The company has significantly improved its financial stability by reducing total debt to $4.4M as of 2025Q4, down from $13.0M in 2021Q4.
| Total Current Assets | 27.42M | 25.68M | 26.66M | 26.34M | 7.73M | 11.49M | 9M | 12.66M |
| Cash & Short-Term Investments | 9.93M | 5.74M | 5.14M | 6.56M | 1.11M | 550K | 843K | 1.48M |
| Cash Only | 9.93M | 5.74M | 5.09M | 6.56M | 1.11M | 550K | 843K | 1.48M |
| Short-Term Investments | 0 | 0 | 47K | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.6M | 4.49M | 4.78M | 5.63M | 3.22M | 9.23M | 4.84M | 7.41M |
| Days Sales Outstanding | 136.74 | 84.97 | 96.65 | 110.4 | 79.61 | 157.45 | 96.94 | 151.23 |
| Inventory | 9.2M | 12.64M | 14.07M | 11.89M | 2.56M | 1.38M | 3.1M | 3.44M |
| Days Inventory Outstanding | 231.25 | 327.66 | 375.87 | 321.45 | 75.17 | 32.51 | 85.2 | 89.6 |
| Other Current Assets | 56.99K | 2.81M | 2.63M | 2.25M | 50.44K | 147K | 0 | 0 |
| Total Non-Current Assets | 5.55M | 9.43M | 8.83M | 9.13M | 10.71M | 10.28M | 10.09M | 23.94M |
| Property, Plant & Equipment | 4.72M | 5.69M | 8.52M | 8.82M | 8.98M | 8.91M | 9.21M | 23.94M |
| Fixed Asset Turnover | 4.30x | 3.39x | 2.12x | 2.11x | 1.64x | 2.40x | 1.98x | 0.75x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 763.83K | 506K | 245K | 245K | 243K | 240K | 239K | 0 |
| Other Non-Current Assets | 0 | 3.16M | 74K | 245K | 1.32M | 960K | 445K | 0 |
| Total Assets | 32.98M | 35.11M | 35.49M | 35.47M | 18.44M | 21.76M | 19.09M | 36.6M |
| Asset Turnover | 0.62x | 0.55x | 0.51x | 0.53x | 0.80x | 0.98x | 0.95x | 0.49x |
| Asset Growth % | -6.09% | -1.07% | 0.08% | 92.33% | -15.27% | 14.03% | -47.85% | - |
| Total Current Liabilities | 10.06M | 10.07M | 13.76M | 13.8M | 9.45M | 9.62M | 8.29M | 10.13M |
| Accounts Payable | 1.86M | 605K | 1.4M | 1.78M | 1.92M | 2.44M | 1.76M | 2.24M |
| Days Payables Outstanding | 46.79 | 15.68 | 37.29 | 48.14 | 56.33 | 57.44 | 48.47 | 58.38 |
| Short-Term Debt | 1.15M | 1.33M | 4.24M | 6.2M | 6.98M | 5.65M | 5.87M | 6.38M |
| Deferred Revenue (Current) | 5.81M | 6.66M | 6.96M | 4.32M | 364K | 1.37M | 29K | 314.38K |
| Other Current Liabilities | 164.66K | 501K | -510K | 77K | 32K | -1.29M | 116K | 1.14M |
| Current Ratio | 2.73x | 2.55x | 1.94x | 1.91x | 0.82x | 1.19x | 1.09x | 1.25x |
| Quick Ratio | 1.81x | 1.29x | 0.91x | 1.05x | 0.55x | 1.05x | 0.71x | 0.91x |
| Cash Conversion Cycle | 321.19 | 396.95 | 435.24 | 383.71 | 98.45 | 132.52 | 133.67 | 182.44 |
| Total Non-Current Liabilities | 3.15M | 8.55M | 5.02M | 5.38M | 5.97M | 6.2M | 6.63M | 9.33M |
| Long-Term Debt | 2.87M | 7.47M | 3.74M | 3.98M | 4.42M | 4.86M | 5.31M | 5.99M |
| Capital Lease Obligations | 216.95K | 986K | 1.28M | 1.41M | 1.4M | 1.15M | 1.19M | 1.14M |
| Deferred Tax Liabilities | 66.98K | 100K | 0 | 0 | 151K | 188K | 131K | 2.2M |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 5.82M | 188K | 0 | 0 |
| Total Liabilities | 13.21M | 18.62M | 18.78M | 19.18M | 15.42M | 15.82M | 14.92M | 19.46M |
| Total Debt | 4.43M | 10.07M | 9.56M | 11.86M | 12.95M | 11.78M | 12.47M | 13.51M |
| Net Debt | -5.5M | 4.33M | 4.47M | 5.3M | 11.85M | 11.22M | 11.63M | 12.02M |
| Debt / Equity | 0.22x | 0.61x | 0.57x | 0.73x | 4.29x | 1.98x | 2.99x | 0.79x |
| Debt / EBITDA | 2.98x | 10.60x | 5.59x | 4.87x | 19.25x | 2.74x | 3.80x | 5.65x |
| Net Debt / EBITDA | -3.70x | 4.56x | 2.61x | 2.18x | 17.60x | 2.61x | 3.54x | 5.03x |
| Interest Coverage | 9.24x | 1.55x | 2.23x | 5.25x | 0.27x | 8.33x | 2.28x | 1.83x |
| Total Equity | 19.77M | 16.49M | 16.71M | 16.28M | 3.02M | 5.95M | 4.16M | 17.14M |
| Equity Growth % | 19.85% | -1.32% | 2.65% | 438.57% | -49.15% | 42.77% | -75.71% | - |
| Book Value per Share | 3.73 | 3.23 | 3.34 | 1.15 | 0.20 | 0.40 | 0.28 | - |
| Total Shareholders' Equity | 19.77M | 16.49M | 16.71M | 16.28M | 3.02M | 5.95M | 4.16M | 17.14M |
| Common Stock | 20.99K | 21K | 20K | 20K | 16K | 16K | 16K | 490.14K |
| Retained Earnings | 4.39M | 1.16M | 1.13M | 607K | -585K | 2.31M | 586K | 1.51M |
| Treasury Stock | -74.98K | -66K | -18K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -75.98K | -128K | -101K | -32K | -34K | -10K | -64K | 15.14M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-operating income dependency
As reported in financial statements, JCSE has successfully reduced its debt-to-equity ratio from a peak of 4.29 in 2021Q4 to a conservative 0.22 by 2025Q4, signaling a significant shift toward a more resilient capital structure despite ongoing volatility in core industrial machinery revenue streams.
The consistent reduction in leverage suggests management is prioritizing balance sheet preservation over aggressive debt-funded expansion. This trajectory provides a necessary buffer against the inherent lumpiness of project-based industrial contracts, though investors should monitor whether this conservatism reflects a lack of high-return reinvestment opportunities.
Based on JCSE's reported figures, total debt has been curtailed to $4.4M as of 2025Q4, representing a substantial improvement from the $13.0M debt load observed in 2021Q4, which effectively mitigates refinancing risks in the current interest rate environment and enhances the company's overall financial durability.
The current debt profile appears strategic, allowing the company to maintain operational flexibility without the burden of significant interest expenses. This low leverage is particularly important given the thin operating margins, as it ensures that cash flow is not diverted toward debt service during periods of cyclical downturn.
According to recent SEC filings, JCSE maintains a current ratio of 2.73 as of 2025Q4, supported by $9.9M in cash and equivalents, which offers a robust liquidity cushion against potential shocks in the labor-intensive service segment or delays in large-scale industrial machinery project payments.
The liquidity position appears healthy, providing the company with sufficient runway to navigate the volatility associated with its dual-segment business model. However, the concentration of cash relative to total assets warrants further investigation into whether these funds are readily accessible for operational needs or restricted by regulatory requirements.
Based on the provided financial data, the absence of goodwill as of 2025Q4, compared to the $9.1M reported in 2022Q4, suggests a significant cleanup of the balance sheet, yet the reliance on non-operating income remains a primary distortion that masks the underlying weakness of core operations.
The removal of goodwill from the balance sheet indicates a more transparent asset base, but it does not resolve the fundamental issue of core profitability. Investors should remain cautious, as the headline equity growth may be driven by accounting adjustments rather than the organic accumulation of retained earnings from core industrial activities.
Quick answers to the most common questions about buying JCSE stock.
As of 2025, JE Cleantech Holdings Limited (JCSE) had total assets of $33.0M including $27.4M in current assets.
JE Cleantech Holdings Limited (JCSE) carries total debt of $4.4M, offset by $9.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
JE Cleantech Holdings Limited (JCSE) has total shareholders' equity (book value) of $19.8M ($3.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
JE Cleantech Holdings Limited (JCSE) reported a current ratio of 2.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.