MGIH maintains a conservative financial profile with a 0.26 debt-to-equity ratio, though the shift to a $6.8M retained earnings deficit highlights significant long-term value erosion.
| Total Current Assets | 20.81M | 27.77M | 44.45M | 48.26M | 52.48M | 51.92M |
| Cash & Short-Term Investments | 10.78M | 13.35M | 27.58M | 18.85M | 21.27M | 23.4M |
| Cash Only | 10.78M | 13.35M | 27.58M | 18.85M | 21.27M | 23.4M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.91M | 9.81M | 10.52M | 18.11M | 20.48M | 20.24M |
| Days Sales Outstanding | 114 | 92.94 | 84.24 | 99.79 | 115.78 | 122.31 |
| Inventory | 1.54M | 3.72M | 5.56M | 9.82M | 9.7M | 7.47M |
| Days Inventory Outstanding | 26.97 | 44.87 | 55.54 | 71.74 | 74.96 | 62.76 |
| Other Current Assets | 122.7K | 126.36K | 0 | 598.4K | 0 | 100.31K |
| Total Non-Current Assets | 15.44M | 15.87M | 14.59M | 17.75M | 20.22M | 21.93M |
| Property, Plant & Equipment | 10.62M | 11.27M | 12.1M | 14.89M | 17.47M | 19.45M |
| Fixed Asset Turnover | 2.38x | 3.42x | 3.77x | 4.45x | 3.70x | 3.11x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 100.67K | 197.79K | 291.56K | 432.97K | 554.76K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.55M | 4.08M | 1.8M | 2.11M | 1.94M | 2.26M |
| Total Assets | 36.25M | 43.64M | 59.04M | 66.01M | 72.7M | 73.85M |
| Asset Turnover | 0.70x | 0.88x | 0.77x | 1.00x | 0.89x | 0.82x |
| Asset Growth % | -16.94% | -26.09% | -10.55% | -9.21% | -1.55% | - |
| Total Current Liabilities | 11.15M | 12.13M | 19.09M | 25.77M | 41.28M | 49.15M |
| Accounts Payable | 3.58M | 3.65M | 3.41M | 5.67M | 4.91M | 4.44M |
| Days Payables Outstanding | 62.75 | 44.06 | 34.08 | 41.39 | 37.97 | 37.27 |
| Short-Term Debt | 6.33M | 5.58M | 13.41M | 15.81M | 18.71M | 21.76M |
| Deferred Revenue (Current) | 116.7K | 63.01K | 117.13K | 74.23K | 18.81K | 291.62K |
| Other Current Liabilities | 432.29K | 1.52M | 1.28M | 1.47M | 15.06M | 20.5M |
| Current Ratio | 1.87x | 2.29x | 2.33x | 1.87x | 1.27x | 1.06x |
| Quick Ratio | 1.73x | 1.98x | 2.04x | 1.49x | 1.04x | 0.90x |
| Cash Conversion Cycle | 78.22 | 93.75 | 105.7 | 130.13 | 152.77 | 147.8 |
| Total Non-Current Liabilities | 187.35K | 456.93K | 37.99K | 146.93K | 915.96K | 54.77K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 187.35K | 456.93K | 37.99K | 146.93K | 915.96K | 54.77K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 11.34M | 12.59M | 19.12M | 25.92M | 42.2M | 49.21M |
| Total Debt | 6.52M | 6.26M | 13.6M | 16.73M | 20.41M | 21.81M |
| Net Debt | -4.26M | -7.09M | -13.98M | -2.12M | -864.28K | -1.59M |
| Debt / Equity | 0.26x | 0.20x | 0.34x | 0.42x | 0.67x | 0.89x |
| Debt / EBITDA | - | - | 21.94x | 2.24x | 2.82x | 2.90x |
| Net Debt / EBITDA | - | - | -22.54x | -0.28x | -0.12x | -0.21x |
| Interest Coverage | -15.99x | -7.93x | 0.37x | 12.68x | 11.04x | 10.37x |
| Total Equity | 24.91M | 31.05M | 39.92M | 40.09M | 30.5M | 24.64M |
| Equity Growth % | -19.76% | -22.23% | -0.42% | 31.42% | 23.81% | - |
| Book Value per Share | 2.21 | 2.76 | 3.88 | 3.56 | 2.71 | 0.99 |
| Total Shareholders' Equity | 24.91M | 31.05M | 39.92M | 40.09M | 30.5M | 24.64M |
| Common Stock | 22.5K | 22.5K | 22.5K | 20K | 20K | 10K |
| Retained Earnings | -6.81M | -498.45K | 8.27M | 8.65M | 11.84M | 25.76M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.66M | -2.84M | -2.74M | 320.47K | 1.13M | -1.34M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Asset underutilization and contraction
According to historical balance sheet data, total assets have declined from $74.9M in 2022Q2 to $36.2M by 2025Q4, signaling a significant reduction in the company's operational footprint as it attempts to navigate a period of sustained revenue decline and persistent operating losses.
The consistent reduction in total assets suggests that the company is actively downsizing its balance sheet to align with lower demand levels. Investors should monitor whether this contraction is a controlled liquidation of non-core assets or a forced retreat that limits the firm's future competitive capacity.
As reported in recent financial statements, MGIH maintains a conservative debt-to-equity ratio of 0.26, which, while providing a buffer against interest rate volatility, highlights a strategic reliance on internal cash reserves rather than external financing to fund ongoing operations during this period of negative margins.
The low leverage profile indicates that the company is not currently burdened by debt service obligations, which is a positive factor given the current operating losses. However, this lack of leverage may also suggest limited access to credit markets or a management preference for extreme risk aversion.
Based on the provided quarterly data, net PPE has decreased to $10.6M in 2025Q4 from a peak of $17.5M in 2021Q4, yet this asset base continues to represent a substantial portion of the company's total assets despite the sharp decline in revenue generation.
The persistence of a significant PPE base relative to current revenue suggests that the company is struggling with underutilized manufacturing capacity. This mismatch between fixed asset investment and actual output likely contributes to the observed negative operating leverage and warrants further investigation into potential impairment risks.
As noted in recent filings, the company holds $10.8M in cash, which, when compared to the current liability structure, supports a current ratio of 1.87, suggesting that the firm possesses sufficient short-term liquidity to meet its immediate obligations despite the ongoing operational cash burn.
While the current ratio appears healthy, the reliance on cash reserves to fund operations is not sustainable in the long term. The liquidity position should be viewed as a defensive buffer that buys time for a potential business pivot rather than a sign of operational strength.
According to the balance sheet, retained earnings have shifted from a positive $13.3M in 2022Q2 to a deficit of $6.8M in 2025Q4, reflecting the cumulative impact of recent operating losses on the company's overall equity quality and shareholder value.
The transition to negative retained earnings indicates that the company is consuming its historical capital base to sustain current operations. This trend suggests that unless the firm can achieve a rapid return to profitability, the equity base will continue to erode, potentially limiting future strategic flexibility.
Quick answers to the most common questions about buying MGIH stock.
As of 2025, Millennium Group International Holdings Limited (MGIH) had total assets of $36.2M including $20.8M in current assets.
Millennium Group International Holdings Limited (MGIH) carries total debt of $6.5M, offset by $10.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Millennium Group International Holdings Limited (MGIH) has total shareholders' equity (book value) of $24.9M ($2.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Millennium Group International Holdings Limited (MGIH) reported a current ratio of 1.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.