The company maintains a conservative debt profile with a debt-to-equity ratio of 0.00, yet total assets remain vulnerable to volatility, including significant fluctuations in goodwill that reached $266.7M in 2025Q3.
Intchains Group Limited (ICG) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 550.96M | 582.38M | 720.9M | 777.52M | 831.98M | 607.36M | 43.25M | 38.13M |
| Cash & Short-Term Investments | 461.12M | 475.09M | 520.81M | 688.35M | 712.23M | 502.42M | 19.63M | 4.04M |
| Cash Only | 306.71M | 226.81M | 322.25M | 585.17M | 712.23M | 502.42M | 19.63M | 4.04M |
| Short-Term Investments | 154.41M | 248.29M | 198.56M | 103.17M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 28.36M | 13.83M | 3.46M | 0 | 8.32M | 6M |
| Days Sales Outstanding | - | - | 36.73 | 61.41 | 2.67 | - | 55.63 | 61.09 |
| Inventory | 33.82M | 52.18M | 98.61M | 41.77M | 77.78M | 66.82M | 9.48M | 22.42M |
| Days Inventory Outstanding | 188.32 | 95.56 | 275.92 | 208.42 | 326.25 | 214.02 | 148.32 | 276.67 |
| Other Current Assets | 2.45M | 55.1M | 32.01M | 214K | 38.51M | 38.12M | 32K | 5.67M |
| Total Non-Current Assets | 311.97M | 433.66M | 368.61M | 201.73M | 121.15M | 3.9M | 645K | 1.08M |
| Property, Plant & Equipment | 138.81M | 142.77M | 157.34M | 163.78M | 8.29M | 3.9M | 645K | 1.08M |
| Fixed Asset Turnover | 0.68x | 1.50x | 1.79x | 0.50x | 57.12x | 162.09x | 84.66x | 33.13x |
| Goodwill | 0 | 11.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.73M | 0 | 3.55M | 4.07M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 252.91M | 209.23M | 20.57M | 20M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 107.21M | 8.35M | 187.15M | 990K | 112.86M | 0 | 0 | 0 |
| Total Assets | 862.92M | 1.02B | 1.09B | 979.25M | 953.13M | 611.26M | 43.9M | 39.21M |
| Asset Turnover | 0.10x | 0.21x | 0.26x | 0.08x | 0.50x | 1.03x | 1.24x | 0.91x |
| Asset Growth % | -20.41% | -6.74% | 11.26% | 2.74% | 55.93% | 1292.42% | 11.96% | - |
| Total Current Liabilities | 33.96M | 42.82M | 76.44M | 28.16M | 19.2M | 31.6M | 9.66M | 18.4M |
| Accounts Payable | 204K | 3.03M | 14.85M | 195K | 2.9M | 6.58M | 621K | 180K |
| Days Payables Outstanding | 7.02 | 5.54 | 41.54 | 0.97 | 12.18 | 21.09 | 9.72 | 2.22 |
| Short-Term Debt | 0 | 542.34K | 0 | 0 | 0 | 0 | 0 | 10.98M |
| Deferred Revenue (Current) | 68.45M | 16.47M | 37.45M | 9.83M | 6K | 3M | 0 | 0 |
| Other Current Liabilities | 2K | 22.73M | 4.41M | 3.27M | 11.35M | 3.52M | 2.63M | 6.22M |
| Current Ratio | 16.22x | 13.60x | 9.43x | 27.61x | 43.34x | 19.22x | 4.48x | 2.07x |
| Quick Ratio | 15.23x | 12.38x | 8.14x | 26.12x | 39.29x | 17.11x | 3.50x | 0.85x |
| Cash Conversion Cycle | 181.3 | - | 271.11 | 268.85 | 316.74 | - | 194.24 | 335.54 |
| Total Non-Current Liabilities | 0 | 558.35K | 0 | 761K | 336K | 1.27M | 46K | 466K |
| Long-Term Debt | 0 | 558.35K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 558.35K | 558.35K | 0 | 761K | 294K | 1.27M | 0 | 239K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 42K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -558.35K | 0 | 0 | 42K | 0 | 46K | 227K |
| Total Liabilities | 33.96M | 43.37M | 76.44M | 28.93M | 19.53M | 32.86M | 9.71M | 18.86M |
| Total Debt | 91K | 1.66M | 272K | 1.86M | 1.27M | 2.2M | 239K | 11.55M |
| Net Debt | -306.62M | -225.15M | -321.98M | -583.31M | -710.97M | -500.22M | -19.39M | 7.51M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.57x |
| Debt / EBITDA | -0.00x | - | 0.03x | - | 0.00x | 0.00x | 0.03x | - |
| Net Debt / EBITDA | 1.31x | - | -39.56x | - | -2.19x | -1.12x | -2.22x | - |
| Interest Coverage | - | - | 897.02x | -572.40x | 5029.18x | 2285.99x | 50.09x | -19.55x |
| Total Equity | 828.96M | 972.66M | 1.01B | 950.33M | 933.6M | 578.4M | 34.19M | 20.35M |
| Equity Growth % | -8.58% | -3.99% | 6.6% | 1.79% | 61.41% | 1591.56% | 68.06% | - |
| Book Value per Share | 27.31 | 32.18 | 33.77 | 15.92 | 14.96 | 9.67 | 0.57 | 0.34 |
| Total Shareholders' Equity | 828.96M | 972.66M | 1.01B | 950.33M | 933.6M | 578.4M | 34.19M | 20.35M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K |
| Retained Earnings | 565.64M | 710.5M | 814.05M | 713.96M | 741.54M | 390.14M | -16.32M | -24.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5.51M | 50.75M | 3.78M | 50.1M | 47.48M | 43.67M | 0 | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ICG stock.
As of 2025, Intchains Group Limited (ICG) had total assets of $1.02B including $582.4M in current assets.
Intchains Group Limited (ICG) carries total debt of $1.7M, offset by $475.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Intchains Group Limited (ICG) has total shareholders' equity (book value) of $972.7M ($32.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Intchains Group Limited (ICG) reported a current ratio of 13.60x. 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 inventory obsolescence risk
Asset Base Erosion Amid Contraction
As reported in recent financial filings, ICG's total assets have remained relatively stagnant at $1.0B, yet the underlying composition has shifted toward less liquid forms, signaling a weakening balance sheet trajectory as the firm struggles to convert its capital base into sustainable operational growth.
The stability in total assets masks a concerning trend where the company is consuming cash to offset operating losses rather than reinvesting in productive capacity. This trajectory suggests that the firm is effectively shrinking in real terms, as the lack of asset growth fails to keep pace with the rapid technological turnover required in the ASIC sector.
Cash Reserves Funding Operational Burn
Based on the latest quarterly data, ICG's cash position has declined significantly from $703.6M in 2023Q3 to $226.8M in 2025Q4, reflecting a persistent cash burn that warrants close monitoring as the company navigates a period of severe operational distress and negative margins.
While the current ratio of 13.60 appears superficially robust, it is heavily distorted by the rapid depletion of cash relative to the company's fixed cost obligations. Investors should interpret this liquidity buffer as a finite runway that is being consumed to sustain a business model currently unable to generate positive operating cash flow.
Equity Quality Diluted by Losses
According to the company's balance sheet disclosures, retained earnings have fluctuated significantly, currently sitting at $710.5M, which indicates that past profitability is being eroded by recent net losses, thereby reducing the overall quality and stability of the shareholder equity base over the last ten quarters.
The decline in retained earnings from the 2025Q3 peak of $840.8M highlights the impact of recent operational failures on the firm's book value. This trend suggests that the equity base is increasingly vulnerable to further impairment if the company cannot stabilize its core ASIC design business and reverse the current trend of negative net margins.
Hidden Risks in Asset Valuation
As indicated by the provided financial statements, the volatility in goodwill—which spiked to $266.7M in 2025Q3 before dropping to $12.0M—suggests potential accounting distortions or aggressive impairment cycles that make the headline asset values potentially misleading for fundamental valuation purposes.
The dramatic swings in intangible assets imply that the balance sheet may be subject to significant non-cash adjustments that mask the true economic health of the firm. Analysts should be wary of these fluctuations, as they may indicate that the company's reported net asset value is highly sensitive to subjective management estimates rather than tangible, realizable value.