The company maintains a fortress balance sheet with a current ratio of 5.06 and zero debt, though the disappearance of PPE to $0 by 2026Q2 suggests a potential shift away from core manufacturing infrastructure.
| Total Current Assets | 145.71M | 94.87M | 52.84M | 29.75M | 20.65M | 11.78M |
| Cash & Short-Term Investments | 121.55M | 84.85M | 35.89M | 21.36M | 12.29M | 3.42M |
| Cash Only | 121.55M | 84.85M | 35.89M | 21.36M | 12.29M | 3.42M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.17M | 8.14M | 15.1M | 8.29M | 5.83M | 1.77M |
| Days Sales Outstanding | 23.92 | 37.75 | 82.28 | 66.5 | 47.16 | 20.24 |
| Inventory | 5.8M | 1.88M | 1.86M | 0 | 0 | 1.95M |
| Days Inventory Outstanding | 8.37 | 11.26 | 13.01 | - | - | 29.68 |
| Other Current Assets | 16 | 0 | 0 | 0 | 2.44M | 4.65M |
| Total Non-Current Assets | 675.83K | 16.2K | 5.27M | 420.56K | 30.11K | 39.33K |
| Property, Plant & Equipment | 0 | 0 | 0 | 11.51K | 26.41K | 27.52K |
| Fixed Asset Turnover | - | - | - | 3955.36x | 1707.85x | 1157.43x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 11.8K |
| Other Non-Current Assets | 675.83K | 16.2K | 5.27M | 409.06K | 3.7K | 0 |
| Total Assets | 146.38M | 94.89M | 58.11M | 4.21M | 2.67M | 11.82M |
| Asset Turnover | 1.52x | 0.83x | 1.15x | 10.81x | 16.92x | 2.69x |
| Asset Growth % | 206.91% | 63.29% | 1280.19% | 57.91% | -77.45% | - |
| Total Current Liabilities | 28.77M | 17.93M | 27.04M | 11.91M | 5.95M | 4.86M |
| Accounts Payable | 23.34M | 466.33K | 25.01M | 9.5M | 4.87M | 3.7M |
| Days Payables Outstanding | 55.19 | 2.79 | 175.33 | 795.96 | 418.63 | 56.42 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 3.28M | 501.8K | 0 | 1.71M | 0 | 0 |
| Other Current Liabilities | 1.35M | 11.32K | 1.39M | 397.79K | 6.38K | 1.11M |
| Current Ratio | 5.06x | 5.29x | 1.95x | 2.50x | 3.47x | 2.43x |
| Quick Ratio | 4.86x | 5.19x | 1.89x | 2.50x | 3.47x | 2.02x |
| Cash Conversion Cycle | -22.9 | 46.22 | -80.04 | - | - | -6.5 |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 11.23K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 87.97K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -76.74K | 0 |
| Total Liabilities | 28.77M | 17.93M | 27.04M | 1.52M | 770.67K | 4.86M |
| Total Debt | 0 | 0 | 0 | 87.97K | 188.82K | 0 |
| Net Debt | -121.55M | -84.85M | -35.89M | -21.27M | -12.1M | -3.42M |
| Debt / Equity | 0.00x | - | - | 0.03x | 0.10x | - |
| Debt / EBITDA | 0.00x | - | - | 0.01x | 0.02x | - |
| Net Debt / EBITDA | -6.79x | -11.09x | -3.16x | -2.95x | -1.13x | -0.51x |
| Interest Coverage | - | - | 5601.33x | 1006.05x | 6398.83x | - |
| Total Equity | 117.61M | 76.96M | 31.08M | 2.69M | 1.9M | 6.96M |
| Equity Growth % | 374.18% | 147.66% | 1054.01% | 42.05% | -72.78% | - |
| Book Value per Share | 41.74 | 27.99 | 12.14 | 0.96 | 0.68 | 2.49 |
| Total Shareholders' Equity | 117.61M | 76.96M | 31.08M | 21.14M | 14.85M | 6.96M |
| Common Stock | 2.14K | 862 | 783 | 783 | 783 | 783 |
| Retained Earnings | 43.99M | 39.24M | 30.98M | 21.04M | 14.75M | 6.86M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Capital allocation inefficiency
According to recent balance sheet data, Raytech's total assets surged from $29.6M in 2023Q2 to $146.4M by 2026Q2, a trajectory that appears driven primarily by cash retention rather than investment in productive manufacturing capacity or long-term operational infrastructure expansion.
The expansion of the balance sheet is almost entirely a function of cash accumulation, which suggests the company is successfully capturing value but failing to reinvest it into the business. This trajectory indicates a business model that is becoming increasingly detached from its industrial roots, shifting toward a holding company structure with significant idle capital.
As reported in financial statements, Raytech maintains a current ratio of 5.06 as of 2026Q2, supported by a cash position of $121.5M that dwarfs the company's total liabilities of $28.8M, providing an extraordinary buffer against potential cyclical downturns or supply chain disruptions.
While this liquidity profile is undeniably robust, the extreme ratio suggests that capital is being underutilized and is likely earning sub-optimal returns. Investors should monitor whether this cash hoard is intended for a strategic pivot or if it represents a permanent state of capital stagnation.
Based on reported figures, equity has grown from $16.8M in 2023Q2 to $117.6M in 2026Q2, with retained earnings accounting for the vast majority of this increase, signaling that the company is funding its growth entirely through internal profit generation rather than external dilution.
The absence of share-based compensation or equity financing suggests a management team that is highly protective of existing ownership stakes. However, the reliance on retained earnings without a corresponding increase in PPE or intangible assets implies that the company's equity value is increasingly tied to cash rather than operational assets.
A critical analysis of the balance sheet reveals that PPE has effectively vanished from the books, dropping to zero by 2026Q2, which suggests that Raytech may be transitioning toward an asset-light model or outsourcing its manufacturing entirely, despite its historical identity as an industrial ODM.
The complete absence of reported PPE is a significant red flag that warrants further investigation into how the company maintains its 'design-to-tooling' competitive advantage. This shift may indicate that the company is no longer a manufacturer in the traditional sense, potentially altering its risk profile and long-term margin sustainability.
Quick answers to the most common questions about buying RAY stock.
As of 2025, Raytech Holding Limited Ordinary Shares (RAY) had total assets of $94.9M including $94.9M in current assets.
Raytech Holding Limited Ordinary Shares (RAY) carries total debt of $0.0M, offset by $84.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Raytech Holding Limited Ordinary Shares (RAY) has total shareholders' equity (book value) of $77.0M ($27.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Raytech Holding Limited Ordinary Shares (RAY) reported a current ratio of 5.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.