The company's financial stability appears vulnerable, highlighted by a debt-to-equity ratio that has spiked to 1.67 alongside a constrained equity base of only $1.5M.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 |
|---|
| Total Current Assets | 12.45M | 11.3M | 5.96M | 7.59M | 9.14M | 10.05M | 7.5M | 4.63M | 5.86M | 8.04M | 11.64M | 13.67M | 25.94M | 50.12M | 75.12M | 106.86M | 34.84M | 24.64M | 21.19M |
| Cash & Short-Term Investments | 3.98M | 2.59M | 1.67M | 2.57M | 4.27M | 4.83M | 2.83M | 1.36M | 3.42M | 3.58M | 6.03M | 4.81M | 12.65M | 36.27M | 56.06M | 83.62M | 13.52M | 13.71M | 11.12M |
| Cash Only | 3.98M | 2.59M | 1.67M | 2.57M | 4.27M | 4.83M | 2.83M | 1.36M | 3.42M | 3.58M | 6.03M | 4.81M | 12.65M | 36.27M | 47.23M | 83.62M | 13.52M | 13.71M | 11.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.83M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.65M | 3.59M | 416K | 793K | 880K | 865K | 1.33M | 703K | 282K | 1.11M | 900K | 2.05M | 2.17M | 2.27M | 4.92M | 5.48M | 7.69M | 2.96M | 3.63M |
| Days Sales Outstanding | 19.22 | 30.45 | 29.3 | 48.41 | 45.55 | 66.68 | 80.06 | 43.48 | 13.73 | 44.01 | 32.4 | 52.95 | 54.72 | 46.16 | 61.24 | 59 | 78.52 | 93.5 | 89.78 |
| Inventory | 4.88M | 4.78M | 3.57M | 4.02M | 3.78M | 3.94M | 2.48M | 2.08M | 1.82M | 2.95M | 4.07M | 5.92M | 9.21M | 10.5M | 13.02M | 16.22M | 11.36M | 7.56M | 6.25M |
| Days Inventory Outstanding | 69.89 | 42.96 | 315.86 | 295.26 | 244.28 | 388.17 | 201.82 | 139.5 | 83.68 | 117.75 | 98.45 | 118.71 | 130.37 | 117.33 | 136.12 | 201.1 | 211.16 | 250.46 | 195.39 |
| Other Current Assets | 1.94M | 345K | 301K | 207K | 82K | 90K | 85K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.81M | 4.29M | 5.18M | 5.86M | 6.91M | 8.19M | 7.08M | 7.03M | 8.39M | 9.63M | 10.6M | 24.85M | 31.68M | 35.58M | 52.41M | 71.47M | 49.06M | 26.16M | 22.55M |
| Property, Plant & Equipment | 3.4M | 3.85M | 3.89M | 4.6M | 5.72M | 6.88M | 5.85M | 5.88M | 7.21M | 8.28M | 8.81M | 20.78M | 27.06M | 30.47M | 46.64M | 51.8M | 31.93M | 24.68M | 21.15M |
| Fixed Asset Turnover | 9.23x | 11.16x | 1.33x | 1.30x | 1.23x | 0.69x | 1.04x | 1.00x | 1.04x | 1.11x | 1.15x | 0.68x | 0.54x | 0.59x | 0.63x | 0.65x | 1.12x | 0.47x | 0.70x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54K | 59K | 59K | 1.07M | 1.11M | 0 | 0 | 0 |
| Intangible Assets | 110K | 100K | 90K | 97K | 102K | 126K | 89K | 93K | 98K | 104K | 44K | 1.35M | 1.59M | 1.38M | 1.55M | 1.85M | 380K | 144K | 105K |
| Long-Term Investments | 1.53M | 242K | 969K | 974K | 922K | 1.01M | 952K | 894K | 914K | 992K | 1.37M | 2.01M | 2.2M | 2.27M | 1.82M | 15.58M | 15.96M | 714K | 714K |
| Other Non-Current Assets | 252K | 95K | 228K | 186K | 170K | 169K | 186K | 169K | 164K | 255K | 373K | 648K | 764K | 1.4M | 1.33M | 1.13M | 792K | 620K | 578K |
| Total Assets | 16.26M | 15.59M | 11.14M | 13.46M | 16.05M | 18.24M | 14.58M | 11.66M | 14.25M | 17.67M | 22.23M | 38.52M | 57.62M | 85.7M | 127.53M | 178.33M | 83.91M | 50.8M | 43.74M |
| Asset Turnover | 1.99x | 2.76x | 0.47x | 0.44x | 0.44x | 0.26x | 0.42x | 0.51x | 0.53x | 0.52x | 0.46x | 0.37x | 0.25x | 0.21x | 0.23x | 0.19x | 0.43x | 0.23x | 0.34x |
| Asset Growth % | 148.34% | 40% | -17.22% | -16.19% | -11.98% | 25.1% | 25.02% | -18.16% | -19.35% | -20.53% | -42.28% | -33.14% | -32.77% | -32.8% | -28.48% | 112.53% | 65.17% | 16.14% | - |
| Total Current Liabilities | 13.64M | 11.38M | 7.02M | 9.7M | 9.26M | 9.51M | 9M | 3.92M | 7.23M | 7.46M | 4.9M | 6.32M | 9.47M | 12.7M | 13.34M | 13.83M | 8.92M | 3.81M | 4.25M |
| Accounts Payable | 2.16M | 5.03M | 137K | 436K | 286K | 753K | 536K | 680K | 894K | 1.15M | 1.33M | 1.65M | 2.67M | 3.53M | 5.77M | 4.46M | 2.81M | 1.14M | 1.01M |
| Days Payables Outstanding | 53.73 | 45.22 | 12.11 | 32.01 | 18.46 | 74.24 | 43.69 | 45.54 | 41.15 | 45.76 | 32.1 | 33.07 | 37.86 | 39.49 | 60.32 | 55.36 | 52.3 | 37.6 | 31.47 |
| Short-Term Debt | 1.26M | 1.27M | 2.85M | 5.04M | 5.06M | 5.11M | 4.75M | 398K | 335K | 335K | 314K | 1.07M | 1.93M | 2.29M | 2.55M | 1.95M | 1.75M | 420K | 792K |
| Deferred Revenue (Current) | 12.46M | 796K | 344K | 346K | 346K | 293K | 648K | 680K | 3.7M | 3.76M | 995K | 495K | 1.13M | 280K | 197K | 932K | 0 | 0 | 0 |
| Other Current Liabilities | 2.31M | 2.66M | 2.2M | 2.1M | 2.08M | 2.01M | 2.23M | 1.97M | 1.24M | 1.35M | 1.74M | 2.4M | 2.55M | 3.34M | 3.62M | 3.1M | 0 | 0 | 0 |
| Current Ratio | 0.91x | 0.99x | 0.85x | 0.78x | 0.99x | 1.06x | 0.83x | 1.18x | 0.81x | 1.08x | 2.37x | 2.17x | 2.74x | 3.95x | 5.63x | 7.73x | 3.91x | 6.47x | 4.99x |
| Quick Ratio | 0.55x | 0.57x | 0.34x | 0.37x | 0.58x | 0.64x | 0.56x | 0.65x | 0.56x | 0.68x | 1.54x | 1.23x | 1.77x | 3.12x | 4.66x | 6.55x | 2.63x | 4.49x | 3.52x |
| Cash Conversion Cycle | 35.37 | 28.19 | 333.05 | 311.66 | 271.37 | 380.61 | 238.19 | 137.44 | 56.26 | 116 | 98.75 | 138.6 | 147.23 | 123.99 | 137.04 | 204.74 | 237.38 | 306.36 | 253.71 |
| Total Non-Current Liabilities | 1.11M | 1.43M | 1.87M | 2.56M | 3.3M | 4.11M | 3.02M | 5.95M | 2.01M | 2.39M | 5.69M | 2.84M | 4.26M | 6.51M | 5.34M | 6.55M | 3.79M | 3M | 0 |
| Long-Term Debt | 193K | 434K | 870K | 1.33M | 1.87M | 2.57M | 2.91M | 5.95M | 2.01M | 2.39M | 2.6M | 2.84M | 4.26M | 6.17M | 4.95M | 6.11M | 3.79M | 3M | 0 |
| Capital Lease Obligations | 3.91M | 996K | 997K | 1.23M | 1.44M | 1.54M | 106K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -339K | 4.95M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.76M | 12.81M | 8.89M | 12.26M | 12.56M | 13.61M | 12.01M | 9.87M | 9.25M | 9.85M | 10.59M | 9.15M | 13.72M | 19.21M | 18.68M | 20.38M | 12.71M | 6.8M | 4.25M |
| Total Debt | 2.5M | 2.85M | 4.82M | 7.74M | 8.51M | 9.31M | 7.86M | 6.35M | 2.35M | 2.73M | 2.91M | 3.91M | 6.19M | 8.46M | 7.5M | 8.06M | 5.54M | 3.42M | 792K |
| Net Debt | -1.47M | 256K | 3.14M | 5.17M | 4.23M | 4.48M | 5.03M | 4.99M | -1.07M | -856K | -3.12M | -901K | -6.46M | -27.81M | -39.72M | -75.56M | -7.98M | -10.3M | -10.33M |
| Debt / Equity | 1.67x | 1.02x | 2.14x | 6.48x | 2.43x | 2.01x | 3.06x | 3.55x | 0.47x | 0.35x | 0.25x | 0.13x | 0.14x | 0.13x | 0.07x | 0.05x | 0.08x | 0.08x | 0.02x |
| Debt / EBITDA | -1.15x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.35x | 53.36x | 0.27x |
| Net Debt / EBITDA | 0.68x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.50x | -160.94x | -3.55x |
| Interest Coverage | -34.63x | -7.01x | -7.22x | -8.37x | -6.39x | -6.70x | -0.53x | -17.76x | -109.11x | -119.38x | -407.17x | -140.07x | -295.51x | - | - | -418.93x | 385.14x | - | - |
| Total Equity | 1.5M | 2.78M | 2.25M | 1.19M | 3.5M | 4.63M | 2.57M | 1.79M | 5M | 7.82M | 11.64M | 29.37M | 43.89M | 66.49M | 108.85M | 157.95M | 71.2M | 44M | 39.49M |
| Equity Growth % | 40.84% | 23.61% | 88.36% | -65.87% | -24.38% | 80.14% | 43.62% | -64.26% | -36% | -32.86% | -60.36% | -33.09% | -33.99% | -38.91% | -31.09% | 121.84% | 61.83% | 11.41% | - |
| Book Value per Share | 0.18 | 0.36 | 0.36 | 0.24 | 0.77 | 1.11 | 0.65 | 0.50 | 1.41 | 2.21 | 3.97 | 10.23 | 15.60 | 24.07 | 39.71 | 72.17 | 17.11 | 10.57 | 9.49 |
| Total Shareholders' Equity | 1.5M | 2.78M | 2.2M | 1.15M | 3.45M | 4.59M | 2.52M | 1.74M | 5M | 7.82M | 11.6M | 29.3M | 43.91M | 66.52M | 107.82M | 156.38M | 71.2M | 44M | 39.49M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -191.16M | -189.81M | -188.68M | -186.65M | -183.96M | -181.21M | -178.36M | -177.82M | -174.25M | -171.27M | -167.18M | -145.9M | -132.63M | -108.16M | -64.43M | -14.97M | 1.13M | -9.7M | -6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.64M | 3.65M | 3.54M | 3.55M | 3.7M | 3.54M | 3.65M | 3.75M | 3.73M | 3.7M | 3.4M | 3.08M | 5.58M | 5.56M | 5.18M | 6.98M | -441K | -1.27M | 483K |
| Minority Interest | 0 | 0 | 48K | 43K | 45K | 39K | 46K | 47K | 0 | 0 | 39K | 70K | -14K | -23K | 1.03M | 1.57M | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, SemiLEDs' equity base has remained severely constrained, fluctuating near $1.5M as of 2026Q2, which underscores a persistent inability to build retained earnings and suggests that the company's financial trajectory is tethered to ongoing operational losses rather than value creation.
The persistent negative retained earnings balance, exceeding $190M, indicates that historical capital allocation has failed to generate sustainable returns. This trajectory suggests that the balance sheet is not strengthening, but rather surviving on minimal capital buffers that leave little room for strategic pivots.
Based on the most recent quarterly data, the current ratio of 0.91 indicates that SemiLEDs lacks sufficient liquid assets to cover its short-term obligations, a concerning trend that highlights the company's reliance on external financing or rapid inventory turnover to maintain basic operational continuity.
With cash reserves of only $4.0M against significant liabilities, the company appears to be operating with a razor-thin margin of safety. Investors should monitor whether this liquidity profile forces management to pursue dilutive equity offerings to fund ongoing working capital requirements.
According to the provided balance sheet figures, the debt-to-equity ratio has spiked to 1.67 as of 2026Q2, reflecting a shift toward higher leverage that may indicate a necessity-driven approach to funding operations rather than a strategic use of debt to enhance shareholder returns.
The increase in leverage, coupled with a shrinking equity base, suggests that the company's financial risk profile is intensifying. This reliance on debt in a loss-making environment warrants further investigation into the cost of capital and the potential for future refinancing difficulties.
As indicated by the financial statements, net PPE has remained relatively stagnant at $3.4M, suggesting that the company is not aggressively investing in its fabrication capacity, which may limit its ability to scale production or improve cost efficiencies in the competitive LED market.
The asset mix is heavily weighted toward current assets, which may be subject to rapid obsolescence given the nature of semiconductor inventory. The lack of significant growth in fixed assets implies that the company is prioritizing cash preservation over long-term infrastructure development.
Based on the latest quarterly data, the surge in deferred revenue to $6.3M represents a significant liability that requires future performance, potentially masking the true nature of the company's recent revenue growth and creating a future obligation that could strain cash flows if fulfillment costs escalate.
This deferred revenue balance may indicate that the company is collecting cash upfront for projects that have yet to be completed, which could lead to margin pressure if the cost of goods sold exceeds initial estimates. This non-obvious liability suggests that headline revenue figures may overstate the company's current operational health.
Quick answers to the most common questions about buying LEDS stock.
As of 2025, SemiLEDs Corporation (LEDS) had total assets of $15.6M including $11.3M in current assets.
SemiLEDs Corporation (LEDS) carries total debt of $2.8M, offset by $2.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SemiLEDs Corporation (LEDS) has total shareholders' equity (book value) of $2.8M ($0.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SemiLEDs Corporation (LEDS) reported a current ratio of 0.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.