The company's financial position is severely strained, evidenced by total assets falling from $4.3 billion in 2023Q4 to $662.3 million in 2025Q4 and a current ratio of only 0.59.
| Total Current Assets | 483.07M | 2.83B | 3.29B | 3.85B | 385.41M | 2.43B |
| Cash & Short-Term Investments | 118.27M | 454.56M | 699.02M | 860.47M | 137.74M | 729.94M |
| Cash Only | 87.08M | 324.04M | 561.15M | 860.47M | 137.74M | 729.94M |
| Short-Term Investments | 31.19M | 130.53M | 137.88M | 0 | 0 | 0 |
| Accounts Receivable | 206.25M | 1.61B | 1.91B | 1.43B | 160.29M | 993.21M |
| Days Sales Outstanding | 88.79 | 104.47 | 148.59 | 146.81 | 21.05 | 161.76 |
| Inventory | 62.28M | 233.94M | 160.78M | 182.57M | 35.04M | 233.86M |
| Days Inventory Outstanding | 32.41 | 19.38 | 17.12 | 179.03 | 41.55 | 50.52 |
| Other Current Assets | 59.78M | 531.07M | 214.89M | 1.38B | 24.08M | 470.69M |
| Total Non-Current Assets | 179.25M | 939.8M | 978.9M | 877.7M | 236.91M | 150.39M |
| Property, Plant & Equipment | 43.49M | 292.95M | 245.99M | 239.26M | 16.18M | 106.08M |
| Fixed Asset Turnover | 19.50x | 19.22x | 19.11x | 14.89x | 171.72x | 21.13x |
| Goodwill | 3.7M | 25.73M | 0 | 0 | 0 | 0 |
| Intangible Assets | 40.39M | 309.78M | 179.34M | 44.86M | 4.87M | 30.04M |
| Long-Term Investments | 61.48M | 15.84M | 300.99M | 353.86M | 212.43M | 2.65M |
| Other Non-Current Assets | 30.19M | 295.51M | 252.59M | 239.72M | 3.43M | 11.61M |
| Total Assets | 662.32M | 3.77B | 4.27B | 4.73B | 622.32M | 2.58B |
| Asset Turnover | 1.28x | 1.49x | 1.10x | 0.75x | 4.47x | 0.87x |
| Asset Growth % | -82.44% | -11.63% | -9.79% | 660.23% | -75.86% | - |
| Total Current Liabilities | 822.78M | 5.13B | 4.22B | 3.93B | 474.21M | 3.27B |
| Accounts Payable | 316.52M | 2.27B | 2.1B | 1.86B | 119.47M | 1.34B |
| Days Payables Outstanding | 164.7 | 188.18 | 223.32 | 1.82K | 141.66 | 289.26 |
| Short-Term Debt | 349.41M | 1.83B | 1.21B | 870M | 166.19M | 326M |
| Deferred Revenue (Current) | 0 | 0 | 207.64M | 0 | 57.42M | 0 |
| Other Current Liabilities | 62.98M | 725.11M | 41.92M | 821.7M | 6.32M | 1.44B |
| Current Ratio | 0.59x | 0.55x | 0.78x | 0.98x | 0.81x | 0.74x |
| Quick Ratio | 0.51x | 0.51x | 0.74x | 0.93x | 0.74x | 0.67x |
| Cash Conversion Cycle | -43.5 | -64.33 | -57.61 | -1.49K | -79.07 | -76.97 |
| Total Non-Current Liabilities | 122.87M | 390.8M | 886.62M | 838.05M | 787.92M | 1.14B |
| Long-Term Debt | 65.88M | 0 | 455.7M | 439.87M | 0 | 775.39M |
| Capital Lease Obligations | 15.7M | 121.42M | 107.61M | 68.77M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 41.29M | 269.38M | 323.32M | 329.41M | 713.7M | 366.67M |
| Total Liabilities | 945.65M | 5.52B | 5.1B | 4.77B | 1.26B | 4.41B |
| Total Debt | 435.98M | 1.99B | 1.81B | 1.41B | 166.19M | 1.1B |
| Net Debt | 348.91M | 1.67B | 1.25B | 549.27M | 28.45M | 371.45M |
| Debt / Equity | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - |
| Interest Coverage | -2.21x | -0.88x | -1.67x | -4.99x | -1.24x | -6.44x |
| Total Equity | -283.32M | -1.74B | -834.46M | -34.46M | -639.81M | -1.83B |
| Equity Growth % | 83.76% | -109.1% | -2321.81% | 94.61% | 65.07% | - |
| Book Value per Share | -0.84 | -5.18 | -2.47 | -0.14 | -17.06 | -48.82 |
| Total Shareholders' Equity | -282.52M | -1.76B | -921.41M | -196.4M | -643.7M | -1.84B |
| Common Stock | 0 | 11K | 10K | 10K | 1.1K | 7K |
| Retained Earnings | -1.19B | -7.6B | -6.67B | -5.73B | -644.65M | -2.24B |
| Treasury Stock | -29.99M | -7.43M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -20.19M | -363.5M | -344.73M | -385.89M | 948.84K | 1.5M |
| Minority Interest | -799.79K | 14.77M | 86.95M | 161.94M | 3.89M | 11.51M |
Liquidity and solvency concerns
According to the latest quarterly filings, ECARX's total assets have plummeted from $4.3 billion in 2023Q4 to $662.3 million by 2025Q4, signaling a severe contraction in the company's resource base that suggests a fundamental downsizing or a major shift in accounting consolidation practices.
The dramatic reduction in asset scale, coupled with persistent negative equity, indicates that the company is struggling to maintain its operational footprint. This trajectory suggests that the firm's underlying business model is failing to generate the capital necessary to sustain its historical asset base.
As reported in recent financial statements, the company's current ratio has consistently languished below 0.70, with cash reserves falling to $87.1 million in 2025Q4, which appears insufficient to cover the firm's ongoing operational obligations and debt service requirements in the near term.
The persistently low current ratio suggests that ECARX lacks the necessary working capital to navigate operational shocks or supply chain disruptions. Investors should monitor the company's ability to secure external financing, as the current cash position provides a very limited runway for a business with such high fixed costs.
Based on the provided figures, ECARX carries $436 million in total debt as of 2025Q4, a significant burden for a company with negative equity and declining assets, which suggests that the firm's leverage is driven by necessity rather than strategic capital deployment.
The presence of substantial debt on a balance sheet with negative equity highlights a precarious solvency profile that warrants further investigation. This debt structure may limit the company's ability to invest in future R&D, potentially trapping the firm in a cycle of dependency on its parent ecosystem.
As indicated by the reported financial data, ECARX's equity has remained deeply negative, reaching -$282.5 million in 2025Q4, which suggests that cumulative losses have entirely eroded the company's book value and raises questions regarding the long-term sustainability of its capital structure.
The persistent negative equity position is a clear indicator of the company's inability to generate profitable growth over time. This state of affairs suggests that the firm is effectively operating on the support of its creditors and parent group, rather than its own internal value creation.
Quick answers to the most common questions about buying ECX stock.
As of 2025, ECARX Holdings, Inc. (ECX) had total assets of $662.3M including $483.1M in current assets.
ECARX Holdings, Inc. (ECX) carries total debt of $436.0M, offset by $118.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ECARX Holdings, Inc. (ECX) has total shareholders' equity (book value) of $-282.5M ($-0.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ECARX Holdings, Inc. (ECX) reported a current ratio of 0.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.