The company maintains a defensive financial position with a conservative 0.08 debt-to-equity ratio and a healthy 2.54 current ratio as of 2025Q4.
| Total Current Assets | 59.13M | 61.75M | 58.76M | 40.62M | 39.99M |
| Cash & Short-Term Investments | 29.82M | 23.66M | 11.8M | 8.53M | 15.68M |
| Cash Only | 10.16M | 5.81M | 4.57M | 6.26M | 8.32M |
| Short-Term Investments | 19.66M | 17.85M | 7.23M | 2.27M | 7.36M |
| Accounts Receivable | 19.81M | 23.54M | 32.04M | 19.14M | 16.17M |
| Days Sales Outstanding | 149.56 | 124.42 | 160.02 | 149.58 | 188.79 |
| Inventory | 3.65M | 5.4M | 7.88M | 3.24M | 1.59M |
| Days Inventory Outstanding | 33.5 | 37.14 | 52.56 | 35.6 | 26.16 |
| Other Current Assets | 272.53K | 1.7M | 87.73K | 51.77K | 7.01K |
| Total Non-Current Assets | 10.2M | 7.89M | 6.7M | 5.87M | 3.89M |
| Property, Plant & Equipment | 4.17M | 4.78M | 4.55M | 4.21M | 1.58M |
| Fixed Asset Turnover | 11.58x | 14.45x | 16.06x | 11.10x | 19.80x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 121.77K | 140.07K | 152.9K | 15.39K | 19.18K |
| Long-Term Investments | 5.29M | 1.76M | 1.67M | 1.56M | 2.29M |
| Other Non-Current Assets | 19.86K | 1.21M | 323.51K | 84.01K | 0 |
| Total Assets | 69.33M | 69.63M | 65.46M | 46.49M | 43.87M |
| Asset Turnover | 0.70x | 0.99x | 1.12x | 1.00x | 0.71x |
| Asset Growth % | -0.43% | 6.38% | 40.81% | 5.96% | - |
| Total Current Liabilities | 23.25M | 27.14M | 31.82M | 13.76M | 16.76M |
| Accounts Payable | 7.53M | 10.73M | 11.76M | 3.95M | 4.5M |
| Days Payables Outstanding | 69.07 | 73.85 | 78.46 | 43.46 | 73.83 |
| Short-Term Debt | 3.07M | 50.9K | 1.09M | 953.75K | 0 |
| Deferred Revenue (Current) | 1.28M | 2.29M | 1.47M | 489.75K | 3.68M |
| Other Current Liabilities | 981 | 995 | 14.03M | 225.36K | 245.9K |
| Current Ratio | 2.54x | 2.28x | 1.85x | 2.95x | 2.39x |
| Quick Ratio | 2.39x | 2.08x | 1.60x | 2.72x | 2.29x |
| Cash Conversion Cycle | 113.99 | 87.71 | 134.12 | 141.72 | 141.13 |
| Total Non-Current Liabilities | 5.2M | 2.04M | 1.88M | 3.09M | 1.09M |
| Long-Term Debt | 626.29K | 1.13M | 49.68K | 163.53K | 0 |
| Capital Lease Obligations | 626.29K | 602.74K | 650.01K | 321.48K | 0 |
| Deferred Tax Liabilities | 4.57M | 307.51K | 1.18M | 2.6M | 1.09M |
| Other Non-Current Liabilities | -626.29K | 0 | 0 | 0 | 0 |
| Total Liabilities | 23.88M | 29.18M | 33.7M | 16.84M | 17.84M |
| Total Debt | 3.78M | 1.85M | 1.85M | 1.54M | 101.58K |
| Net Debt | -6.38M | -3.96M | -2.72M | -4.72M | -8.22M |
| Debt / Equity | 0.08x | 0.05x | 0.06x | 0.05x | 0.00x |
| Debt / EBITDA | - | 0.23x | 0.15x | 0.18x | 0.02x |
| Net Debt / EBITDA | - | -0.49x | -0.22x | -0.55x | -1.28x |
| Interest Coverage | 11.81x | 144.38x | 182.92x | 182.75x | - |
| Total Equity | 45.46M | 40.46M | 31.76M | 29.64M | 26.03M |
| Equity Growth % | 12.36% | 27.38% | 7.13% | 13.88% | - |
| Book Value per Share | 2.73 | 2.40 | 1.88 | 1.76 | 1.54 |
| Total Shareholders' Equity | 45.43M | 39.79M | 30.81M | 28.59M | 25.52M |
| Common Stock | 17.02K | 15.5K | 15.5K | 15.5K | 15.5K |
| Retained Earnings | 38.21M | 37.34M | 29.37M | 18.77M | 13.23M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 678.99K | 829.62K | -181.16K | -1.94M | 527.06K |
| Minority Interest | 24.77K | 668.92K | 953.29K | 1.05M | 509.45K |
NOC CAPEX cycle dependency
According to recent financial filings, Leishen Energy's total assets have remained relatively stable at $69.3M as of 2025Q4, despite a 30% revenue decline, suggesting that the company is currently maintaining its capital base rather than aggressively downsizing in response to the ongoing cyclical downturn in demand.
The stability in total assets despite significant top-line pressure suggests that management is holding onto capacity, potentially in anticipation of a recovery in NOC capital expenditure. However, investors should monitor whether this asset retention leads to further impairment risks if the current revenue contraction persists into future periods.
As reported in the 2025Q4 balance sheet, Leishen Energy maintains a conservative debt-to-equity ratio of 0.08%, indicating that the company is almost entirely equity-financed and faces negligible immediate refinancing risk despite the broader sector-wide volatility and the recent contraction in core operational performance metrics.
This minimal debt load serves as a critical defensive mechanism, shielding the company from interest rate sensitivity and insolvency risks during this period of negative operating margins. While this capital structure is prudent, it also suggests that the company is not utilizing debt to fuel growth, which may limit its ability to pivot quickly if market conditions improve.
Based on the 2025Q4 financial statements, the company holds $10.2M in cash, which, when viewed alongside a current ratio of 2.54, suggests an adequate liquidity buffer to navigate the current period of negative operating cash flow without requiring immediate external financing or dilutive capital raises.
The current ratio of 2.54 indicates a strong ability to cover short-term obligations, though the fluctuation in cash balances from $18.8M in 2025Q2 to $10.2M in 2025Q4 warrants further investigation into the underlying cash burn rate. This liquidity profile appears sufficient for near-term survival, provided that working capital requirements do not continue to deteriorate.
As evidenced by the 2025Q4 balance sheet, equity has expanded to $45.4M, primarily supported by a steady accumulation of retained earnings totaling $38.2M, which suggests that historical profitability has been successfully reinvested into the business despite the recent challenges in maintaining consistent operational margins.
The growth in retained earnings provides a solid foundation for the company's book value, yet the recent stagnation in this metric suggests that the company's ability to generate new equity through operations is currently impaired. Investors should monitor whether future periods show a reversal in this trend as the company struggles with its current cost structure.
Quick answers to the most common questions about buying LSE stock.
As of 2025, Leishen Energy Holding Co., Ltd. (LSE) had total assets of $69.3M including $59.1M in current assets.
Leishen Energy Holding Co., Ltd. (LSE) carries total debt of $3.8M, offset by $29.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Leishen Energy Holding Co., Ltd. (LSE) has total shareholders' equity (book value) of $45.4M ($2.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Leishen Energy Holding Co., Ltd. (LSE) reported a current ratio of 2.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.