Financial leverage has intensified significantly, with the debt-to-equity ratio climbing to 0.90 in 2024Q4 from 0.29 in 2022Q4, reflecting increased reliance on debt amid equity erosion.
| Total Current Assets | 236.27M | 34.2M | 236.27M | 244.88M | 329.55M | 301.11M | 479.86M | 60.34M | 23.89M | 59.96M | 11.2M | 5.14M |
| Cash & Short-Term Investments | 220.72M | 12.79M | 220.72M | 227.04M | 246.76M | 199.41M | 203.56M | 44.73M | 7.71M | 47.82M | 9.02M | 4.05M |
| Cash Only | 220.72M | 12.79M | 220.72M | 227.04M | 246.76M | 199.41M | 203.56M | 24.72M | 2.65M | 35.42M | 9.02M | 4.05M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.01M | 5.06M | 12.4M | 0 | 0 |
| Accounts Receivable | 14.24M | 13.5M | 14.24M | 14.63M | 28.26M | 490.04K | 5.2M | 1.25M | 938.37K | 11.41M | 1.16M | 661.42K |
| Days Sales Outstanding | 16.05 | 1.15K | 158.47 | 105.1 | 249.46 | 5.19 | 73.88 | 34.01 | 0.8 | 31.95 | 3.65 | 2.43 |
| Inventory | 0 | 0 | 0 | 886.89K | 1.16M | 227.6K | 1.58M | 1.17M | 542.63K | 430.98K | 304.99K | 216.81K |
| Days Inventory Outstanding | 2.08 | - | - | 6.91 | 10.51 | 4.79 | 53.55 | 89.59 | 0.74 | 2.1 | 1.58 | 1.25 |
| Other Current Assets | 262.58K | 1.42M | 262.58K | 362.4K | 6.31M | 100.02M | 269.49M | 13.19M | 14.7M | 7 | 7 | 6 |
| Total Non-Current Assets | 234.35M | 282.92M | 234.35M | 189.09M | 279.37M | 231.62M | 243.18M | 242.94M | 242.31M | 246.31M | 200.36M | 145.49M |
| Property, Plant & Equipment | 199.16M | 196.98M | 199.16M | 154.02M | 167.71M | 165.06M | 163.97M | 204.25M | 202.68M | 186.77M | 144.89M | 102.98M |
| Fixed Asset Turnover | 0.51x | 0.02x | 0.16x | 0.33x | 0.25x | 0.21x | 0.16x | 0.07x | 2.11x | 0.70x | 0.80x | 0.97x |
| Goodwill | 0 | 0 | 0 | 0 | 70.37M | 26.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 34.09M | 130.98K | 34.09M | 35.07M | 36.04M | 37.02M | 37.73M | 38.68M | 39.63M | 0 | 0 | 0 |
| Long-Term Investments | 268.89M | 45M | 0 | 0 | 274.12M | 228.73M | 0 | 0 | 0 | 18.95M | 13.98M | 106.9K |
| Other Non-Current Assets | 1.1M | 40.81M | 1.1M | 4.92M | -274.12M | -228.73M | 41.48M | 0 | 0 | 40.59M | 41.49M | 42.4M |
| Total Assets | 470.62M | 317.12M | 470.62M | 433.97M | 608.93M | 532.73M | 723.04M | 303.28M | 266.2M | 306.26M | 211.56M | 150.62M |
| Asset Turnover | 0.17x | 0.01x | 0.07x | 0.12x | 0.07x | 0.06x | 0.04x | 0.04x | 1.61x | 0.43x | 0.55x | 0.66x |
| Asset Growth % | -45.09% | -32.62% | 8.44% | -28.73% | 14.3% | -26.32% | 138.41% | 13.93% | -13.08% | 44.76% | 40.46% | - |
| Total Current Liabilities | 112.72M | 124.35M | 112.72M | 103.19M | 134.09M | 413.66M | 355.16M | 130.42M | 140.24M | 179.83M | 126.19M | 99.94M |
| Accounts Payable | 388.49K | 4.02M | 388.49K | 1.5M | 2.53M | 6M | 6.16M | 9.26M | 12.34M | 4.62M | 5.51M | 5.79M |
| Days Payables Outstanding | 4.38 | 246.87 | 3.96 | 11.72 | 22.85 | 126.23 | 209.23 | 709.52 | 16.75 | 22.52 | 28.58 | 33.36 |
| Short-Term Debt | 84M | 94.54M | 84M | 75.25M | 64.83M | 77M | 24.9M | 83.6M | 85.56M | 85.67M | 44.34M | 37.47M |
| Deferred Revenue (Current) | 30.94M | 7.8M | 5.6M | 6.51M | 9.7M | 1.39M | 18.34M | 17.73M | 16.89M | 15.97M | 13.85M | 10.07M |
| Other Current Liabilities | 3.75M | 15.98M | 3.75M | 4.1M | 48.29M | 325.83M | 300.33M | 6.37M | 7.48M | 65.07M | 54.21M | 34.71M |
| Current Ratio | 2.10x | 0.28x | 2.10x | 2.37x | 2.46x | 0.73x | 1.35x | 0.46x | 0.17x | 0.33x | 0.09x | 0.05x |
| Quick Ratio | 2.10x | 0.28x | 2.10x | 2.36x | 2.45x | 0.73x | 1.35x | 0.45x | 0.17x | 0.33x | 0.09x | 0.05x |
| Cash Conversion Cycle | 13.75 | - | - | 100.29 | 237.12 | -116.25 | -81.8 | -585.92 | -15.21 | 11.54 | -23.35 | -29.68 |
| Total Non-Current Liabilities | 212.4M | 39.46M | 212.4M | 173.68M | 221.34M | 84.39M | 412.59K | 1.71M | 2.05M | 21.38M | 37.07M | 40.92M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 1.25M | 0 | 0 | 0 | 0 | 19.22M | 35M | 39.81M |
| Capital Lease Obligations | 40.33M | 38.46M | 38.35M | 0 | 3.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 174.05M | 1M | 174.05M | 173.68M | 216.53M | 0 | 0 | 0 | 0 | 0 | 0 | 6 |
| Total Liabilities | 325.12M | 163.82M | 325.12M | 276.87M | 355.44M | 413.66M | 355.57M | 132.13M | 142.29M | 201.21M | 163.26M | 140.85M |
| Total Debt | 131.56M | 133M | 131.56M | 77.72M | 73.5M | 77M | 24.9M | 83.6M | 85.56M | 104.89M | 79.34M | 77.27M |
| Net Debt | -89.16M | 120.21M | -89.16M | -149.32M | -173.26M | -122.41M | -178.66M | 58.88M | 82.91M | 69.48M | 70.31M | 73.22M |
| Debt / Equity | 0.90x | 0.87x | 0.90x | 0.49x | 0.29x | 0.65x | 0.07x | 0.49x | 0.69x | 1.00x | 1.64x | 7.91x |
| Debt / EBITDA | -1.08x | - | - | - | - | 19.52x | 2.57x | 7.39x | 0.85x | 2.00x | 1.98x | 2.44x |
| Net Debt / EBITDA | 0.74x | - | - | - | - | -31.03x | -18.43x | 5.20x | 0.82x | 1.32x | 1.76x | 2.31x |
| Interest Coverage | -11.28x | -10.53x | -8.95x | -23.84x | -6.56x | -0.54x | 5.48x | 3.79x | 14.36x | 10.45x | 10.28x | 8.61x |
| Total Equity | 145.5M | 153.3M | 145.5M | 157.1M | 253.49M | 119.06M | 367.47M | 171.15M | 123.91M | 105.05M | 48.3M | 9.77M |
| Equity Growth % | 20.3% | 5.37% | -7.38% | -38.03% | 112.9% | -67.6% | 114.71% | 38.12% | 17.95% | 117.49% | 394.27% | - |
| Book Value per Share | 124.71 | 80.19 | 124.71 | 199.91 | 380.23 | 178.59 | 678.40 | 342.29 | 247.82 | 1575.75 | 724.53 | 146.59 |
| Total Shareholders' Equity | 146.14M | 153.3M | 146.14M | 157.41M | 252.94M | 119.06M | 367.47M | 171.15M | 123.91M | 105.05M | 48.3M | 9.77M |
| Common Stock | 81.09K | 1.4M | 81.09K | 81.09K | 45.2K | 45.2K | 45.2K | 0 | 0 | 11.33M | 11.2M | 11.19M |
| Retained Earnings | -269.95M | -392.1M | -269.95M | -245.32M | -118.28M | -110.26M | 135.31M | 109.14M | 72.51M | 67.94M | 24.07M | -4.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 72.91M | 67.2M | 72.91M | 69.1M | 65.72M | 47.43M | 50.26M | 50.81M | 40.2M | 25.78M | 13.03M | 3M |
| Minority Interest | -640.95K | 0 | -640.95K | -310.59K | 548.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion from operations
As reported in recent financial filings, LXEH's total assets have declined from a peak of $608.9M in 2022Q4 to $470.6M by 2024Q4, reflecting a persistent contraction in the company's resource base as it attempts to navigate a forced transition away from its legacy education business model.
The consistent decline in total assets suggests that the company is struggling to maintain its operational footprint following the regulatory-induced collapse of its core segments. Investors should monitor whether this downward trajectory in asset value indicates ongoing divestments or simply the impairment of legacy infrastructure that no longer serves the current business strategy.
Based on the company's reported figures, the debt-to-equity ratio has climbed from 0.29 in 2022Q4 to 0.90 in 2024Q4, indicating that LXEH is increasingly relying on debt financing to sustain operations while its equity base is simultaneously eroded by significant, recurring net losses.
The increase in debt levels appears to be a necessity-driven response to the company's inability to generate internal cash flow rather than a strategic move to fund growth. This rising leverage profile warrants further investigation, as it increases the company's sensitivity to interest rate fluctuations and limits its financial flexibility during this period of extreme distress.
According to financial statements, LXEH's retained earnings have plummeted to a deficit of $269.9M as of 2024Q4, a stark reversal from the positive $221.6M reported in 2021Q2, signaling that years of operational losses have severely compromised the company's book value and overall equity quality.
The rapid depletion of retained earnings suggests that the company has been unable to achieve profitability in its new business lines, effectively consuming shareholder capital to fund ongoing operating deficits. This trend implies that the company's equity base is increasingly fragile and may offer little protection to investors should the current cash burn continue unabated.
As indicated by the latest balance sheet data, LXEH's cash position has remained relatively stable at $220.7M, yet this figure masks the underlying operational reality where the company's current ratio of 2.10 is supported by liabilities that may not reflect the true urgency of its cash burn.
While the headline cash balance appears substantial, the company's inability to generate positive operating cash flow suggests that this liquidity is a finite resource that is being steadily consumed. Investors should be cautious, as the current liquidity buffer may provide a false sense of security if the company cannot successfully pivot to a self-sustaining business model in the near term.
Quick answers to the most common questions about buying LXEH stock.
As of 2025, Lixiang Education Holding Co., Ltd. (LXEH) had total assets of $317.1M including $34.2M in current assets.
Lixiang Education Holding Co., Ltd. (LXEH) carries total debt of $133.0M, offset by $12.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lixiang Education Holding Co., Ltd. (LXEH) has total shareholders' equity (book value) of $153.3M ($80.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lixiang Education Holding Co., Ltd. (LXEH) reported a current ratio of 0.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.