The company maintains a healthy capital structure with a debt-to-equity ratio of 0.07, though the $124.6M in retained earnings remains largely decoupled from the $15.5M cash position.
| Total Current Assets | 146.34M | 143.44M | 132.24M | 135.32M | 97.28M | 67.57M | 52.58M | 49.97M |
| Cash & Short-Term Investments | 15.55M | 15.96M | 16.93M | 26.74M | 8.15M | 7.19M | 16.03M | 14.8M |
| Cash Only | 15.55M | 15.96M | 16.93M | 26.74M | 8.15M | 7.19M | 16.03M | 14.8M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 117.67M | 115M | 99.48M | 91.03M | 86.48M | 58.56M | 35.41M | 32.98M |
| Days Sales Outstanding | 218.14 | 433.13 | 373.95 | 321.51 | 303.41 | 239.98 | 162.33 | 159 |
| Inventory | 1.1M | 1.41M | 1.62M | 1.12M | 1.25M | 1.33M | 1.02M | 1.84M |
| Days Inventory Outstanding | 3.9 | 8.09 | 9.22 | 6.28 | 7.11 | 9.33 | 7.89 | 15.36 |
| Other Current Assets | 12.03M | 1.48M | 14.23M | 16.43M | 1.39M | 496.61K | 107.94K | 344.84K |
| Total Non-Current Assets | 44.24M | 42.8M | 39.68M | 28.26M | 39.58M | 38.48M | 20.63M | 12.45M |
| Property, Plant & Equipment | 7.78M | 7.89M | 8.84M | 8.76M | 7.48M | 20.13M | 3.4M | 3.7M |
| Fixed Asset Turnover | 22.49x | 12.29x | 10.99x | 11.80x | 13.91x | 4.42x | 23.41x | 20.46x |
| Goodwill | 0 | 0 | 0 | 0 | -17.26M | 0 | 0 | 0 |
| Intangible Assets | 443.65K | 443.04K | 3.92M | 497.6K | 17.82M | 17.43M | 16.37M | 600.78K |
| Long-Term Investments | 60.04M | 22.39M | 6.13M | 6.67M | 941.53K | 919.54K | 861.85K | 872.66K |
| Other Non-Current Assets | 13.15M | 11.09M | 20.42M | 12.33M | 30.6M | 29.89M | 15.8M | 7.27M |
| Total Assets | 190.58M | 186.24M | 171.92M | 163.58M | 136.86M | 106.05M | 73.2M | 62.42M |
| Asset Turnover | 1.01x | 0.52x | 0.56x | 0.63x | 0.76x | 0.84x | 1.09x | 1.21x |
| Asset Growth % | 29.98% | 8.33% | 5.1% | 19.52% | 29.05% | 44.87% | 17.28% | - |
| Total Current Liabilities | 25.64M | 27.26M | 25.07M | 24.17M | 29.09M | 21.31M | 13.55M | 17.96M |
| Accounts Payable | 11.35M | 15.48M | 15.82M | 16.1M | 20.98M | 15.64M | 9.36M | 13.73M |
| Days Payables Outstanding | 43.74 | 88.8 | 90.23 | 90.04 | 119.22 | 109.98 | 72.05 | 114.33 |
| Short-Term Debt | 11.45M | 7.95M | 7.32M | 6.09M | 5.18M | 3.22M | 2.59M | 2.04M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 1.75M | 0 | 0 |
| Other Current Liabilities | 1.35M | 1.33M | 409.89K | 0 | 0 | -494.98K | 851.17K | 956.04K |
| Current Ratio | 5.71x | 5.26x | 5.27x | 5.60x | 3.34x | 3.17x | 3.88x | 2.78x |
| Quick Ratio | 5.66x | 5.21x | 5.21x | 5.55x | 3.30x | 3.11x | 3.81x | 2.68x |
| Cash Conversion Cycle | 178.3 | 352.42 | 292.95 | 237.74 | 191.29 | 139.33 | 98.17 | 60.03 |
| Total Non-Current Liabilities | 0 | 0 | 4.59K | 724.93K | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 724.93K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.59K | 0 | 4.59K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 25.64M | 27.26M | 25.08M | 24.9M | 30.05M | 21.31M | 13.55M | 17.96M |
| Total Debt | 11.45M | 7.95M | 7.33M | 6.81M | 5.18M | 3.22M | 2.59M | 2.04M |
| Net Debt | -4.1M | -8.01M | -9.6M | -19.92M | -2.97M | -3.97M | -13.45M | -12.77M |
| Debt / Equity | 0.07x | 0.05x | 0.05x | 0.05x | 0.05x | 0.04x | 0.04x | 0.05x |
| Debt / EBITDA | 0.47x | 0.53x | 0.48x | 0.60x | 0.19x | 0.13x | 0.13x | 0.10x |
| Net Debt / EBITDA | -0.17x | -0.54x | -0.63x | -1.75x | -0.11x | -0.17x | -0.68x | -0.65x |
| Interest Coverage | 31.87x | 9.50x | 58.52x | 55.49x | 145.29x | 171.09x | 198.26x | - |
| Total Equity | 164.95M | 158.98M | 146.84M | 138.68M | 106.81M | 84.74M | 59.66M | 44.46M |
| Equity Growth % | 31.73% | 8.27% | 5.88% | 29.84% | 26.05% | 42.04% | 34.18% | - |
| Book Value per Share | 517.00 | 580.80 | 613.36 | 592.36 | 452.59 | 351.02 | 247.13 | 222.31 |
| Total Shareholders' Equity | 164.95M | 158.98M | 146.33M | 138.12M | 106.81M | 84.74M | 59.66M | 44.46M |
| Common Stock | 15.95K | 15.95K | 11.97K | 11.97K | 10K | 10K | 10K | 10K |
| Retained Earnings | 124.61M | 105.23M | 94.64M | 83.33M | 76.62M | 56.63M | 52.76M | 37.33M |
| Treasury Stock | -200K | -200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8.7M | 4.71M | 8.72M | 11.81M | 20.47M | 18.38M | -2.83M | -2.59M |
| Minority Interest | 0 | 0 | 505.98K | 556.14K | 0 | 0 | 0 | 0 |
Working Capital Liquidity Risk
According to the latest balance sheet data, total assets grew to $190.6M in 2025Q2, yet this expansion appears disconnected from operational performance, as the company struggles with negative revenue growth and a persistent inability to convert accounting profits into tangible cash reserves for future reinvestment.
While the asset base has trended upward over the last ten quarters, the quality of this growth is questionable given the simultaneous deterioration in cash flow metrics. Investors should monitor whether this asset accumulation represents productive capacity or merely an inefficient buildup of receivables that may eventually require impairment.
Based on reported financial statements, MHUA maintains a current ratio of 5.71 as of 2025Q2, which superficially suggests a strong buffer, yet this metric warrants skepticism given the significant working capital outflows and the potential for extended collection cycles on accounts receivable from public hospital clients.
The high current ratio may be misleading if a large portion of current assets is tied up in slow-moving inventory or uncollected receivables. The company's liquidity position appears vulnerable to any sudden tightening in hospital payment terms, which would quickly erode the perceived safety of these headline figures.
As indicated by the 2025Q2 balance sheet, the company maintains a conservative debt-to-equity ratio of 0.07, suggesting that management has avoided reliance on external financing despite the recent contraction in revenue and the mounting pressure from centralized procurement policies on their core product margins.
The low leverage profile provides a degree of insulation against interest rate volatility, but it also highlights a lack of aggressive capital deployment to pivot the business model. This debt-averse stance may be a strategic necessity to preserve solvency in a market where cash flow generation has become increasingly erratic.
Data from the most recent filings reveals a persistent divergence between reported retained earnings of $124.6M and the actual cash position of $15.5M, suggesting that the company's balance sheet is heavily reliant on non-cash assets that may be subject to significant valuation adjustments or collection delays.
The disconnect between accounting profits and cash liquidity is a primary risk factor that investors should scrutinize. If the company cannot bridge this gap, the reported equity value may overstate the firm's true economic worth, particularly if receivables from state-run entities prove difficult to monetize in a timely manner.
Quick answers to the most common questions about buying MHUA stock.
As of 2024, Meihua International Medical Technologies Co., Ltd. (MHUA) had total assets of $186.2M including $143.4M in current assets.
Meihua International Medical Technologies Co., Ltd. (MHUA) carries total debt of $7.9M, offset by $16.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Meihua International Medical Technologies Co., Ltd. (MHUA) has total shareholders' equity (book value) of $159.0M ($580.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Meihua International Medical Technologies Co., Ltd. (MHUA) reported a current ratio of 5.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.