The company maintains a conservative debt profile with a debt-to-equity ratio of 0.01 as of 2025Q4, though shareholder equity is heavily diluted by $1.4 billion in cumulative retained earnings losses.
| Total Current Assets | 1.25B | 834.62M | 666.35M | 643.57M | 442.14M |
| Cash & Short-Term Investments | 1.17B | 745.01M | 589.55M | 577.9M | 418.75M |
| Cash Only | 295.43M | 535.98M | 425.96M | 316.26M | 242.54M |
| Short-Term Investments | 872.16M | 209.03M | 163.59M | 261.64M | 176.21M |
| Accounts Receivable | 34.98M | 36.88M | 37.23M | 34.2M | 2.17M |
| Days Sales Outstanding | 141.5 | 179.41 | 189 | 182.56 | 97.53 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 48.07M | 52.73M | 39.56M | 31.46M | 21.22M |
| Total Non-Current Assets | 562.2M | 216.2M | 80.77M | 127.94M | 266.8M |
| Property, Plant & Equipment | 75.28M | 36.55M | 19.43M | 33.77M | 33.1M |
| Fixed Asset Turnover | 1.20x | 2.05x | 3.70x | 2.02x | 0.25x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.03M | -5.97M | 2.4M | 1.19M | 811K |
| Long-Term Investments | 480.23M | 130.8M | 51.71M | 80.65M | 227.17M |
| Other Non-Current Assets | 5.66M | 54.82M | 7.22M | 12.33M | 5.71M |
| Total Assets | 1.81B | 1.05B | 747.12M | 771.51M | 708.94M |
| Asset Turnover | 0.05x | 0.07x | 0.10x | 0.09x | 0.01x |
| Asset Growth % | 72.52% | 40.65% | -3.16% | 8.83% | - |
| Total Current Liabilities | 91.48M | 70.89M | 48.16M | 48.1M | 30.11M |
| Accounts Payable | 17.26M | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 82.84 | - | - | - | - |
| Short-Term Debt | 13.18M | -1.04M | 5.11M | 3.95M | 0 |
| Deferred Revenue (Current) | 1.92M | 3.23M | 2.41M | 4.92M | 0 |
| Other Current Liabilities | 1.07M | 10.53M | 18.37M | 4.28M | 2.62M |
| Current Ratio | 13.67x | 11.77x | 13.83x | 13.38x | 14.69x |
| Quick Ratio | 13.67x | 11.77x | 13.83x | 13.38x | 14.69x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 12.36M | 11.22M | 3.78M | 1.26B | 1.08B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 10.38M | 9.84M | 2.25M | 3.79M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.99M | 1.39M | 1.53M | 1.71M | 1.14M |
| Total Liabilities | 103.84M | 82.11M | 51.94M | 1.31B | 1.11B |
| Total Debt | 28.88M | 13.8M | 7.36M | 13.04M | 0 |
| Net Debt | -266.55M | -522.17M | -418.6M | -303.23M | -242.54M |
| Debt / Equity | 0.02x | 0.01x | 0.01x | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 1.71B | 968.71M | 695.17M | -539.59M | -398.21M |
| Equity Growth % | 76.42% | 39.35% | 228.83% | -35.5% | - |
| Book Value per Share | 4.50 | 8.47 | 7.82 | -1.55 | -1.14 |
| Total Shareholders' Equity | 1.65B | 951.12M | 684.03M | -551.49M | -402.1M |
| Common Stock | 217K | 175K | 45K | 44K | 42K |
| Retained Earnings | -1.42B | -1.29B | -739.53M | -614.66M | -466.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.54M | 10.35M | 4.47M | -72K | 13.61M |
| Minority Interest | 56.72M | 17.59M | 11.14M | 11.9M | 3.89M |
High cash burn rate
According to recent financial statements, Pony AI's total assets grew to $1.8 billion by 2025Q4, yet this expansion is primarily driven by capital raises rather than organic asset productivity, as evidenced by the persistent accumulation of negative retained earnings totaling $1.4 billion over the same period.
The trajectory of the balance sheet suggests a company in a perpetual state of capital-intensive development where asset growth is decoupled from operational self-sufficiency. Investors should monitor whether the recent surge in total assets can be converted into meaningful revenue-generating capacity before the current liquidity buffer is exhausted.
As reported in the company's balance sheet data, net property, plant, and equipment (PPE) has increased to $75.3 million as of 2025Q4, signaling a shift toward a more capital-heavy operational model required to support the scaling of autonomous vehicle fleets and sensor-laden infrastructure.
The reliance on physical assets suggests that Pony AI remains tethered to the high maintenance and depreciation costs inherent in autonomous fleet management. This asset-heavy profile may limit the company's ability to achieve the high-margin software-only business model that is often required to justify current valuation multiples.
Based on the latest quarterly filings, Pony AI maintains a cash position of $295.4 million, which, while appearing substantial, must be evaluated against the backdrop of significant operational losses that continue to erode the company's available liquidity buffer on a quarterly basis.
While the current ratio of 13.67 suggests a strong short-term ability to cover liabilities, this metric is somewhat misleading given the company's high cash burn rate and lack of consistent operating cash flow. The liquidity position appears adequate for the near term, but the lack of a clear path to profitability warrants caution regarding future capital requirements.
As disclosed in financial filings, the company's equity base of $1.7 billion as of 2025Q4 is heavily impacted by a cumulative deficit in retained earnings of $1.4 billion, indicating that shareholder value has been consistently eroded by the high costs of research and development.
The quality of equity appears strained, as the capital structure is supported more by external financing than by internally generated profits. Investors should consider the potential for further dilution if management is forced to tap equity markets again to sustain operations in the absence of a break-even milestone.
Quick answers to the most common questions about buying PONY stock.
As of 2025, Pony AI Inc. American Depositary Shares (PONY) had total assets of $1.81B including $1.25B in current assets.
Pony AI Inc. American Depositary Shares (PONY) carries total debt of $28.9M, offset by $1.17B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pony AI Inc. American Depositary Shares (PONY) has total shareholders' equity (book value) of $1.65B ($4.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pony AI Inc. American Depositary Shares (PONY) reported a current ratio of 13.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.