Despite a negligible debt-to-equity ratio of 0.01, the company's asset base of $17.2M appears heavily concentrated in potentially impaired municipal receivables rather than liquid cash reserves of $572.8K.
| Total Current Assets | 16.09M | 9.77M | 4.2M | 7.49M | 6.65M |
| Cash & Short-Term Investments | 572.81K | 407.03K | 1.33M | 1.97M | 747.86K |
| Cash Only | 572.81K | 407.03K | 1.33M | 1.97M | 747.86K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 13.56M | 9.36M | 2.35M | 1.73M | 3.35M |
| Days Sales Outstanding | 382.13 | 295.92 | 90.68 | 176.05 | 389.18 |
| Inventory | 128 | 134 | 187 | 1.69M | 2.44M |
| Days Inventory Outstanding | 0 | 0.01 | 0.01 | 318.19 | 509.49 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.09M | 1.46M | 1.14M | 869.34K | 140.79K |
| Property, Plant & Equipment | 356.1K | 353.64K | 442.02K | 415.33K | 56.22K |
| Fixed Asset Turnover | 36.36x | 32.64x | 21.37x | 8.65x | 55.82x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.74K | 6.09K | 6.26K | 6.64K | 0 |
| Long-Term Investments | 351.5K | 1.5K | 1.5K | 1.5K | 0 |
| Other Non-Current Assets | 124.88K | 966.29K | 545.88K | 329.75K | 84.58K |
| Total Assets | 17.18M | 11.24M | 5.34M | 8.36M | 6.79M |
| Asset Turnover | 0.75x | 1.03x | 1.77x | 0.43x | 0.46x |
| Asset Growth % | 52.89% | 110.37% | -36.13% | 23.17% | - |
| Total Current Liabilities | 9.4M | 6.21M | 2.49M | 7.25M | 5.55M |
| Accounts Payable | 3.18M | 1.85M | 87.59K | 3.52K | 387.58K |
| Days Payables Outstanding | 121.21 | 81.14 | 5.13 | 0.66 | 81 |
| Short-Term Debt | 52.22K | 0 | 75.33K | 1.81M | 1.69M |
| Deferred Revenue (Current) | 246 | 0 | 0 | 4.44M | 2.61M |
| Other Current Liabilities | 5.02M | 41.17K | -54.54K | 0 | 0 |
| Current Ratio | 1.71x | 1.57x | 1.69x | 1.03x | 1.20x |
| Quick Ratio | 1.71x | 1.57x | 1.69x | 0.80x | 0.76x |
| Cash Conversion Cycle | 260.93 | 214.79 | 85.56 | 493.58 | 817.66 |
| Total Non-Current Liabilities | 54.33K | 13.55K | 40.69K | 90.81K | 499.61K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 499.61K |
| Capital Lease Obligations | 54.33K | 13.55K | 40.69K | 90.81K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 9.45M | 6.22M | 2.53M | 7.34M | 6.05M |
| Total Debt | 106.55K | 41.83K | 116.02K | 1.96M | 2.19M |
| Net Debt | -466.26K | -365.21K | -1.21M | -1.22K | 1.44M |
| Debt / Equity | 0.01x | 0.01x | 0.04x | 1.92x | 2.97x |
| Debt / EBITDA | - | 0.02x | 0.05x | 3.78x | 3.14x |
| Net Debt / EBITDA | - | -0.14x | -0.54x | -0.00x | 2.07x |
| Interest Coverage | - | - | 362.73x | 5.98x | 7.39x |
| Total Equity | 7.73M | 5.02M | 2.81M | 1.02M | 738.42K |
| Equity Growth % | 54.05% | 78.26% | 175.38% | 38.42% | - |
| Book Value per Share | 11.89 | 7.72 | 4.33 | 1.57 | 1.14 |
| Total Shareholders' Equity | 7.73M | 5.02M | 2.81M | 1.02M | 738.42K |
| Common Stock | 1.63K | 1.5K | 1.5K | 1.5K | 1.5K |
| Retained Earnings | 3.12M | 3.55M | 1.66M | -9.33K | -423.81K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 385.96K | 256.2K | -57.58K | -178.66K | -47.86K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Municipal payment collection delays
According to recent financial statements, DXST has grown total assets from $7.7M in 2023Q2 to $17.2M by 2025Q4, yet this expansion appears disconnected from cash generation, as cash reserves have dwindled from $1.1M to $572.8K over the same period, signaling a potentially unsustainable growth trajectory.
The rapid increase in total assets suggests the company is aggressively booking project-based work, likely through contract assets or accounts receivable, rather than tangible cash inflows. This trajectory warrants caution, as the firm is scaling its balance sheet size without a commensurate improvement in its underlying liquidity position.
As reported in quarterly filings, DXST's current ratio has fluctuated significantly, settling at 1.71 in 2025Q4, which masks the underlying risk that the majority of current assets may be tied up in illiquid municipal receivables rather than readily available cash to cover immediate operating obligations.
The compression of cash reserves relative to the total asset base suggests that the company is operating with a very thin margin for error. Investors should monitor whether the current ratio remains stable or if the reliance on slow-paying municipal clients forces a further deterioration in the firm's ability to meet short-term liabilities.
Based on the reported figures, DXST maintains a negligible debt-to-equity ratio of 0.01 as of 2025Q4, indicating that the company has avoided traditional interest-bearing financing, though this lack of leverage appears to be a necessity-driven strategy rather than a sign of financial strength.
While the absence of significant debt reduces interest rate sensitivity, it also suggests that the company may lack access to credit markets to bridge its working capital gaps. The reliance on equity and internal cash flow to fund operations in a capital-intensive industry may limit the company's ability to scale effectively during periods of high project demand.
Analysis of the balance sheet reveals that the $17.2M in total assets is heavily concentrated in non-cash items, which, as indicated by the discrepancy between revenue and cash, suggests that a significant portion of reported assets may be subject to impairment risk from uncollected municipal receivables.
The reliance on the percentage-of-completion accounting method likely inflates the asset base with contract assets that have yet to be converted into cash. This creates a non-obvious risk where the balance sheet appears robust in size but remains fundamentally vulnerable to the collection cycles of local government entities.
Quick answers to the most common questions about buying DXST stock.
As of 2025, Decent Holding Inc. (DXST) had total assets of $17.2M including $16.1M in current assets.
Decent Holding Inc. (DXST) carries total debt of $0.1M, offset by $0.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Decent Holding Inc. (DXST) has total shareholders' equity (book value) of $7.7M ($11.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Decent Holding Inc. (DXST) reported a current ratio of 1.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.