The company maintains a robust liquidity profile with a current ratio of 3.55 and minimal debt, as evidenced by a debt-to-equity ratio of only 0.01.
| Total Current Assets | 1.26B | 1.3B | 1.34B | 1.38B | 1.25B | 1.02B | 1.02B | 163.06M | 57.33M |
| Cash & Short-Term Investments | 1.1B | 1.15B | 1.17B | 1.21B | 1.05B | 855.36M | 861.68M | 104.88M | 6.12M |
| Cash Only | 605.14M | 1.15B | 1.12B | 1.21B | 1.05B | 855.36M | 861.68M | 104.88M | 6.12M |
| Short-Term Investments | 495M | 0 | 45.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 57.77M | 51.42M | 54.08M | 62.64M | 81.9M | 58.98M | 78.29M | 20.98M | 13.62M |
| Days Sales Outstanding | 24.95 | 23.25 | 21.4 | 22.46 | 30.33 | 22.79 | 53.72 | 35.03 | 37.71 |
| Inventory | 20.66M | 21.4M | 23.48M | 16.52M | 19.13M | 28.05M | 16.87M | 20.66M | 29.63M |
| Days Inventory Outstanding | 25.79 | 30.11 | 30.38 | 20.31 | 23.72 | 36.04 | 37 | 89.62 | 164.22 |
| Other Current Assets | 85.22M | 74.53M | 69.2M | 72.5M | 102.77M | 72.85M | 64.62M | 14.09M | 7.64M |
| Total Non-Current Assets | 71.29M | 70.02M | 83.82M | 68.06M | 79.61M | 85.64M | 25.48M | 5.25M | 1.27M |
| Property, Plant & Equipment | 14.93M | 14.16M | 18.36M | 9.82M | 21.99M | 50.52M | 12.91M | 2.49M | 660K |
| Fixed Asset Turnover | 62.33x | 57.00x | 50.23x | 103.71x | 44.82x | 18.70x | 41.20x | 87.92x | 199.80x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 14.92M | 17.65M | 16.43M | 23.25M | 24.87M | 27.29M | 11.79M | 103K | 136K |
| Long-Term Investments | 105.33M | 26.35M | 26.33M | 26.33M | 26.33M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 15.11M | 11.87M | 22.7M | 8.66M | 6.42M | 7.83M | 784K | 2.66M | 478K |
| Total Assets | 1.34B | 1.37B | 1.42B | 1.45B | 1.33B | 1.1B | 1.05B | 168.31M | 58.6M |
| Asset Turnover | 0.64x | 0.59x | 0.65x | 0.70x | 0.74x | 0.86x | 0.51x | 1.30x | 2.25x |
| Asset Growth % | -3.71% | -3.55% | -2.13% | 8.78% | 21.12% | 5.15% | 522.02% | 187.23% | - |
| Total Current Liabilities | 355.69M | 364.21M | 447.54M | 490.76M | 561.05M | 482.93M | 399.22M | 182.76M | 122.33M |
| Accounts Payable | 21.2M | 25.1M | 30.23M | 22.14M | 24.21M | 30.54M | 21.55M | 10.3M | 13.13M |
| Days Payables Outstanding | 32.76 | 35.32 | 39.12 | 27.22 | 30.02 | 39.23 | 47.25 | 44.68 | 72.8 |
| Short-Term Debt | 0 | 2.17M | 0 | 0 | 0 | 0 | 0 | 0 | 61.82M |
| Deferred Revenue (Current) | 791.18M | 220.05M | 283.25M | 318.59M | 379.06M | 302.98M | 268.61M | 71.83M | 28.15M |
| Other Current Liabilities | 0 | 116.89M | 5.82M | 4.91M | 5.17M | 7.36M | 3.34M | 70.96M | 29.94M |
| Current Ratio | 3.55x | 3.57x | 2.98x | 2.82x | 2.23x | 2.10x | 2.56x | 0.89x | 0.47x |
| Quick Ratio | 3.49x | 3.51x | 2.93x | 2.78x | 2.20x | 2.04x | 2.52x | 0.78x | 0.23x |
| Cash Conversion Cycle | 17.98 | 18.05 | 12.66 | 15.55 | 24.03 | 19.6 | 43.46 | 79.97 | 129.13 |
| Total Non-Current Liabilities | 10.01M | 9.21M | 11.25M | 1.93M | 2.89M | 9.58M | 5.07M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 32.58M | 9.21M | 11.25M | 1.93M | 2.89M | 9.58M | 5.07M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 365.7M | 373.42M | 458.8M | 492.69M | 563.95M | 492.51M | 404.29M | 182.76M | 122.33M |
| Total Debt | 12.28M | 11.38M | 14.91M | 3.86M | 9.02M | 34.25M | 6.61M | 0 | 61.82M |
| Net Debt | -592.86M | -1.14B | -1.11B | -1.21B | -1.04B | -821.12M | -855.07M | -104.88M | 55.7M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.00x | 0.01x | 0.06x | 0.01x | - | - |
| Debt / EBITDA | 0.10x | 0.15x | 0.17x | 0.02x | 0.07x | - | - | - | - |
| Net Debt / EBITDA | -4.95x | -15.31x | -12.95x | -7.05x | -8.50x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 969.39M | 995.8M | 960.85M | 957.8M | 769.45M | 608.37M | 642.65M | -14.45M | -63.73M |
| Equity Growth % | 13% | 3.64% | 0.32% | 24.48% | 26.48% | -5.33% | 4547.73% | 77.33% | - |
| Book Value per Share | 90.63 | 93.03 | 88.57 | 87.47 | 71.19 | 57.04 | 70.98 | -1.35 | -5.98 |
| Total Shareholders' Equity | 969.39M | 995.8M | 960.85M | 957.8M | 769.45M | 608.37M | 642.65M | -14.45M | -63.73M |
| Common Stock | 185K | 186.12K | 185K | 185K | 185K | 185K | 184K | 158K | 111K |
| Retained Earnings | 16.3M | 53.26M | -42.1M | -140.46M | -321.17M | -423.02M | -385.97M | -348.5M | -72.9M |
| Treasury Stock | -38.12M | -43.51M | -26.3M | -16.66M | -7.12M | -164K | 0 | 0 | 0 |
| Accumulated OCI | 30.85M | 24.61M | 32.4M | 26.12M | 18.46M | -34.68M | -21.86M | 0 | -532K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital deployment and demographic headwinds
As reported in recent financial filings, iHuman maintains a fortress-like balance sheet with total assets of $1.3 billion, yet the persistent decline in retained earnings suggests that the company's core operational trajectory remains challenged by broader market saturation and demographic headwinds in the Chinese education sector.
The company's ability to preserve its asset base despite revenue contraction highlights a conservative financial posture. However, the ongoing erosion of retained earnings indicates that the business model is struggling to generate sufficient organic growth to offset its fixed cost structure.
Based on the latest quarterly data, iHuman holds a substantial cash position of $605.1 million, which, while providing a robust current ratio of 3.55, raises questions regarding management's inability to effectively deploy this capital to reverse the company's current top-line revenue decline.
The high liquidity buffer serves as a significant safety net against regulatory or market shocks, yet it also acts as a drag on return on equity. Investors should monitor whether this cash pile remains idle or if management eventually pivots toward more aggressive capital allocation strategies.
According to historical balance sheet disclosures, deferred revenue has trended downward to $240.0 million in 2025Q2, which serves as a leading indicator of potential future revenue weakness and suggests that the company's subscription-based model is facing increasing pressure from a shrinking addressable market.
The decline in unearned revenue suggests that new subscription intake is failing to keep pace with the recognition of existing contracts. This trend warrants further investigation into whether the company's edutainment offerings are losing their competitive edge in the domestic Chinese market.
As indicated by the company's financial statements, the shift in retained earnings from a deep deficit of $267.5 million in 2023Q1 to a positive $16.3 million in 2025Q2 reflects a significant accounting turnaround, though this improvement appears largely disconnected from the company's underlying operational growth.
The improvement in equity quality is a positive development, yet it may be influenced by non-operating factors rather than core business expansion. Analysts should remain cautious about the sustainability of this trend given the ongoing revenue contraction and the lack of clear catalysts for future growth.
Quick answers to the most common questions about buying IH stock.
As of 2025, iHuman Inc. (IH) had total assets of $1.37B including $1.30B in current assets.
iHuman Inc. (IH) carries total debt of $11.4M, offset by $1.15B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
iHuman Inc. (IH) has total shareholders' equity (book value) of $995.8M ($93.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
iHuman Inc. (IH) reported a current ratio of 3.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.