Financial leverage remains elevated with a debt-to-equity ratio of 2.70, while the company's liquidity position is constrained by a current ratio of 1.14 and a history of negative retained earnings.
| Total Current Assets | 320.46M | 585.14M | 377.15M | 320.46M | 155.64M | 119.47M | 97.73M |
| Cash & Short-Term Investments | 182.88M | 151.52M | 191.01M | 182.88M | 26.8M | 13.49M | 24.47M |
| Cash Only | 78.79M | 21.12M | 60.96M | 78.79M | 26.8M | 13.49M | 24.47M |
| Short-Term Investments | 104.09M | 130.4M | 130.06M | 104.09M | 0 | 0 | 0 |
| Accounts Receivable | 82.68M | 383.69M | 148.23M | 82.68M | 34.15M | 17.93M | 29.92M |
| Days Sales Outstanding | 65.34 | 511.04 | 197.94 | 146.87 | 69.4 | 31.89 | 64.58 |
| Inventory | 9.98M | 8.23M | 4.72M | 9.98M | 6.12M | 9.61M | 4.97M |
| Days Inventory Outstanding | 13.34 | 15.99 | 8.8 | 23.66 | 16.45 | 20.78 | 12.83 |
| Other Current Assets | 497.11K | 16.83K | 10.36M | 497.11K | 70.1M | 63.76M | 34.16M |
| Total Non-Current Assets | 120.49M | 810.43M | 108.07M | 120.49M | 99.74M | 109.04M | 33.1M |
| Property, Plant & Equipment | 6.77M | 8.88M | 5.73M | 6.77M | 6.64M | 4.17M | 5.83M |
| Fixed Asset Turnover | 39.14x | 30.84x | 47.72x | 30.34x | 27.04x | 49.23x | 28.99x |
| Goodwill | 47M | 4.97M | 26.64M | 47M | 18.77M | 8.3M | 6.67M |
| Intangible Assets | 9.43M | 1.61M | 10.89M | 9.43M | 17.44M | 15.21M | 16.28M |
| Long-Term Investments | 59.48M | 203.96K | 8.49M | 14.14M | 22.44M | 51.75M | 2.46M |
| Other Non-Current Assets | 43.15M | 794.96M | 56.32M | 43.15M | 34.44M | 29.61M | 1.85M |
| Total Assets | 440.94M | 1.4B | 485.22M | 440.94M | 255.38M | 228.5M | 130.82M |
| Asset Turnover | 0.84x | 0.20x | 0.56x | 0.47x | 0.70x | 0.90x | 1.29x |
| Asset Growth % | 72.66% | 187.62% | 10.04% | 72.66% | 11.76% | 74.67% | - |
| Total Current Liabilities | 281.38M | 668.03M | 370.62M | 281.38M | 261.79M | 177.04M | 198.27M |
| Accounts Payable | 20.79M | 25.52M | 24.31M | 20.79M | 17.05M | 18.5M | 14.91M |
| Days Payables Outstanding | 34.02 | 49.59 | 45.34 | 49.28 | 45.86 | 40.02 | 38.52 |
| Short-Term Debt | 100.78M | 452.39M | 172.27M | 100.78M | 118.81M | 85.73M | 131.82M |
| Deferred Revenue (Current) | 29.49M | 14.33M | 13.29M | 14.55M | 6.95M | 3.48M | 3.33M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.14x | 0.88x | 1.02x | 1.14x | 0.59x | 0.67x | 0.49x |
| Quick Ratio | 1.10x | 0.86x | 1.00x | 1.10x | 0.57x | 0.62x | 0.47x |
| Cash Conversion Cycle | 44.66 | 477.44 | 161.4 | 121.25 | 39.99 | 12.65 | 38.88 |
| Total Non-Current Liabilities | 92.32M | 175.94M | 32.33M | 92.32M | 1.48B | 1.24B | 584.47M |
| Long-Term Debt | 73.91M | 157.86M | 14.54M | 73.91M | 81.67M | 58.53M | 56.33M |
| Capital Lease Obligations | 13.57M | 6.41M | 3.58M | 4.08M | 4.82M | 0 | 0 |
| Deferred Tax Liabilities | 9.06M | 1.26M | 3.8M | 3.83M | 3.4M | 3.19M | 1.82M |
| Other Non-Current Liabilities | 10.49M | 10.41M | 10.41M | 10.49M | 4.16M | 1.18B | 526.33M |
| Total Liabilities | 373.69M | 843.97M | 402.95M | 373.69M | 1.74B | 1.41B | 782.74M |
| Total Debt | 181.47M | 618.7M | 192.46M | 181.47M | 206.71M | 144.26M | 188.15M |
| Net Debt | 102.68M | 597.58M | 131.5M | 102.68M | 179.91M | 130.77M | 163.68M |
| Debt / Equity | 2.70x | 1.12x | 2.34x | 2.70x | - | - | - |
| Debt / EBITDA | -0.92x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.52x | - | - | - | - | - | - |
| Interest Coverage | -8.37x | -14.82x | -7.95x | -11.35x | -2.86x | -19.04x | -15.55x |
| Total Equity | 67.25M | 551.6M | 82.27M | 67.25M | -1.49B | -1.19B | -651.92M |
| Equity Growth % | 104.52% | 570.47% | 22.34% | 104.52% | -25.39% | -81.97% | - |
| Book Value per Share | 80.43 | 380.84 | 56.80 | 80.43 | -1844.78 | -1471.24 | -808.50 |
| Total Shareholders' Equity | 45.61M | 498.06M | 47.43M | 45.61M | -1.5B | -1.19B | -656.49M |
| Common Stock | 2.33M | 65.78M | 9.08M | 2.33M | 681.55K | 642.83K | 187.1K |
| Retained Earnings | -1.64B | -2.17B | -1.81B | -1.64B | -1.48B | -1.28B | -736.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -135.58M | -125.76M | -131.84M | -135.58M | -83.13M | 37.4M | 21.5M |
| Minority Interest | 21.64M | 53.55M | 34.85M | 21.64M | 14.43M | 236.67K | 4.57M |
Insolvent equity and liquidity
As reported in recent financial filings, DDC's equity position has undergone extreme volatility, shifting from a deficit of $1.5 billion in 2022Q4 to a positive $45.6 million by 2023Q4, a transition that warrants significant skepticism regarding the underlying accounting treatment of liabilities and asset valuations.
The dramatic swing in equity suggests that the company may have undergone significant restructuring or debt-to-equity conversions that mask the core business's inability to generate retained earnings. Investors should monitor whether this improvement is a result of operational success or merely a balance sheet reclassification that does not address the fundamental lack of profitability.
Based on the 2023Q4 data, DDC maintains a debt-to-equity ratio of 2.70, which, when viewed alongside the company's history of negative retained earnings, suggests that the firm is heavily reliant on external financing to sustain its current operational scale rather than internal cash generation.
The presence of $181.5 million in total debt against a backdrop of persistent net losses indicates that the company faces substantial refinancing risk. The reliance on debt to fund operations in a high-burn environment may limit future strategic flexibility and increase the cost of capital as creditors assess the company's long-term viability.
According to the 2023Q4 balance sheet, DDC reported a current ratio of 1.14, which represents a marginal improvement from the 0.59 level seen in 2022Q4, yet the absolute cash balance of $78.8 million remains insufficient given the company's aggressive historical cash burn rates.
While the current ratio suggests a temporary ability to cover short-term obligations, the underlying liquidity remains fragile. The company's reliance on external capital to maintain this buffer implies that any disruption in financing markets could rapidly lead to a liquidity crisis, given the lack of self-sustaining operational cash flow.
As disclosed in the latest quarterly report, DDC carries $47.0 million in goodwill, which accounts for a significant portion of the $440.9 million in total assets, indicating that the company's asset base is heavily reliant on the valuation of past acquisitions rather than tangible productive capacity.
The concentration of goodwill relative to net PPE of only $6.8 million suggests that the company's value is tied to intangible synergies that have yet to materialize in the form of positive earnings. This asset mix leaves the balance sheet vulnerable to impairment charges if the acquired businesses fail to meet performance expectations.
Based on the provided financial data, DDC's deferred revenue plummeted from $1.4 billion in 2022Q4 to $14.5 million in 2023Q4, a massive contraction that suggests a fundamental shift in the company's business model or a potential accounting adjustment that obscures the true nature of its revenue recognition.
This drastic reduction in deferred revenue is highly unusual and warrants further investigation into whether the company previously recognized revenue prematurely or if there has been a significant change in how it accounts for long-term service contracts. Such volatility makes it difficult for analysts to rely on historical trends to forecast future performance.
Quick answers to the most common questions about buying DDC stock.
As of 2025, DDC Enterprise Limited (DDC) had total assets of $1.40B including $585.1M in current assets.
DDC Enterprise Limited (DDC) carries total debt of $618.7M, offset by $151.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DDC Enterprise Limited (DDC) has total shareholders' equity (book value) of $498.1M ($380.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DDC Enterprise Limited (DDC) reported a current ratio of 0.88x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.