The company's financial position appears increasingly vulnerable, evidenced by a debt-to-equity ratio that spiked to 2.45 in 2025Q4 alongside an accumulated deficit of $33.9M.
| Total Current Assets | 58.35M | 67.54M | 40.93M | 32.25M | 50.83M | 32.41M | 20.52M | 12M | 4.58M |
| Cash & Short-Term Investments | 6.6M | 4M | 1.12M | 3.64M | 14.4M | 1.32M | 1.36M | 655.49K | 429.49K |
| Cash Only | 4.44M | 2.93M | 230.56K | 2.75M | 14.4M | 1.32M | 1.36M | 655.49K | 429.49K |
| Short-Term Investments | 2.16M | 1.08M | 885.8K | 885.82K | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 33.61M | 37.06M | 25.02M | 19.75M | 26.3M | 25.56M | 14.81M | 9.93M | 3.85M |
| Days Sales Outstanding | 58.27 | 125.67 | 192.77 | 388.77 | 297.37 | 365.5 | 344.57 | 190.4 | 163.96 |
| Inventory | 0 | 0 | 0 | 683 | 21.63K | 0 | 4.32M | 1.39M | 0 |
| Days Inventory Outstanding | - | - | - | 0.01 | 0.3 | - | 141.41 | 38.63 | - |
| Other Current Assets | 386.17K | 10.94M | 1.4M | -683 | 762.17K | 3.53M | -3.17M | 23.45K | 299.37K |
| Total Non-Current Assets | 30.18M | 47.34M | 1.3M | 6.81M | 13.54M | 2.02M | 2.38M | 2.47M | 1.63M |
| Property, Plant & Equipment | 1.24M | 43.45M | 500.65K | 929.51K | 533.16K | 243.14K | 349.54K | 506.71K | 685.17K |
| Fixed Asset Turnover | 9.02x | 2.48x | 94.64x | 19.95x | 60.55x | 104.99x | 44.88x | 37.56x | 12.50x |
| Goodwill | 2.09M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 119.52K | 2.2M | 1.64M | 1.7M | 1.95M | 0 |
| Long-Term Investments | 12.51M | 1.31M | 590.15K | 15.44K | 15.44K | -140.76K | 15.44K | 13.43K | 13.43K |
| Other Non-Current Assets | 26.8M | 545.74K | 211.91K | 5.74M | 10.33M | 140.76K | 236.02K | -13.43K | 927.2K |
| Total Assets | 88.52M | 114.88M | 42.23M | 39.06M | 64.37M | 34.43M | 22.9M | 14.47M | 6.2M |
| Asset Turnover | 2.33x | 0.94x | 1.12x | 0.47x | 0.50x | 0.74x | 0.68x | 1.32x | 1.38x |
| Asset Growth % | 308.64% | 172.01% | 8.13% | -39.32% | 86.96% | 50.32% | 58.32% | 133.21% | - |
| Total Current Liabilities | 29.11M | 45.96M | 25.39M | 12.83M | 10.09M | 13.32M | 8.99M | 6.69M | 1.88M |
| Accounts Payable | 14.71M | 32.37M | 11.81M | 2.7M | 966.82K | 1.9M | 2.8M | 2.83M | 699.87K |
| Days Payables Outstanding | 32.99 | 114.38 | 96.85 | 44.33 | 13.55 | 37.91 | 91.44 | 78.43 | 39.9 |
| Short-Term Debt | 6.53M | 5.51M | 4.67M | 5.13M | 3.79M | 5.14M | 1.84M | 1.98M | 507.31K |
| Deferred Revenue (Current) | 9.51M | 1.87M | 3.17M | 393K | 47.71K | 1.65M | 1.76M | 11.64K | 267.63K |
| Other Current Liabilities | 0 | 2.56M | 2.29M | 1.05M | 1.13M | 902.25K | 541.75K | 0 | 405.8K |
| Current Ratio | 2.00x | 1.47x | 1.61x | 2.51x | 5.04x | 2.43x | 2.28x | 1.79x | 2.43x |
| Quick Ratio | 2.00x | 1.47x | 1.61x | 2.51x | 5.03x | 2.43x | 1.80x | 1.59x | 2.43x |
| Cash Conversion Cycle | 25.29 | - | - | 344.45 | 284.12 | - | 394.54 | 150.6 | - |
| Total Non-Current Liabilities | 1.18M | 47.31M | 1.52M | 39.63K | 1.5M | 1.78M | 189.99K | 258.62K | 455.23K |
| Long-Term Debt | 1.16M | 2.33M | 1.52M | 0 | 1.25M | 1.67M | 0 | 0 | 91.94K |
| Capital Lease Obligations | 88.82M | 44.98M | 0 | 39.63K | 250.18K | 104.75K | 189.99K | 258.62K | 363.29K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 30.29M | 93.27M | 26.91M | 12.87M | 11.6M | 15.1M | 9.18M | 6.94M | 2.34M |
| Total Debt | 7.74M | 52.85M | 6.23M | 5.23M | 5.51M | 7.02M | 2.13M | 2.33M | 962.54K |
| Net Debt | 3.3M | 49.92M | 6M | 2.48M | -8.89M | 5.7M | 766.05K | 1.68M | 533.05K |
| Debt / Equity | 0.13x | 2.45x | 0.41x | 0.20x | 0.10x | 0.36x | 0.15x | 0.31x | 0.25x |
| Debt / EBITDA | -2.22x | - | - | - | 3.04x | 1.13x | 0.63x | 0.43x | 0.69x |
| Net Debt / EBITDA | -0.95x | - | - | - | -4.91x | 0.92x | 0.23x | 0.31x | 0.38x |
| Interest Coverage | -14.02x | -23.73x | -51.69x | -112.52x | 7.63x | 24.35x | 25.55x | 42.35x | 31.58x |
| Total Equity | 58.23M | 21.61M | 15.33M | 26.18M | 52.77M | 19.33M | 13.72M | 7.52M | 3.87M |
| Equity Growth % | 122.07% | 41.03% | -41.46% | -50.39% | 173.03% | 40.83% | 82.44% | 94.52% | - |
| Book Value per Share | 0.76 | 1.53 | 5.33 | 1.09 | 2.19 | 0.81 | 0.55 | 0.30 | 0.25 |
| Total Shareholders' Equity | 58.28M | 21.58M | 15.31M | 26.74M | 52.76M | 19.33M | 12.92M | 7.04M | 3.62M |
| Common Stock | 819.39K | 169.39K | 39.39K | 24.05K | 24.05K | 17.85K | 16.79K | 13.43K | 13.43K |
| Retained Earnings | -33.88M | -33.93M | -27.01M | -13.34M | 11.03M | 10.5M | 6.69M | 4.53M | 1.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.31M | -8.93K | -167.17K | -107.64K | 1.57M | 2.18M | 411.51K | 362.29K | 156.19K |
| Minority Interest | -56.99K | 31.84K | 16.24K | -557.15K | 8.37K | 0 | 805.08K | 485.42K | 248.68K |
Thin liquidity and leverage
According to historical balance sheet data, CPOP's equity base has experienced significant volatility, declining from $53.8M in 2022Q2 to $58.3M in 2026Q2, while accumulated deficits of $33.9M suggest a persistent inability to translate top-line growth into long-term shareholder value creation.
The trajectory of the balance sheet appears increasingly fragile as the company struggles to retain earnings, with the shift from positive retained earnings in 2022 to a deep deficit by 2026 indicating structural value erosion. This trend suggests that the company's aggressive expansion strategy is not currently supported by a self-sustaining capital base.
As reported in recent financial statements, CPOP's debt-to-equity ratio spiked to 2.45 in 2025Q4 from 0.10 in 2022Q2, signaling that the firm is increasingly relying on external financing to fund its operations rather than internal cash generation.
The rapid accumulation of debt relative to equity warrants close monitoring, as it suggests that the company's financing strategy is becoming more aggressive to compensate for persistent operating losses. Investors should consider whether this leverage is sustainable given the company's thin gross margins and lack of consistent profitability.
Based on the most recent quarterly filings, CPOP maintains a cash balance of only $4.4M against total liabilities of $30.3M, which indicates a limited buffer to absorb potential operational shocks or regulatory disruptions in the Chinese entertainment market.
While the current ratio of 2.00 may appear adequate on the surface, the absolute level of cash relative to the company's scale and negative operating cash flow suggests a high risk of liquidity stress. The company appears to be operating with a very thin margin for error, which may necessitate future dilutive capital raises.
As evidenced by the shift in PPE from $260.4K in 2022Q2 to $1.2M in 2026Q2, CPOP is increasingly deploying capital into physical assets, which may indicate a transition toward a more capital-intensive model that requires higher utilization rates to achieve break-even.
The increase in PPE suggests that the company is investing in the infrastructure required to support its event-hosting business, yet this asset growth has not yet translated into improved margins. This capital intensity may further constrain free cash flow, making the company more sensitive to fluctuations in event demand.
Data from recent balance sheet snapshots reveals that deferred revenue has fluctuated significantly, reaching $2.7M in 2026Q2, which may mask the true timing of revenue recognition and the underlying health of the company's project-based service contracts.
The volatility in deferred revenue suggests that the company's reported growth may be subject to lumpy, non-recurring contract cycles rather than a stable, predictable business model. Investors should be cautious, as these figures may not accurately reflect the company's long-term ability to secure and retain corporate sponsorship revenue.
Quick answers to the most common questions about buying CPOP stock.
As of 2025, Pop Culture Group Co., Ltd (CPOP) had total assets of $114.9M including $67.5M in current assets.
Pop Culture Group Co., Ltd (CPOP) carries total debt of $52.8M, offset by $4.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pop Culture Group Co., Ltd (CPOP) has total shareholders' equity (book value) of $21.6M ($1.53 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pop Culture Group Co., Ltd (CPOP) reported a current ratio of 1.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.