The company's financial position is deteriorating rapidly, with total assets contracting from $278.9 million in 2023Q3 to $131.9 million by 2025Q3, alongside a precarious current ratio of 0.92.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Nov'04 | Nov'03 | Nov'97 | Nov'96 |
|---|
| Total Current Assets | 15.67M | 17.45M | 86.07M | 119.43M | 115.43M | 107.31M | 107.2M | 187.34M | 241.51M | 221.77M | 190.82M | 194.13M | 158.07M | 107.26M | 105.52M | 93.8M | 63.71M | 43.22M | 15.53M | 6.63M | 48.8K | 287.97K | 468.22K | 2M | 900K |
| Cash & Short-Term Investments | 5.82M | 10.08M | 72.22M | 108.23M | 95.77M | 94.22M | 100.3M | 179M | 208.91M | 163.88M | 133.61M | 146.59M | 107.83M | 65.24M | 78.58M | 68.49M | 45.54M | 30.88M | 10.77M | 3.73M | 15.74K | 287.47K | 461.14K | 800K | 200K |
| Cash Only | 5.82M | 10.08M | 72.22M | 108.23M | 95.77M | 94.22M | 100.3M | 179M | 208.91M | 163.88M | 133.61M | 146.59M | 107.83M | 65.24M | 78.58M | 68.49M | 45.54M | 30.88M | 10.77M | 3.73M | 15.74K | 287.47K | 461.14K | 800K | 200K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.45M | 683.64K | 4.87M | 5.36M | 14.53M | 6.52M | 4.88M | 12.51K | 29.77M | 51.84M | 49.98M | 42.04M | 44.89M | 35.97M | 21.92M | 21.54M | 17.16M | 11.68M | 3.94M | 2.51M | 828.98K | 0 | 0 | 300K | 100K |
| Days Sales Outstanding | 42.06 | 32.57 | 59.2 | 29.62 | 96.35 | 84.4 | 168.01 | 1.76 | 101.05 | 126.75 | 112.39 | 134.99 | 138.38 | 129.09 | 48.5 | 49.66 | 56.78 | 48.72 | 26.54 | 51.49 | 295.64 | - | - | 19.55 | 7.16 |
| Inventory | -162.3K | 315.37K | 577.23K | 1.6M | 691.11K | 419.61K | 690.09K | 0 | 1.2M | 5.88M | 7.18M | 5.37M | 5.3M | 5.99M | 4.44M | 2.68M | 650.33K | 418.26K | 413.39K | 53.26K | 0 | 0 | 0 | 600K | 400K |
| Days Inventory Outstanding | 3.48 | 4.87 | 5.6 | 14.35 | 6.66 | 7.89 | 46.38 | - | 6.92 | 22.65 | 24.04 | 23.97 | 22.98 | 29.79 | 18.09 | 12.19 | 3.87 | 2.92 | 4.7 | 0.95 | - | - | - | 57.63 | 34.76 |
| Other Current Assets | 645.01K | 0 | 8.4M | 4.24M | 0 | 6.15M | 1.33M | 0 | 0 | 0 | 3.17K | 138.19K | 56.79K | 6.97K | 228.7K | 99.69K | 2.33M | 3.45K | 0 | 1.18M | 0 | 500 | 7.08K | 300K | 200K |
| Total Non-Current Assets | 116.24M | 152.01M | 140.6M | 173.01M | 194.42M | 186.73M | 172.05M | 111.2M | 145.99M | 143.92M | 165.92M | 128.85M | 151.17M | 170.93M | 152.81M | 112.92M | 82.72M | 46.14M | 30.8M | 3.26M | 145.7K | 97.59K | 89.75K | 3.6M | 4M |
| Property, Plant & Equipment | -8.02M | 142.39M | 128.97M | 158.18M | 171.15M | 158M | 146.99M | 82.53M | 95.61M | 109.29M | 128.8M | 125.69M | 148.1M | 167.94M | 149.54M | 112.18M | 81.99M | 45.4M | 30.11M | 2.67M | 22.68K | 31.87K | 18.95K | 3.3M | 3.7M |
| Fixed Asset Turnover | 0.20x | 0.05x | 0.23x | 0.42x | 0.32x | 0.18x | 0.07x | 0.03x | 1.12x | 1.37x | 1.26x | 0.90x | 0.80x | 0.61x | 1.10x | 1.41x | 1.34x | 1.93x | 1.80x | 6.67x | 45.13x | 23.59x | 57.81x | 1.70x | 1.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.37M | 27.67M | 29.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 405.72K | 9.62M | 9.77M | 9.51M | 10.37M | 10.13M | 9.12M | 9.64M | 14.48M | 4.75M | 5.2M | 733.56K | 753.93K | 748.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Long-Term Investments | 0 | 0 | 0 | -9.51M | -23.27M | -10.13M | -9.12M | -91.92M | -109.59M | -113.49M | -135.43M | -127.51M | -149.47M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 123.85M | 0 | 9.77M | 9.51M | 23.27M | 10.13M | 9.12M | 91.92M | 109.59M | 113.49M | 135.43M | 127.51M | 149.47M | 2M | 763.81K | -98.95M | -84.95M | 737.71K | 697.11K | 582.23K | 123.03K | 65.72K | 70.81K | 300K | 200K |
| Total Assets | 131.91M | 169.46M | 226.67M | 292.43M | 309.86M | 294.04M | 279.25M | 298.55M | 387.5M | 365.69M | 356.74M | 322.98M | 309.24M | 278.19M | 258.33M | 206.72M | 146.42M | 89.36M | 46.33M | 9.89M | 194.51K | 385.56K | 557.97K | 5.6M | 4.9M |
| Asset Turnover | 0.13x | 0.05x | 0.13x | 0.23x | 0.18x | 0.10x | 0.04x | 0.01x | 0.28x | 0.41x | 0.45x | 0.35x | 0.38x | 0.37x | 0.64x | 0.77x | 0.75x | 0.98x | 1.17x | 1.80x | 5.26x | 1.95x | 1.96x | 1.00x | 1.04x |
| Asset Growth % | -97.6% | -25.24% | -22.49% | -5.62% | 5.38% | 5.3% | -6.46% | -22.96% | 5.96% | 2.51% | 10.45% | 4.44% | 11.16% | 7.69% | 24.96% | 41.18% | 63.86% | 92.88% | 368.67% | 4982.3% | -49.55% | -30.9% | -90.04% | 14.29% | - |
| Total Current Liabilities | 17.11M | 17.73M | 12.59M | 11.78M | 13.89M | 7.1M | 6.31M | 2.62M | 3.67M | 13.95M | 16.08M | 8.08M | 11.31M | 11.02M | 12.18M | 14.04M | 12.04M | 18.55M | 14.38M | 6.34M | 2.94M | 3.09M | 3.29M | 1M | 1.5M |
| Accounts Payable | 379.81K | 30K | 206.98K | 57.65K | 202.29K | 479.96K | 3.81M | 332.42K | 956.35K | 8.25M | 9.97M | 3.51M | 4.21M | 570.23K | 5.62M | 5.66M | 5.82M | 4.75M | 2.93M | 6.23M | 330.47K | 23.33K | 27.88K | 1M | 1.5M |
| Days Payables Outstanding | 3.66 | 0.46 | 2.01 | 0.52 | 1.95 | 9.02 | 255.79 | 92.6 | 5.53 | 31.76 | 33.38 | 15.67 | 18.24 | 2.83 | 22.93 | 25.75 | 34.63 | 33.13 | 33.29 | 110.83 | 13.26 | 23.16 | 20.58 | 96.05 | 130.36 |
| Short-Term Debt | 0 | 0 | 0 | 646.79K | 0 | 694.42K | 615.11K | 197.48K | 203.21K | 187.68K | 196.78K | 205.13K | 202.39K | 193.16K | 0 | 0 | 0 | 8.68M | 9.94M | 0 | 1.79M | 1.87M | 2.11M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 42.7K | 9.51M | 0 | 0 | 0 | 1.19M | 442.51K | 4.34M | 4.81M | 3.55M | 6.03M | 2.4M | 4.06M | 0 | 0 | 4.27M | 0 | 0 | 0 | 225K | 300K | 0 | 0 |
| Other Current Liabilities | 3.81M | 16.67M | 11.47M | 8.36M | 12.69M | 4.91M | 3.7M | -197.48K | 1.93M | 3.89M | 4.18M | 2.87M | 3.39M | 5.98M | 860.1K | 3.85M | 3.61M | 2.79M | 1.51M | 115.63K | -304.14K | 0 | 0 | 0 | 0 |
| Current Ratio | 0.92x | 0.98x | 6.84x | 10.14x | 8.31x | 15.11x | 17.00x | 71.40x | 65.88x | 15.90x | 11.87x | 24.02x | 13.98x | 9.74x | 8.66x | 6.68x | 5.29x | 2.33x | 1.08x | 1.05x | 0.02x | 0.09x | 0.14x | 2.00x | 0.60x |
| Quick Ratio | 0.93x | 0.97x | 6.79x | 10.01x | 8.26x | 15.05x | 16.89x | 71.40x | 65.55x | 15.48x | 11.42x | 23.35x | 13.51x | 9.19x | 8.30x | 6.49x | 5.24x | 2.31x | 1.05x | 1.04x | 0.02x | 0.09x | 0.14x | 1.40x | 0.33x |
| Cash Conversion Cycle | 41.88 | 36.98 | 62.79 | 43.45 | 101.06 | 83.27 | -41.39 | - | 102.44 | 117.64 | 103.05 | 143.29 | 143.12 | 156.05 | 43.66 | 36.1 | 26.02 | 18.51 | -2.05 | -58.39 | - | - | - | -18.87 | -88.44 |
| Total Non-Current Liabilities | 7.33M | 8.02M | 8.84M | 9.04M | 9.33M | 9.91M | 9.84M | 2.07M | 7.27M | 2.28M | 2.56M | 2.83M | 2.94M | 2.95M | 3.04M | 0 | 0 | 18.34M | 5.48M | 0 | 13.76K | 23.85K | 9.6K | 2M | 1.1M |
| Long-Term Debt | 6.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.34M | 5.48M | 0 | 13.76K | 23.85K | 9.6K | 2M | 1.2M |
| Capital Lease Obligations | 30.87M | 8.02M | 8.84M | 9.04M | 9.33M | 9.91M | 9.84M | 2.07M | 2.3M | 2.28M | 2.56M | 2.83M | 2.94M | 2.95M | 3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -6.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Total Liabilities | 24.45M | 25.75M | 21.42M | 20.81M | 23.22M | 17.01M | 16.14M | 4.69M | 10.94M | 16.23M | 18.63M | 10.91M | 14.25M | 13.97M | 15.21M | 14.04M | 12.04M | 36.89M | 19.86M | 6.34M | 2.95M | 3.11M | 3.3M | 3M | 2.6M |
| Total Debt | 8.06M | 8.73M | 9.48M | 9.68M | 10.06M | 10.61M | 10.45M | 2.27M | 2.51M | 2.47M | 2.75M | 3.03M | 3.15M | 3.15M | 3.23M | 0 | 0 | 27.02M | 15.42M | 0 | 1.8M | 1.9M | 2.12M | 2M | 1.2M |
| Net Debt | 2.24M | -1.35M | -62.74M | -98.54M | -85.71M | -83.62M | -89.85M | -176.73M | -206.4M | -161.41M | -130.85M | -143.55M | -104.68M | -62.09M | -75.35M | -68.49M | -45.54M | -3.86M | 4.65M | -3.73M | 1.78M | 1.61M | 1.66M | 1.2M | 1M |
| Debt / Equity | 0.08x | 0.06x | 0.05x | 0.04x | 0.04x | 0.04x | 0.04x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | - | - | 0.52x | 0.58x | - | - | - | - | 0.77x | 0.52x |
| Debt / EBITDA | 1.65x | - | 0.58x | 0.22x | 0.39x | 1.68x | - | - | 0.08x | 0.03x | 0.04x | 0.06x | 0.06x | 0.07x | 0.05x | - | - | 0.76x | 0.70x | - | 0.36x | - | 25.52x | - | - |
| Net Debt / EBITDA | 0.46x | - | -3.86x | -2.27x | -3.31x | -13.26x | - | - | -6.38x | -2.20x | -1.74x | -2.75x | -1.85x | -1.40x | -1.21x | -0.85x | -0.92x | -0.11x | 0.21x | -0.65x | 0.35x | - | 19.97x | - | - |
| Interest Coverage | -654.69x | -622.36x | -552.72x | 138.12x | 40.17x | -68.84x | -157.09x | -516.71x | 71.37x | 275.62x | 235.18x | 119.54x | 138.22x | 98.71x | 209.79x | 65911.81x | 2447.18x | 510.18x | - | - | - | - | - | - | - |
| Total Equity | 107.46M | 143.71M | 205.25M | 271.62M | 286.64M | 277.02M | 263.11M | 293.85M | 376.56M | 349.46M | 338.11M | 312.07M | 295M | 264.22M | 243.11M | 192.69M | 134.38M | 52.47M | 26.47M | 3.54M | -2.76M | -2.73M | -2.74M | 2.6M | 2.3M |
| Equity Growth % | -109.26% | -29.98% | -24.44% | -5.24% | 3.47% | 5.29% | -10.46% | -21.96% | 7.75% | 3.36% | 8.34% | 5.79% | 11.65% | 8.68% | 26.17% | 43.39% | 156.12% | 98.23% | 646.84% | 228.47% | -1.22% | 0.66% | -205.52% | 13.04% | - |
| Book Value per Share | 79.39 | 133.97 | 196.67 | 270.56 | 273.72 | 287.05 | 277.97 | 313.92 | 402.00 | 74.95 | 73.33 | 79.49 | 75.98 | 75.35 | 70.11 | 55.57 | 43.77 | 21.06 | 54.75 | 8.20 | -12.31 | -12.16 | -169.75 | 1733.33 | 2300.00 |
| Total Shareholders' Equity | 107.46M | 143.71M | 205.25M | 271.62M | 286.64M | 277.02M | 263.11M | 293.85M | 376.56M | 349.46M | 338.11M | 312.07M | 295M | 264.22M | 243.11M | 192.69M | 134.38M | 52.47M | 26.47M | 3.54M | -2.76M | -2.73M | -2.74M | 2.6M | 2.3M |
| Common Stock | 691 | 24.62K | 24.62K | 24.48K | 24.38K | 24.14K | 23.9K | 23.52K | 23.52K | 23.52K | 23.14K | 19.46K | 19.38K | 19.28K | 17.37K | 17.37K | 17.27K | 49.83K | 49.83K | 27.02K | 26.73K | 26.63K | 26.63K | 0 | 0 |
| Retained Earnings | -3.71M | 37.36M | 96.29M | 184.76M | 174.7M | 175.62M | 184.04M | 209.84M | 274.4M | 271.85M | 235.63M | 201.56M | 183.69M | 162.72M | 147.72M | 116.77M | 65.49M | 35.04M | 12.65M | 2.02M | -14.16M | -14.13M | -14.14M | -8.9M | -7M |
| Treasury Stock | -1.37M | -1.37M | -1.37M | -1.37M | -510.33K | -510.33K | -510.33K | -554.87K | -554.87K | -577.14K | -599.44K | -561.73K | -500K | -500K | -500K | 0 | 0 | 0 | 0 | 0 | -268.35K | -268.35K | -268.35K | 0 | 0 |
| Accumulated OCI | 7.35M | 5.81M | 8.61M | -13.03M | 11.86M | 4.45M | -15.49M | -10.48M | 8.16M | -15.99M | 8.94M | 30.68M | 31.75M | 22.5M | 21.76M | 9.27M | 4.16M | 4.34M | 1.85M | 137.79K | -6.3M | -7.1M | -7.1M | -4M | -400K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory-induced asset impairment
According to recent financial filings, total assets have plummeted from $278.9 million in 2023Q3 to $131.9 million by 2025Q3, signaling a severe contraction in the company's resource base that appears directly linked to the ongoing cessation of core production activities within the Shandong brine fields.
The consistent decline in total assets suggests that the company is failing to replace or maintain the value of its core infrastructure. This downward trajectory implies that the firm is increasingly becoming a shell of its former self, with the balance sheet reflecting a business that is struggling to justify its continued existence as an industrial operator.
As reported in quarterly statements, the company's cash position has deteriorated from a peak of $115.3 million in 2023Q2 to a mere $5.8 million by 2025Q3, leaving the firm with a precarious current ratio of 0.92 that warrants significant concern regarding its near-term solvency.
The rapid depletion of cash reserves indicates that the company is burning through its liquidity to cover fixed costs while production remains stalled. Investors should monitor this trend closely, as the current cash runway appears insufficient to support prolonged regulatory shutdowns without further capital erosion or potential financing needs.
Based on the provided balance sheet data, net property, plant, and equipment have shifted from $148.7 million in 2023Q3 to a negative $8.0 million in 2025Q3, which suggests that the company is likely facing significant accounting adjustments or impairments related to its idle extraction infrastructure.
The transition to a negative net PPE value is highly unusual and may indicate that the carrying value of these assets has been completely written down or that accounting distortions are masking the true state of the firm's physical capital. This development implies that the company's core production assets may no longer hold the economic value previously attributed to them by the market.
Financial statements reveal that total equity has declined from $260.7 million in 2023Q3 to $107.5 million in 2025Q3, a trend driven by persistent net losses that have eroded the company's retained earnings and significantly weakened the overall quality of the shareholder base.
The consistent decline in equity highlights the impact of sustained operational losses on the company's book value. This erosion suggests that the firm is failing to generate internal value, and the shift from positive to negative retained earnings indicates that the company is effectively consuming its own capital to survive.
Quick answers to the most common questions about buying GURE stock.
As of 2024, Gulf Resources, Inc. (GURE) had total assets of $169.5M including $17.5M in current assets.
Gulf Resources, Inc. (GURE) carries total debt of $8.7M, offset by $10.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gulf Resources, Inc. (GURE) has total shareholders' equity (book value) of $143.7M ($133.97 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gulf Resources, Inc. (GURE) reported a current ratio of 0.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.