The company's financial profile has shifted significantly, with total debt escalating from $892.9 million in 2023Q2 to $10.4 billion in 2025Q2, resulting in a debt-to-equity ratio of 0.95.
| Total Current Assets | 12.73B | 14.1B | 11.66B | 10.33B | 9.9B | 8.07B | 9.2B | 4.99B | 4.51B |
| Cash & Short-Term Investments | 7.46B | 7.09B | 6.7B | 6.63B | 7.28B | 870.63M | 6.87B | 2.85B | 1.9B |
| Cash Only | 7.12B | 7.09B | 6.33B | 6.42B | 6.49B | 803.8M | 6.77B | 2.85B | 1.55B |
| Short-Term Investments | 345.35M | 0 | 368.95M | 210.76M | 787.04M | 66.83M | 102.97M | 0 | 356.26M |
| Accounts Receivable | 756.4M | 2.88B | 1.9B | 426.94M | 951.92M | 808.82M | 348.31M | 600.5M | 741.9M |
| Days Sales Outstanding | 33.25 | 50.39 | 40.73 | 10.21 | 30.28 | 29.27 | 14.01 | 24.41 | 28.82 |
| Inventory | 2.84B | 3.69B | 2.75B | 1.97B | 1.45B | 1.19B | 1.53B | 1.4B | 1.31B |
| Days Inventory Outstanding | 95.65 | 117.49 | 107.29 | 82.02 | 75.31 | 61.81 | 84.36 | 81.55 | 69.4 |
| Other Current Assets | 1.31B | 21 | 1.03M | 1.16B | 27.07M | 4.96B | 429.83M | 7.06M | 469.47M |
| Total Non-Current Assets | 13.92B | 14.56B | 6.46B | 4.16B | 3.54B | 3.21B | 1.51B | 849.65M | 714.4M |
| Property, Plant & Equipment | 6.34B | 7.24B | 3.97B | 3.67B | 1.38B | 1.21B | 899.66M | 590.93M | 576.71M |
| Fixed Asset Turnover | 3.50x | 2.88x | 4.28x | 4.16x | 8.31x | 8.33x | 10.08x | 15.19x | 16.29x |
| Goodwill | 46.03M | 223.33M | 21.42M | 21.64M | 21.07M | 19.39M | 19.64M | 0 | 0 |
| Intangible Assets | 7.54M | 95.01M | 1.65B | 19.55M | 1.73B | 1.79B | 61.01M | 69.09M | 49.88M |
| Long-Term Investments | 13.39B | 6.66B | 302.15M | 106.39M | 173.87M | 4.22M | 352.06M | 0 | 0 |
| Other Non-Current Assets | 1.01B | 57.67M | 341.29M | 339.93M | 74.64M | 24.87M | 5.02M | 6.11M | 0 |
| Total Assets | 26.65B | 28.65B | 18.12B | 14.49B | 13.45B | 11.28B | 10.71B | 5.84B | 5.23B |
| Asset Turnover | 0.86x | 0.73x | 0.94x | 1.05x | 0.85x | 0.89x | 0.85x | 1.54x | 1.80x |
| Asset Growth % | 188.6% | 58.12% | 25.09% | 7.72% | 19.2% | 5.39% | 83.42% | 11.67% | - |
| Total Current Liabilities | 6.62B | 8.48B | 5.73B | 4.41B | 3.89B | 3.79B | 3.48B | 3.31B | 3.25B |
| Accounts Payable | 967.49M | 1.55B | 1.28B | 3.39B | 653.71M | 649.41M | 624.69M | 483.28M | 591.34M |
| Days Payables Outstanding | 85.26 | 49.39 | 49.87 | 140.89 | 33.94 | 33.79 | 34.33 | 28.24 | 31.35 |
| Short-Term Debt | 1.71B | 3.28B | 566.96M | 726K | 0 | 445K | 13.67M | 401.18M | 2.75M |
| Deferred Revenue (Current) | 1.36B | 389.96M | 328.67M | 0 | 299.67M | 367.82M | 272.98M | 218.29M | 243.87M |
| Other Current Liabilities | 0 | 2.78B | 0 | -189.21M | 0 | 0 | 0 | 0 | 364.66M |
| Current Ratio | 1.92x | 1.66x | 2.04x | 2.34x | 2.55x | 2.13x | 2.64x | 1.51x | 1.39x |
| Quick Ratio | 1.50x | 1.23x | 1.55x | 1.90x | 2.18x | 1.82x | 2.20x | 1.08x | 0.99x |
| Cash Conversion Cycle | 43.64 | 118.49 | 98.15 | -48.67 | 71.65 | 57.3 | 64.04 | 77.72 | 66.87 |
| Total Non-Current Liabilities | 9.13B | 9.45B | 2.04B | 887.11M | 643.85M | 465.72M | 570.02M | 2.85B | 2.09B |
| Long-Term Debt | 5.59B | 5.42B | 4.31M | 6.53M | 7.21M | 6.5M | 6.92M | 15.21M | 5.31M |
| Capital Lease Obligations | 7.76B | 2.72B | 1.9B | 797.99M | 556.8M | 393.07M | 483.14M | 378.89M | 309.83M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.3B | 1.26B | 59.84M | 12.41M | 0 | 0 | 0 | 2.38B | 1.7B |
| Total Liabilities | 15.75B | 17.93B | 7.76B | 5.29B | 4.53B | 4.25B | 4.05B | 6.16B | 5.34B |
| Total Debt | 10.36B | 11.41B | 3.11B | 1.25B | 892.95M | 658.01M | 825.01M | 1.02B | 504.63M |
| Net Debt | 3.24B | 4.32B | -3.22B | -5.16B | -5.6B | -4.69B | -5.95B | -1.83B | -1.04B |
| Debt / Equity | 0.95x | 1.06x | 0.30x | 0.14x | 0.10x | 0.09x | 0.12x | - | - |
| Debt / EBITDA | 3.18x | 2.70x | 0.76x | 0.35x | 0.41x | 0.73x | 1.14x | 0.98x | 0.42x |
| Net Debt / EBITDA | 0.99x | 1.02x | -0.79x | -1.43x | -2.57x | -5.21x | -8.25x | -1.77x | -0.86x |
| Interest Coverage | 15.06x | 5.44x | 266.48x | 465.57x | 68.40x | 28.15x | -41.88x | 3.58x | 12.46x |
| Total Equity | 10.9B | 10.73B | 10.36B | 9.19B | 8.92B | 7.03B | 6.65B | -323.05M | -113.97M |
| Equity Growth % | 53.09% | 3.58% | 12.67% | 3.06% | 26.91% | 5.64% | 2159.2% | -183.44% | - |
| Book Value per Share | 35.22 | 34.78 | 33.22 | 29.37 | 28.44 | 23.10 | 24.09 | -1.06 | -0.37 |
| Total Shareholders' Equity | 10.85B | 10.63B | 10.31B | 9.17B | 8.9B | 7.03B | 6.66B | -336.63M | -124.79M |
| Common Stock | 94K | 94.06K | 94K | 95K | 95K | 92K | 92K | 69K | 0 |
| Retained Earnings | 5.42B | 5.62B | 4.3B | 1.89B | 539.33M | -1.94B | -2.56B | -1.13B | -525.76M |
| Treasury Stock | -428.54M | -213.64M | -84.05M | -157.61M | -84.05M | -83.8M | 0 | 0 | - |
| Accumulated OCI | 1.91B | 2.33B | 368.08M | 1.1B | 277.29M | 993.31M | 928M | 625.98M | 259.92M |
| Minority Interest | 46.81M | 100.57M | 40.55M | 23.02M | 17.25M | -4.24M | -6.81M | 13.58M | 10.81M |
Rapidly rising debt levels
As reported in recent financial statements, MNSO's total debt surged from $892.9 million in 2023Q2 to $10.4 billion by 2025Q2, signaling a fundamental shift in the company's capital structure that warrants close monitoring as the firm transitions from a debt-light to a more leveraged growth model.
The rapid accumulation of debt over the last eight quarters suggests a strategic pivot toward aggressive expansion or potential M&A activity that deviates from the company's historical asset-light narrative. Investors should evaluate whether this increased leverage is being deployed into high-return projects or if it reflects a need to bridge liquidity gaps in the international store rollout.
Based on the latest quarterly filings, the company's debt-to-equity ratio has climbed significantly from 0.10 in 2023Q2 to 0.95 in 2025Q2, indicating that the firm is increasingly relying on external financing to support its ongoing global retail footprint expansion and operational requirements.
While the current D/E ratio remains below parity, the velocity of this increase suggests that the company's historical reliance on internal cash generation is changing. This trend may indicate that the cost of capital is becoming a more material factor in the company's future profitability and expansion sustainability.
According to the provided balance sheet data, the current ratio has moderated from a peak of 2.55 in 2023Q2 to 1.92 in 2025Q2, reflecting a tightening of the company's short-term liquidity position as total liabilities have expanded in tandem with the firm's aggressive growth strategy.
Despite the compression, a current ratio of 1.92 suggests that the company maintains a sufficient buffer to meet its near-term obligations. However, the simultaneous rise in debt and liabilities suggests that the company's liquidity management is becoming more complex and requires careful oversight of working capital cycles.
As indicated by the reported figures, net PPE has grown from $3.1 billion in 2023Q2 to $6.3 billion in 2025Q2, suggesting that the company is increasingly investing in physical infrastructure to support its global store network and brand elevation initiatives.
This trend toward a heavier asset base may signal a departure from the purely asset-light franchise model, potentially increasing the company's fixed cost burden. Analysts should monitor whether this investment in PPE translates into sustained revenue growth or if it introduces new operational risks related to store maintenance and capital intensity.
Quick answers to the most common questions about buying MNSO stock.
As of 2025, MINISO Group Holding Limited (MNSO) had total assets of $28.65B including $14.10B in current assets.
MINISO Group Holding Limited (MNSO) carries total debt of $11.41B, offset by $7.09B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MINISO Group Holding Limited (MNSO) has total shareholders' equity (book value) of $10.63B ($34.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MINISO Group Holding Limited (MNSO) reported a current ratio of 1.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.