The capital structure is increasingly fragile, evidenced by a shift to negative equity of -$1.8 million and a current ratio of 0.70 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 11.58M | 4.81M | 7.19M | 22.36M | 13.83M | 27.3M | 13.52M | 18.16M | 14.99M | 16.94M | 66.82M | 191.05M | 201.93M | 185.41M | 160.16M | 128.42M | 97.99M | 96.64M | 63.54M | 73.39M | 1.07K | 1.08K |
| Cash & Short-Term Investments | 5.47M | 118.96K | 193.92K | 237.21K | 93.49K | 750.66K | 3.42M | 7.27M | 1.06M | 85.49K | 426.05K | 20.66M | 30.28M | 33.86M | 32.35M | 17.35M | 22.18M | 19.43M | 2.95M | 6.78M | 1.07K | 1.08K |
| Cash Only | 5.47M | 118.96K | 193.92K | 237.21K | 93.49K | 750.66K | 3.42M | 7.27M | 1.06M | 85.49K | 426.05K | 20.66M | 30.28M | 33.86M | 32.35M | 17.35M | 12.73M | 12.11M | 2.84M | 6.77M | 1.07K | 1.08K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.45M | 7.32M | 113.07K | 7.25K | 0 | 0 |
| Accounts Receivable | 4.47M | 2.95M | 4.28M | 3.62M | 3.59M | 12.67M | 835.38K | 337.09K | 6.55M | 2.34M | 3.96M | 38.35M | 66.99M | 59.77M | 53.6M | 47.62M | 34.72M | 48.41M | 30.4M | 45.75M | 18.9M | 0 |
| Days Sales Outstanding | 158.19 | 353.78 | 232.12 | 74.89 | 29.28 | 122.49 | 83.8 | 111.2 | 349.91 | 167.33 | 18.15 | 65.02 | 112.39 | 101.34 | 81.62 | 81.51 | 68.81 | 120.38 | 83.83 | 203.4 | - | - |
| Inventory | 1.62M | 737.97K | 851.74K | 1.42M | 4.15M | 7.82M | 2.25M | 1.94M | -6.34B | 10.59M | 11.84M | 43.71M | 51.65M | 41.95M | 38.07M | 34.35M | 29.81M | 26.4M | 24.83M | 17.9M | 0 | 0 |
| Days Inventory Outstanding | 78.49 | 91.63 | 52.09 | 32.34 | 37.52 | 84.11 | 346.81 | 1.52K | - | 707.52 | 62.49 | 89.04 | 104.97 | 88.97 | 73.7 | 74.53 | 76.46 | 84.48 | 89.54 | 105.51 | - | - |
| Other Current Assets | 0 | 0 | 1.23K | 10.89M | 0 | 380.75K | 1.09M | 7.05M | 0 | 5.53M | 20.72M | 80.53M | 4.2M | 2.02M | 175.21K | 180.77K | 8.54M | 199.87K | 3.72M | 0 | -38.5M | 0 |
| Total Non-Current Assets | 5.3M | 5.4M | 18.23M | 20.27M | 46.89M | 58.71M | 8.45M | 7.74M | 2.22M | 51.55M | 81.43M | 118.49M | 134.61M | 117.63M | 90.21M | 90.27M | 76.99M | 45.17M | 44.15M | 27.07M | 0 | 0 |
| Property, Plant & Equipment | 4.58M | 4.68M | 11.06M | 12.3M | 22.6M | 23.55M | 4.6M | 4.15M | 139.95K | 37.48M | 52.37M | 90.37M | 112.04M | 109.63M | 83.99M | 84.38M | 72.1M | 41.28M | 40.2M | 24.02M | 0 | 0 |
| Fixed Asset Turnover | 1.38x | 0.65x | 0.61x | 1.44x | 1.98x | 1.60x | 0.79x | 0.27x | 48.80x | 0.14x | 1.52x | 2.38x | 1.94x | 1.96x | 2.85x | 2.53x | 2.55x | 3.56x | 3.29x | 3.42x | - | - |
| Goodwill | 15.33K | 7K | 4.72M | 4.72M | 4.72M | 18.18M | 2.34M | 0 | 0 | 0 | 0 | 3.22M | 10.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 701.21K | 717.31K | 819.07K | 980K | 3.07M | 4.2M | 1.52M | 1.53M | 0 | 13.17M | 12.59M | 16.19M | 2.08M | 111.95K | 108.56K | 5.43M | 4.88M | 48.41M | 30.4M | 3.05M | 0 | 0 |
| Long-Term Investments | 1.65M | 0 | 1.62M | 2.26M | 16.49M | 3.84M | 0 | 0 | 0 | 0 | 118.47K | 3.08M | 3.26M | -180.68M | 270.02K | 472.27K | -103.71M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 33.26M | 7.77M | 0 | 2.05M | 2.08M | 896.1K | 16.36M | 5.63M | 6.9M | 7.89M | -169.38M | -164.39M | 20.3K | 16.09K | 0 | 0 | 0 | 0 |
| Total Assets | 16.88M | 10.21M | 25.42M | 42.63M | 60.72M | 86.02M | 21.97M | 25.9M | 17.21M | 68.49M | 148.25M | 309.54M | 336.54M | 303.05M | 250.37M | 218.7M | 174.98M | 141.81M | 107.7M | 100.46M | 1.07K | 1.08K |
| Asset Turnover | 0.51x | 0.30x | 0.26x | 0.41x | 0.74x | 0.44x | 0.17x | 0.04x | 0.40x | 0.07x | 0.54x | 0.70x | 0.65x | 0.71x | 0.96x | 0.97x | 1.05x | 1.03x | 1.23x | 0.82x | - | - |
| Asset Growth % | -199.24% | -59.83% | -40.38% | -29.79% | -29.41% | 291.51% | -15.17% | 50.48% | -74.87% | -53.8% | -52.1% | -8.02% | 11.05% | 21.04% | 14.48% | 24.98% | 23.39% | 31.68% | 7.2% | 9423820.45% | -1.57% | - |
| Total Current Liabilities | 16.48M | 11.88M | 13.31M | 23.16M | 19.57M | 34.38M | 3.63M | 4.79M | 9.92M | 79.28M | 82.16M | 97M | 91.49M | 46.03M | 42.58M | 46.15M | 40.61M | 46.77M | 39.42M | 51.93M | 43.91K | 15.34K |
| Accounts Payable | 6.63M | 2.11M | 3.18M | 3.02M | 3.53M | 6.24M | 1.3M | 765.43K | 579.23K | 4.15M | 5.51M | 4.37M | 10.07M | 4.02M | 3.65M | 3.9M | 6.28M | 2.61M | 6.07M | 6.25M | 2.33M | 15.34K |
| Days Payables Outstanding | 170.82 | 262.5 | 194.3 | 68.52 | 31.87 | 67.12 | 200.67 | 601.59 | 32.41 | 277.21 | 29.1 | 8.9 | 20.47 | 8.52 | 7.06 | 8.46 | 16.12 | 8.37 | 21.9 | 36.85 | - | - |
| Short-Term Debt | 3.62M | 5.26M | 1.64M | 0 | 3.59M | 6.82M | 0 | 136.04K | 0 | 54.29M | 51.62M | 42.48M | 70.38M | 35.11M | 32.95M | 36.08M | 29.63M | 35.49M | 19.62M | 26.81M | 27K | 0 |
| Deferred Revenue (Current) | 948.19K | 213.13K | 368.23K | 2.49M | 2.68M | 6.26M | 15.68K | 52.72K | 3.5K | 485.3K | 1.35M | 237.31K | 61.43K | 166.45K | 1.43K | 6.18M | 89.37M | 8.66M | 12.97M | 4.24M | 0 | 0 |
| Other Current Liabilities | 5.13M | 0 | 0 | 9.53M | 9.78M | 0 | 2.11M | 215.84K | 8.85M | 10.45M | 15.41M | 48.36M | 7.9M | 5.31M | 270.88K | 2.52M | 31.86K | 6.3M | 10.33M | 14.62M | -3.13M | 0 |
| Current Ratio | 0.70x | 0.40x | 0.54x | 0.97x | 0.71x | 0.79x | 3.73x | 3.79x | 1.51x | 0.21x | 0.81x | 1.97x | 2.21x | 4.03x | 3.76x | 2.78x | 2.41x | 2.07x | 1.61x | 1.41x | 0.02x | 0.07x |
| Quick Ratio | 0.60x | 0.34x | 0.48x | 0.90x | 0.49x | 0.57x | 3.11x | 3.39x | 640.41x | 0.08x | 0.67x | 1.52x | 1.64x | 3.12x | 2.87x | 2.04x | 1.68x | 1.50x | 0.98x | 1.07x | 0.02x | 0.07x |
| Cash Conversion Cycle | 65.86 | 182.91 | 89.91 | 38.71 | 34.93 | 139.48 | 229.93 | 1.03K | - | 597.64 | 51.54 | 145.16 | 196.89 | 181.79 | 148.26 | 147.58 | 129.15 | 196.49 | 151.47 | 272.07 | - | - |
| Total Non-Current Liabilities | 2.05M | 500.49K | 411K | 30.31K | 560.92K | 380.35K | 31.36K | 373.73K | 0 | 0 | 0 | 10.57M | 35.29M | 53.9M | 27.08M | 15.6M | 5.03M | 294.87K | 576.98K | 102.54K | 0 | 0 |
| Long-Term Debt | 2.05M | 500.49K | 411K | 3.81M | 287.17K | 380.35K | 31.36K | 0 | 0 | 0 | 0 | 9.54M | 35.29M | 53.9M | 27.08M | 15.6M | 5.03M | 294.87K | 576.98K | 102.54K | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 373.73K | 0 | 0 | 0 | 694.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.08M | 70.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -3.78M | 273.76K | 0 | -1 | 0 | 0 | 0 | 0 | 326.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.53M | 12.38M | 13.72M | 23.19M | 20.13M | 34.76M | 3.66M | 5.16M | 9.92M | 79.28M | 82.16M | 107.57M | 126.78M | 99.94M | 69.66M | 61.75M | 45.64M | 47.07M | 40M | 52.03M | 43.91K | 15.34K |
| Total Debt | 5.66M | 5.76M | 2.05M | 3.81M | 3.88M | 7.64M | 31.36K | 534.53K | 0 | 55.36M | 52.62M | 72.5M | 105.67M | 89.02M | 60.03M | 51.67M | 34.66M | 35.78M | 20.2M | 26.91M | 27K | 0 |
| Net Debt | 193.55K | 5.64M | 1.86M | 3.57M | 3.78M | 6.89M | -3.38M | -6.74M | -1.06M | 55.27M | 52.2M | 51.84M | 75.39M | 55.16M | 27.68M | 34.32M | 21.93M | 23.67M | 17.36M | 20.14M | 25.93K | -1.08K |
| Debt / Equity | -3.44x | - | 0.18x | 0.20x | 0.10x | 0.15x | 0.00x | 0.03x | - | - | 0.80x | 0.36x | 0.50x | 0.44x | 0.33x | 0.33x | 0.27x | 0.38x | 0.30x | 0.56x | - | - |
| Debt / EBITDA | -0.36x | - | - | - | - | - | - | - | - | - | - | 3.89x | 4.99x | 2.97x | 1.72x | 1.71x | 1.19x | 1.49x | 0.90x | 1.74x | - | - |
| Net Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | 2.78x | 3.56x | 1.84x | 0.80x | 1.13x | 0.76x | 0.98x | 0.78x | 1.30x | - | - |
| Interest Coverage | -90.81x | -113.31x | -104.71x | -1692.81x | -23.09x | -14.37x | -476.29x | -31.15x | -11466.62x | -10.58x | -17.66x | 2.57x | 1.90x | 5.51x | 8.31x | 11.89x | 6.76x | 6.83x | 7.74x | 6.18x | 6429.44x | - |
| Total Equity | -1.65M | -2.17M | 11.69M | 19.44M | 40.59M | 51.26M | 18.31M | 20.73M | 7.29M | -10.79M | 66.1M | 201.97M | 209.77M | 203.11M | 180.7M | 156.95M | 129.34M | 94.74M | 67.7M | 48.43M | -42.85K | -14.26K |
| Equity Growth % | -376.38% | -118.56% | -39.85% | -52.1% | -20.82% | 179.91% | -11.69% | 184.45% | 167.55% | -116.33% | -67.27% | -3.72% | 3.28% | 12.4% | 15.13% | 21.34% | 36.52% | 39.94% | 39.79% | 113126.02% | -200.58% | - |
| Book Value per Share | -0.12 | -0.27 | 1.61 | 2.67 | 6.82 | 20.69 | 18.11 | 30.06 | 24.48 | -70.49 | 431.84 | 1360.65 | 1510.22 | 1466.84 | 130.82 | 112.99 | 100.41 | 90.18 | 67.24 | 48.58 | -0.06 | -0.02 |
| Total Shareholders' Equity | -1.83M | -2.17M | 11.69M | 19.44M | 40.59M | 46.91M | 18.31M | 20.73M | 8.31M | -3.05M | 58.77M | 194.13M | 196.74M | 192.1M | 170.75M | 148.32M | 121.91M | 88.72M | 62.58M | 44.54M | -42.85K | -14.26K |
| Common Stock | 14.23K | 14.23K | 7.28K | 7.28K | 72.08K | 35.58K | 11.81K | 7.88K | 5.5K | 38.27K | 38.27K | 38.26K | 34.92K | 34.62K | 34.62K | 34.51K | 34.42K | 30.24K | 25.17K | 24.92K | 2.26K | 1.96K |
| Retained Earnings | -174.72M | -175.03M | -148.05M | -140.72M | -119.88M | -94.07M | -84.33M | -73.28M | -79.04M | -99.63M | -36.4M | 101.39M | 99.02M | 99.26M | 84.1M | 65.94M | 48.69M | 38.46M | 27.75M | 13.99M | -208.9K | -177.31K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.68M | 2.66M | 3.97M | 4.39M | 4.69M | 7.71M | 6.97M | 8.2M | 12.6M | 38.69M | 37.27M | 34.86M | 43.84M | 39.32M | 33.13M | 15.35M | 9.48M | 6.07M | 5.18M | 6.34M | 1M | 0 |
| Minority Interest | 185.44K | -3.38K | 0 | 0 | 0 | 4.35M | 0 | 0 | -1.02M | -7.75M | 7.33M | 7.84M | 13.02M | 11M | 9.95M | 8.63M | 7.43M | 6.02M | 5.12M | 3.89M | 0 | 0 |
Imminent Liquidity Exhaustion
As reported in recent financial filings, Planet Green Holdings Corp. has seen total assets contract from $42.9 million in 2024Q1 to $16.9 million by 2026Q1, signaling a significant reduction in the company's operational footprint and a deteriorating trajectory for its long-term business viability.
The consistent decline in total assets suggests that the company is liquidating or writing down its resource base to sustain operations. This trend implies that the firm's capacity to generate future revenue is shrinking, which warrants extreme caution regarding its ability to remain a going concern.
Based on the latest quarterly data, the company's cash reserves plummeted to a nominal $118,956 by 2025Q4, which, according to reported figures, represents a severe liquidity shortfall that leaves the firm with virtually no buffer against operational shocks or unexpected capital requirements.
A current ratio that has consistently hovered below 1.0 indicates that the company lacks sufficient liquid assets to cover its short-term obligations. This precarious liquidity position suggests that the firm may be forced to seek dilutive financing or divest core assets to meet immediate cash needs.
According to the balance sheet, the company's equity position has shifted into negative territory, reaching -$1.8 million in 2026Q1, which, as indicated by historical financial statements, highlights the cumulative impact of persistent net losses and the erosion of shareholder value over the past ten quarters.
The transition to negative equity suggests that liabilities now exceed the total value of assets, effectively wiping out the book value for shareholders. This state of insolvency implies that the company's capital structure is fundamentally broken and requires a significant restructuring to restore any semblance of financial health.
Financial statements reveal that net property, plant, and equipment have declined from $19.8 million in 2024Q1 to $4.6 million in 2026Q1, suggesting that the company is aggressively shedding its physical infrastructure in an attempt to manage its mounting financial pressures.
The rapid reduction in PPE, coupled with the minimal goodwill remaining on the books, indicates that the company's asset base is becoming increasingly hollow. Investors should monitor whether these asset sales are providing meaningful liquidity or if they are merely delaying an inevitable liquidity event.
As noted in regulatory disclosures, the company's reliance on debt despite a shrinking asset base, with $5.7 million in total debt reported in 2026Q1, creates a leverage distortion that makes the firm's financial position appear far more fragile than headline figures might otherwise suggest.
The presence of debt on a balance sheet with negative equity and minimal cash reserves is a significant red flag that warrants further investigation into the terms of these obligations. This structure implies that creditors may have priority claims that could further jeopardize the recovery prospects for equity holders.
Quick answers to the most common questions about buying PLAG stock.
As of 2025, Planet Green Holdings Corp. (PLAG) had total assets of $10.2M including $4.8M in current assets.
Planet Green Holdings Corp. (PLAG) carries total debt of $5.8M, offset by $0.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Planet Green Holdings Corp. (PLAG) has total shareholders' equity (book value) of $-2.2M ($-0.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Planet Green Holdings Corp. (PLAG) reported a current ratio of 0.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.