The company maintains a defensive liquidity position with a current ratio of 17.13, yet this is offset by a cumulative deficit in retained earnings of -$30.0 million.
| Total Current Assets | 105.86M | 86.62M | 73.69M | 67.69M | 2.17M | 23.11M | -5.62M | 22.35M | 49.57M | 45.54M |
| Cash & Short-Term Investments | 7.2M | 82.27M | 61.76M | 63.66M | 1.5M | 31.19K | -5.64M | 12.52M | 37.14M | 35.14M |
| Cash Only | 7.2M | 82.27M | 61.75M | 63.66M | 1.5M | 31.19K | -5.64M | 12.52M | 37.14M | 35.14M |
| Short-Term Investments | 0 | 0 | 5.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 800K | 0 | 120K | 0 | 7.85M | 515.13K | 2.21M | 9.43M |
| Days Sales Outstanding | - | - | 135.59 | - | 365 | - | 902.49 | 22.13 | 62.46 | 179.85 |
| Inventory | 0 | 0 | 0 | 0 | 540.6K | 0 | -7.85M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 1000K | - | - | - | - | - |
| Other Current Assets | 4.39M | 4.35M | 11.13M | 4.03M | -158.77K | 22.94M | -413.44K | 13.07M | 33.81M | 129.11K |
| Total Non-Current Assets | 0 | 0 | 0 | 61.38K | 9.49M | 1.3M | 562.68K | 2.22M | 3.26M | 2.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 6.88K | 0 | 1.59M | 1.45M | 2.19M | 2.07M |
| Fixed Asset Turnover | - | - | - | - | 17.43x | - | 1.99x | 5.88x | 5.90x | 9.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 22.23K | 140 | 140 | 22.4K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 9.3M | 0 | 104.13K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 39.15K | 183.56K | 662.36K | -1.7M | 164.58K | 779.57K | 449.31K |
| Total Assets | 105.86M | 86.62M | 73.69M | 67.75M | 11.65M | 24.41M | 32.44M | 24.57M | 52.83M | 48.24M |
| Asset Turnover | 0.01x | 0.01x | 0.03x | 0.05x | 0.01x | - | 0.10x | 0.35x | 0.24x | 0.40x |
| Asset Growth % | 22.21% | 17.55% | 8.77% | 481.37% | -52.26% | -24.75% | 32.04% | -53.49% | 9.52% | - |
| Total Current Liabilities | 6.18M | 5.72M | 12.89M | 15.34M | 8.88M | 18.49M | 8.45M | 14.1M | 34.91M | 30.6M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.73K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | 19.96 |
| Short-Term Debt | 0 | 0 | 0 | 1.55M | 62.4K | 72.37K | 8.29M | 8.88M | 7.69M | 7.34M |
| Deferred Revenue (Current) | 4.39M | 4.35M | 4.31M | 2.71M | 0 | 9.16M | 8.79K | 8.99K | 170.08K | 360.25K |
| Other Current Liabilities | 206.91K | -1.3M | 4.97M | 8.7M | 8.67M | 9.07M | -1.09M | 5.09M | 25.91M | 22.21M |
| Current Ratio | 17.13x | 15.13x | 5.72x | 4.41x | 0.24x | 1.25x | -0.66x | 1.58x | 1.42x | 1.49x |
| Quick Ratio | 17.13x | 15.13x | 5.72x | 4.41x | 0.18x | 1.25x | 0.26x | 1.58x | 1.42x | 1.49x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 103.38K | 48.86K | 0 | 0 | 62.62K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 103.38K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 103.38K | 48.86K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.62K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | -103.38K | 0 | 0 | 0 | -62.62K |
| Total Liabilities | 6.18M | 5.72M | 12.89M | 15.34M | 8.88M | 18.6M | 8.5M | 14.1M | 34.91M | 30.6M |
| Total Debt | 0 | 0 | 0 | 1.55M | 62.4K | 72.37K | 8.5M | 8.88M | 7.69M | 7.34M |
| Net Debt | -7.2M | -82.27M | -61.75M | -62.11M | -1.44M | 8.57M | 14.14M | -3.64M | -29.45M | -27.8M |
| Debt / Equity | - | - | - | 0.03x | 0.02x | 0.01x | 1.32x | 0.85x | 0.43x | 0.42x |
| Debt / EBITDA | - | - | - | - | - | - | 25.67x | - | - | 0.82x |
| Net Debt / EBITDA | - | - | - | - | - | - | 42.69x | - | - | -3.10x |
| Interest Coverage | -3.95x | - | - | -11939.58x | - | -4.82x | -68.94x | -13.14x | -0.20x | 41.22x |
| Total Equity | 99.68M | 80.9M | 60.8M | 52.41M | 2.78M | 5.82M | 6.45M | 10.47M | 17.92M | 17.63M |
| Equity Growth % | 23.22% | 33.05% | 16.02% | 1787.39% | -52.25% | -9.78% | -38.44% | -41.57% | 1.62% | - |
| Book Value per Share | 11.50 | 19.71 | 30.44 | 105.69 | 11.21 | 25.59 | 28.66 | 46.66 | 80.87 | 77.96 |
| Total Shareholders' Equity | 99.68M | 80.9M | 60.8M | 52.41M | 2.78M | 5.82M | 6.45M | 10.47M | 17.92M | 17.63M |
| Common Stock | 71.59K | 25.33K | 38.49K | 34.99K | 14.37K | 11.27K | 11.26K | 11.23K | 11.19K | 11.17K |
| Retained Earnings | -30.03M | -28.66M | -34.96M | -39.8M | -29.44M | -226.31K | 386.33K | 4.48M | 12.11M | 13.17M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -357.49K | -341.09K | -328.03K | -273.03K | -302.7K | -320.29K | -1.08M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and liquidity volatility
As reported in recent financial statements, NFT Limited's total assets have fluctuated significantly, peaking at $105.9 million in 2025Q4, yet this growth appears disconnected from operational performance given the persistent net losses and the absence of meaningful revenue-generating capital investments over the observed ten-quarter period.
The expansion of the asset base appears driven by non-operational factors rather than organic business growth, as the company has failed to translate these resources into consistent profitability. Investors should monitor whether this asset accumulation represents a strategic pivot or merely the retention of capital that the firm is unable to deploy effectively.
Based on the company's reported figures, NFT Limited maintains a current ratio of 17.13 as of 2025Q4, which suggests an unusually high liquidity buffer relative to its operational needs, though this appears to be a defensive posture rather than a sign of a thriving, cash-generative business model.
While the high current ratio provides a significant cushion against short-term shocks, it also highlights the company's inability to find high-return reinvestment opportunities for its capital. The reliance on cash reserves to offset persistent operating losses warrants further investigation into the long-term sustainability of this capital-heavy, low-growth structure.
According to historical balance sheet data, retained earnings have remained deeply negative, reaching -$30.0 million in 2025Q4, which indicates that the company has consistently destroyed shareholder value through operational inefficiencies despite periodic capital injections that have artificially inflated the total equity position.
The persistent deficit in retained earnings suggests that the core brokerage business has not yet achieved a viable economic scale. The disconnect between the company's reported equity and its inability to generate positive net income implies that shareholders are effectively funding ongoing administrative overhead rather than future growth initiatives.
As disclosed in recent filings, the absence of significant PPE and goodwill suggests that NFT Limited operates as a capital-light entity, yet the $105.9 million in total assets remains difficult to reconcile with the company's minimal revenue and lack of tangible infrastructure for its art-trading operations.
The lack of transparency regarding the composition of these assets may mask significant valuation risks, particularly if a large portion of the balance sheet is tied to illiquid or speculative digital collectibles. Analysts should be wary that the headline asset value may not be realizable in a distressed market scenario, potentially overstating the company's true net worth.
Quick answers to the most common questions about buying MI stock.
As of 2025, NFT Limited (MI) had total assets of $105.9M including $105.9M in current assets.
NFT Limited (MI) carries total debt of $0.0M, offset by $7.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NFT Limited (MI) has total shareholders' equity (book value) of $99.7M ($11.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NFT Limited (MI) reported a current ratio of 17.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.