The company's financial position remains fragile, with total assets plummeting to $537.5 million from $3.6 billion in 2020, while maintaining a debt-to-equity ratio of 0.26 as of 2024Q4.
| Total Current Assets | 450.53M | 321.38M | 84.55M | 450.41M | 319.41M | 2.98B | 2.66B | 3.39B | 5.71B |
| Cash & Short-Term Investments | 141.43M | 54.35M | 40.69M | 141.43M | 162.91M | 112.49M | 416.4M | 196.18M | 341.04M |
| Cash Only | 135.71M | 46.36M | 28.57M | 135.71M | 153.67M | 112.49M | 416.4M | 196.18M | 5.76M |
| Short-Term Investments | 5.72M | 7.99M | 12.12M | 5.72M | 9.24M | 0 | 0 | 0 | 335.28M |
| Accounts Receivable | 933.94K | 265.18M | 9.29M | 230.66M | 143.78M | 2.56B | 284.38M | 408.26M | 5.35B |
| Days Sales Outstanding | 632.24 | 1.64K | 144.55 | 1.69K | 1.59K | 4.71K | 529.44 | 896.04 | 134.07K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 307.12M | 525K | 33M | 77.02M | 12.08M | 300.08M | 1.95B | 2.78B | 17.42M |
| Total Non-Current Assets | 86.93M | 633.98M | 418.38M | 86.9M | 164.06M | 245.3M | 408.79M | 208.67M | 183.52M |
| Property, Plant & Equipment | 69.59M | 293.14M | 274.45M | 69.57M | 133.99M | 125.54K | 155.28K | 0 | 0 |
| Fixed Asset Turnover | 1.27x | 0.20x | 0.09x | 0.72x | 0.25x | 1580.24x | 1262.55x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 58.67M | 58.67M | 0 | 0 |
| Intangible Assets | 278.98K | 119.31M | 119.26M | 278.9K | 310.91K | 35.03M | 40.41M | 0 | 0 |
| Long-Term Investments | 145.4M | 221.53M | 24.68M | 17.06M | 29.76M | 150.1M | 293.94M | 208.67M | 183.52M |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 1.37M | 15.61M | 0 | 0 |
| Total Assets | 537.46M | 955.36M | 502.93M | 537.31M | 483.46M | 3.22B | 3.07B | 3.59B | 5.89B |
| Asset Turnover | 0.18x | 0.06x | 0.05x | 0.09x | 0.07x | 0.06x | 0.06x | 0.05x | 0.00x |
| Asset Growth % | 472.29% | 89.96% | -6.4% | 11.14% | -84.99% | 5.02% | -14.68% | -39% | - |
| Total Current Liabilities | 159.29M | 166.97M | 162.64M | 159.25M | 139.5M | 107.11M | 135.78M | 2.3B | 5.77B |
| Accounts Payable | 203.18K | 5.49M | 1.59M | 68.98K | 492.85K | 10K | 14K | 6.58K | 125.69K |
| Days Payables Outstanding | 2.36 | 98.8 | 114.76 | 4.1 | 18.24 | 0.39 | 0.11 | 0.16 | 5 |
| Short-Term Debt | 98.79M | 147.5M | 83.37M | 65.54M | 119.57M | 0 | 0 | 2.23B | 0 |
| Deferred Revenue (Current) | 10.16M | 664K | 1.18M | 0 | 10.16M | 5.29M | 0 | 0 | 0 |
| Other Current Liabilities | 50.75M | 73.64M | 73.89M | 18.72M | 1.46M | 94.31M | 116.53M | -221.47M | 5.03B |
| Current Ratio | 2.83x | 1.92x | 0.52x | 2.83x | 2.29x | 27.78x | 19.58x | 1.48x | 0.99x |
| Quick Ratio | 2.83x | 1.92x | 0.52x | 2.83x | 2.29x | 27.78x | 19.58x | 1.48x | 0.99x |
| Cash Conversion Cycle | 629.87 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 184.74M | 181.53M | 0 | 1.03M | 11.08M | 38.08M | 25.27M | 0 |
| Long-Term Debt | 0 | 176.82M | 174.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 5.66M | 5.65M | 0 | 0 | 5.77M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 2.27M | 1.65M | 0 | 0 | 5.32M | 38.08M | 0 | 0 |
| Total Liabilities | 159.29M | 351.7M | 344.17M | 159.25M | 140.53M | 118.19M | 173.92M | 2.3B | 5.77B |
| Total Debt | 98.79M | 324.7M | 257.79M | 65.54M | 119.57M | 0 | 0 | 2.23B | 5.77B |
| Net Debt | -36.92M | 278.34M | 229.22M | -70.17M | -34.1M | -112.49M | -416.4M | 2.03B | 5.76B |
| Debt / Equity | 0.26x | 0.54x | 1.62x | 0.17x | 0.35x | - | - | 1.75x | 47.22x |
| Debt / EBITDA | 8.26x | 17.42x | 14.52x | 1.62x | 6.39x | - | - | 15.57x | 3980.40x |
| Net Debt / EBITDA | -3.09x | 14.93x | 12.91x | -1.73x | -1.82x | -6.39x | -3.20x | 14.20x | 3976.42x |
| Interest Coverage | - | 10.56x | 5.11x | - | 38.91x | - | - | - | - |
| Total Equity | 378.17M | 603.66M | 158.76M | 378.07M | 342.93M | 3.1B | 2.89B | 1.27B | 122.1M |
| Equity Growth % | 376.74% | 280.23% | -58.01% | 10.25% | -88.95% | 7.25% | 127.09% | 943.36% | - |
| Book Value per Share | 1.97 | 1.92 | 0.63 | 1.97 | 1.85 | 18.36 | 21.86 | 7.20 | 0.66 |
| Total Shareholders' Equity | 386.94M | 265.79M | 18.47M | 386.83M | 337.08M | 3.08B | 2.87B | 1.27B | 95M |
| Common Stock | 8K | 13K | 8K | 8K | 8K | 54.92K | 7K | 37.99K | 95M |
| Retained Earnings | 143.95M | 254.68M | 199.97M | 143.91M | 0 | 548.93M | 0 | 151.34M | 0 |
| Treasury Stock | -52.23M | -295.72M | -635.24M | -52.22M | -52.22M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -250.18M | -679.77M | -327.93M | -250.78M | 389.29M | 96.74M | 369.36M | 129.07M | 0 |
| Minority Interest | -8.77M | 337.87M | 140.29M | -8.76M | 5.85M | 19.73M | 25.22M | 0 | 27.11M |
Non-operating asset volatility
As reported in historical financial statements, AMTD Digital's total assets have plummeted from $3.6 billion in 2020 to $537.5 million by 2024Q4, indicating a significant reduction in the company's balance sheet scale and a potential shift in its underlying business model's capital intensity.
The dramatic decline in total assets suggests that the company's previous valuation peaks were likely supported by transient investment holdings rather than sustainable operational growth. Investors should monitor whether this contraction reflects a strategic divestment or a forced liquidation of assets to maintain liquidity.
Based on recent filings, the company's debt-to-equity ratio has fluctuated significantly, reaching 0.26 in 2024Q4, which suggests that management's approach to capital structure remains highly reactive to the company's shifting investment portfolio and liquidity requirements rather than a consistent long-term financing strategy.
While the current debt load appears manageable relative to equity, the historical volatility in debt levels indicates that the company may rely on external financing to bridge gaps in operational cash flow. This reliance warrants further investigation into the terms of these obligations and their potential impact on future solvency.
According to the 2024Q4 balance sheet, the company maintains a current ratio of 2.83, yet this figure appears potentially misleading given the historical volatility in cash positions and the significant reliance on non-operating income to sustain the firm's overall liquidity profile.
The current ratio suggests a superficial level of comfort, but the lack of consistent cash generation from core operations implies that this liquidity may be subject to rapid depletion. Analysts should remain cautious, as the company's ability to meet short-term obligations appears tethered to the fair value of its investment portfolio.
As indicated by the company's financial disclosures, equity has experienced massive swings, dropping from $3.1 billion in 2022 to $386.9 million in 2024Q4, which suggests that shareholder value is highly sensitive to the mark-to-market fluctuations of the company's underlying digital investment assets.
The erosion of equity over the past two years implies that the company's capital base is not anchored by stable retained earnings, but rather by volatile investment gains. This structure suggests that the book value of the company may not be a reliable indicator of long-term shareholder value.
Based on reported figures, the company's balance sheet is heavily distorted by the fair value of its digital investment portfolio, which appears to be the primary driver of asset fluctuations rather than core software-as-a-service operational assets or tangible infrastructure.
The presence of significant non-operating assets makes the balance sheet a poor proxy for the company's core software business health. Investors should be wary that the headline asset values may not be readily convertible to cash, potentially overstating the company's true financial resilience.
Quick answers to the most common questions about buying HKD stock.
As of 2026, AMTD Digital Inc. (HKD) had total assets of $955.4M including $321.4M in current assets.
AMTD Digital Inc. (HKD) carries total debt of $324.7M, offset by $54.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AMTD Digital Inc. (HKD) has total shareholders' equity (book value) of $265.8M ($1.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AMTD Digital Inc. (HKD) reported a current ratio of 1.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.