The company maintains a conservative capital structure with a debt-to-equity ratio of 0.01, yet total assets have shrunk significantly from $8.5 billion in 2023Q2 to $3.7 billion in 2025Q2.
| Total Current Assets | 3.16B | 3.4B | 5.36B | 6.37B | 6.9B | 8.94B | 7.66B | 7.86B | 2.06B |
| Cash & Short-Term Investments | 1.47B | 2.4B | 3.16B | 3.83B | 3.96B | 5.12B | 2.77B | 3.11B | 1.71B |
| Cash Only | 385.03M | 1.95B | 1.38B | 1.91B | 1.4B | 3.06B | 1.08B | 565.03M | 847.77M |
| Short-Term Investments | 1.08B | 455.02M | 1.78B | 1.92B | 2.56B | 2.06B | 1.69B | 2.54B | 863.27M |
| Accounts Receivable | 897.28M | 902.07M | 809.58M | 1.06B | 1.74B | 1.13B | 1.16B | 627.48M | 43.18M |
| Days Sales Outstanding | 211.16 | 146.46 | 80.57 | 86.97 | 153.35 | 124.61 | 181.77 | 162.03 | 27.09 |
| Inventory | 0 | 0 | 0 | -690.63M | 749.15M | 39.61M | 177.12M | 337.21M | 309.64M |
| Days Inventory Outstanding | - | - | - | - | 101.44 | 6.99 | 41.42 | 120.1 | 234.22 |
| Other Current Assets | 794.1M | 92.3M | 1.39B | 2.05B | 320.47M | 2.57B | 3.55B | 4.25B | 238.47M |
| Total Non-Current Assets | 568.45M | 569.95M | 2.71B | 2.51B | 2.44B | 1.95B | 2.27B | 1.52B | 950.59M |
| Property, Plant & Equipment | 45.21M | 43.9M | 85.08M | 151.4M | 244.41M | 224.28M | 314.5M | 319.67M | 160.95M |
| Fixed Asset Turnover | 33.68x | 51.22x | 43.11x | 29.48x | 16.91x | 14.77x | 7.40x | 4.42x | 3.62x |
| Goodwill | 157.26M | 157.26M | 289.16M | 289.16M | 289.16M | 289.16M | 289.16M | 126.02M | 0 |
| Intangible Assets | 25.3M | 38.38M | 182.21M | 281.27M | 398.03M | 627.9M | 687.79M | 632.06M | 367.08M |
| Long-Term Investments | 14.97M | 0 | 1.37B | 1.02B | 825.85M | 197.56M | 512.28M | 34.45M | 42.25M |
| Other Non-Current Assets | 19.05M | 330.42M | 780.26M | 0 | 1.54M | 42.07M | 41M | 63.12M | 10.27M |
| Total Assets | 3.73B | 3.97B | 8.07B | 8.88B | 9.34B | 10.89B | 9.93B | 9.38B | 3.02B |
| Asset Turnover | 0.40x | 0.57x | 0.45x | 0.50x | 0.44x | 0.30x | 0.23x | 0.15x | 0.19x |
| Asset Growth % | -183.58% | -50.83% | -9.16% | -4.91% | -14.19% | 9.65% | 5.81% | 211.14% | - |
| Total Current Liabilities | 1.29B | 1.44B | 5.07B | 5.45B | 5.16B | 5.17B | 4.94B | 5.12B | 2.86B |
| Accounts Payable | 913.32M | 90.69M | 246.56M | 753.62M | 1.1B | 920.24M | 347M | 316.5M | 208.5M |
| Days Payables Outstanding | 247.82 | 22.93 | 38.82 | 97.23 | 149.17 | 162.36 | 81.14 | 112.72 | 157.71 |
| Short-Term Debt | 20.66M | 19.16M | 306.11M | 378.39M | 815.26M | 2.28B | 3.22B | 3.39B | 1.5B |
| Deferred Revenue (Current) | 350.25M | 0 | 0 | 2.1B | 1.5B | 0 | 104.96M | 58.38M | 10.36M |
| Other Current Liabilities | 3.89M | 551.15M | 2.93B | 1.66B | 1.47B | 992.02M | 380.85M | 667.3M | 2.13B |
| Current Ratio | 2.44x | 2.36x | 1.06x | 1.17x | 1.34x | 1.73x | 1.55x | 1.53x | 0.72x |
| Quick Ratio | 2.44x | 2.36x | 1.06x | 1.30x | 1.19x | 1.72x | 1.51x | 1.47x | 0.61x |
| Cash Conversion Cycle | -36.66 | - | - | - | 105.61 | -30.76 | 142.05 | 169.41 | 103.59 |
| Total Non-Current Liabilities | 27.38M | 23.62M | 47.49M | 158.01M | 343.11M | 433.28M | 466.86M | 429.13M | 188.94M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 10.67M | 10.67M | 28.28M | 44.55M | 97.47M | 48.12M | 87.8M | 126.87M | 84.82M |
| Deferred Tax Liabilities | 0 | 0 | 2.08M | 5.2M | 9.86M | 20.08M | 33.29M | 18.48M | -84.82M |
| Other Non-Current Liabilities | 14.29M | 0 | 19.2M | 88.28M | 216.36M | 347.4M | 379.06M | 302.26M | 104.12M |
| Total Liabilities | 1.32B | 1.46B | 5.12B | 5.6B | 5.51B | 5.6B | 5.41B | 5.55B | 3.05B |
| Total Debt | 20.66M | 43.56M | 357.33M | 469.97M | 970.15M | 2.42B | 3.22B | 3.47B | 1.54B |
| Net Debt | -364.37M | -1.9B | -1.02B | -1.57B | -584.11M | -771.89M | 2.14B | 2.9B | 690.37M |
| Debt / Equity | 0.01x | 0.02x | 0.12x | 0.14x | 0.25x | 0.46x | 0.71x | 0.91x | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.39x | - | - | - | - | - | - | - | - |
| Interest Coverage | -38.58x | -24.44x | -19.29x | -26.41x | -18.33x | -9.78x | -9.47x | -6.94x | -10.40x |
| Total Equity | 2.41B | 2.5B | 2.95B | 3.28B | 3.84B | 5.29B | 4.52B | 3.83B | -34.88M |
| Equity Growth % | -51.82% | -15.06% | -10.08% | -14.52% | -27.44% | 16.92% | 18% | 11082.36% | - |
| Book Value per Share | 66.28 | 68.94 | 81.16 | 89.83 | 103.81 | 148.92 | 144.38 | 124.43 | -1.56 |
| Total Shareholders' Equity | 2.47B | 2.56B | 2.97B | 3.29B | 3.79B | 5.2B | 4.37B | 3.72B | -34.88M |
| Common Stock | 78K | 78K | 78K | 78K | 78K | 78K | 73K | 66K | 60K |
| Retained Earnings | -8.41B | -8.33B | -7.87B | -7.51B | -6.64B | -5.36B | -4B | -2.34B | -1.15B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 11.03B | 1.19B | 1.21B | 1.18B | 805.37M | 10.64B | 8.46B | 6.15B | 1.2B |
| Minority Interest | -61.73M | -54.51M | -18.98M | -14.65M | 41.1M | 89.91M | 150.43M | 110.6M | 0 |
Structural Revenue Decay
As reported in financial statements, OCFT's total assets have declined from $8.5 billion in 2023Q2 to $3.7 billion by 2025Q2, signaling a significant downsizing of the balance sheet that appears to be a direct consequence of the company's ongoing struggle to maintain its historical operational scale.
The sharp reduction in total assets suggests that the company is shedding non-core or underperforming segments as it attempts to right-size its operations. Investors should monitor whether this contraction represents a strategic pivot toward a leaner model or merely a forced retreat from previously overextended market positions.
Based on the latest quarterly data, OCFT maintains a current ratio of 2.44, yet the rapid depletion of cash reserves from $1.9 billion in 2024Q4 to $385 million in 2025Q2 indicates a concerning acceleration in the company's cash burn rate relative to its current operational requirements.
While the current ratio appears healthy on the surface, the precipitous drop in absolute cash levels warrants significant caution regarding the company's long-term runway. This liquidity profile suggests that the firm is consuming its capital base to fund persistent operating losses rather than reinvesting for sustainable growth.
According to reported balance sheet figures, OCFT maintains a very low debt-to-equity ratio of 0.01 as of 2025Q2, which indicates that the company is currently avoiding external financing despite its ongoing operational losses and the significant contraction in its overall business activity.
The reliance on equity rather than debt suggests that the company is currently insulated from immediate interest rate sensitivity or refinancing risks. However, this lack of leverage may also imply that the firm lacks the creditworthiness or strategic necessity to utilize debt as a tool for growth.
As evidenced by the company's financial disclosures, retained earnings remain deeply negative at -$8.4 billion, a figure that has shown little improvement over the last ten quarters, signaling that the firm has yet to establish a path toward generating cumulative shareholder value through its core operations.
The persistent deficit in retained earnings highlights the structural nature of the company's profitability issues. This trend suggests that the equity base is being sustained by historical capital injections rather than organic earnings, which may limit the company's ability to provide long-term returns to shareholders.
Data from recent filings reveals a dramatic decline in deferred revenue from $2.4 billion in 2023Q4 to just $131.6 million in 2025Q2, which serves as a leading indicator of weakening forward visibility and a potential breakdown in the company's future revenue pipeline.
The collapse in deferred revenue is a critical red flag that suggests the company is failing to secure new long-term contracts or that existing service agreements are not being renewed. This trend implies that the revenue contraction observed in the income statement may continue to accelerate in future periods.
Quick answers to the most common questions about buying OCFT stock.
As of 2024, OneConnect Financial Technology Co., Ltd. (OCFT) had total assets of $3.97B including $3.40B in current assets.
OneConnect Financial Technology Co., Ltd. (OCFT) carries total debt of $43.6M, offset by $2.40B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OneConnect Financial Technology Co., Ltd. (OCFT) has total shareholders' equity (book value) of $2.56B ($68.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OneConnect Financial Technology Co., Ltd. (OCFT) reported a current ratio of 2.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.