The company's liquidity position has deteriorated significantly, with cash reserves falling to $82.0 million while accumulated deficits remain at a staggering -$8.9 billion.
| Total Current Assets | 485.56M | 507.81M | 665.61M | 718.91M | 987.07M | 1.31B | 1.78B | 1.66B | 2.48B |
| Cash & Short-Term Investments | 379.59M | 420.1M | 562.04M | 635.46M | 802.32M | 1.09B | 1.49B | 1.35B | 1.67B |
| Cash Only | 82.02M | 358.79M | 416.2M | 438.61M | 542.08M | 856.57M | 1.28B | 1.22B | 1.27B |
| Short-Term Investments | 297.57M | 61.31M | 145.84M | 196.85M | 260.25M | 238M | 212M | 130M | 400.58M |
| Accounts Receivable | 501K | 17.11M | 8.49M | 26.79M | 41.23M | 53.22M | 120.9M | 89.75M | 740.57M |
| Days Sales Outstanding | 1.29 | 38.95 | 13.35 | 28.97 | 31.2 | 23.25 | 41.08 | 33.66 | 243.55 |
| Inventory | 11K | 98K | 144K | 79K | 240K | 2.93M | 5.04M | 110K | 4.1M |
| Days Inventory Outstanding | 0.05 | 0.39 | 0.46 | 0.18 | 0.48 | 3.64 | 5.86 | 0.13 | 3.96 |
| Other Current Assets | 102.59M | 43.44M | 72.04M | 48.92M | 126.66M | 133.71M | 245.18M | 251.2M | 750.76M |
| Total Non-Current Assets | 372.67M | 430.55M | 345.54M | 448.07M | 852.78M | 1.13B | 2.83B | 1.92B | 2.21B |
| Property, Plant & Equipment | 282.22M | 302.32M | 200.03M | 7.7M | 10.78M | 14.11M | 11.97M | 16.51M | 99.69M |
| Fixed Asset Turnover | 0.50x | 0.53x | 1.16x | 43.82x | 44.75x | 59.20x | 89.71x | 58.94x | 11.13x |
| Goodwill | 0 | 0 | 0 | 63.46M | 186.5M | 186.5M | 1.57B | 1.57B | 1.57B |
| Intangible Assets | 718K | 949K | 12.55M | 89.82M | 426M | 813.01M | 1B | 116.77M | 500.9M |
| Long-Term Investments | 49.97M | 81.81M | 69.32M | 72.12M | 66.38M | 102.37M | 241.72M | 201.04M | 10.94M |
| Other Non-Current Assets | 39.76M | 45.47M | 63.64M | 214.96M | 163.11M | 14.18M | 763K | 18.75M | 28.52M |
| Total Assets | 858.23M | 938.36M | 1.01B | 1.17B | 1.84B | 2.44B | 4.6B | 3.58B | 4.68B |
| Asset Turnover | 0.16x | 0.17x | 0.23x | 0.29x | 0.26x | 0.34x | 0.23x | 0.27x | 0.24x |
| Asset Growth % | -8.54% | -7.2% | -13.35% | -36.57% | -24.62% | -46.98% | 28.69% | -23.63% | - |
| Total Current Liabilities | 320.88M | 321.84M | 335.67M | 321.82M | 365.28M | 435.11M | 548.9M | 670.07M | 1.07B |
| Accounts Payable | 4.5M | 6.86M | 8.18M | 17.95M | 19.94M | 17.08M | 17.99M | 12.27M | 11.1M |
| Days Payables Outstanding | 19.38 | 27.47 | 26.21 | 41.05 | 39.74 | 21.22 | 20.92 | 14.1 | 10.73 |
| Short-Term Debt | 0 | 0 | 0 | 10.06M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 91.64M | 98.6M | 105.19M | 901K | 77K | 103K | 1.18M | 310.74M | 386.97M |
| Other Current Liabilities | 19.33M | 191.08M | 46.53M | 262.88M | 315.15M | 375.43M | 415.73M | 248.2M | 572.47M |
| Current Ratio | 1.51x | 1.58x | 1.98x | 2.23x | 2.70x | 3.01x | 3.24x | 2.47x | 2.31x |
| Quick Ratio | 1.51x | 1.58x | 1.98x | 2.23x | 2.70x | 3.01x | 3.23x | 2.47x | 2.30x |
| Cash Conversion Cycle | -18.04 | 11.88 | -12.4 | -11.9 | -8.07 | 5.67 | 26.02 | 19.69 | 236.78 |
| Total Non-Current Liabilities | 352K | 2.07M | 4.12M | 13M | 19.68M | 25.17M | 7.21M | 25.23M | 114.59M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 352K | 773K | 753K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 1.3M | 3.37M | 12.11M | 17.53M | 21.53M | 2.48M | 25.23M | 114.59M |
| Other Non-Current Liabilities | 0 | 0 | 3.37M | 890K | 2.15M | 3.64M | 4.72M | 0 | 0 |
| Total Liabilities | 321.23M | 323.91M | 339.79M | 334.82M | 384.96M | 460.28M | 556.11M | 695.31M | 1.19B |
| Total Debt | 972K | 2.66M | 3.41M | 10.06M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -81.05M | -356.13M | -412.79M | -428.54M | -542.08M | -856.57M | -1.28B | -1.22B | -1.27B |
| Debt / Equity | 0.00x | 0.00x | 0.01x | 0.01x | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | -0.78x | - | - | - |
| Interest Coverage | -57185.00x | -342.93x | - | - | - | - | - | - | - |
| Total Equity | 537M | 614.45M | 678.04M | 832.15M | 1.45B | 1.98B | 4.05B | 2.88B | 3.5B |
| Equity Growth % | -12.61% | -9.38% | -18.52% | -42.8% | -26.54% | -51.07% | 40.44% | -17.55% | - |
| Book Value per Share | 61.48 | 70.96 | 79.63 | 99.07 | 165.93 | 218.53 | 454.08 | 355.99 | 1904.15 |
| Total Shareholders' Equity | 508.95M | 588.39M | 644.04M | 789.74M | 1.45B | 1.98B | 4.05B | 2.88B | 3.5B |
| Common Stock | 181K | 181K | 181K | 181K | 181K | 180K | 177K | 140.29M | 140.29M |
| Retained Earnings | -8.92B | -8.86B | -8.79B | -8.62B | -7.98B | -7.65B | -5.43B | -4.5B | -3.27B |
| Treasury Stock | -138.27M | -137.45M | -137.45M | -136.11M | -126.42M | -6.57M | 0 | 0 | 0 |
| Accumulated OCI | 79.38M | 92.9M | 85.73M | 72.35M | 100.48M | 204.43M | 80.27M | -1.67M | 69.66M |
| Minority Interest | 28.05M | 26.06M | 34M | 42.42M | 0 | 0 | 0 | 0 | -3K |
Rapid cash depletion risk
According to reported financial statements, MOGU's total assets have declined from $1.0 billion in 2023Q3 to $858.2 million by 2025Q4, signaling a persistent contraction in the company's resource base as it struggles to maintain its competitive position within the Chinese social commerce market.
The steady reduction in total assets reflects a business model that is failing to generate sufficient reinvestment capital to offset depreciation and operational losses. This downward trajectory suggests that the company is effectively shrinking its footprint, which may limit its ability to pivot or defend its market share against larger, better-capitalized rivals.
Based on the provided balance sheet data, MOGU's cash reserves plummeted from $416.2 million in 2023Q3 to just $82.0 million in 2025Q4, indicating a significant reduction in the company's liquidity buffer and its capacity to absorb further operational shocks or fund necessary strategic pivots.
While the current ratio of 1.51 remains above parity, the rapid decline in absolute cash levels is concerning given the company's history of persistent operating losses. Investors should monitor whether this cash burn rate forces management to seek dilutive financing or pursue drastic cost-cutting measures that could further impair the platform's user experience.
As reported in financial filings, MOGU's retained earnings have remained stagnant at a staggering -$8.9 billion, highlighting the long-term destruction of shareholder value that has characterized the company's operational history since its inception and subsequent public listing in the highly competitive fashion retail sector.
The massive deficit in retained earnings underscores the structural inability of the business to achieve profitability at scale. This persistent negative equity component suggests that the company's capital structure is fundamentally compromised, leaving little room for error in future strategic execution.
Based on the provided financial data, the company's reported goodwill of $718.0 thousand appears relatively minor, yet the underlying valuation of $282.2 million in net PPE warrants further investigation given the company's contracting revenue and the potential for future impairment charges on its infrastructure.
While headline goodwill figures are low, the significant investment in PPE relative to the company's current market relevance suggests that these assets may be overvalued if the platform cannot reverse its downward revenue trend. Analysts should consider the risk that these assets may require write-downs if they fail to support the projected growth of the live-streaming business.
Quick answers to the most common questions about buying MOGU stock.
As of 2025, MOGU Inc. (MOGU) had total assets of $858.2M including $485.6M in current assets.
MOGU Inc. (MOGU) carries total debt of $1.0M, offset by $379.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MOGU Inc. (MOGU) has total shareholders' equity (book value) of $509.0M ($61.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MOGU Inc. (MOGU) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.