The firm maintains a conservative capital structure with a debt-to-equity ratio of 0.01%, signaling that growth is funded internally rather than through external leverage.
| Metric | Mar'25 | Mar'24 | Mar'23 |
|---|
| Total Current Assets | 5.02M | 3.46M | 1.39M |
| Cash & Short-Term Investments | 2.38M | 890.58K | 377.75K |
| Cash Only | 2.38M | 890.58K | 377.75K |
| Short-Term Investments | 0 | 0 | 0 |
| Accounts Receivable | 1.7M | 2.57M | 1.01M |
| Days Sales Outstanding | 84.03 | 162.82 | 164.89 |
| Inventory | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 947.59K | 0 | 0 |
| Total Non-Current Assets | 349.01K | 239.61K | 206.97K |
| Property, Plant & Equipment | 68.4K | 81.12K | 96.2K |
| Fixed Asset Turnover | 107.75x | 70.95x | 23.17x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 |
| Other Non-Current Assets | 273.51K | 157.29K | 110.77K |
| Total Assets | 5.37M | 3.7M | 1.6M |
| Asset Turnover | 1.37x | 1.55x | 1.39x |
| Asset Growth % | 44.96% | 131.8% | - |
| Total Current Liabilities | 2.24M | 1.97M | 852.86K |
| Accounts Payable | 1.35M | 1.47M | 348.64K |
| Days Payables Outstanding | 94.9 | 125.86 | 76.51 |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 34.77K |
| Other Current Liabilities | 83.1K | 67.92K | 6.63K |
| Current Ratio | 2.24x | 1.76x | 1.63x |
| Quick Ratio | 2.24x | 1.76x | 1.63x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 20.4K | 28.66K | 93.24K |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 13.78K | 24.61K | 40.24K |
| Deferred Tax Liabilities | 0 | 0 | 46.04K |
| Other Non-Current Liabilities | 6.63K | 4.05K | 6.96K |
| Total Liabilities | 2.26M | 2M | 946.1K |
| Total Debt | 25.05K | 51.17K | 71.24K |
| Net Debt | -2.35M | -839.4K | -306.51K |
| Debt / Equity | 0.01x | 0.03x | 0.11x |
| Debt / EBITDA | 0.02x | 0.04x | 0.17x |
| Net Debt / EBITDA | -1.74x | -0.66x | -0.73x |
| Interest Coverage | 1770.34x | 1503.27x | 331.38x |
| Total Equity | 3.11M | 1.71M | 651.96K |
| Equity Growth % | 82.03% | 162.06% | - |
| Book Value per Share | 0.16 | 0.08 | 0.03 |
| Total Shareholders' Equity | 3.11M | 1.71M | 651.96K |
| Common Stock | 200 | 161 | 161 |
| Retained Earnings | 2.73M | 1.71M | 651.96K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Project-based liquidity concentration
As reported in financial statements, Phoenix Asia Holdings maintains a conservative capital structure with a near-zero debt-to-equity ratio of 0.01%, signaling that the firm's recent 28.06% revenue expansion has been funded through internal cash generation rather than reliance on external credit facilities or leverage.
The company's minimal debt profile suggests a defensive posture that may be intended to navigate the inherent volatility of the Hong Kong construction sector. Investors should monitor whether this lack of leverage reflects a strategic choice to avoid interest rate sensitivity or a potential limitation in accessing traditional banking capital.
Based on reported figures, the company holds $2.37M in cash, representing approximately 32% of TTM revenue, which provides a substantial liquidity buffer against the operational shocks and payment delays common in the highly competitive Hong Kong substructure and site formation market.
This cash-heavy position appears to prioritize capital preservation over aggressive reinvestment, which may be a prudent response to the firm's 2024 incorporation and the associated uncertainty of its early-stage project pipeline. However, maintaining such high cash levels may also indicate a lack of immediate, high-return capital deployment opportunities within the current regulatory environment.
As indicated by the firm's reliance on percentage-of-completion accounting, the balance sheet may be distorted by significant unbilled contract assets, which could mask the true cash-generating capacity of the business and expose the firm to potential write-downs if project milestones face regulatory or site-specific delays.
The reliance on management estimates for revenue recognition warrants further investigation into the quality of these assets, particularly given the 5-10% retention receivables typical in this industry. Investors should be wary that headline liquidity may be overstated if these contract assets prove difficult to convert into actual cash flows.
Quick answers to the most common questions about buying PHOE stock.
As of 2025, Phoenix Asia Holdings Limited Ordinary Shares (PHOE) had total assets of $5.4M including $5.0M in current assets.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) carries total debt of $0.0M, offset by $2.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) has total shareholders' equity (book value) of $3.1M ($0.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) reported a current ratio of 2.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.