The company maintains a conservative capital structure with a debt-to-equity ratio of 0.03, though this is offset by an accumulated deficit of -$4.6 billion that continues to erode the equity base.
| Total Assets | 679M | 731.19M | 769.9M | 1.08B | 1.91B | 4.05B | 4.37B | 2.88B | 2.84B | 1.88B |
| Asset Growth % | -3.53% | -5.03% | -28.49% | -43.72% | -52.74% | -7.41% | 51.85% | 1.24% | 51.14% | - |
| Real Estate & Other Assets | 219.16M | 0 | 6.13M | 0 | 0 | 7.49M | 7.25M | 23.91M | 4.31M | 27.77M |
| PP&E (Net) | 0 | 16.8M | 2M | 5.24M | 14.56M | 14.49M | 8.3M | 15.45M | 22.12M | 48.63M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 459.85M | 548.62M | 613.08M | 858.89M | 1.63B | 3.48B | 3.73B | 2.43B | 2.72B | 1.75B |
| Cash & Equivalents | 34.65M | 75.35M | 121.73M | 143.93M | 492.11M | 843.45M | 1.1B | 443.59M | 573.69M | 1.02B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 110.02M | 14.13M | 22.17M | 64.8M | 24.13M | 92.58M | 3.11B | 350.63M | 884.02M | 238.29M |
| Intangible Assets | 0 | 1M | 1.13M | 0 | 0 | 7.42M | 0 | 0 | 0 | 0 |
| Total Liabilities | 297.79M | 347.89M | 578.4M | 981.28M | 1.61B | 2.58B | 2.78B | 4.75B | 4.45B | 3.37B |
| Total Debt | 10.34M | 1.46M | 140K | 74.53M | 134.78M | 443.44M | 490M | 395M | 663.1M | 0 |
| Net Debt | -24.3M | -73.89M | -121.59M | -69.4M | -357.33M | -400M | -613.75M | -48.59M | 89.41M | -1.02B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 9.74M | 0 | 0 | 72.5M | 134.78M | 443.44M | 490M | 395M | 663.1M | 0 |
| Capital Lease Obligations | 4.14M | 1.46M | 140K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 277.13M | 326.58M | 549.72M | 949.72M | 1.58B | 2.56B | 2.77B | 1.99B | 2.09B | 1.09B |
| Accounts Payable | 102.13M | 180.74M | 395.43M | 659.22M | 1.18B | 1.8B | 1.9B | 1.13B | 593.47M | 255.1M |
| Deferred Revenue | 0 | 23.48M | 31.55M | 43.3M | 68.03M | 68.3M | 44.92M | 41.7M | 58.88M | 76.63M |
| Other Liabilities | 20.66M | 21.18M | 28.65M | 30.77M | 28.57M | 23.84M | 11.91M | 2.76B | 2.36B | 2.28B |
| Total Equity | 381.21M | 383.3M | 191.5M | 95.39M | 303.68M | 1.47B | 1.59B | -1.87B | -1.6B | -1.49B |
| Equity Growth % | 260.82% | 100.16% | 100.74% | -68.59% | -79.29% | -7.74% | 185.1% | -16.44% | -7.88% | - |
| Shareholders Equity | 380.19M | 386.34M | 195.84M | 100.12M | 313.26M | 1.44B | 1.59B | -1.87B | -1.6B | -1.49B |
| Minority Interest | 1.02M | -3.04M | -4.35M | -4.72M | -9.58M | 22.54M | 0 | 0 | 0 | 0 |
| Common Stock | 380.19M | 136K | 17K | 1K | 1K | 1K | 1K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 5.39B | 5.24B | 5.05B | 5.03B | 4.98B | 4.88B | 55.05M | 55.05M | 55.05M |
| Retained Earnings | 0 | -4.62B | -4.65B | -4.56B | -4.31B | -3.14B | -2.92B | -1.65B | -1.51B | -1.28B |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.51M | 5.51M | 5.51M |
| Return on Assets (ROA) | -3.5% | 4.11% | -9.94% | -16.33% | -39.29% | -5.26% | -14.08% | 3.64% | 0.03% | -17.65% |
| Return on Equity (ROE) | -6.45% | 10.73% | -63.96% | -122.3% | -132.36% | -14.49% | -32.12% | - | - | - |
| Debt / Assets | 1.52% | 0.2% | 0.02% | 6.92% | 7.05% | 10.95% | 11.21% | 13.72% | 23.32% | - |
| Debt / Equity | 0.03x | 0.00x | 0.00x | 0.78x | 0.44x | 0.30x | 0.31x | - | - | - |
| Net Debt / EBITDA | 0.19x | - | - | - | - | - | - | -0.58x | 3.50x | - |
| Book Value per Share | 126.64 | 42.94 | 47.46 | 258.15 | 844.60 | 4136.87 | 8216.03 | -11106.29 | -9538.17 | -8841.37 |
Developer credit and liquidity
According to historical financial data, DUO's total assets have declined from $4.0 billion in 2020 to $679.0 million as of 2025Q2, reflecting a significant downsizing of the balance sheet that mirrors the broader contraction in the Chinese real estate sector and the company's reduced operational footprint.
The dramatic reduction in total assets suggests that the company has been forced to shed value or write down legacy positions as the property market environment deteriorated. This trajectory indicates a business that is currently in a defensive posture rather than a growth phase, with the balance sheet shrinking faster than the company can generate new, high-quality assets.
Based on the most recent quarterly filings, DUO's cash position has plummeted from $843.4 million in 2020 to just $34.6 million by 2025Q2, indicating a rapid depletion of liquidity that leaves the firm with a narrowing buffer against ongoing operating losses.
While the current ratio of 1.66 appears superficially adequate, the absolute decline in cash reserves is the more critical metric for investors to monitor. The company's inability to stabilize its cash balance suggests that the current operating model is not self-sustaining, and the firm may face liquidity constraints if the current burn rate persists.
As reported in recent balance sheets, DUO maintains a conservative capital structure with a debt-to-equity ratio of 0.03 as of 2025Q2, which stands in stark contrast to the $443.4 million in debt carried by the company during the 2020 fiscal year.
The shift to a near debt-free status appears to be a forced deleveraging event rather than a strategic choice, likely driven by the inability to access credit markets or the necessity of repaying obligations to preserve solvency. While low leverage reduces immediate interest expense, it also highlights the company's limited access to external financing to fund its ongoing operational deficits.
Based on the provided financial statements, the company's retained earnings remain deeply negative at -$4.6 billion, a figure that has persisted since 2022 and underscores the massive historical value destruction that continues to weigh on the current equity base of $380.2 million.
The persistent negative retained earnings suggest that the company has not yet achieved a path to cumulative profitability, effectively consuming shareholder capital to fund its operations. Investors should view the current equity value with caution, as it remains highly sensitive to further impairments or the potential for future capital raises to address the ongoing cash burn.
Quick answers to the most common questions about buying DUO stock.
As of 2024, Fangdd Network Group Ltd. (DUO) had total assets of $731.2M including $548.6M in current assets.
Fangdd Network Group Ltd. (DUO) carries total debt of $1.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fangdd Network Group Ltd. (DUO) has total shareholders' equity (book value) of $386.3M ($42.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fangdd Network Group Ltd. (DUO) reported a current ratio of 1.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.