The company has successfully improved its financial stability, shifting from negative equity to a positive $836 million position by 2025Q4 while maintaining a conservative 0.03 debt-to-equity ratio.
| Total Current Assets | 1.03B | 858.45M | 920.32M | 873.16M | 895.12M | 352.83M | 512.64M |
| Cash & Short-Term Investments | 952.18M | 746.27M | 850.09M | 806.34M | 832.24M | 295.38M | 458.16M |
| Cash Only | 561.58M | 592.36M | 699.39M | 622.14M | 218.53M | 295.38M | 458.16M |
| Short-Term Investments | 390.6M | 153.91M | 150.7M | 184.2M | 613.71M | 0 | 0 |
| Accounts Receivable | 36.75M | 44.17M | 44.65M | 40.31M | 22.62M | 15.98M | 16.35M |
| Days Sales Outstanding | 3.36 | 3.61 | 3.6 | 3.68 | 2.72 | 2.9 | 3.53 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 45.69M | 59.87M | 15.51M | 15.64M | 12.11M | 5.88M | 6.65M |
| Total Non-Current Assets | 254.66M | 376.97M | 80.35M | 49.5M | 12.54M | 12.69M | 6.53M |
| Property, Plant & Equipment | 27.05M | 48.26M | 65.4M | 48.94M | 9.38M | 8.15M | 5.03M |
| Fixed Asset Turnover | 147.61x | 92.58x | 69.25x | 81.78x | 324.18x | 247.03x | 335.92x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 224.55M | 324.11M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.06M | 4.6M | 14.95M | 562K | 3.16M | 4.54M | 1.49M |
| Total Assets | 1.29B | 1.24B | 1B | 922.67M | 907.66M | 365.53M | 519.16M |
| Asset Turnover | 3.10x | 3.62x | 4.53x | 4.34x | 3.35x | 5.51x | 3.26x |
| Asset Growth % | 4.36% | 23.46% | 8.45% | 1.65% | 148.32% | -29.59% | - |
| Total Current Liabilities | 440.43M | 458.96M | 653.45M | 702.44M | 566.17M | 461.44M | 408.19M |
| Accounts Payable | 224.23M | 223.39M | 339.83M | 356.14M | 271.07M | 193.89M | 154.61M |
| Days Payables Outstanding | 23.23 | 20.5 | 30 | 34.72 | 34.71 | 38.77 | 33.05 |
| Short-Term Debt | 9.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 60.58M | 56.77M | 51.95M | 39.05M | 48.27M | 66.57M | 64.22M |
| Other Current Liabilities | 145.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.35x | 1.87x | 1.41x | 1.24x | 1.58x | 0.76x | 1.26x |
| Quick Ratio | 2.35x | 1.87x | 1.41x | 1.24x | 1.58x | 0.76x | 1.26x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.89M | 29.39M | 2.78B | 2.58B | 2.22B | 1.38B | 1.39B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 12.89M | 29.39M | 45.36M | 28.41M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 2.73B | 2.55B | 2.22B | 1.38B | 1.39B |
| Total Liabilities | 453.32M | 488.36M | 3.43B | 3.28B | 2.78B | 1.85B | 1.8B |
| Total Debt | 22.62M | 42.49M | 57.71M | 39.81M | 0 | 0 | 0 |
| Net Debt | -538.95M | -549.87M | -641.68M | -582.34M | -218.53M | -295.38M | -458.16M |
| Debt / Equity | 0.03x | 0.06x | - | - | - | - | - |
| Debt / EBITDA | 0.47x | - | 3.71x | - | - | - | - |
| Net Debt / EBITDA | -11.21x | - | -41.30x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | 835.96M | 747.06M | -2.43B | -2.35B | -1.87B | -1.48B | -1.28B |
| Equity Growth % | 11.9% | 130.72% | -3.26% | -25.63% | -26.67% | -15.68% | - |
| Book Value per Share | 36.08 | 31.51 | -102.72 | -33.16 | -26.39 | -20.84 | -18.01 |
| Total Shareholders' Equity | 835.96M | 747.06M | -2.43B | -2.35B | -1.87B | -1.48B | -1.28B |
| Common Stock | 0 | 138K | 44K | 44K | 44K | 44K | 44K |
| Retained Earnings | 0 | -2.57B | -2.31B | -2.27B | -1.95B | -1.53B | -1.23B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -92.14M | -126.09M | -85.12M | 75.24M | 47.98M | -45.58M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory gig-worker labor costs
As reported in recent financial filings, BingEx Limited has successfully transitioned from a period of negative equity in 2024 to a positive equity position of $836 million by 2025Q4, signaling a significant improvement in the firm's overall financial stability despite ongoing revenue headwinds.
The shift from a negative equity position to a positive one suggests that management has successfully navigated past the most acute phases of capital depletion. Investors should monitor whether this stabilization is sustainable or if it remains dependent on non-operating capital injections rather than core operational growth.
Based on the latest quarterly data, BingEx Limited maintains a conservative debt-to-equity ratio of 0.03, with total debt declining to $22.6 million in 2025Q4, which provides the company with a substantial buffer against potential interest rate volatility or sector-specific economic downturns.
The minimal reliance on external debt indicates that the company is not currently constrained by interest obligations, which is a prudent stance given the thin operating margins. This lack of leverage suggests that the firm is well-positioned to weather potential regulatory shocks without the immediate threat of insolvency.
According to recent SEC filings, BingEx Limited holds a significant cash position of $561.6 million as of 2025Q4, which, when paired with a current ratio of 2.35, indicates a strong liquidity profile capable of supporting the company's ongoing operational requirements and potential strategic pivots.
The substantial cash pile serves as a critical defensive moat, allowing the company to maintain its network liquidity even as revenue growth remains challenged. This liquidity buffer appears to be the primary factor preventing a more negative outlook, as it provides management with the time needed to address structural profitability issues.
As indicated by the balance sheet, the company's asset base is heavily concentrated in cash, with net PPE declining to $27 million in 2025Q4, which suggests that the firm's long-term value is almost entirely dependent on its intangible brand and network rather than physical infrastructure.
The absence of significant tangible assets implies that the company's valuation is highly sensitive to its ability to maintain its market position in the face of intense competition. Investors should be wary that the lack of physical collateral could limit financing options if the current cash reserves are depleted by aggressive market share defense.
Quick answers to the most common questions about buying FLX stock.
As of 2025, BingEx Limited (FLX) had total assets of $1.29B including $1.03B in current assets.
BingEx Limited (FLX) carries total debt of $22.6M, offset by $952.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BingEx Limited (FLX) has total shareholders' equity (book value) of $836.0M ($36.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BingEx Limited (FLX) reported a current ratio of 2.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.