The company maintains a conservative capital structure with a debt-to-equity ratio of 0.13, though this is undermined by a long-term erosion of shareholder value reflected in negative retained earnings of $20.6M.
| Total Current Assets | 34.11M | 28.8M | 27.22M | 33.78M | 31.07M | 10.52M | 7.19M | 7.8M | 15.58M | 9.82M | 6.65M |
| Cash & Short-Term Investments | 33.69M | 28.65M | 26.98M | 31.78M | 22.46M | 9.71M | 5.11M | 893.02K | 2.35M | 1.15M | 651.68K |
| Cash Only | 19.16M | 15.7M | 13.66M | 21.86M | 18.03M | 6.57M | 5.11M | 893.02K | 2.35M | 1.15M | 651.68K |
| Short-Term Investments | 14.53M | 12.95M | 13.32M | 9.92M | 4.43M | 3.14M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 75.35K | 5.75K | 4.96K | 29.32K | 36.84K | 168.5K | 21.66K | 1.32M | 2.29M | 901.33K | 465.18K |
| Days Sales Outstanding | 21.98 | 3.72 | 2.4K | 3.45 | 12.44 | 98.75 | 0.63 | 20.43 | 28.9 | 13.46 | 10.41 |
| Inventory | 0 | 0 | 0 | 987 | 51.42K | 247.25K | 473.22K | 3.02M | 9.14M | 5.97M | 2.99M |
| Days Inventory Outstanding | - | - | - | 0.18 | 24.38 | 105.3 | 12.19 | 39.75 | 161.22 | 125.53 | 88.95 |
| Other Current Assets | 146.38K | 103.52K | 237.05K | 1.97M | 8.51M | 355K | 1.54M | 2.49M | 1.17M | 707.12K | 1.47M |
| Total Non-Current Assets | 6.19M | 4.54M | 1.68M | 2.73M | 6.8M | 7.94M | 7.89M | 9.63M | 4.23M | 3.42M | 3.59M |
| Property, Plant & Equipment | 6.19M | 4.54M | 1.25M | 1.48M | 6.15M | 6.93M | 6.85M | 8.41M | 3.73M | 3.31M | 3.47M |
| Fixed Asset Turnover | 0.20x | 0.12x | 0.00x | 2.09x | 0.18x | 0.09x | 1.85x | 2.81x | 7.77x | 7.39x | 4.70x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 426.32K | 481.84K | 653.13K | 1.01M | 973.22K | 1.01M | 211.02K | 110.82K | 121.76K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 71.76K | 201.28K | 600K | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 768.1K | 0 | 0 | 1.04M | 1.22M | 500K | -3.42M | -3.59M |
| Total Assets | 40.3M | 33.34M | 28.9M | 36.51M | 32.05M | 18.45M | 15.09M | 17.43M | 19.81M | 13.24M | 10.24M |
| Asset Turnover | 0.03x | 0.02x | 0.00x | 0.08x | 0.03x | 0.03x | 0.84x | 1.36x | 1.46x | 1.85x | 1.59x |
| Asset Growth % | 20.87% | 15.35% | -20.85% | 13.93% | 73.67% | 22.31% | -13.44% | -12.02% | 49.63% | 29.3% | - |
| Total Current Liabilities | 6.71M | 4.2M | 3.39M | 14.68M | 19.65M | 19.07M | 14.46M | 19.14M | 8.66M | 8.99M | 7.56M |
| Accounts Payable | 90.01K | 122.25K | 460.78K | 492.88K | 506.88K | 3.33M | 3.55M | 6.35M | 4.89M | 3.37M | 2.53M |
| Days Payables Outstanding | 26.01 | 137.17 | 63.54 | 87.92 | 240.29 | 1.42K | 91.53 | 83.53 | 86.23 | 70.9 | 75.01 |
| Short-Term Debt | 1.22M | 334.83K | 354.89K | 340.88K | 365.73K | 9.46M | 9.5M | 11.86M | 2.78M | 3.14M | 3.07M |
| Deferred Revenue (Current) | 255.38K | 183.17K | 4.04K | 11.02K | 109.96K | 90.83K | 116.16K | 160.83K | 238.75K | 802.34K | 332.78K |
| Other Current Liabilities | 5.13M | 0 | 0 | 12.34M | 15.6M | 3.76M | 0 | 782.13K | 751.87K | 1.67M | 1.63M |
| Current Ratio | 5.08x | 6.86x | 8.03x | 2.30x | 1.58x | 0.55x | 0.50x | 0.41x | 1.80x | 1.09x | 0.88x |
| Quick Ratio | 5.08x | 6.86x | 8.03x | 2.30x | 1.58x | 0.54x | 0.46x | 0.25x | 0.74x | 0.43x | 0.48x |
| Cash Conversion Cycle | - | - | - | -84.29 | -203.47 | -1.22K | -78.72 | -23.35 | 103.89 | 68.09 | 24.35 |
| Total Non-Current Liabilities | 2.86M | 1.74M | 463.2K | 684.15K | 4.85M | 274.79K | 287.91K | 222.4K | 5.81K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 4.85M | 0 | 286.88K | 217.47K | 0 | 0 | 0 |
| Capital Lease Obligations | 2.86M | 1.74M | 463.2K | 683.11K | 4.85M | 274.79K | 286.88K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 1.13K | 0 | 1.04K | 4.93K | 5.81K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1.04K | -4.85M | 0 | -286.88K | 0 | 0 | -13.79K | 0 |
| Total Liabilities | 9.57M | 5.94M | 3.85M | 15.36M | 18.68M | 19.35M | 14.75M | 19.37M | 8.66M | 8.99M | 7.56M |
| Total Debt | 4.08M | 2.56M | 1.04M | 1.24M | 5.48M | 9.94M | 9.93M | 12.07M | 2.78M | 3.14M | 3.07M |
| Net Debt | -15.08M | -13.14M | -12.62M | -20.62M | -6.84M | 3.37M | 4.81M | 11.18M | 433.51K | 2M | 2.42M |
| Debt / Equity | 0.13x | 0.09x | 0.04x | 0.06x | 0.41x | - | 29.42x | - | 0.25x | 0.74x | 1.15x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | 4.40x | 2.23x | 3.25x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | 0.69x | 1.42x | 2.56x |
| Interest Coverage | - | -21.88x | -433.28x | - | -279.35x | 0.26x | -5.26x | -60.00x | 1.72x | 11.75x | 7.27x |
| Total Equity | 30.72M | 27.4M | 25.05M | 21.15M | 13.37M | -892.78K | 337.4K | -1.94M | 11.15M | 4.25M | 2.68M |
| Equity Growth % | 12.12% | 9.38% | 18.41% | 58.22% | 1597.58% | -364.61% | 117.42% | -117.37% | 162.14% | 58.84% | - |
| Book Value per Share | 2.98 | 2.65 | 2.43 | 2.64 | 2.56 | -0.39 | 0.32 | -4.05 | 26.85 | 9.22 | 5.80 |
| Total Shareholders' Equity | 30.64M | 27.3M | 24.62M | 20.72M | 12.99M | -892.78K | 337.41K | -1.94M | 11.15M | 4.25M | 2.68M |
| Common Stock | 206.47K | 206.47K | 206.47K | 206.47K | 104.37K | 45.85K | 45.85K | 10.52K | 9.42K | 7.9K | 7.9K |
| Retained Earnings | -20.62M | -23.94M | -26.62M | -28.17M | -28.97M | -22.85M | -21.97M | -13.35M | 823.47K | 727.81K | -180.72K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -72.82K | -95.78K | -95.07K | 588.26K | -300.69K | -52.88K | 302.53K | 403.48K | 468.3K | 38.21K | 158.99K |
| Minority Interest | 78.78K | 97.21K | 430.32K | 435.66K | 384.35K | 0 | -8 | -347 | 0 | 0 | 0 |
Operational insolvency risk
According to historical balance sheet data, total assets have grown from $28.4M in 2022Q2 to $40.3M by 2025Q4, yet this expansion appears disconnected from operational performance, as the company continues to struggle with persistent negative gross margins and an inability to scale its core manufacturing business effectively.
The increase in asset value appears to be driven by cash accumulation rather than productive capital investment. This suggests that the company is functioning more as a holding vehicle for liquidity than as an expanding industrial enterprise.
As reported in recent financial statements, the company maintains a conservative debt-to-equity ratio of 0.13 as of 2025Q4, which indicates that while the firm is not burdened by significant interest-bearing obligations, its low leverage is a function of limited access to credit rather than strategic capital management.
The modest debt load provides a temporary buffer against insolvency, but it does not address the underlying lack of operational profitability. Investors should monitor whether this low leverage is sustainable if the company continues to burn cash to support its manufacturing operations.
Based on the 2025Q4 balance sheet, the company holds $19.2M in cash, representing a current ratio of 5.08, which provides a substantial liquidity cushion that appears disproportionate to the firm's current revenue scale and ongoing operational cash requirements in the competitive pet food manufacturing sector.
While the high liquidity position mitigates immediate bankruptcy risk, the lack of deployment into value-accretive projects suggests a potential 'cash trap' scenario. The company appears to be over-capitalized relative to its current ability to generate returns on invested capital.
As evidenced by the company's reported figures, retained earnings have remained deeply negative, reaching -$20.6M in 2025Q4, which highlights a long-term erosion of shareholder value that has not been offset by the company's recent attempts to pivot its business model or expand its market presence.
The persistent deficit in retained earnings indicates that the company has failed to achieve a self-sustaining business model over multiple years. This suggests that equity holders are effectively funding ongoing operational losses rather than participating in a growing, profitable enterprise.
Based on an analysis of the balance sheet, the absence of goodwill and the reliance on cash as the primary asset component, as seen in the 2025Q4 report, suggests that the company's book value is highly sensitive to non-operating financial adjustments rather than tangible manufacturing assets.
The lack of significant PPE relative to the company's stated manufacturing focus warrants further investigation into whether the Qingdao facility is being fully utilized or if it is becoming a stranded asset. The headline equity figure may provide a misleading sense of stability given the underlying operational deficits.
Quick answers to the most common questions about buying PETZ stock.
As of 2025, TDH Holdings, Inc. (PETZ) had total assets of $40.3M including $34.1M in current assets.
TDH Holdings, Inc. (PETZ) carries total debt of $4.1M, offset by $33.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TDH Holdings, Inc. (PETZ) has total shareholders' equity (book value) of $30.6M ($2.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TDH Holdings, Inc. (PETZ) reported a current ratio of 5.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.