | - |
| Book Value per Share | 46.03 | 15.01 | 2.23 | -1.67 |
| Total Shareholders' Equity | 7.35B | 2.65B | 408.81M | -307.42M |
| Common Stock | 142 | 76K | 76K | 78K |
| Retained Earnings | 3.89B | 2.75B | 334.96M | -406.16M |
| Treasury Stock | -210.22M | -210.08M | 0 | 0 |
| Accumulated OCI | -65.9M | 21.03M | -8.88M | 0 |
| Minority Interest | 235.45M | 100.57M | 1.33M | 73K |
Capital Allocation Inefficiency
According to recent balance sheet filings, Chagee's total assets grew from $2.0 billion in 2023Q3 to $11.5 billion by 2025Q4, yet this rapid accumulation appears increasingly disconnected from the company's decelerating revenue growth and deteriorating operational performance observed in recent periods.
The significant increase in asset volume suggests a massive capital injection or accumulation phase that has not yet translated into proportional operational output. Investors should monitor whether this asset base represents productive capacity or merely idle capital that may eventually face impairment if growth does not recover.
As reported in financial statements, Chagee maintains a substantial cash position of $7.6 billion as of 2025Q4, providing a current ratio of 3.11 that offers a significant buffer against short-term shocks despite the company's recent shift toward negative operational margins.
While the liquidity position is objectively strong, the sheer scale of cash relative to the company's operational needs suggests a lack of high-return reinvestment opportunities. This idle capital may indicate that the firm has reached a saturation point in its core market, limiting its ability to deploy funds effectively.
Based on the provided figures, retained earnings have expanded from $57.9 million in 2023Q3 to $3.9 billion by 2025Q4, though the pace of this accumulation has stalled significantly in the most recent quarters as net profitability has come under intense pressure.
The stagnation in retained earnings growth mirrors the broader decline in net income, suggesting that the company's internal engine for equity creation is losing momentum. This trend warrants further investigation into whether the firm can continue to grow its book value without a rebound in core operational profitability.
Data from recent filings indicates that net PPE has increased to $1.9 billion by 2025Q4, representing a substantial shift toward a more capital-intensive model that may be inconsistent with the company's historical reliance on a franchise-led, asset-light supply chain strategy.
This pivot toward higher fixed asset investment may increase the company's operating leverage, making it more vulnerable to demand fluctuations. Analysts should scrutinize whether these investments are generating the expected returns or if they represent a defensive attempt to control quality in a cooling market.
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.