The capital structure appears increasingly strained, as total debt surged to $35.8M while the current ratio compressed to 0.89, indicating potential difficulty in meeting short-term obligations.
| Total Current Assets | 84.42M | 163.44M | 84.42M | 79.26M | 33.8M | 9.16M |
| Cash & Short-Term Investments | 13.9M | 80.24M | 13.9M | 5.6M | 8.23M | 1.29M |
| Cash Only | 13.9M | 80.24M | 13.9M | 5.6M | 8.23M | 1.29M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 54.76M | 63.37M | 54.76M | 68.25M | 22.37M | 7.18M |
| Days Sales Outstanding | 133.52 | 191.63 | 221.24 | 168.26 | 128.57 | 104.12 |
| Inventory | 3.05M | 2.46M | 3.05M | 1.86M | 1.59M | 624.79K |
| Days Inventory Outstanding | 2.99 | 8.41 | 13.23 | 5.23 | 10.57 | 10.36 |
| Other Current Assets | 0 | 711 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 29.87M | 26.31M | 29.87M | 4.62M | 552.6K | 806.37K |
| Property, Plant & Equipment | 27.32M | 22.7M | 27.32M | 1.88M | 552.6K | 806.37K |
| Fixed Asset Turnover | 15.35x | 5.32x | 3.31x | 78.95x | 114.93x | 31.22x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 1.92M | 2.48M | 0 | 0 | 0 |
| Other Non-Current Assets | 2.48M | 1.51M | 1.94K | 2.67M | 0 | 0 |
| Total Assets | 114.29M | 189.75M | 114.29M | 83.87M | 34.36M | 9.97M |
| Asset Turnover | 1.75x | 0.64x | 0.79x | 1.77x | 1.85x | 2.53x |
| Asset Growth % | 180.4% | 66.02% | 36.27% | 144.13% | 244.68% | - |
| Total Current Liabilities | 94.6M | 141.5M | 94.6M | 68.2M | 26.59M | 6.05M |
| Accounts Payable | 27.4M | 18.32M | 27.4M | 38.42M | 18.59M | 5.19M |
| Days Payables Outstanding | 38.67 | 62.64 | 118.9 | 107.7 | 123.77 | 86.03 |
| Short-Term Debt | 32.94M | 109.62M | 32.94M | 23.9M | 4.38M | 445.06K |
| Deferred Revenue (Current) | 4.38M | 2.08M | 818.93K | 134.19K | 842.74K | 206.46K |
| Other Current Liabilities | 32.41M | 464.14K | -78.62K | 349.04K | 131.85K | 5.41K |
| Current Ratio | 0.89x | 1.16x | 0.89x | 1.16x | 1.27x | 1.51x |
| Quick Ratio | 0.86x | 1.14x | 0.86x | 1.13x | 1.21x | 1.41x |
| Cash Conversion Cycle | 97.84 | 137.4 | 115.58 | 65.78 | 15.36 | 28.46 |
| Total Non-Current Liabilities | 2.57M | 17.99M | 2.57M | 885.07K | 125.52K | 221.96K |
| Long-Term Debt | 1.93M | 17.48M | 1.93M | 811.24K | 0 | 0 |
| Capital Lease Obligations | 766.71K | 511.62K | 642.68K | 73.83K | 50.2K | 146.64K |
| Deferred Tax Liabilities | 75.31K | 0 | 0 | 0 | 75.31K | 75.31K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 97.17M | 159.49M | 97.17M | 69.08M | 26.72M | 6.27M |
| Total Debt | 35.79M | 128.22M | 35.79M | 24.92M | 4.53M | 238.01K |
| Net Debt | 21.89M | 47.98M | 21.89M | 19.32M | -3.7M | -1.05M |
| Debt / Equity | 2.09x | 4.24x | 2.09x | 1.69x | 0.59x | 0.06x |
| Debt / EBITDA | 5.16x | 379.79x | - | 2.17x | 0.80x | 0.09x |
| Net Debt / EBITDA | 3.16x | 142.11x | - | 1.68x | -0.65x | -0.38x |
| Interest Coverage | 1.89x | -0.05x | -1.73x | 7.35x | 16.76x | 451.93x |
| Total Equity | 17.12M | 30.26M | 17.12M | 14.79M | 7.64M | 3.69M |
| Equity Growth % | 109.39% | 76.72% | 15.77% | 93.62% | 106.85% | - |
| Book Value per Share | 101.20 | 91.59 | 101.20 | 87.42 | 45.15 | 21.83 |
| Total Shareholders' Equity | 17.12M | 30.26M | 17.12M | 14.79M | 7.64M | 3.69M |
| Common Stock | 7.43M | 28.94M | 7.43M | 69.28K | 69.28K | 69.28K |
| Retained Earnings | 7.86M | 95.92K | 7.86M | 13.01M | 5.86M | 1.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.84M | 1.22M | 1.84M | 1.71M | 1.71M | 1.7M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
High insolvency and leverage
As reported in recent financial filings, FGL's balance sheet has weakened significantly, with total debt rising from $4.5M in 2022Q4 to $35.8M by 2024Q4, indicating a reliance on external leverage that outpaces the company's ability to generate internal equity through profitable operations.
The rapid expansion of the debt load relative to equity suggests that the company is funding its growth through debt-heavy financing rather than retained earnings. This trajectory warrants caution, as the increasing leverage profile appears to be outpacing the company's operational capacity to service these obligations.
Based on the latest quarterly data, FGL's debt-to-equity ratio has climbed to 2.09, reflecting a capital structure that appears increasingly strained as the company struggles to maintain positive net margins while managing a growing debt burden in a competitive industrial solar market.
The reliance on debt to finance project-based construction suggests that the company may be facing liquidity pressure during project execution phases. Investors should monitor whether this leverage is a strategic necessity for scaling or a sign of structural financial fragility that could limit future bidding capacity.
According to the 2024Q4 balance sheet, FGL's current ratio has compressed to 0.89, signaling that current assets are no longer sufficient to cover short-term liabilities, which may indicate a tightening liquidity position as the company navigates its capital-intensive engineering and construction project cycles.
A current ratio below unity suggests that the company may face challenges in meeting its immediate financial obligations without relying on further debt or external capital injections. This liquidity constraint appears to be a direct consequence of the mismatch between project-based cash inflows and the ongoing cash requirements of the business.
As indicated by the reported figures, FGL's net PPE has increased to $27.3M in 2024Q4, reflecting a shift toward a more capital-intensive asset base that may be necessary for its solar construction operations but adds significant fixed-cost pressure to the company's thin-margin business model.
The growth in PPE suggests that the company is investing in the infrastructure required to execute larger solar projects, yet this asset accumulation has not translated into improved profitability. This trend implies that the company's asset-heavy approach may be creating a drag on returns if project volume does not scale efficiently.
Quick answers to the most common questions about buying FGL stock.
As of 2025, Founder Group Limited Ordinary Shares (FGL) had total assets of $189.7M including $163.4M in current assets.
Founder Group Limited Ordinary Shares (FGL) carries total debt of $128.2M, offset by $80.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Founder Group Limited Ordinary Shares (FGL) has total shareholders' equity (book value) of $30.3M ($91.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Founder Group Limited Ordinary Shares (FGL) reported a current ratio of 1.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.