CTW maintains a conservative capital structure with a debt-to-equity ratio of 0.25, though the $46.5M asset base includes $3.5M in goodwill that warrants scrutiny regarding future impairment risks.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 18.08M | 16.65M | 18.16M | 17.4M | 2.49B | 1.85B | 1.77B | 1.71B | 1.6B | 1.85B | 1.75B | 1.57B | 1.18B | 1.46B | 2.27B | 1.71B | 1.74B | 1.85B | 1.63B |
| Cash & Short-Term Investments | 12.21M | 12.37M | 14.46M | 14.85M | 2M | 5M | 1M | 5M | 3M | 6M | 14M | 8M | 3M | 5M | 17M | 41M | 44M | 316M | 32M |
| Cash Only | 12.21M | 12.37M | 14.46M | 14.85M | 2M | 5M | 1M | 5M | 3M | 6M | 14M | 8M | 3M | 5M | 17M | 41M | 24M | 274M | 24M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 42M | 8M |
| Accounts Receivable | 2.66M | 2.66M | 2.43M | 1.47M | 514M | 546M | 646M | 700M | 688M | 740M | 738M | 709M | 712M | -22M | 48M | 3M | -37M | 1.03B | -27M |
| Days Sales Outstanding | 22.27 | 10.76 | 12.99 | 8.54 | 23 | 23.47 | 27.58 | 28.68 | 28.01 | 30.56 | 30.77 | 29.25 | 39.17 | - | 1.8 | 0.11 | - | 38.27 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.25M | 593.81K | 459.13K | 471.12K | 1.97B | 1.29B | 1.12B | 1B | 911M | 1.1B | 999M | 856M | 464M | 1.48B | 2.21B | 1.67B | 1.73B | 504M | 1.63B |
| Total Non-Current Assets | 28.43M | 34.2M | 25.78M | 20.88M | 17.84B | 18.74B | 19.1B | 19.44B | 19.87B | 20.61B | 14.26B | 15.14B | 16.21B | -1.24B | -1.11B | -1.4B | -1.04B | 12.99B | -2.46B |
| Property, Plant & Equipment | 7.88M | 7.88M | 5.32M | 5.89M | 8.17B | 8.08B | 7.92B | 7.64B | 7.37B | 7.2B | 7.21B | 7.23B | 7.54B | -1.24B | -1.11B | -1.4B | -1.04B | 12.99B | -1.23B |
| Fixed Asset Turnover | 1.04x | 11.47x | 12.86x | 10.69x | 1.00x | 1.05x | 1.08x | 1.17x | 1.22x | 1.23x | 1.21x | 1.22x | 0.88x | - | - | - | - | 0.76x | - |
| Goodwill | 0 | 0 | 0 | 0 | 9.36B | 9.36B | 9.36B | 9.35B | 9.35B | 9.35B | 9.35B | 9.37B | 9.45B | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.5M | 3.5M | 3.66M | 2.98M | 311M | 893M | 1.36B | 1.88B | 2.44B | 3.04B | 1.01B | 4.38B | 5.1B | 0 | 0 | 0 | 0 | 0 | -1.23B |
| Long-Term Investments | 2.18M | 14.56M | 800.03K | 531.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16.42M | 3.86M | 16M | 11.48M | 0 | 60M | -31M | -584M | -502M | 854M | -3.47B | -5.99B | -6.05B | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 46.5M | 50.85M | 43.94M | 38.28M | 20.33B | 20.58B | 20.87B | 21.15B | 21.47B | 22.46B | 16.01B | 16.71B | 17.39B | 221M | 1.17B | 307M | 700M | 14.85B | -834M |
| Asset Turnover | 0.42x | 1.78x | 1.56x | 1.64x | 0.40x | 0.41x | 0.41x | 0.42x | 0.42x | 0.39x | 0.55x | 0.53x | 0.38x | 41.95x | 8.35x | 33.84x | 14.11x | 0.66x | - |
| Asset Growth % | 4.58% | 15.72% | 14.78% | -99.81% | -1.24% | -1.37% | -1.32% | -1.5% | -4.4% | 40.27% | -4.21% | -3.89% | 7768.78% | -81.03% | 279.48% | -56.14% | -95.29% | 1880.58% | - |
| Total Current Liabilities | 8.42M | 8.42M | 12.01M | 11.86M | 3.41B | 2.27B | 2.2B | 2.8B | 2.42B | 2.26B | 2.7B | 2.83B | 2.1B | 3.18B | 2.75B | 2.55B | 2.6B | 2.5B | 2.37B |
| Accounts Payable | 2.38M | 2.38M | 3.32M | 4.37M | 403M | 441M | 317M | 398M | 369M | 464M | 440M | 456M | 654M | -3M | 28M | -112M | -29M | 392M | -31M |
| Days Payables Outstanding | 58.41 | 39.37 | 74.78 | 93.65 | 60.33 | 58.17 | 40.16 | 49.51 | 46.9 | 58.83 | 57.56 | 58.03 | 130.23 | - | 6.79 | - | - | 61.59 | - |
| Short-Term Debt | 0 | 2.79M | 2.77M | 2.62M | 89M | 11M | 17M | 514M | 242M | 117M | 637M | 804M | 64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 201.15M | 145K | 0 | 0 | 201M | 212M | 128M | 131M | 137M | 327M | 320M | 301M | 273M | 241M | -137M | 215M | -227M | 180M | -302M |
| Other Current Liabilities | 207.93K | 1.68M | -2.66M | -2.44M | 2.72B | 1.61B | 1.73B | 1.75B | 1.67B | 1.35B | 1.3B | 1.27B | 1.11B | 2.94B | 2.85B | 2.45B | 2.85B | 1.93B | 2.7B |
| Current Ratio | 2.15x | 1.98x | 1.51x | 1.47x | 0.73x | 0.81x | 0.81x | 0.61x | 0.66x | 0.82x | 0.65x | 0.56x | 0.56x | 0.46x | 0.83x | 0.67x | 0.67x | 0.74x | 0.69x |
| Quick Ratio | 2.15x | 1.98x | 1.51x | 1.47x | 0.73x | 0.81x | 0.81x | 0.61x | 0.66x | 0.82x | 0.65x | 0.56x | 0.56x | 0.46x | 0.83x | 0.67x | 0.67x | 0.74x | 0.69x |
| Cash Conversion Cycle | -36.14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 10.43M | 14.78M | 8.09M | 7.54M | 1.1B | 7.68B | 8.47B | 8.72B | 9.09B | 9.74B | 9.55B | 9.58B | 11.12B | 23M | 118M | -228M | -78M | 1B | -1.11B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 1.1B | 5.95B | 7.26B | 6.75B | 7B | 7.26B | 6.92B | 6.82B | 8.26B | -3M | 28M | -112M | -29M | 782M | -1.16B |
| Capital Lease Obligations | 9.07M | 4.22M | 2.43M | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 17.54M | 10.55M | 5.66M | 4.15M | 0 | 1.1B | 1B | 1.77B | 1.9B | 2.25B | 2.47B | 2.63B | 2.86B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 547M | 82M | 66M | 60M | 80M | 0 | 0 | 0 | 26M | 90M | -116M | -49M | 220M | 47M |
| Total Liabilities | 18.85M | 23.2M | 20.1M | 19.4M | 21B | 10.71B | 11.53B | 12.46B | 12.56B | 13.27B | 13.61B | 13.97B | 15.04B | 14.52B | 14.73B | 14.66B | 14.42B | 14.74B | 15.23B |
| Total Debt | 6.95M | 7.01M | 7.31M | 7.68M | 1.19B | 5.96B | 7.28B | 7.26B | 7.24B | 7.38B | 7.56B | 7.63B | 8.32B | 7.21B | 7.96B | 7.65B | 7.63B | 7.61B | 7.73B |
| Net Debt | -5.26M | -5.35M | -7.15M | -7.17M | 1.19B | 5.95B | 7.28B | 7.26B | 7.24B | 7.37B | 7.54B | 7.62B | 8.32B | 7.21B | 7.94B | 7.61B | 7.61B | 7.34B | 7.71B |
| Debt / Equity | 0.25x | 0.25x | 0.31x | 0.41x | 0.12x | 0.60x | 0.78x | 0.84x | 0.81x | 0.80x | 0.79x | 0.76x | 0.84x | - | 25.50x | 9.74x | 7.81x | 4.40x | 3.31x |
| Debt / EBITDA | 0.01x | 1.73x | 0.71x | 0.99x | 0.28x | 1.45x | 1.87x | 1.81x | 1.77x | 1.81x | 1.82x | 1.85x | 2.72x | 1.66x | 1.75x | 1.76x | 1.71x | 2.14x | 2.12x |
| Net Debt / EBITDA | -0.01x | -1.32x | -0.69x | -0.93x | 0.28x | 1.45x | 1.87x | 1.81x | 1.77x | 1.81x | 1.82x | 1.84x | 2.72x | 1.65x | 1.75x | 1.75x | 1.70x | 2.06x | 2.11x |
| Interest Coverage | 6.63x | - | - | - | 7.49x | 5.82x | 4.85x | 4.69x | 4.66x | 4.47x | 4.48x | 4.14x | - | 2.05x | 2.04x | 3.85x | 3.90x | 2.00x | 1.52x |
| Total Equity | 27.65M | 27.65M | 23.84M | 18.88M | 10.12B | 9.87B | 9.34B | 8.69B | 8.91B | 9.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Growth % | 18.5% | 15.98% | 26.25% | -99.81% | 2.52% | 5.69% | 7.42% | -2.41% | -3.01% | - | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 0.46 | 0.46 | 1.99 | 1.57 | 999999.00 | - | - | - | - | - | - | 999999.00 | 999999.00 | - | - | - | - | - | - |
| Total Shareholders' Equity | 27.65M | 27.65M | 23.84M | 18.88M | 10.12B | 9.87B | 9.34B | 8.69B | 8.91B | 9.18B | 9.61B | 9.97B | 9.89B | -831M | 312M | 786M | 977M | 1.73B | 2.34B |
| Common Stock | 6K | 6K | 0 | 0 | 10.05B | 10.05B | 10.05B | 10.05B | 10.05B | 10.05B | 10.05B | 10.05B | 9.97B | 11.43B | 11.35B | 11.33B | 10.51B | 10.35B | 10.16B |
| Retained Earnings | 31.86M | 31.86M | 28.04M | 22.06M | 67M | -182M | -713M | -1.36B | -1.14B | -867M | -437M | -76M | -85M | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5.09M | -5.09M | -5.05M | -4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High User Acquisition Costs
According to the most recent 2025Q2 financial filings, CTW has expanded its total asset base to $46.5M, reflecting a strategic shift toward scaling the G123 platform, though this growth trajectory remains heavily dependent on continued capital deployment rather than internal cash generation from operations.
The increase in total assets suggests management is prioritizing market share capture over immediate balance sheet consolidation. Investors should monitor whether this asset expansion translates into sustainable revenue growth or if it merely reflects the accumulation of costs associated with aggressive user acquisition.
Based on reported figures for 2025Q2, CTW maintains a current ratio of 2.15, yet the absolute cash position of $12.2M appears modest relative to the company's ongoing burn rate and the high variable costs inherent in its browser-based gaming business model.
While the current ratio suggests a superficial improvement in short-term solvency, the absolute cash balance provides a limited buffer against potential volatility in user acquisition costs. This liquidity profile warrants caution, as any disruption in the conversion funnel could quickly exhaust available cash reserves.
As reported in recent financial statements, CTW maintains a conservative debt-to-equity ratio of 0.25, indicating that the company has utilized modest leverage to fund its operations while avoiding the risks associated with a highly debt-laden capital structure in a volatile gaming market.
The reliance on $7.0M in debt appears to be a strategic choice to supplement growth without excessive dilution or interest burden. However, the company's ability to service this debt remains tied to the success of its live-ops game releases, which are inherently cyclical.
Data from the 2025Q2 balance sheet reveals that $3.5M of the company's $46.5M in total assets is comprised of goodwill, which may represent an overvaluation of past acquisitions if the underlying game titles fail to maintain their expected long-term player retention rates.
The presence of goodwill on the balance sheet suggests that future impairment charges could negatively impact equity if the licensed IP portfolio underperforms. Investors should scrutinize the valuation methodology behind these intangibles, as they may mask the true economic value of the company's gaming assets.
Quick answers to the most common questions about buying CTW stock.
As of 2025, CTW Cayman Class A Ordinary Shares (CTW) had total assets of $50.8M including $16.6M in current assets.
CTW Cayman Class A Ordinary Shares (CTW) carries total debt of $7.0M, offset by $12.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CTW Cayman Class A Ordinary Shares (CTW) has total shareholders' equity (book value) of $27.6M ($0.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CTW Cayman Class A Ordinary Shares (CTW) reported a current ratio of 1.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.