Shareholder equity has experienced rapid erosion, falling from $46.8 million in 2025Q1 to $3.3 million in 2026Q2, reflecting substantial value destruction.
Galaxy Payroll Group Limited (GLXG) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 |
|---|
| Total Current Assets | 5.52M | 4.81M | 16.2M | 24.15M | 26.63M | 34.81M | 25.99M |
| Cash & Short-Term Investments | 4.26M | 4.1M | 10.86M | 16.44M | 12.97M | 27M | 19.22M |
| Cash Only | 4.26M | 4.1M | 10.86M | 16.44M | 12.97M | 27M | 19.22M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 589.6K | 511.29K | 3.31M | 3.71M | 10.77M | 3.93M | 4.42M |
| Days Sales Outstanding | 35.82 | 53 | 40.1 | 43.06 | 83.77 | 41.26 | 45.66 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 649.44K | 176.9K | 21.9K | 1.01M | 1M | 1M | 2.33M |
| Total Non-Current Assets | 127.58K | 177.07K | 10.39M | 6.12M | 6.13M | 2.33M | 2.65M |
| Property, Plant & Equipment | 127.58K | 177.07K | 2.54M | 1.19M | 2.47M | 2.33M | 2.15M |
| Fixed Asset Turnover | 14.68x | 19.88x | 11.87x | 26.48x | 19.03x | 14.94x | 16.42x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 1.28K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 7.85M | 4.93M | 3.66M | 0 | 502.81K |
| Total Assets | 5.65M | 4.99M | 26.59M | 30.28M | 32.76M | 37.14M | 28.64M |
| Asset Turnover | 0.73x | 0.71x | 1.13x | 1.04x | 1.43x | 0.94x | 1.23x |
| Asset Growth % | 67.09% | -81.25% | -12.19% | -7.57% | -11.79% | 29.65% | - |
| Total Current Liabilities | 2.31M | 1.5M | 18.86M | 19.94M | 16.57M | 26.4M | 20.24M |
| Accounts Payable | 9.42K | 6.19K | 41.82K | 66.08K | 105.09K | 124.59K | 132.02K |
| Days Payables Outstanding | 1.07 | 1.11 | 1.09 | 1.86 | 3.28 | 3.96 | 4.91 |
| Short-Term Debt | 85K | 120.47K | 17.97K | 2M | 2.93M | 3.97M | 2.13M |
| Deferred Revenue (Current) | 12M | 3.59K | 4.42M | 4.86M | 4.44M | 5.31M | 0 |
| Other Current Liabilities | -8.36M | 799.23K | -17.97K | 91.6K | 87.33K | 16.22M | 10.61M |
| Current Ratio | 2.39x | 3.21x | 0.86x | 1.21x | 1.61x | 1.32x | 1.28x |
| Quick Ratio | 2.39x | 3.21x | 0.86x | 1.21x | 1.61x | 1.32x | 1.28x |
| Cash Conversion Cycle | 34.75 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 24.51K | 37.08K | 1.25M | 0 | 990.96K | 3.68M | 3.2M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 2.93M | 2.5M |
| Capital Lease Obligations | 2.05M | 37.08K | 1.25M | 0 | 990.96K | 744.82K | 691.29K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.34M | 1.53M | 20.11M | 19.94M | 17.56M | 30.07M | 23.44M |
| Total Debt | 109.5K | 157.56K | 2.36M | 2.96M | 5.04M | 8.69M | 6.48M |
| Net Debt | -4.15M | -3.94M | -8.49M | -13.48M | -7.93M | -18.31M | -12.74M |
| Debt / Equity | 0.03x | 0.05x | 0.36x | 0.29x | 0.33x | 1.23x | 1.24x |
| Debt / EBITDA | -0.02x | - | 0.29x | 0.26x | 0.18x | 0.66x | 0.79x |
| Net Debt / EBITDA | 0.94x | - | -1.03x | -1.16x | -0.28x | -1.39x | -1.55x |
| Interest Coverage | -489.04x | -451.30x | 211.22x | 88.75x | 498.52x | 53.69x | - |
| Total Equity | 3.32M | 3.45M | 6.48M | 10.34M | 15.2M | 7.06M | 5.21M |
| Equity Growth % | 1429.06% | -46.69% | -37.38% | -31.97% | 115.24% | 35.68% | - |
| Book Value per Share | 1.63 | 1.91 | 3.91 | 5.83 | 8.56 | 3.98 | 3.25 |
| Total Shareholders' Equity | 3.32M | 3.45M | 6.48M | 10.34M | 15.2M | 7.06M | 5.21M |
| Common Stock | 13.52K | 13.4K | 77.63K | 77.63K | 77.63K | 77.63K | 77.63K |
| Retained Earnings | -2.87M | -2.7M | 6.38M | 10.26M | 15.07M | 6.92M | 5.25M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -36.97K | -12.05K | 54.35K | 41.15K | 86.73K | 98.84K | -162.07K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GLXG stock.
As of 2025, Galaxy Payroll Group Limited (GLXG) had total assets of $5.0M including $4.8M in current assets.
Galaxy Payroll Group Limited (GLXG) carries total debt of $0.2M, offset by $4.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Galaxy Payroll Group Limited (GLXG) has total shareholders' equity (book value) of $3.5M ($1.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Galaxy Payroll Group Limited (GLXG) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Rapid cash reserve depletion
Asset Base Shrinking Amid Contraction
According to reported financial statements, GLXG's total assets have plummeted from a peak of $58.3 million in 2025Q1 to just $5.7 million by 2026Q2, reflecting a severe and rapid erosion of the company's underlying resource base as the core business model faces significant structural headwinds.
The dramatic reduction in total assets suggests that the company is liquidating or losing the capital base that previously supported its multi-jurisdictional operations. Investors should monitor whether this trajectory indicates a managed wind-down or an uncontrolled collapse of the firm's operational footprint.
Liquidity Buffer Facing Imminent Pressure
Based on the 2026Q2 filings, GLXG maintains a current ratio of 2.39, yet this figure masks the reality that cash reserves have dwindled to $4.3 million, providing a limited runway given the company's ongoing inability to generate positive operating margins in the current fiscal environment.
While the current ratio appears superficially healthy, the absolute decline in cash suggests that the company's liquidity is increasingly fragile. The lack of meaningful revenue growth implies that this cash buffer is the primary defense against insolvency, leaving little room for strategic pivots.
Equity Erosion Reflects Value Destruction
As indicated by the balance sheet data, shareholder equity has contracted sharply from $46.8 million in 2025Q1 to $3.3 million in 2026Q2, a trend that underscores the significant value destruction occurring as the company struggles to maintain its operational viability in the competitive Asian payroll market.
The rapid decline in equity, coupled with persistent negative retained earnings, suggests that the company is consuming its own capital to fund operations. This trend warrants further investigation into whether management can stabilize the balance sheet before equity is fully exhausted by ongoing losses.
Hidden Risks in Asset Composition
Analysis of the balance sheet reveals that the company's asset base is now almost entirely comprised of cash, with net PPE falling to $127.6K, which suggests that GLXG has effectively transitioned from an operating service provider into a cash-heavy entity with minimal tangible infrastructure remaining.
This shift implies that the company's value is no longer tied to its operational assets but rather to its remaining cash and potential regulatory licenses. Investors should be wary that the lack of tangible assets may limit the company's ability to recover if the core payroll business remains stagnant.