The company's financial position remains precarious, with total assets contracting to $42.4 million in 2025Q4 and retained earnings reflecting a deep deficit of -$57.3 million.
| Total Current Assets | 27.91M | 58.32M | 17.17M | 9.28M |
| Cash & Short-Term Investments | 6.86M | 42.22M | 3.66M | 1.4M |
| Cash Only | 6.86M | 42.22M | 3.66M | 1.4M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.6M | 8.01M | 10.99M | 6.52M |
| Days Sales Outstanding | 81.19 | 80.54 | 81.87 | 63.2 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 8.7M | 0 | 962.82K | 0 |
| Total Non-Current Assets | 14.46M | 4.25M | 5.82M | 10.55M |
| Property, Plant & Equipment | 6.1M | 4.25M | 5.82M | 10.55M |
| Fixed Asset Turnover | 7.81x | 8.53x | 8.42x | 3.57x |
| Goodwill | 8.36M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 |
| Total Assets | 42.37M | 62.57M | 22.99M | 19.83M |
| Asset Turnover | 1.12x | 0.58x | 2.13x | 1.90x |
| Asset Growth % | -32.29% | 172.18% | 15.92% | - |
| Total Current Liabilities | 15.47M | 40.14M | 37.03M | 37.54M |
| Accounts Payable | 7.72M | 7.23M | 7.22M | 6.16M |
| Days Payables Outstanding | 117.06 | 99.94 | 87.36 | 82.79 |
| Short-Term Debt | 0 | 17.71M | 4.77M | 5.47M |
| Deferred Revenue (Current) | 1.91M | 1.31M | 1.52M | 3.31M |
| Other Current Liabilities | 0 | 6.76M | 0 | 0 |
| Current Ratio | 1.80x | 1.45x | 0.46x | 0.25x |
| Quick Ratio | 1.80x | 1.45x | 0.46x | 0.25x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 1.99M | 1.16M | 1.27M | 4.63M |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.84M | 1.01M | 1.12M | 4.48M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 150K | 150K | 150K | 150K |
| Total Liabilities | 17.46M | 41.3M | 38.3M | 42.18M |
| Total Debt | 4.83M | 20.1M | 9.25M | 13.29M |
| Net Debt | -2.03M | -22.13M | 5.59M | 11.9M |
| Debt / Equity | 0.19x | 0.94x | - | - |
| Debt / EBITDA | - | - | 0.74x | 3.52x |
| Net Debt / EBITDA | - | - | 0.45x | 3.15x |
| Interest Coverage | -32.91x | -7.93x | 13.82x | 0.85x |
| Total Equity | 24.91M | 21.27M | -15.31M | -22.34M |
| Equity Growth % | 17.13% | 238.89% | 31.47% | - |
| Book Value per Share | 1002.16 | 144.80 | -105.42 | -153.84 |
| Total Shareholders' Equity | 24.91M | 21.27M | -15.31M | -22.34M |
| Common Stock | 16.5K | 11.46K | 9.75K | 390K |
| Retained Earnings | -57.25M | -33.75M | -15.68M | -22.76M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 26.07K | 55.01M | 358.01K | 25.14K |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidity and solvency strain
According to recent financial filings, PMAX's total assets have contracted from $62.6 million in 2024Q4 to $42.4 million by 2025Q4, reflecting a significant reduction in the company's resource base that underscores the instability of its current business model within the Hong Kong capital markets.
The rapid contraction in total assets suggests that the company is struggling to maintain its operational scale amidst persistent net losses. This downward trajectory in asset value, coupled with the inability to build retained earnings, indicates that the balance sheet is currently in a state of structural deterioration.
As reported in quarterly balance sheets, PMAX's cash position has dwindled to $6.9 million as of 2025Q4, which, when viewed against the backdrop of ongoing operational losses, suggests a limited buffer to absorb further market volatility or unexpected capital expenditures.
While the current ratio of 1.80 appears superficially adequate, the underlying cash burn and reliance on working capital timing suggest that liquidity remains fragile. Investors should monitor whether the company can sustain its operations without resorting to dilutive financing or further asset liquidation.
Based on the provided data, PMAX's asset composition has shifted significantly, with goodwill reaching $8.4 million in 2025Q4, a development that warrants close scrutiny regarding the potential for future impairment charges given the company's ongoing inability to achieve consistent profitability.
The presence of significant goodwill on the balance sheet, especially following periods of negative equity, raises questions about the valuation of past acquisitions. If the underlying business units fail to generate sufficient returns, these intangible assets may become a source of future balance sheet volatility.
Financial records indicate that PMAX's equity position has been severely impacted by accumulated losses, with retained earnings standing at -$57.3 million as of 2025Q4, highlighting a long-term trend of value destruction that has historically pushed the company into negative equity territory.
The persistent negative retained earnings suggest that the company has been unable to generate internal capital to fund its growth, forcing a reliance on external financing. This structural deficit in equity quality implies that shareholders are currently bearing the brunt of the company's inability to reach an operating inflection point.
Data from recent balance sheets reveals that the company's net PPE of $6.1 million represents a significant portion of the asset base, which may be misleading if the specialized equipment or leasehold improvements cannot be repurposed in the event of a business model pivot.
The reliance on physical assets in a high-cost district like Central, Hong Kong, creates a rigid cost structure that may not be easily unwound. This concentration of capital in fixed assets, combined with the lack of profitability, suggests that the balance sheet is less flexible than the headline figures might imply.
Quick answers to the most common questions about buying PMAX stock.
As of 2025, Powell Max Limited Class A Ordinary Shares (PMAX) had total assets of $42.4M including $27.9M in current assets.
Powell Max Limited Class A Ordinary Shares (PMAX) carries total debt of $4.8M, offset by $6.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Powell Max Limited Class A Ordinary Shares (PMAX) has total shareholders' equity (book value) of $24.9M ($1002.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Powell Max Limited Class A Ordinary Shares (PMAX) reported a current ratio of 1.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.