The company's financial position has deteriorated significantly, with total assets contracting to $48.2M in 2025Q4 from a peak of $69.6M in 2024Q4.
| Total Current Assets | 44.33M | 65M | 52.38M | 44.07M | 45.12M | 40.45M |
| Cash & Short-Term Investments | 1.57M | 3.31M | 9.28M | 1.33M | 1.53M | 325K |
| Cash Only | 1.47M | 3.26M | 7.07M | 1M | 1.53M | 325K |
| Short-Term Investments | 97.2K | 47K | 242K | 325K | 5.01M | 0 |
| Accounts Receivable | 7.22M | 16.6M | 6.24M | 11.3M | 5.6M | 6.35M |
| Days Sales Outstanding | 58.89 | 194.99 | 63.27 | 107.53 | 61.14 | 77.58 |
| Inventory | 35.21M | 45.1M | 36.69M | 31.44M | 32.87M | 30.39M |
| Days Inventory Outstanding | 381.45 | 770.89 | 484.61 | 401.03 | 498.94 | 481.32 |
| Other Current Assets | 195.18K | 0 | 166K | 0 | 0 | 0 |
| Total Non-Current Assets | 3.83M | 4.58M | 5.62M | 8.71M | 9.5M | 11.58M |
| Property, Plant & Equipment | 2.11M | 2.37M | 3.41M | 8.71M | 9.49M | 11.58M |
| Fixed Asset Turnover | 21.19x | 13.14x | 10.56x | 4.41x | 3.52x | 2.58x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.71M | 2.2M | 2.2M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 11K | 0 | 0 | 0 |
| Total Assets | 48.16M | 69.58M | 58M | 52.79M | 54.62M | 52.03M |
| Asset Turnover | 0.93x | 0.45x | 0.62x | 0.73x | 0.61x | 0.57x |
| Asset Growth % | -30.78% | 19.95% | 9.88% | -3.35% | 4.96% | - |
| Total Current Liabilities | 28.22M | 44.8M | 31.48M | 41.19M | 40.67M | 26.23M |
| Accounts Payable | 5.71M | 6.94M | 4.76M | 4.78M | 4.41M | 5.07M |
| Days Payables Outstanding | 61.89 | 118.63 | 62.84 | 60.98 | 66.98 | 80.23 |
| Short-Term Debt | 8.57M | 12.64M | 19.11M | 8.86M | 7.41M | 9.22M |
| Deferred Revenue (Current) | 2.16M | 5.57M | 0 | 5.88M | 10.43M | 4.73M |
| Other Current Liabilities | -8.07M | 5.51M | 3.55M | 18.64M | 15.99M | 5.19M |
| Current Ratio | 1.57x | 1.45x | 1.66x | 1.07x | 1.11x | 1.54x |
| Quick Ratio | 0.32x | 0.44x | 0.50x | 0.31x | 0.30x | 0.38x |
| Cash Conversion Cycle | 378.45 | 847.25 | 485.03 | 447.59 | 493.11 | 478.68 |
| Total Non-Current Liabilities | 2.32M | 4.69M | 4.7M | 5.29M | 8.58M | 10.06M |
| Long-Term Debt | 0 | 0 | 431K | 3.17M | 4.91M | 7.18M |
| Capital Lease Obligations | 2.32M | 4.69M | 4.26M | 2.11M | 3.67M | 2.88M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 30.54M | 49.49M | 36.17M | 46.47M | 49.26M | 36.29M |
| Total Debt | 14.99M | 21.91M | 12.77M | 17.64M | 17.94M | 21.27M |
| Net Debt | 10.19M | 18.65M | 5.69M | 16.63M | 16.41M | 20.94M |
| Debt / Equity | 0.85x | 1.09x | 0.58x | 2.79x | 3.35x | 1.35x |
| Debt / EBITDA | 7.30x | - | - | 4.94x | 6.36x | 34.98x |
| Net Debt / EBITDA | 4.96x | - | - | 4.66x | 5.81x | 34.45x |
| Interest Coverage | 0.74x | -1.10x | 2.53x | 2.00x | 3.84x | 2.54x |
| Total Equity | 17.62M | 20.09M | 21.83M | 6.31M | 5.36M | 15.74M |
| Equity Growth % | -12.29% | -7.98% | 245.8% | 17.81% | -65.96% | - |
| Book Value per Share | 0.46 | 6.32 | 7.45 | 2.05 | 2.16 | 6.35 |
| Total Shareholders' Equity | 17.62M | 20.09M | 21.83M | 6.26M | 5.36M | 15.74M |
| Common Stock | 10.11K | 9K | 8K | 6K | 6K | 6K |
| Retained Earnings | -204.51K | 170K | 3.02M | 1.24M | 257K | 10.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 75.43K | -234K | -150K | -419K | -345K | 0 |
| Minority Interest | 0 | 0 | 0 | 50K | 0 | 0 |
Liquidity and solvency strain
According to recent quarterly filings, MWG's total assets have contracted from a peak of $69.6M in 2024Q4 to $48.2M by 2025Q4, signaling a significant reduction in the firm's operational scale and a potential retreat from previous aggressive expansion efforts in regional construction markets.
The rapid contraction in asset base suggests that the company may be liquidating fleet assets to manage immediate cash requirements rather than pursuing sustainable growth. This volatility in the balance sheet structure indicates a lack of long-term capital stability, which may complicate future efforts to secure favorable financing terms.
Based on reported financial statements, MWG's debt-to-equity ratio has fluctuated wildly, reaching a high of 3.35 in 2021Q4 before settling at 0.85 in 2025Q4, reflecting a reliance on debt to bridge operational gaps during periods of negative net income generation.
While the current D/E ratio appears lower than historical peaks, the underlying debt load of $15.0M remains substantial relative to the company's thin cash reserves. Investors should monitor whether this leverage is being used to fund necessary fleet maintenance or if it represents a structural necessity to cover ongoing operating losses.
As reported in recent balance sheets, net PPE has plummeted from $9.8M in 2023Q2 to just $2.1M in 2025Q4, suggesting that the company is aggressively disposing of its core income-generating machinery to address liquidity pressures or as a result of accelerated depreciation.
The sharp decline in PPE net value raises concerns regarding the company's future revenue-generating capacity, as a smaller fleet limits the potential for rental income. This trend warrants further investigation into whether the remaining assets are sufficient to support the firm's stated operational goals in the Singaporean and Australian markets.
Based on the 2025Q4 data, MWG maintains a cash balance of only $1.5M against total liabilities of $30.5M, which provides a very thin buffer for a capital-intensive business model that is currently struggling with negative net margins and high fixed-cost obligations.
The current ratio of 1.57 may appear adequate on the surface, but it masks the potential illiquidity of the underlying inventory and receivables. Given the company's history of cash flow volatility, this limited cash position suggests a heightened risk of operational disruption should accounts receivable collections face any significant delays.
Quick answers to the most common questions about buying MWG stock.
As of 2025, Multi Ways Holdings Limited (MWG) had total assets of $48.2M including $44.3M in current assets.
Multi Ways Holdings Limited (MWG) carries total debt of $15.0M, offset by $1.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Multi Ways Holdings Limited (MWG) has total shareholders' equity (book value) of $17.6M ($0.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Multi Ways Holdings Limited (MWG) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.