The company's financial structure is increasingly debt-dependent, with total debt rising to $6.5 billion and a debt-to-equity ratio of 0.69 as of 2025Q4.
| Total Current Assets | 11.03B | 6.84B | 6.1B | 9.05B | 12.41B | 9.54B | 4.15B | 4.73B |
| Cash & Short-Term Investments | 6.12B | 2.74B | 2.26B | 4.67B | 6.71B | 6.12B | 2.25B | 3.72B |
| Cash Only | 6.12B | 2.65B | 2.26B | 3.42B | 4.22B | 3.42B | 2.02B | 1.51B |
| Short-Term Investments | 0 | 90.42M | 0 | 1.25B | 2.49B | 2.69B | 225.43M | 2.21B |
| Accounts Receivable | 2.32B | 2.63B | 2.51B | 3.3B | 4.54B | 2.54B | 1.48B | 781.18M |
| Days Sales Outstanding | 88.41 | 123.28 | 129.92 | 147.07 | 183.06 | 140.95 | 136.47 | 128.54 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.59B | 202.63M | 314.89M | 205.93M | 378.09M | 337.9M | 29.54M | 11.48M |
| Total Non-Current Assets | 15.72B | 10.75B | 8.97B | 8.27B | 8.67B | 2.41B | 1.88B | 1.12B |
| Property, Plant & Equipment | 10.2B | 5.18B | 3.21B | 2.37B | 2.62B | 2.25B | 1.75B | 1.11B |
| Fixed Asset Turnover | 0.94x | 1.50x | 2.20x | 3.45x | 3.46x | 2.92x | 2.25x | 2.00x |
| Goodwill | 4.61B | 4.61B | 4.61B | 4.61B | 4.63B | 0 | 0 | 0 |
| Intangible Assets | 533.11M | 694.88M | 834.48M | 1.01B | 1.17B | 16.57M | 7.43M | 10.15M |
| Long-Term Investments | 234.32M | 234.18M | 259.93M | 273.58M | 207.17M | 126.58M | 114.88M | 5M |
| Other Non-Current Assets | 139.93M | 34.52M | 66.41M | 7.81M | 34.82M | 17.58M | 4.83M | 3.21M |
| Total Assets | 26.75B | 17.59B | 15.07B | 17.32B | 21.08B | 11.96B | 6.03B | 5.86B |
| Asset Turnover | 0.36x | 0.44x | 0.47x | 0.47x | 0.43x | 0.55x | 0.66x | 0.38x |
| Asset Growth % | 52.03% | 16.74% | -12.97% | -17.85% | 76.25% | 98.27% | 2.95% | - |
| Total Current Liabilities | 9.43B | 9.16B | 6.83B | 6.66B | 7.52B | 3.47B | 2.42B | 1.44B |
| Accounts Payable | 2.02B | 1.88B | 1.81B | 2.3B | 2.94B | 2.06B | 1.25B | 720.8M |
| Days Payables Outstanding | 91.34 | 106.31 | 106.31 | 108.41 | 123.15 | 120.72 | 115.97 | 108.78 |
| Short-Term Debt | 3.39B | 2.23B | 1.11B | 909.5M | 1.35B | 352.84M | 100M | 80.79M |
| Deferred Revenue (Current) | 0 | 492.18M | 438.12M | 428.72M | 387.44M | 191.36M | 79.61M | 39.04M |
| Other Current Liabilities | 3.95B | 36.38M | 73.55M | 98.95M | 71.93M | 54.31M | 30.34M | 46.51M |
| Current Ratio | 1.17x | 0.75x | 0.89x | 1.36x | 1.65x | 2.75x | 1.71x | 3.29x |
| Quick Ratio | 1.17x | 0.75x | 0.89x | 1.36x | 1.65x | 2.75x | 1.71x | 3.29x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 8B | 2.93B | 995.78M | 1.07B | 2.07B | 223.56M | 7.81B | 7.67B |
| Long-Term Debt | 3.03B | 1.66B | 100M | 0 | 0 | 0 | 74.35M | 174.35M |
| Capital Lease Obligations | 51.17M | 762.86M | 396.65M | 303.87M | 158.29M | 182.96M | 0 | 0 |
| Deferred Tax Liabilities | 61.95M | 101.68M | 142.56M | 167.05M | 205.89M | 29K | 206K | 383K |
| Other Non-Current Liabilities | 4.86B | 399.73M | 269.38M | 499.02M | 1.7B | 33.56M | 7.73B | 7.49B |
| Total Liabilities | 17.43B | 12.09B | 7.82B | 7.73B | 9.59B | 3.69B | 10.23B | 9.1B |
| Total Debt | 6.47B | 5.2B | 1.72B | 1.35B | 1.62B | 612.27M | 174.35M | 255.14M |
| Net Debt | 346.88M | 2.55B | -532.82M | -2.07B | -2.6B | -2.81B | -1.85B | -1.25B |
| Debt / Equity | 0.69x | 0.94x | 0.24x | 0.14x | 0.14x | 0.07x | - | - |
| Debt / EBITDA | 3.31x | 11.88x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.18x | 5.82x | - | - | - | - | - | - |
| Interest Coverage | -0.93x | -7.52x | -13.83x | -18.01x | -29.67x | -104.94x | -223.40x | -23.75x |
| Total Equity | 9.32B | 5.51B | 7.25B | 9.58B | 11.49B | 8.24B | -4.2B | -3.24B |
| Equity Growth % | 69.27% | -24.02% | -24.39% | -16.61% | 39.47% | 296.32% | -29.42% | - |
| Book Value per Share | 34.04 | 22.46 | 30.39 | 39.47 | 49.84 | 51.23 | -70.43 | -61.01 |
| Total Shareholders' Equity | 9.32B | 5.17B | 6.89B | 8.8B | 10.6B | 8.24B | -4.2B | -3.24B |
| Common Stock | 30.91M | 25.69M | 25.44M | 25.06M | 24.78M | 22.8M | 5.56M | 4.85M |
| Retained Earnings | -15.26B | -14.29B | -12.32B | -10.12B | -7.46B | -5.86B | -4.9B | -3.79B |
| Treasury Stock | -31.09M | -105.48M | -208.38M | -208.38M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 492.38M | 598.9M | 577.11M | 453.07M | -207.88M | -68.44M | 484.35M | 419.75M |
| Minority Interest | -3.99M | 337.28M | 355.75M | 782.48M | 888.47M | 61K | 0 | 0 |
High Infrastructure Capital Intensity
According to recent financial disclosures, Kingsoft Cloud's total assets surged to $26.7 billion by 2025Q4, representing a significant expansion from $14.1 billion in 2023Q3, though this growth trajectory appears heavily reliant on debt-funded infrastructure investment rather than organic equity accumulation or sustained operational profitability.
The rapid increase in the asset base suggests an aggressive push to scale infrastructure capacity, yet the persistent negative retained earnings of $15.3 billion indicate that this growth has not yet translated into a self-sustaining business model. Investors should monitor whether this asset-heavy trajectory will eventually yield the necessary economies of scale or if it merely compounds the firm's long-term depreciation burden.
Based on reported figures, Kingsoft Cloud's total debt has climbed to $6.5 billion as of 2025Q4, driving the debt-to-equity ratio to 0.69, which suggests that the company is increasingly utilizing external financing to fund its capital-intensive data center expansion and server hardware procurement requirements.
While the current leverage remains manageable relative to the total asset base, the upward trend in debt levels warrants caution given the company's ongoing inability to generate consistent net income. The reliance on debt to finance growth may introduce refinancing risks if the company fails to reach an inflection point in its operating margins in the near term.
As indicated in the latest balance sheet, net property, plant, and equipment (PPE) has grown to $10.2 billion, accounting for a substantial portion of the $26.7 billion total asset base, which underscores the company's fundamentally asset-heavy business model and its sensitivity to hardware depreciation cycles.
The concentration of capital in PPE suggests that Kingsoft Cloud is locked into a high-fixed-cost structure that requires constant reinvestment to remain competitive. This asset composition implies that any technological obsolescence or failure to optimize data center utilization could lead to significant impairment risks, potentially impacting the company's book value.
According to the 2025Q4 balance sheet, the company maintains a cash balance of $6.1 billion, providing a current ratio of 1.17, which appears to offer a sufficient liquidity buffer to cover immediate operational obligations despite the company's history of burning cash through aggressive capital expenditures.
The improvement in the current ratio from the 0.67 level observed in 2024Q3 suggests a temporary strengthening of the liquidity position, likely bolstered by recent financing activities. However, given the high capital intensity of the cloud business, this cash runway should be viewed as a strategic reserve rather than a sign of operational self-sufficiency.
Based on the reported financial statements, the company's accumulated deficit of $15.3 billion serves as a stark reminder of the long-term costs associated with market share acquisition, potentially obscuring the underlying economic viability of the core cloud services business model from a pure balance sheet perspective.
The persistent negative retained earnings suggest that the company has consistently prioritized growth over profitability, which may lead to future dilution if capital markets become less receptive to funding these losses. Investors should be wary of interpreting the current asset growth as a proxy for value creation, as the underlying equity remains heavily eroded by historical operating deficits.
Quick answers to the most common questions about buying KC stock.
As of 2025, Kingsoft Cloud Holdings Limited (KC) had total assets of $26.75B including $11.03B in current assets.
Kingsoft Cloud Holdings Limited (KC) carries total debt of $6.47B, offset by $6.12B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kingsoft Cloud Holdings Limited (KC) has total shareholders' equity (book value) of $9.32B ($34.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kingsoft Cloud Holdings Limited (KC) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.